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 Eva Low in San Francisco.
Speaker 2: This is Bloomberg Tech coming up. Escalating trade tensions between
Speaker 2: China and the US and now Europe too, will discuss
Speaker 2: what the latest trade showdown means for the tech sector.
Speaker 3: US concerns of an AI bubble grow louder among global
Speaker 3: fund managers, will discuss the valuation anxiety in their latest
Speaker 3: Bag of America survey.
Speaker 2: And Instagram makes some changes with tighter content restrictions for teenagers.
Speaker 2: Will discussed with Instagram's global director of Policy.
Speaker 3: But first to check in on these public markets, and
Speaker 3: once again, anxiety returns to the four We are worried
Speaker 3: about US, China, Europe, China and the trade tit for
Speaker 3: tat that really moves out into the world of shipping.
Speaker 3: We're down nine tens percent on the index of the
Speaker 3: NASA one hundred, but bitcoin crypto in the eye of
Speaker 3: the storm and one hundred and fifty billion dollars wiped
Speaker 3: out in terms of market cap. Across the industry. We
Speaker 3: see margin call's leverage flush out. It really is a dal.
Speaker 4: Up of worries when it comes to geopolitical risk.
Speaker 2: Here, Okay, let's get to our top story. Treasurary Secretary
Speaker 2: Scott Besson said he still expects Presidents Trump and Jijingping
Speaker 2: to meet, though China's latest escalation in that trade conflict
Speaker 2: between the world's two largest economies raises questions about all
Speaker 2: issues can be resolved before that meeting. Bloomberg Senior Technology
Speaker 2: editor Mike Shepherd joins us, Mike, what do we need
Speaker 2: to know? What's the latest on those US China trade talks.
Speaker 5: Well, the latest really is that China is hitting the
Speaker 5: gas rather than hitting the break now, as the two
Speaker 5: sides prepared to meet to discuss these ahead of a
Speaker 5: possible summit between Presidents Donald Trump and shujiin Ping, China.
Speaker 5: Earlier today unveiled new measures aimed at US shipping, saying
Speaker 5: a South Korean company with strong US ties and the
Speaker 5: US operations of that venture Hanua, and then also unveiling
Speaker 5: other possible por fees. This is the latest escalation in
Speaker 5: an area where Beijing feels like it has an advantage
Speaker 5: over the supply chain. China is has been the world's
Speaker 5: largest shipbuilder since twenty seventeen, and it follows the last
Speaker 5: week's move where China imposed new export controls on sales
Speaker 5: rare earths minerals to the US and to other countries
Speaker 5: around the world. Again another area where they have a
Speaker 5: hold on the supply chain. And even as Sacott Bessant
Speaker 5: is saying that he sees the prospects for a meeting
Speaker 5: between Donald Trump and Hijimping, he has also indicated that
Speaker 5: he sees China's moves against rare earths and he hasn't
Speaker 5: commented yet on the shipping decision by China, but he
Speaker 5: sees those steps as aiming at Bazooka at the global
Speaker 5: supply chain, and it is not the tone you would
Speaker 5: expect the two sides to be striking as they try
Speaker 5: to reach some sort of an agreement.
Speaker 3: The global supply chain is key, and Mike Europe really
Speaker 3: considering what its own options are where leverage can be
Speaker 3: applied to protect its own manufacturers because the rare earth
Speaker 3: implications are large for them too.
Speaker 5: The rare Earth's implications are huge, and they're looking at
Speaker 5: at a number of fronts. One area of particular concern,
Speaker 5: of course, has been the vehicle industry and electric vehicles
Speaker 5: more specifically, and what the EU is considering now is
Speaker 5: whether to require Chinese firms that want to operate within
Speaker 5: the block to share technology. And this is sort of
Speaker 5: taking a page from Beijing's own playbook. Any foreign company
Speaker 5: that wanted to do business with the Chinese partner in
Speaker 5: mainland China had to share technology with that partner as
Speaker 5: really the price of admission, and the EU is now
Speaker 5: considering the same, and it is worried because it is
Speaker 5: seeing byd make such inroads into the European market and
Speaker 5: putting some of the European makers and their own EV
Speaker 5: ambitions in jeopardy now would require not only the sharing
Speaker 5: of technology, but this also joins CARA other steps that
Speaker 5: are aimed at trying to rein in China on the continent,
Speaker 5: and that includes a doubling last week of tariffs on
Speaker 5: steel imports, clearly a move aimed at China. And this
Speaker 5: also follows something that we were covering very closely over
Speaker 5: the past two days, the Dutch decision to seize Nexperia
Speaker 5: from its Chinese owner, Wingtech, a venture that was subject
Speaker 5: to possible US sanctions. We learned today if it did
Speaker 5: not replace its Chinese CEO, and that prompted the government
Speaker 5: of the Dutch government to move and to seize control
Speaker 5: of the local Nexperia from its Chinese parent.
Speaker 2: Bloomberg's Mike Sheppard, thank you very much. Let's get more
Speaker 2: details in the story Mike mentioned. China retaliates after the
Speaker 2: Dutch government invoked a Cold War era law to take
Speaker 2: control of chip maker Nextperia, with Beijing now blocking Nexperia
Speaker 2: and its subcontractors from exporting products from the Asian nation.
Speaker 2: The company is a s theory of China's wing tech
Speaker 2: technology and a key supplier of mature chips used by
Speaker 2: the automotive and consumer electronic industries.
Speaker 3: Carat Now, I look these US China trade tensions and
Speaker 3: European China trade tensions clearly weighing and cross risk assets.
Speaker 3: Most notably though, crypto It continued to lose ground after
Speaker 3: our historic round of liquidations that triggered a sharp sell
Speaker 3: off over the weekend. Remember look, bitcoin is in a
Speaker 3: technical correction. The market value of all cryptocurrencies felled by
Speaker 3: more than one hundred and fifty billion over the last
Speaker 3: twenty four hour period, according to coin Gecko data. Personal
Speaker 3: we turned to is Bloomberg's baby Lipshals covers tech assets
Speaker 3: for US, and this is washing out the leverage from
Speaker 3: the system.
Speaker 6: Yeah, washing out the leverage. You have people getting margin called.
