WEBVTT - Nvidia is First to $5 Trillion

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<v Speaker 2>Once again, you know, leading kind of the winners out

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<v Speaker 2>there in the world. Is Nvidia just extraordinary accomplishment today

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<v Speaker 2>reaching five trillion dollars in market captains always always news

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<v Speaker 2>around this story. Michael Sheppard joins US Bloomberg Senior editor

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<v Speaker 2>for Technology and Strategic Industries. Michael, first of all, just

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<v Speaker 2>I don't know. I guess it's just a number, but boy,

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<v Speaker 2>five trillion dollars suggests that this market continues to see

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<v Speaker 2>extraordinary value in this thing we call AI. What do

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<v Speaker 2>you make of it?

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<v Speaker 3>Well, you can see not only in the share price

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<v Speaker 3>which is more well above forty percent this year, but

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<v Speaker 3>you really can sense the enthusiasm for artificial intelligence and

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<v Speaker 3>all the capex that has gone into it. We're going

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<v Speaker 3>to be hearing later today from some of the Hyperscaler's

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<v Speaker 3>Microsoft Meta and Amazon reporting results, and they are some

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<v Speaker 3>of the biggest buyers of Nvidia's technology, so there is

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<v Speaker 3>a real symbiosis and we haven't seen any slowdown from them.

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<v Speaker 3>We'll get some signaling after the results come out in

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<v Speaker 3>their various conference calls about what their plans are for

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<v Speaker 3>investment in this area going forward. But at least based

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<v Speaker 3>on yesterday's GtC event here in Washington, the big industry

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<v Speaker 3>comfab sponsored by Nvidia, we're really getting a sense of

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<v Speaker 3>no sign of an end to the momentum. And Jensen

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<v Speaker 3>Wang was emphatic and saying that he sees no sign

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<v Speaker 3>of a bubble coming and that he expects another five

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<v Speaker 3>hundred billion in revenue over the next five quarters tied

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<v Speaker 3>to all of that.

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<v Speaker 4>I'm so glad you bring that up because we wanted

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<v Speaker 4>to play some sound from that conversation Jensen Wog, the

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<v Speaker 4>CEO of Vidia, had with our Ed Ludlow, Bloomberg Tech

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<v Speaker 4>co host ed spoke with both Jensen Wang and Nokia's

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<v Speaker 4>CEO Justin Hothard.

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<v Speaker 5>Let's take a listen.

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<v Speaker 6>I don't believe we're inn AI bubble, and the reason

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<v Speaker 6>for that is we're going through a natural transition from

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<v Speaker 6>an old computing model based on general purpose computing to

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<v Speaker 6>accelerated computing. We also know that AI has now become

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<v Speaker 6>good enough because of reasoning capability, research capabilities, its ability

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<v Speaker 6>to think. It's now generating tokens and now generating intelligence

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<v Speaker 6>that's worth paying for.

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<v Speaker 4>Mike, What gets my attention is Jensen Hang coming out

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<v Speaker 4>and saying definitively that he does not think there's an

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<v Speaker 4>AI bubble. Do you think any of the CEOs of

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<v Speaker 4>the three companies that are reporting today the two that

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<v Speaker 4>are reporting tomorrow are likely to go out on a

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<v Speaker 4>lim and.

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<v Speaker 3>Say that, you know, they have put so much into

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<v Speaker 3>artificial intelligence themselves that they would be loath to issue

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<v Speaker 3>any kind of a bubble warning. That'll come much more

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<v Speaker 3>from the outsiders. The interesting thing, though, is when Nvidio

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<v Speaker 3>talks about AI, it is not thinking just chet, GPT

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<v Speaker 3>and the other chatbots that we are familiar with. They're

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<v Speaker 3>talking about so many more things and uses. And one

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<v Speaker 3>priority for Jensen Wong is really to accelerate the adoption

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<v Speaker 3>of artificial intelligence across the economy in a variety of platforms.