Speaker 7: The thing that's interesting with crypto when you talk to
Speaker 7: your kind of regular joe crypto trader, they sometimes use
Speaker 7: fifty times leverage, which means that if they're that leverage
Speaker 7: and you see any type of pullback, they don't get
Speaker 7: to say, oh, actually, let me try to get some
Speaker 7: massets together, they immediately get margin called. That's when you
Speaker 7: see some of this leverage be fleshed out so quickly.
Speaker 7: And this comes back to the debate twenty four to
Speaker 7: seven trading. If you're asleep or taking a weekend off
Speaker 7: to watch some college football, and all of a sudden
Speaker 7: Bitcoin pulls back, well, guess what, your portfolio just.
Speaker 6: Got blown up.
Speaker 7: And that is something that we saw really happen and
Speaker 7: play out over the weekend. And when you see the
Speaker 7: back and forth with the US and China, we're going
Speaker 7: to continue to see this volatility.
Speaker 6: Bailey.
Speaker 2: One of the best read stories on the Bloomberg terminal
Speaker 2: and on the website is the latest Bank of America
Speaker 2: fund manager survey, and in particular the focus on how
Speaker 2: the market feels about AI valuations and equity markets.
Speaker 6: What do we need to know?
Speaker 7: You look at it and say that are there fears
Speaker 7: of a bubble? Looking at that fifty four percent of
Speaker 7: participants in that October pool pointing to tech stocks being
Speaker 7: too expensive. You look at the Nasdaq one hundred forward
Speaker 7: pe nearly twenty eight versus an average over the last
Speaker 7: decade of twenty three. So all signs do point to overvaluation.
Speaker 7: When I talk to portfolio managers, the question is where
Speaker 7: you allocating capital? Is it that mag seven plus Broadcom?
Speaker 7: And also if we're going to say that, hey, this
Speaker 7: is a market could be overvalued, these are investors who
Speaker 7: get paid to at least outperform their peers. So when
Speaker 7: you see where stocks have been trading for the last
Speaker 7: six months, or even if you go back to that
Speaker 7: April bottom, if you missed out on the immediate snapback,
Speaker 7: you kind of continue to buy even if you.
Speaker 6: Think the stock market is overvalued.
Speaker 7: We see investors kind of bending over backwards, doing some
Speaker 7: mental gymnastics, saying, Okay, well maybe it's overvalued on the
Speaker 7: forward price to earnings, but if we really look out
Speaker 7: to twenty twenty eight, well, what does Nvidia look like
Speaker 7: then then they're justifying buying now. But there's so much
Speaker 7: talk about fraud, and we've seen it with large cap
Speaker 7: tech with some of these smaller companies. I often keep
Speaker 7: an eye on the Golden Sacks unprofitable basket. That's a
Speaker 7: returned about forty eight percent year to date, so quickly
Speaker 7: outstripping the Magnificent seven, quickly outstripping the Nasdaq one hundred.
Speaker 7: Is that a short squeezer? Is that people taking on risk?
Speaker 7: It's really been a topic of conversation depending on who
Speaker 7: you talk to, whether that's in the private.
Speaker 4: Or the public markets, topic of conversation on the earnings calls.
Speaker 3: So we've just had a CFO City group being asked
Speaker 3: about froth evaluations in AI. This is focused chutional investors
Speaker 3: as well as retail investors.
Speaker 7: And it's undeniable and the question is are you going
Speaker 7: to hit on one of those ten investments. I look
Speaker 7: at a company like Oaklow in the nuclear space, up
Speaker 7: four hundred and seventy percent this year.
Speaker 6: Quantum stocks are up hundreds of percents.
Speaker 7: Is that a bet on these being kind of the
Speaker 7: next wave of companies or is this investor saying you
Speaker 7: know what if I hit one out of the twelve
Speaker 7: companies and Quantum ends up being kind of the next paradigm. Well,
Speaker 7: at least I got in on Invidia, the next in Vidia,
Speaker 7: if you will.
Speaker 2: On the ground floor, which is the biggest story today,
Speaker 2: the CFO of a bank saying something quite measured, or
Speaker 2: a Bank of America survey of all the fund managers
Speaker 2: that they track CFO.
Speaker 7: I think when you see management teams start to kind
Speaker 7: of grapple publicly with the idea of froth and publicly
Speaker 7: discussing whether they're going outright say are we in an
Speaker 7: AI bubble or not? Whether you want to ascribe a
Speaker 7: lot of value to what we've seen and heard from
Speaker 7: the likes of Sam Altman talking about kind of it
Speaker 7: is an AI bubble or Jeff Bezos. Every leader at
Speaker 7: these biggest companies in the world, whether it's tech giants
Speaker 7: or whether it's the c suite of banks, are grappling
Speaker 7: with this debate.
Speaker 6: And it's going to be.
Speaker 7: Something that is a theme in this earning season, whether
Speaker 7: you want to talk about tariffs, but it's going to
Speaker 7: inevitably come back to AI bubble valuations and expectations because
Speaker 7: there is so much debate around the cycling of money
Speaker 7: and what this actually will mean with building out data centers,
Speaker 7: buying these chips, open AI, partnering with seemingly everyone. What
Speaker 7: that does mean when we look back a year from now,
Speaker 7: two years from now, was this kind of the buildout
Speaker 7: of the next generation in terms of AI, or was
Speaker 7: this something that we all kind of should have seen
Speaker 7: the signs that there was a potential.
Speaker 2: Top Bloomberg's Bailey lip Schultz with big Bailey lip Schultz
Speaker 2: fans here on Bloomberg Tech try saying that in the
Speaker 2: morning without a coffee, thank you very much. So coming
Speaker 2: up AMD and now this is a new agreement with
Speaker 2: Oracle supplying even more AI chips.
Speaker 6: We have the details on that. Next, this is Bloomberg Tech.
Speaker 2: AMD says Oracle is set to deploy fifty thousand of
Speaker 2: their four fifty chips into data center computers starting next year.
Speaker 2: It's the latest commitment in the AI infrastructure frenzy. Here
Speaker 2: with the details BLOOMBOGSI and King who leads our coverage
Speaker 2: of semiconductors. This is an important deal for AMD. It's
Speaker 2: one of the only stocks on the socks that's in
Speaker 2: the green right now, What do we need to know
Speaker 2: about it the specificity of where these chips are going.
Speaker 8: So the first thing to note is that these chips
Speaker 8: don't actually exist. These are new products promised for next year.
Speaker 8: So what this is is another affirmation that AMD has
Speaker 8: a role in the future of this massive build out,
Speaker 8: that it is perhaps more than just an alternative to
Speaker 8: in video, that people are actually looking at it's technology
Speaker 8: and saying, hey, we'll have some of that. We like that,
Speaker 8: We're going to commit at least part of our data
Speaker 8: center build to that.
Speaker 3: And what's interesting is, and it comes hot on the
Speaker 3: heels of course of open AMD teaming up Oracles down
Speaker 3: significantly today they've got AI world upon us. But how
Speaker 3: much are we seeing AMD reap the rewards? How much
Speaker 3: will some of these be built out in data centers
Speaker 3: and the margins be impacted for Oracle here?
Speaker 8: Yeah, I mean we've obviously saw the massive open AI
Speaker 8: announcement with am D another affirmation, a separate affirmation from this,
Speaker 8: that hey, they've got a role. Oracle has been a
Speaker 8: customer of AMD for a while. This gives Oracle more options. Obviously,
Speaker 8: everybody else, including Oracle, is paying most of their money
Speaker 8: to in video right now. The margins are massive, the
Speaker 8: prices are massive, So this creates an alternative.
Speaker 2: Let's go back to what you said about these chips
Speaker 2: don't yet exist. AMD, much like in Vidia, has future
Speaker 2: generations of their GPU that they've designed and announced, but
Speaker 2: they're not yet in production. How do we best understand
Speaker 2: where AMD stands in this market for this lead edge
Speaker 2: accelerator versus it in VideA in the next year or so.
Speaker 8: Yeah, I mean, I think the best way to look
Speaker 8: at it is up until the Open AI announcement, it
Speaker 8: seemed like everybody was kind of AMD curious that they
Speaker 8: were getting, you know, orders which were substantial and bringing
Speaker 8: in a good amount of money for the company, but
Speaker 8: compared to what was on offer, compared to what was
Speaker 8: happening at in video, really nothing. I mean, they were
Speaker 8: the best of follow a group that's following in VideA.
Speaker 8: What we're seeing now is at least the beginnings of
Speaker 8: these kind of volume orders and these future commitments, which
Speaker 8: would imply that they are a serious technology provider.
Speaker 3: In king with always the latest, thank you so much,
Speaker 3: seeking with chips shares a Samsung actually sliding over an
Speaker 3: Asia training hours despite the company reporting its biggest quarterly
Speaker 3: profit or expectations of in more than three years. Here
Speaker 3: to discuss it megs Peter Elstrom, and it's.
Speaker 4: Not about memory and demand for it. But why is
Speaker 4: the stock under pressure?
Speaker 9: Well, Samsung stock has really been on a run this year.
Speaker 9: It's up about seventy five It was up about seventy
Speaker 9: five percent before these earnings came out, So investors are
Speaker 9: taking a bit of profit here on the actual news,
Speaker 9: Samsung's numbers were pretty good.
Speaker 5: This is just.
Speaker 9: Preliminary earnings for them. They just put out revenue numbers
Speaker 9: and then operating profit. Just two numbers so far, and
Speaker 9: their operating profit was the biggest in at least three years.
Speaker 9: It was about eight point five billion dollars. So they
Speaker 9: are making more money. They're gaining some traction on the
Speaker 9: HBM side. These are the memory chips that are paired
Speaker 9: with the accelerators. But you were talking earlier with Bailey
Speaker 9: about some of these tech stocks getting ahead of themselves.
Speaker 9: Samsung is one of those examples, and it'll run up
Speaker 9: quite a bit now. The investors are taking a bit
Speaker 9: of profits, but the numbers look pretty strong. We're going
Speaker 9: to get final earnings from them later on in the month,
Speaker 9: we'll get more detail about exactly how much of this
Speaker 9: is coming from memory chips, the HBM chips in particular,
Speaker 9: how much from smartphones and other kinds of components. Samsung
Speaker 9: in this AI memory chip race has been behind sk Heinix,
Speaker 9: it's local competitor. Eske Henix has been very good at
Speaker 9: working with Nvidia in particular, But now Samsung appears to
Speaker 9: be making some progress. We get more detail on that later,
Speaker 9: but it does look like they're making some progress.
Speaker 2: Pete, you're the editor that leads our coverage of Asian technology,
Speaker 2: right how do we cover Samsung? That's a company that
Speaker 2: has all of these different arms and in the calendar,
Speaker 2: is Samsung the most important Asian technology company right now?
Speaker 9: Well, we've got a big week for tech companies in Asia,
Speaker 9: and particularly chip companies in Asia. TSMC comes later on
Speaker 9: in the week. TSMC, of course makes chips for everybody,
Speaker 9: but particularly they're the ones who actually manufacture those chips
Speaker 9: for Invidio when they go ahead and sell them to
Speaker 9: Open AI and the rest of their customers. So that's
Speaker 9: going to be a biggie. In between, we have ASML
Speaker 9: in Europe, which is another very important company in the
Speaker 9: chip ecosystem because they make the highest end chip equipment
Speaker 9: for manufacturing these high D chips. So both of those
Speaker 9: are to be important indicators. Samsung is very much in there. Recently,
Speaker 9: they've had some struggles as they fell behind sk Heinis
Speaker 9: in the memory chip business. In particular, it looked like
Speaker 9: Heiinis was going to run away with this market. Now,
Speaker 9: Samsung course big company within South Korea, the biggest company historically.
Speaker 9: They've made a lot of progress in terms of catching up,
Speaker 9: so they're important, and together Samsung and Skhinnicks give you
Speaker 9: an indication of how the AI market is doing. So
Speaker 9: both of those companies are partnering with open Ai too.
Speaker 9: As you mentioned earlier, open Ai seems to be partnering
Speaker 9: with everybody. They both have contracts to be able to
Speaker 9: supply those memory chips as open Ai embarks on this
Speaker 9: enormous construction project to build more data centers across the
Speaker 9: US and beyond the US.
Speaker 3: Samsung under pressure and you articulate how far the stock
Speaker 3: has run up recently, But is there any implication from
Speaker 3: the dialing up of geopolitical anxieties and the moment we
Speaker 3: know that China South Korea are getting embroiled from a
Speaker 3: shipping perspective, Peter, is there anything weighing more broadly or
Speaker 3: more is that Samsung will be engulfed and yet further
Speaker 3: tension between South career China and.