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<v Speaker 3>It ranges from robotics to cybersecurity to business automation, all

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<v Speaker 3>sorts of things that they were talking about and really

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<v Speaker 3>infused all the partnerships in deals that the company was

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<v Speaker 3>announcing yesterday. Let's we could do a quick review, Scarlett.

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<v Speaker 5>It's Uber, it's.

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<v Speaker 3>Lucid when it comes to transportation, it's CrowdStrike when it

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<v Speaker 3>comes to cybersecurity, it's Palenteer when it comes to business automation.

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<v Speaker 3>So the company really is not only trying to push

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<v Speaker 3>this narrative, but it's trying to show it as well.

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<v Speaker 3>And they even began to talk about some of the EDUCASEU.

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<v Speaker 3>This is for quantum computing, which is another area of

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<v Speaker 3>keen interest for investors, and it's been an area that

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<v Speaker 3>Nvidia has been edging toward in the past few years.

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<v Speaker 2>Michael, there are some investors out there that are obviously

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<v Speaker 2>a little reticent about this whole AI story and the

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<v Speaker 2>momentum behind it, and maybe they want to tap the

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<v Speaker 2>brakes every once in a while. And I think their

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<v Speaker 2>argument is basically, Okay, I get to be expending by

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<v Speaker 2>the hyperscalers, but what's their return on investment? Again, every

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<v Speaker 2>once in a while we hear from those people. Where

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<v Speaker 2>do you think that narrative is today?

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<v Speaker 3>Well, it remains one of the big questions. When does

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<v Speaker 3>revenue actually become something measurable and tied to artificial intelligence

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<v Speaker 3>use and Jensawong was trying to point yesterday to look,

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<v Speaker 3>AI has not only the use case, but it is

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<v Speaker 3>actually starting to pay off. The models are starting to

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<v Speaker 3>pay off, and this is why he sees the world

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<v Speaker 3>not being in a bubble right now. But it is

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<v Speaker 3>something that companies will have to try to demonstrate more

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<v Speaker 3>visibly as they release results to justify all the expenditures

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<v Speaker 3>that they had been making on data centers and on

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<v Speaker 3>all the technology that goes into them to power these

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<v Speaker 3>models that they intend to use.

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<v Speaker 4>All right, Michael Shepherd, really appreciate your joining us and

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<v Speaker 4>giving us a wrap up of what we're seeing right

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<v Speaker 4>now in video. Once again, five trillion dollars in market

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<v Speaker 4>cap five trillion, Paul.

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<v Speaker 5>That is a lot of zeros.

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<v Speaker 2>That is and when you see the movements in these stocks,

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<v Speaker 2>I'm just thinking some of these big tech stocks that

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<v Speaker 2>have been announcing these big investments with each other and CHAP, GPT,

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<v Speaker 2>and the amount of dollars, the absolute dollars of gains

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<v Speaker 2>and losses in the stock market every day on some

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<v Speaker 2>of these names is staggering because you are, you know,

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<v Speaker 2>a five percent movement a four billion dollar for trillion

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<v Speaker 2>dollar market cap stock.

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<v Speaker 4>That's real money, right, And the spending that they're all

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<v Speaker 4>doing on products or services and things like chips from

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<v Speaker 4>each other that is responsible for a big chunk of

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<v Speaker 4>the GDP as well. So if anyone slows down their

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<v Speaker 4>spending just a little bit or pulls back a little bit,

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<v Speaker 4>that could have a ripple effect.

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<v Speaker 2>Stay with us. More from Bloomberg Intelligence coming up after this.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 1>weekdays at ten am Eastern on Apple, Cocklay and Android

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<v Speaker 1>Auto with the Bloomberg Business app. Listen on demand wherever

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<v Speaker 1>you get your podcasts, or watch us live on YouTube.