Speaker 9: More broadly, there are certainly tensions. I think everybody is
Speaker 9: watching the negotiations between the US and China. We of
Speaker 9: course had that flare up over the weekend where China
Speaker 9: threatened to use their control over the rare earth elements
Speaker 9: in the trade negotiations. President Trump responded by saying, perhaps
Speaker 9: tariffs would go to one hundred percent. I think that
Speaker 9: concerns everybody when it comes to South Korea, in particular
Speaker 9: in Samsung. Samsung is one of the companies that is
Speaker 9: building facilities within the US. They're one of the Chips
Speaker 9: Act beneficiaries, so they're doing construction in the US. They
Speaker 9: plan on adding a lot of capacity here, so as
Speaker 9: the Trump administration pushes for more domestic manufacturing, they seem
Speaker 9: to be one of the beneficiaries at this point.
Speaker 6: At least.
Speaker 9: They of course make these memory chips, which is really
Speaker 9: where they make all of their money. The mobile phone
Speaker 9: business may be a little bit higher profile, but the
Speaker 9: chips business is really where they make the profit. As
Speaker 9: they push ahead with that and they work more with
Speaker 9: TSMC in Nvidia on those memory chips, that should help
Speaker 9: their profits. But in terms of these trade wars, it's
Speaker 9: very important that they continue to build out in the
Speaker 9: US and build up those fabs that they have in
Speaker 9: the US.
Speaker 2: Bloomberg's Peter Elstrom on all Things Samsung, Thank you very much.
Speaker 2: Now coming up, we're going to speak with Tonal CEO
Speaker 2: Darren McDonald about the company's retail expassion expansion and it's
Speaker 2: pushed to infuse AI into all of its products.
Speaker 6: That's next. This is Bloomberg Tech.
Speaker 2: Tonal Systems, the maker of at home fitness equipment, says
Speaker 2: it's seen a return to revenue growth fueled by sales
Speaker 2: of its tech infused Tonal two. The company has experienced
Speaker 2: a turbulent few years after pandemic era lockdown's lifted and
Speaker 2: people went back to in person gyms and fitness classes.
Speaker 2: Let's talk more about the company's tund around efforts with
Speaker 2: Tonal CEO Darren McDonald. So there is a strategy now right,
Speaker 2: a different environment to say twenty through twenty twenty two,
Speaker 2: and I'm trying to make sense of what links it all.
Speaker 6: You seem to want to look at the.
Speaker 2: High street a little bit and retail. What is your
Speaker 2: big strategy.
Speaker 10: Well, yeah, just in the past year, we've actually rolled
Speaker 10: out from nineteen locations to over one hundred locations for
Speaker 10: a distribution, so we now we have more places people
Speaker 10: to see and touch and feel a Tonal product, which
Speaker 10: is incredible because we have seventy five percent NPS and
Speaker 10: some of the lowest journ in the category. So giving
Speaker 10: people an opportunity to actually experience this system means that
Speaker 10: people end up buying, and so just we want to
Speaker 10: really focus on that.
Speaker 2: Tonal systems are still higher end and if we learned
Speaker 2: anything from a couple of weeks ago when Peloton had
Speaker 2: its latest change in strategy, people are still very sensitive
Speaker 2: to pricing.
Speaker 6: They want more for less. What's your strategy for pricing?
Speaker 10: Yeah, you know, we feel like we've got the world's
Speaker 10: leading strength training system. It's a personal trainer on your wall.
Speaker 10: It's a full gym. You don't have to think about
Speaker 10: it in the sense that we personalize all the weights
Speaker 10: for you. So there isn't anything out there in the
Speaker 10: market like what we do. So the fact that we
Speaker 10: can personalize the workout. We can adjust weights in real time.
Speaker 10: We'll move weights up by one pound or decrease it
Speaker 10: by one pound if you're not doing well, and you
Speaker 10: don't have to think about it at all. And from
Speaker 10: our perspective, because of our platform, the way it's built,
Speaker 10: which sits on top of AI, it's not just entertaining you.
Speaker 10: It's really a strength training system that works with you, and.
Speaker 3: You are offering more to those who already have one
Speaker 3: with reformer pilates options being built in Darren and unfolded.
Speaker 3: But I'm interested in the artificial intelligence part of it
Speaker 3: that has been being baked into everyday workouts on the Tonal.
Speaker 4: How are you embracing it?
Speaker 10: Yeah, Well, as you said, Carolyn, we're super excited today
Speaker 10: to announce the fact that we're working with christ McGee
Speaker 10: and we're announcing our PLATES system. You know what's really
Speaker 10: great about it is that what we see on our
Speaker 10: platform is that almost two thirds of our members are
Speaker 10: interested in pilates, but only seventeen percent of them are
Speaker 10: actually doing it. And the reason for that is pretty clear.
Speaker 10: You know, we've got people who have difficulty getting into classes,
Speaker 10: they're inaccessible. You have to drive to them. The classes
Speaker 10: are often difficult to find, and so we rolled that
Speaker 10: out on our Tonal system. We have force curves that
Speaker 10: are very similar to what a reformer looks like, so
Speaker 10: as you move further away from from the machine, it
Speaker 10: actually increases in resistance as well. It's really unlike anything
Speaker 10: that's ever been offered out there. So now a greater
Speaker 10: part of our community is able to actually interact with
Speaker 10: something like pilates. And so you add that to strength,
Speaker 10: you add that to yoga, you add that to the
Speaker 10: cardio work that we do. And so to answer your
Speaker 10: question around the AI component of it, we think we
Speaker 10: have the world's largest strength database. So we have nearly
Speaker 10: three hundred thousand members lifting nearly three hundred billion pounds.
Speaker 10: It's a tremendous data set. So as we learn about
Speaker 10: you and who you are, we can look at our
Speaker 10: cables and say, you know, somebody is lifting a certain
Speaker 10: amount of weight, a certain amount of reps, forced velosophy,
Speaker 10: range of motion, all of those things which helps us
Speaker 10: to define what outcomes could look like for somebody. So
Speaker 10: people get stronger on Tonal than any other system.
Speaker 4: It is a premium offering.
Speaker 3: Would you ever think about having cheaper offerings or just
Speaker 3: the application as we've seen with Palatin for example.
Speaker 10: Yeah, we don't have anything to announce today, but we're
Speaker 10: certainly looking at alternative opportunities for our hardware. I mean,
Speaker 10: we could move upstream, we could move downstream, but again
Speaker 10: I would just refer back to the fact that nobody
Speaker 10: has anything quite like what we have.
Speaker 2: Just very quick before we let you go. You know
Speaker 2: you've raised money in the past. Would you raise money
Speaker 2: just to keep growth going or what would the rationale be?
Speaker 1: Sure?
Speaker 10: I mean, we're always looking at fuel growth, so you know,
Speaker 10: in terms of developing new hardware, in terms of acquiring
Speaker 10: new customers, expanding any new modalities. As we're announcing today,
Speaker 10: we think there's an opportunity for us to keep.
Speaker 4: That going, keep that going. We really appreciate it.
Speaker 3: Darren McDonald, CEO of Tonal, on the latest announcement when
Speaker 3: it comes to reformer plates and the growth story. But
Speaker 3: coming up and we've got so much more to discuss
Speaker 3: when it comes to Salesforce. As Dreamforce Conference kicks off today,
Speaker 3: we're going to speak of may have be a writer.
Speaker 4: Sanezuski of eleven Labs.
Speaker 3: This is all about the integration of AI and the
Speaker 3: future of enterprise software. Basically today, the key question is
Speaker 3: in what are we in an AI bubble? How much
Speaker 3: therefore are we seeing a return on AI investment in
Speaker 3: the enterprise.
Speaker 4: Look at what the impact though is of China or
Speaker 4: the US as well.
Speaker 2: Funny day in the market, So we're down about a
Speaker 2: percentage point on the Nazak one hundred. I'm still recovering
Speaker 2: from Friday where the President broke that news at the
Speaker 2: top of our show and then markets went into free fall.
Speaker 2: But the blanket theme is the same anxiety about trade
Speaker 2: and unknowns about the relationship between the United States and China,
Speaker 2: particularly in the context of technology. The outlier AMD doing
Speaker 2: deals over the place. This is Bloomberg Tech. Welcome back
Speaker 2: to Bloomberg Tech. I'm looking at the markets and here
Speaker 2: are some technology stories we haven't got to.
Speaker 6: Yeah. The first is Walmart are almost three percent. What
Speaker 6: do you think it is.
Speaker 2: It's a relationship with open AI, an API integration into
Speaker 2: chat gpt sending the stock high. Just like we saw
Speaker 2: with the number of names that Open AI dev day.
Speaker 2: Walmart is the latest to do a deal in the
Speaker 2: e commerce context to integration in chat GPT also the
Speaker 2: chip sector, so we talked about AMD AMD's PAED some
Speaker 2: of its gain relating to the Oracle deal, which Inking
Speaker 2: explained to us is separate from that open AI arrangement.
Speaker 2: On the downside, is in video down three point six percent.
Speaker 2: It fell in recent days because of the tensions with China.
Speaker 2: I don't really see a specific piece of news or
Speaker 2: a catalyst that's driving this down lower. There was, of
Speaker 2: course the broad coom an open AIA six news of yesterday.
Speaker 2: They're all names we track because they're moving the markets.
Speaker 2: Carac Can, let's.
Speaker 3: Talk about the moves in the market just of late,
Speaker 3: in the valuations that they're at ed because global fund
Speaker 3: managers they are sounding the alarm bells on AI stocks
Speaker 3: with a record share more than off, saying they're in
Speaker 3: a bubble. It's all according to the survey by Bank
Speaker 3: of America. Meanwhile, City Group CFO Mark Mason also out
Speaker 3: with a warning when questioned by analyst, saying that there
Speaker 3: is signs of frothiness in AI valuations, a sketch to
Speaker 3: Bloomberg E Secritaris report around Vastelica.
Speaker 4: I mean the noise is becoming deafening.
Speaker 11: Absolutely, we have heard almost daily warnings from people about
Speaker 11: overevaluation in AI stock, some kind of bubble brewing concerns
Speaker 11: about sort of the circular nature of some of these
Speaker 11: financing deals, a lack of detail that people want. Yeah,
Speaker 11: certainly there is a growing, growing concern, although I also
Speaker 11: would say there continues to be a lot of optimism
Speaker 11: about the long term path of AI, the long term
Speaker 11: productivity enhancements it is expected to deliver. There's still a
Speaker 11: lot of optimism that these companies will eventually see some
Speaker 11: pretty amazing returns from all the investments they're making.
Speaker 6: So certainly a lot of balls, but also a lot
Speaker 6: of bears.
Speaker 2: Right, there's a lot of headlines around Salesforce on the
Speaker 2: terminal today, many positive, but the stock's down almost two percent.
Speaker 2: One I see that you filled with the team is
Speaker 2: that Salesforce has been cut at Northland.
Speaker 6: What's that analyst saying.
Speaker 11: I believe he was discussing a lack of real growth
Speaker 11: acceleration from his agent force AI product. He's not seeing
Speaker 11: it showing up and CRPO that's current remaining performance obligations.
Speaker 11: He's not seeing it show up an average revenue per user. Now,
Speaker 11: Salesforce does have its agent Force event today. I haven't
Speaker 11: been able to monitor it, so we are hoping to
Speaker 11: see some new details maybe about adoption. If they give
Speaker 11: any kind of insight into how much of revenue growth
Speaker 11: they're seeing from this overall adoption rates, I mean, that's
Speaker 11: all going to be very critical for the stock or
Speaker 11: this is one of those software companies that has really
Speaker 11: been struggling this year. Even amid all the AI optimism,
Speaker 11: there are a lot of software companies that have really
Speaker 11: been sort of struggling against a perception that maybe AI
Speaker 11: native companies, notably Open AI, are these companies going to
Speaker 11: really represent some kind of competition to them that's very
Speaker 11: difficult to shake. So people looking to this event today
Speaker 11: really has an opportunity to help counter that narrative.
Speaker 6: With most Ryan for Stelica, thank you very much.
Speaker 2: Now, as Wall Street debates whether AI stocks are heading
Speaker 2: into bubble territory, Salesforce is doubling down on the technology.
Speaker 2: Dreamforce twenty twenty five kicks off today, bringing together celebrities
Speaker 2: and tech leaders to explore the future of AI in
Speaker 2: the world of enterprise. Among the featured speakers Eleven Lab
Speaker 2: CEO Matti Stanzewski and Writer CEO Mayhbib who will appear
Speaker 2: together on a panel titled Rewriting the Enterprise Playbook with AI,
Speaker 2: Please to say they both joined us now here in
Speaker 2: San Francisco.