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<v Speaker 2>One of the earnings is that there's Caterpillar. Are good

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<v Speaker 2>friends at Cat? Statchup thirteen percent today, fifty two week high.

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<v Speaker 2>I think the market likes what they heard from Caterpillar.

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<v Speaker 2>Let's bring in Chris Chiolino. He covers all those big

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<v Speaker 2>industrial companies for Bloomberg Intelligence. Chris, talk to us about Cat.

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<v Speaker 2>What do we hear from them today?

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<v Speaker 7>It was a great quarter, you know, despite pretty elevated

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<v Speaker 7>expectations coming into the print, a bigger tariff headwind, Cat

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<v Speaker 7>really delivered very solid three key results. It is really

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<v Speaker 7>driven by higher volumes across all three of their core businesses,

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<v Speaker 7>with particular strength and energy and transportation. Again, but I think,

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<v Speaker 7>you know, one of the more encouraging signs that we

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<v Speaker 7>took away from the results this morning were that orders

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<v Speaker 7>accelerated here in the quarter, and we also saw a

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<v Speaker 7>backlog improved sequentially to a record forty billion dollars. So

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<v Speaker 7>we think we see you know, above average production and

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<v Speaker 7>earnings visibility as we begin to think about next year.

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<v Speaker 4>Did the company say a lot about the power producing

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<v Speaker 4>equipment including turbines and generators that have investors excited about

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<v Speaker 4>it being kind of a derivative play to the AI story.

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<v Speaker 7>Absolutely, so, you know, we continue to hear more and

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<v Speaker 7>more about AI and data centers and Cat's exposure there. Today,

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<v Speaker 7>you know, power gens probably you know, roughly thirty percent

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<v Speaker 7>of the energy and transportation business, roughly you know, fifteen

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<v Speaker 7>percent of the overall enterprise, but it continues to be

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<v Speaker 7>the fastest growing part of the portfolio. They're bringing on

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<v Speaker 7>a lot of capacity here over these next three years.

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<v Speaker 7>I think you really begin to see a step change

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<v Speaker 7>as we move into twenty twenty seven. And particularly on

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<v Speaker 7>the on the large engine side. So there is more

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<v Speaker 7>of a focus and investment on the energy and transportation

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<v Speaker 7>business and it has become, you know, the biggest part

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<v Speaker 7>of their portfolio.

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<v Speaker 2>Wow, are there other companies or let me put it

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<v Speaker 2>this way, who does cat compete with in that segment

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<v Speaker 2>of the business.

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<v Speaker 7>Yeah, So there's a number of different competitors, and it

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<v Speaker 7>really breaks down on relative by size on some of

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<v Speaker 7>the gen sets. Cummins is a is a big one,

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<v Speaker 7>Siemens Energy, and then you also have a few other

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<v Speaker 7>European and Asian players. But you know, this is certainly

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<v Speaker 7>a market that's growing, you know, pretty exponentially. Here. Backlogs

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<v Speaker 7>extend several years, so we think we have pretty good

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<v Speaker 7>visibility at least through you know, the next three years.

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<v Speaker 4>Does this part of the business mean that Caterpillar will

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<v Speaker 4>need to rely more on domestic market opportunities as opposed

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<v Speaker 4>to global market opportunities.

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<v Speaker 7>So their footprint is the largest, the energy transportation footprint

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<v Speaker 7>is the largest in North America, but you know, I

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<v Speaker 7>think the opportunity is global. They are a large global

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<v Speaker 7>producer that they serve you know, essentially almost all markets

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<v Speaker 7>around the world. I think even particularly with an energy

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<v Speaker 7>and transportation It's like something like one hundred different countries.

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<v Speaker 7>So while I think the immediate near term excitement is

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<v Speaker 7>more focused here in North America, I do think longer

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<v Speaker 7>term there's an opportunity international as well.

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<v Speaker 2>What's what's the company saying about the impact, if any,

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<v Speaker 2>on tariffs on their business now going forward?