Speaker 6: May I start with you. You heard what Ryan just said.
Speaker 2: I know writer to be an LLM focus company AGENTICAI
Speaker 2: focus company for the enterprise. Either you beat Salesforce at
Speaker 2: that or you work with them at that.
Speaker 6: Which is it?
Speaker 12: Yeah, what we do is help companies rewire operations to
Speaker 12: be AI native, and so partnerships with companies like Salesforce
Speaker 12: are really important part of that. So it's definitely the
Speaker 12: partnership angle. But there is something to be said around
Speaker 12: doing things AI native and being able to start with
Speaker 12: a blank sheet of paper versus you know, layering on
Speaker 12: AGENTIC into a system of record that has existed for
Speaker 12: a while.
Speaker 4: Yeah, you've kind of wanted to build it from the
Speaker 4: ground up.
Speaker 5: May.
Speaker 4: But I turn therefore to Matty. And when you're thinking.
Speaker 3: About the audio applications of artificial intelligence, we've had you
Speaker 3: on the show to think about how now music can
Speaker 3: be created by just writing in a few key prompts.
Speaker 3: How are companies adopting eleven labs appropriately with a return
Speaker 3: on that investment.
Speaker 4: Is it with a salesforce or is it from the
Speaker 4: ground up.
Speaker 13: Carline. Thanks for having me here. We've seen an incredible
Speaker 13: shift over last year where the combination of voice and
Speaker 13: conversational agents can elevate a customer experience for customers that
Speaker 13: I was Fortune five hundred all the way to to
Speaker 13: some of them highest scaling startups. We've seen boff. We've
Speaker 13: seen companies built using some of the best and read
Speaker 13: technologies including voice, like you said, all relying on the
Speaker 13: entirety of the platform. We are thrilled to be here
Speaker 13: at Dreamforce and as part of the work we do
Speaker 13: be part of the voice for Agent force empowering that
Speaker 13: work across their platform. So we've seen both and in
Speaker 13: across the enterprise segment quick adoption in that sector.
Speaker 4: May we have.
Speaker 3: Loved how outspoken and clear you've been and pushing back home.
Speaker 3: Perhaps these narratives of ninety five percent of all AI
Speaker 3: pilots aren't working when we think about the a MIT
Speaker 3: report that really rocked the market.
Speaker 4: But it's about nuance in this conversation.
Speaker 3: May so bring us that nuance of when is it
Speaker 3: working when they're adopting writer either from the ground up
Speaker 3: or indeed within salesforce offerings.
Speaker 12: Yeah, AI is not another software upgrade. You can't outsource
Speaker 12: it to the CIO and expect results. You know, a
Speaker 12: lot of what we do is go to executives and
Speaker 12: CEOs and say, look, this is about you. Sometimes you
Speaker 12: kind of want to shake them, like this has got
Speaker 12: to be a top down, very heavy mandate to rewire
Speaker 12: processes end to end. If you leave it up to people,
Speaker 12: a lot of what they're going to be doing is
Speaker 12: personal productivity stuff with AI versus the high leverage things
Speaker 12: that executives certainly want. And as you've seen in terms
Speaker 12: of what the market wants and this continued investment in AI,
Speaker 12: what people are expecting from this enterprise.
Speaker 2: Investment, Matty, what you and may have in common as
Speaker 2: your private companies. You're free from the scrutiny that public
Speaker 2: companies are. But in the last segment we talked about
Speaker 2: how some of the analysts that cover salesforce are skeptical about.
Speaker 6: Agent force. In particular.
Speaker 2: You've just said to us, both of you, we actually
Speaker 2: do see adoption in the enterprise. So what does that
Speaker 2: tell you if the data for their products specifically isn't
Speaker 2: as strong.
Speaker 13: Look, our focus is predominantly on working across our work
Speaker 13: at eleven laps, and we've seen use cases across e
Speaker 13: commerce elevate where you suddenly can and not only have
Speaker 13: customer supporting and customer experience, where users going into the product,
Speaker 13: going into the site will be able to interactive agents
Speaker 13: to help you shop through the product all the way
Speaker 13: from the start. It's a good company and Mobilaria one
Speaker 13: of the biggest in Italy working on use cases like this,
Speaker 13: and we've seen this scale across across wider degree of
Speaker 13: segments and financial services and technology and healthcare. What I
Speaker 13: think is true and key as you think about salesforce
Speaker 13: their distribution across clients, of course stretches all types of
Speaker 13: industries and including regulated industries, so it will take a
Speaker 13: slightly longer time to bring a little bit of technology
Speaker 13: into those industries where where additional deployment additional integrations to
Speaker 13: existing stock are slightly more complex to some of the
Speaker 13: companies in the space.
Speaker 2: May when you're both on stage with each other later today,
Speaker 2: what's kind of the one key thing you want to
Speaker 2: get across about what is happening among your enterprise customers
Speaker 2: at the moment, fighting with each day or what you're
Speaker 2: most focused on.
Speaker 12: Yeah, this is we're hosts of Salesforce, right, they are
Speaker 12: wonderful partners, and I think a big part of what
Speaker 12: we want to impart to that audience is how do
Speaker 12: you make the most out of your data investment with
Speaker 12: agentic AI, and I think both of us have got
Speaker 12: companies where enterprises are getting real ROI right from our
Speaker 12: products and really helping bring that to the data they've
Speaker 12: got in the salesforce ecosystems is going to be one
Speaker 12: of the things we talk about.
Speaker 3: What's so interesting, really, Mattie, has been the ongoing anxiety
Speaker 3: among that enterprise workforce about whether they're being augmented or
Speaker 3: whether indeed they're being replaced. How have you continued to
Speaker 3: try and tell that story, particularly when you're in the
Speaker 3: world of music, of IP of real individuality and creativity.
Speaker 13: For us, it's extremely important to work with the industry together.
Speaker 13: So our music is the first fully licensed AI music
Speaker 13: model at incredible quality working with our research theme, and
Speaker 13: that's the approach we've taken across voice, across music, across
Speaker 13: as we build conversational agents. But like you say, AI
Speaker 13: is bringing change in the way that we've seen this
Speaker 13: across enterprise, across the companies we work with, is people
Speaker 13: using AI will be the people that will unfortunately, where
Speaker 13: there's people not using AI, so that adoption both and
Speaker 13: the enterprise setting and across the wider global setting. It's
Speaker 13: all about being the user, trying it out and bringing.
Speaker 4: That to your work and may when you come on.
Speaker 3: We've always been very keen to ask you about your
Speaker 3: growth trajectory, but also the haves and the have nots
Speaker 3: in the space. How much you still having companies, smaller
Speaker 3: companies call you up saying, hey, we'd like to team
Speaker 3: with you, we'd like to offer you, we'd like to
Speaker 3: have some sort of buy out. Are you seeing that
Speaker 3: coming from vcs just being more discerning, putting money for
Speaker 3: the winners, but taking away from those that aren't hitting scale.
Speaker 12: The bar for sharp differentiation has never been harder. I
Speaker 12: think with the hyperscalers just flooding the zone, it has
Speaker 12: been so such a challenge to make sure the enterprise
Speaker 12: understands what's real, what's what, and I think that's just
Speaker 12: getting harder for smaller startups to enter the enterprise as
Speaker 12: a result. You know, we were lucky in that we
Speaker 12: started building LLLMS for the enterprise five years ago, and
Speaker 12: so a lot of our longstanding relationships, you know, have
Speaker 12: been a result of why we land new customers in
Speaker 12: these spaces. And I think that is just getting harder
Speaker 12: because of the hyperscaler investment. But there's just so many categories.
Speaker 12: The enterprise needs so much help, and people are not
Speaker 12: focused on it the way that startups can. So still
Speaker 12: a ton of opportunity, but yeah, absolutely getting harder, and.
Speaker 4: We love having both of you on to talk about
Speaker 4: that opportunity.
Speaker 3: We're excited to hear from you at SOLS full Streamforce
Speaker 3: as well. A little bit later Mayhabe as well, Mattie Stetazuski.
Speaker 4: We appreciate you.
Speaker 1: Of course.
Speaker 4: Of Writer and eleven Labs coming up.
Speaker 3: Tara Hopkins, Global Director of Policy of Instagram joins us
Speaker 3: to talk about the company's new PG thirteen content restrictions
Speaker 3: for team users.
Speaker 4: That's next. This is a really big tech.
Speaker 3: Instagram will prevent teens from seeing content deemed inappropriate for
Speaker 3: PG thirteen audiences. Is a new move following Instagram's launch
Speaker 3: of teen accounts last.
Speaker 4: Fall, and that already offers stricter settings.
Speaker 3: And comes as its parent company meta and indeed the
Speaker 3: wider social media industry really battle the narrative that they
Speaker 3: expose young people to dangerous content.
Speaker 4: So let's get the details.
Speaker 3: Instagram's global director of Policy, Tyo Hopkins, and pleased to
Speaker 3: say us here, and I think it's worth in a
Speaker 3: nutshell explaining what TIN accounts now provide. You've added on
Speaker 3: new updates today, how are we restricting content so.
Speaker 14: Cale and as you said, just to take a step back,
Speaker 14: we launched tin Accounts in the US and now globally.
Speaker 14: Last year. Tin Accounts was to address that three things
Speaker 14: that parents were most concerned about about their young people
Speaker 14: using Instagram was about unwanted contact, it was about the
Speaker 14: time they're spending on our app, and it was about
Speaker 14: inappropriate content and minimizing the amount of inappropriate content a
Speaker 14: teen would see on Instagram. What the update is today
Speaker 14: is specifically about that inappropriate content piece of this, because
Speaker 14: we're continually learning from parents and what they told us
Speaker 14: was they were a little bit confused about the different
Speaker 14: settings and the different controls. They were a little bit
Speaker 14: confused about when we talk about what is age appropriate
Speaker 14: or how we age gate and that kind of tech
Speaker 14: speak that a lot of parents just don't really understand.
Speaker 14: So what we've done is we've revammed teen accounts to
Speaker 14: be guided by PG thirteen movie ratings, really trying to
Speaker 14: speak the language of parents who are much more familiar
Speaker 14: with the movie rating movie rating standards. And as of today,
Speaker 14: it's going to be rolling out to all teenagers under
Speaker 14: the age of eighteen who are defaulted into this, so
Speaker 14: they can't opt in or opt out. We're going to
Speaker 14: be moving them into a teen account experience over the
Speaker 14: course in the next few months.
Speaker 3: And when you're deciding whether content or a content creator
Speaker 3: is generally PG thirteen or not using artificient telligence for that,
Speaker 3: how we.
Speaker 14: Do we use our official intelligence. So the first thing
Speaker 14: we did was we reviewed our policies, all the guidelines
Speaker 14: we had around what is inappropriate content for a team,
Speaker 14: so what's appropriate for a team? So we did that
Speaker 14: review on Instagram. And then what we've done is we've
Speaker 14: built the classifiers, our technology, the AI that we use,
Speaker 14: and we've retrained it on some of these new roles
Speaker 14: and rules and tweets and adaptations we've made to the
Speaker 14: policies that goes out across the system. And then we
Speaker 14: find content that we don't believe to be in that
Speaker 14: PG thirteen movie rating kind of space. We will either
Speaker 14: hide it from teams or we will.
Speaker 4: Remove it entirely.
Speaker 2: Tara, there's still questions about from how the technology and
Speaker 2: from a policy perspective, you define what is or what
Speaker 2: is not PG thirteen. So could you answer that more
Speaker 2: specifically on a post by post basis, how is a
Speaker 2: decision made this is or this is not PG thirteen.
Speaker 14: Yeah, So the first thing is we don't rate if
Speaker 14: you're on Instagram and how this is going to look
Speaker 14: and feel if you're a teenager on Instagram. Now, first
Speaker 14: of all, we're going to be sending a notification at
Speaker 14: the top of your feed for teenagers to let them
Speaker 14: know what we're doing here, to let them know that
Speaker 14: we're going to be aligning and guided by PG thirteen ratings.
Speaker 14: What it will look and feel like if you're a
Speaker 14: parent is hopefully that they will understand. Again, we're going
Speaker 14: to be sending notifications to parents again, really trying to
Speaker 14: speak the language of parents. What we've done is we've
Speaker 14: made some changes to the policies so that if you're
Speaker 14: thinking about a PG thirteen movie that's the kind of
Speaker 14: experience your team's are going to have. So what a
Speaker 14: good example of that would be around cursing? So profanity.
Speaker 14: We've always had rules around profanity on Instagram and there's
Speaker 14: certain things you can and can't say. But on a
Speaker 14: PG thirteen movie, they have very very specific standards around this.