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<v Speaker 7>Yeah, so tariffs were actually a much bigger headwind than

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<v Speaker 7>we anticipated in the quarter, and even KAT I think

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<v Speaker 7>it kind of shook out somewhere around a six hundred

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<v Speaker 7>million dollar headwind in three Q. But margins, margins were

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<v Speaker 7>better than expected, really pretty remarkably resilient despite these price

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<v Speaker 7>costs headwinds. Four Q will actually see a step up

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<v Speaker 7>in the tariff costs. And then as we think about

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<v Speaker 7>next year, you know, Kat's really been kind of kind

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<v Speaker 7>of hesitant to pull the pricing lever on a lot

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<v Speaker 7>of tariffs thus far. We think that's you know, more

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<v Speaker 7>of an opportunity for them here in the near term

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<v Speaker 7>to gain some market share. So as we think about

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<v Speaker 7>twenty twenty six, it'll be interesting to see, you know,

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<v Speaker 7>do they continue to offset through more costs and productivity efficiencies,

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<v Speaker 7>or do they lean into pricing a little bit more,

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<v Speaker 7>but tariffs will step up here in the near term,

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<v Speaker 7>and then you know, twenty twenty six, it still remains

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<v Speaker 7>to be seen, but I'd expect a demand backdrop to improve,

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<v Speaker 7>so they certainly should have the opportunity to push pricing

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<v Speaker 7>a little bit more aggressively next year.

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<v Speaker 5>Wow, six hundred million dollars is no small change when

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<v Speaker 5>it comes to tariff impact.

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<v Speaker 2>And they these companies are finding margin improvement in other areas.

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<v Speaker 2>I guess it's really amazing.

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<v Speaker 5>All right, Thank you so much for speaking with us.

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<v Speaker 4>Chris Fergiolino is Bloomberg Intelligence senior US machinery analysts on

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<v Speaker 4>Caterpillars earnings and the stock right now of about thirteen

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<v Speaker 4>percent training at five hundred and ninety three dollars off

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<v Speaker 4>fifty side all time high.

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<v Speaker 2>Stay with us. More from Bloomberg Intelligence coming up after this.

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<v Speaker 1>You're listening to the Bloomberg Intelligence podcast. Catch us live

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<v Speaker 1>weekdays at ten am Eastern on Apple, Cocklay and Android

0:11:10.480 --> 0:11:13.800
<v Speaker 1>Auto with the Bloomberg Business app. Listen on demand wherever

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<v Speaker 1>you get your podcasts, or watch us live on YouTube.

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<v Speaker 4>One of the laggards in the Downdustrials is Boeing, it's

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<v Speaker 4>taking twenty six points off of the off of the

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<v Speaker 4>Downdustrials is two hundred and thirty point gain, and part

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<v Speaker 4>of that is because of its latest earnings report. Let's

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<v Speaker 4>bring in George Ferguson, who of course covers Boeing among

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<v Speaker 4>other aerospace, defense and airlines companies for Bloomberg Intelligence, and George,

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<v Speaker 4>I thought Boeing was in turnaround mode.

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<v Speaker 5>Do the report? Do the latest earnings back that idea up?

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<v Speaker 3>Yeah?

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<v Speaker 8>I think it did.

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<v Speaker 2>So.

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<v Speaker 8>You know what I saw from earnings today is that

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<v Speaker 8>the commercial airplane business had about a four hundred thirty

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<v Speaker 8>million dollar loss from your back out that about five

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<v Speaker 8>billion dollar charge for triple seven. That number was a

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<v Speaker 8>bit better than consensus, a little bit better than what

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<v Speaker 8>we were looking for. I think it's another sign that

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<v Speaker 8>commercial airplane is getting closer to break even. And then

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<v Speaker 8>in the cash flow statement, Boeing was cash flow positive

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<v Speaker 8>and at an operating level and free cash flow it

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<v Speaker 8>was about a billion dollars in the operating level and

0:12:21.040 --> 0:12:25.280
<v Speaker 8>free cash flow a couple hundred million. I think that

0:12:25.320 --> 0:12:28.440
<v Speaker 8>you know, that's above where consensus expected it. We saw

0:12:28.600 --> 0:12:32.839
<v Speaker 8>five billion dollars an inventory get unlocked during the quarter,

0:12:33.000 --> 0:12:36.080
<v Speaker 8>meaning you know, Boeing has been sitting on something like

0:12:36.840 --> 0:12:40.520
<v Speaker 8>ninety billion dollars inventory because like eighty seven I think

0:12:40.600 --> 0:12:43.840
<v Speaker 8>was exact number, and that came down to eighty two

0:12:44.040 --> 0:12:46.960
<v Speaker 8>billion because they've been buying from suppliers, putting things on

0:12:47.080 --> 0:12:50.199
<v Speaker 8>shelves as they try to keep the supply base healthy

0:12:50.640 --> 0:12:52.840
<v Speaker 8>while they've been going through some of their challenges here,

0:12:53.200 --> 0:12:55.400
<v Speaker 8>and now they're starting to take that, you know, that

0:12:55.559 --> 0:12:59.679
<v Speaker 8>inventory off the shelves put it into airplanes. That's that's

0:12:59.679 --> 0:13:02.880
<v Speaker 8>going to hyper drive some of the cash generation of

0:13:02.960 --> 0:13:05.520
<v Speaker 8>Boeing as they bring that inventory I think down to

0:13:05.600 --> 0:13:09.319
<v Speaker 8>probably a sixty or fifty billion dollar level. So I

0:13:09.320 --> 0:13:12.000
<v Speaker 8>think those are both big positives in the charge was

0:13:12.080 --> 0:13:14.800
<v Speaker 8>largely non cash for an airplane that I think is

0:13:14.840 --> 0:13:17.400
<v Speaker 8>still very competitive, just gets delayed a bit.

0:13:18.480 --> 0:13:20.800
<v Speaker 2>All right, how about the deliveries of the seven thirty seven.

0:13:20.840 --> 0:13:22.600
<v Speaker 2>What's the guidance there, George, because we know that's the

0:13:22.640 --> 0:13:23.320
<v Speaker 2>big cash driver.

0:13:23.559 --> 0:13:27.160
<v Speaker 8>I think, yeah, so they're you know, Boeing's kind of

0:13:27.200 --> 0:13:30.000
<v Speaker 8>out of the game of giving guidance right now. But

0:13:30.040 --> 0:13:32.160
<v Speaker 8>they've they said, you know, the FAAS allowed them to

0:13:32.160 --> 0:13:35.600
<v Speaker 8>go to forty two a month build rate, which would

0:13:35.600 --> 0:13:39.600
<v Speaker 8>be above what they've done in the last quarter. I

0:13:39.600 --> 0:13:41.720
<v Speaker 8>think we've got a modeled at about forty four or

0:13:41.760 --> 0:13:44.559
<v Speaker 8>forty five per month for the next three months. It's

0:13:44.559 --> 0:13:48.079
<v Speaker 8>because there's still some inventory airplanes they'll deliver as as

0:13:48.120 --> 0:13:52.120
<v Speaker 8>well as what they're building. Just heard Kelly Orpburg say

0:13:52.160 --> 0:13:56.960
<v Speaker 8>on the call that he would anticipate sort of cranking

0:13:57.040 --> 0:14:00.199
<v Speaker 8>up those build rates from forty two in income it's

0:14:00.240 --> 0:14:05.160
<v Speaker 8>of five every six months. No sooner obviously won't break

0:14:05.320 --> 0:14:08.400
<v Speaker 8>unless they feel like they've got things stabilized. So I

0:14:08.440 --> 0:14:12.480
<v Speaker 8>think we've got a path here to hire build rates over,

0:14:12.559 --> 0:14:16.000
<v Speaker 8>you know, to the end of the decade. So you know,

0:14:16.400 --> 0:14:18.880
<v Speaker 8>I would expect that as they get a year down

0:14:18.880 --> 0:14:21.760
<v Speaker 8>the road here will be probably break even in this business,

0:14:22.680 --> 0:14:24.160
<v Speaker 8>you know, maybe a little bit longer, but I think

0:14:24.160 --> 0:14:26.840
<v Speaker 8>we'll be break even in that business. And again that's

0:14:26.880 --> 0:14:29.440
<v Speaker 8>I think all part of the turnaround is getting seven

0:14:29.520 --> 0:14:32.040
<v Speaker 8>three seven to perform. That's that's going to be the

0:14:32.080 --> 0:14:33.480
<v Speaker 8>financial driver.

0:14:34.080 --> 0:14:37.320
<v Speaker 4>So Kelly Orpbrook has now been CEO for just over

0:14:37.400 --> 0:14:39.760
<v Speaker 4>a year. He started in August of twenty twenty four.

0:14:39.760 --> 0:14:41.360
<v Speaker 4>I can't believe it's been that long already, I know

0:14:41.480 --> 0:14:44.720
<v Speaker 4>I know, and a lot has happened clearly, And what

0:14:44.760 --> 0:14:48.320
<v Speaker 4>I didn't realize is that Boeing is still facing some

0:14:48.440 --> 0:14:52.400
<v Speaker 4>labor issues. Saint Louis Aria machinists still strike.

0:14:52.520 --> 0:14:54.120
<v Speaker 5>They've been striking for more than three months.

0:14:54.640 --> 0:14:57.360
<v Speaker 4>What does this say about Kelly Orberg's leadership and what

0:14:57.440 --> 0:14:59.520
<v Speaker 4>kind of grade would you give him, George for his

0:14:59.600 --> 0:15:00.440
<v Speaker 4>leadership so far?

0:15:01.280 --> 0:15:03.200
<v Speaker 8>Yeah, I mean I'd give him a very high grade.

0:15:03.280 --> 0:15:07.160
<v Speaker 8>Right again, I think that, you know, the biggest thing

0:15:07.200 --> 0:15:11.720
<v Speaker 8>he needed to do was like improve morale, improve quality,

0:15:12.800 --> 0:15:16.240
<v Speaker 8>and it appears to you know, to be the case.

0:15:16.680 --> 0:15:19.680
<v Speaker 8>I think, you know, the proof is again build rates

0:15:20.120 --> 0:15:24.080
<v Speaker 8>the FA, returning some uh you know, giving Boeing the

0:15:24.160 --> 0:15:26.080
<v Speaker 8>ability to go to forty two, and returning some of

0:15:26.080 --> 0:15:30.080
<v Speaker 8>their ability to certify some of the airplanes. So I

0:15:30.080 --> 0:15:32.440
<v Speaker 8>think i'd give it all high in Saint Louis right now,

0:15:33.640 --> 0:15:36.240
<v Speaker 8>you know, Saint Louis is where the defense business is centered.

0:15:36.280 --> 0:15:39.400
<v Speaker 8>Out of right now, the defense business not performing great,

0:15:39.960 --> 0:15:40.960
<v Speaker 8>but getting better.

0:15:42.120 --> 0:15:42.280
<v Speaker 3>You know.

0:15:42.480 --> 0:15:45.120
<v Speaker 8>I think there's there's definitely more to come in the

0:15:45.160 --> 0:15:48.480
<v Speaker 8>defense business as they start building the F forty seven,

0:15:48.560 --> 0:15:51.520
<v Speaker 8>which is the sixth generation fighter that they won, but

0:15:51.560 --> 0:15:55.160
<v Speaker 8>that's still some preliminary work. My guess is that the

0:15:55.520 --> 0:15:58.280
<v Speaker 8>sides are still a little bit a part on, you know,

0:15:58.480 --> 0:16:00.800
<v Speaker 8>where they want to be for an a green and

0:16:00.840 --> 0:16:03.840
<v Speaker 8>it's not as critical to get those folks back to

0:16:03.920 --> 0:16:07.240
<v Speaker 8>the production lines as it was to get a commercial

0:16:07.280 --> 0:16:11.080
<v Speaker 8>seven thirty seven machinists back to production lines. So he's

0:16:11.120 --> 0:16:13.760
<v Speaker 8>probably doing the right thing for the business here, and

0:16:14.040 --> 0:16:15.760
<v Speaker 8>you know, making sure he can get an agreement he

0:16:15.800 --> 0:16:18.320
<v Speaker 8>can live with, especially in defense where it's harder to

0:16:18.320 --> 0:16:22.000
<v Speaker 8>bear increased costs. And again i'd give him, I'd give

0:16:22.040 --> 0:16:24.920
<v Speaker 8>him high grades. I think the company's at a turnaround

0:16:25.000 --> 0:16:26.080
<v Speaker 8>right now and doing well.

0:16:26.240 --> 0:16:27.640
<v Speaker 5>George about the thirty seconds left.

0:16:27.680 --> 0:16:29.880
<v Speaker 2>Just we don't talk about the triple seven much. How

0:16:29.880 --> 0:16:32.720
<v Speaker 2>does that kind of figure into their portfolio, into the

0:16:32.720 --> 0:16:33.960
<v Speaker 2>economics of Boeing.

0:16:34.760 --> 0:16:37.080
<v Speaker 8>Yeah, when it finally gets certified, it'll be the biggest

0:16:37.080 --> 0:16:41.440
<v Speaker 8>airplane in production, so it kind of replaces seven four

0:16:41.600 --> 0:16:44.360
<v Speaker 8>seven and eight three eighty as the Queen of the skies,

0:16:45.000 --> 0:16:48.480
<v Speaker 8>A three fifty tosh one thousands, the closest competitor. It

0:16:48.520 --> 0:16:51.560
<v Speaker 8>can't it can't be as densified, it can't have as

0:16:51.560 --> 0:16:54.280
<v Speaker 8>many seats inside it, So I think you'll find a

0:16:54.320 --> 0:16:57.160
<v Speaker 8>seat cost advantage in the Triple seven. It's got core

0:16:57.200 --> 0:17:01.520
<v Speaker 8>customers in those you know, in those Lee's carriers, those

0:17:01.600 --> 0:17:07.440
<v Speaker 8>Asian carriers that are the big sort of East West connectors.

0:17:07.480 --> 0:17:10.080
<v Speaker 8>And I think it'll be fine. I think that delay

0:17:10.080 --> 0:17:12.119
<v Speaker 8>we won't hurt its ability to be sold. And it's

0:17:12.119 --> 0:17:13.600
<v Speaker 8>already got five hundred in the backlog.

0:17:13.760 --> 0:17:16.040
<v Speaker 2>And I'll put my order in for the surveillance Triple

0:17:16.160 --> 0:17:17.760
<v Speaker 2>seven for tom My favorite.

0:17:17.840 --> 0:17:18.760
<v Speaker 4>You know, I'll need one of those.

0:17:18.800 --> 0:17:21.920
<v Speaker 2>George, thanks so much for joining us. George ferguson Senior Aerospace,

0:17:21.960 --> 0:17:25.240
<v Speaker 2>Defense and Airlines anists. And if it flies, George covers

0:17:25.240 --> 0:17:27.680
<v Speaker 2>it for Bloomberg Intelligence. That's kind of how I think

0:17:27.720 --> 0:17:28.120
<v Speaker 2>about it.

0:17:28.880 --> 0:17:33.560
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