Speaker 14: You can use one or two quite strong curse words
Speaker 14: and then other you knows less, more minor cursewords.
Speaker 4: So what we did is we looked at this.
Speaker 14: We're not apples for apples, of course, you know, we're
Speaker 14: a social media company as opposed to making movies, but
Speaker 14: we thought what would be equivalent on Instagram. The equivalent
Speaker 14: on Instagram is we're not going to be recommending content
Speaker 14: to teens that has severe what we would describe as
Speaker 14: severe cursewords. So we train the AI to find those
Speaker 14: types of cursewords and we will remove them so that
Speaker 14: we're not going to be recommending that kind of content
Speaker 14: to teens.
Speaker 2: Tara, what other protections are you thinking about doing additionally
Speaker 2: going forward?
Speaker 14: So we're also announcing today two further things. One is
Speaker 14: that we're going to be giving parents more control if
Speaker 14: they wish to. So again, these this update is for
Speaker 14: all teens under the age of eighteen. When we know
Speaker 14: you're under the age of eighteen, you're going to be
Speaker 14: moved by default into the PG thirteen or the plus
Speaker 14: thirteen setting on Instagram. That's the first thing, But if
Speaker 14: a parent wants to go that step further, we're really
Speaker 14: going to help parents to do that. So one of
Speaker 14: the additional one of the other things they're doing announcing
Speaker 14: today is that we will have limited even more limited
Speaker 14: content control. Parents can go in and they can have
Speaker 14: a look at that, they can talk to their team,
Speaker 14: have a conversation with them. Particularly if your teenager is
Speaker 14: in the younger category, you might want to limit the
Speaker 14: content even further.
Speaker 3: Yes, briefly got tens of millions of teen accounts. How
Speaker 3: many are to opt out navigate those age rules? How
Speaker 3: are you ensuring that they do remain within those age catchments?
Speaker 14: So we now have hundreds of millions of teens in
Speaker 14: the teen Account experience, which which has been which we
Speaker 14: launched last year, which is really good news. We've been
Speaker 14: able to do that technically, which is a pretty big
Speaker 14: challenge to be able to do that. We know that
Speaker 14: ninety seven percent of teens that we've moved into the
Speaker 14: teen account experience, have not tried to change those more
Speaker 14: protective settings when they're in the younger age Cash Green,
Speaker 14: so teens below the age of sixteen cannot change the
Speaker 14: settings we set in teen accounts without getting a parent's permission.
Speaker 14: We're going a step further with these content setting changes,
Speaker 14: which is it's for every teen under the age of eighteen,
Speaker 14: but they can't change them unless they get a parent
Speaker 14: to approve.
Speaker 6: It as well.
Speaker 2: Tara Hopkins, Global Director for Policy for Instagram, thank you
Speaker 2: very much for joining us here on Bloomberg ten. Okay,
Speaker 2: coming up Europe races to prove Jensen one wrong about
Speaker 2: their AI capability that Bloomberg de diive.
Speaker 6: Next is Bloomberg Tech.
Speaker 3: Time now before Quing Tech and first up SpaceX. Well,
Speaker 3: It's pulled off another successful launch and return of its
Speaker 3: Starship rocket, which deployed test satellite into orbit. The Lamsqu's
Speaker 3: space company still has to demonstrate and master several novel
Speaker 3: technologies to meet in its goal of a lunar landing
Speaker 3: in the next two years. Has Apple Well, It's had
Speaker 3: a release date for the launch of its super thin
Speaker 3: iPhone Air in China.
Speaker 4: The phone will be available in stores later this month
Speaker 4: after a.
Speaker 3: Pause that allow local carriers to prepare for the device,
Speaker 3: which is eSIM only.
Speaker 4: The news coincided with a visit to the country by
Speaker 4: Apple CEO Tim Cook, and Google is planning its biggest
Speaker 4: investment in.
Speaker 3: India yet, about fifteen billion dollars to build an AI
Speaker 3: infrastructure hub in the South over the next five years.
Speaker 3: India has been one of the biggest winners of the
Speaker 3: global AI boom, and the project will help accelerate local
Speaker 3: government efforts to expand the AI industry.
Speaker 2: Videos Jensen Wong issued an AI warning to Europe and
Speaker 2: France over the summer.
Speaker 6: You are too slow. Now.
Speaker 2: European leaders are working to prove him wrong, with many
Speaker 2: committing billions to homegrown AI startups and services. Bloomberg's European
Speaker 2: tech reporter Mark Bergen has been writing about Europe's attens
Speaker 2: a catching up and joins us now Jensen Wong says,
Speaker 2: you are too slow at sort of an EU wide
Speaker 2: level or country by country level. What is it that
Speaker 2: they're actually doing to prove him wrong or at least
Speaker 2: catch up.
Speaker 15: Yeah, that anecdote from our story was like the lead
Speaker 15: of it was a dinner hosted by Emanuel mal Cron
Speaker 15: and in a way before his government collapsed that France
Speaker 15: was seen as the vanguard here. They had that this
Speaker 15: earlier this year they announced the largest data center project
Speaker 15: in the EU. They have Miestrol, which is the closest
Speaker 15: thing that Europe has to sort of an open AI arrival,
Speaker 15: and a lot of money in public support from the government.
Speaker 15: The European Commission Union has put money behind chips, behind
Speaker 15: what they call these AI gigafactories, basically large data center projects.
Speaker 15: If you compare the funding those to the US and China,
Speaker 15: though obviously Europe is still lagging third place.
Speaker 3: When we think about the key players of Europe, they
Speaker 3: do have some standouts ASML. When you think chip equipment making,
Speaker 3: you got SAP bringing it to the enterprise. But where
Speaker 3: else are they trying to grow their own talent and
Speaker 3: indeed risk pushing back though the US influx of money
Speaker 3: that seemed to come with Jensen's last visit.
Speaker 15: Yeah, I think there's a couple of things happening and
Speaker 15: we can't try to captures in the debate there are
Speaker 15: you know, Jensen has been kind of teased Europe for
Speaker 15: moving too slowly. Clearly he wants them to be buying
Speaker 15: more in Vidia chips, and there are others that argue
Speaker 15: that maybe this sovereignty, this idea of independence from the
Speaker 15: US and China means not relying on in Nvidia, not
Speaker 15: relying on open Ai, not relying on Microsoft and the
Speaker 15: cloud providers. That's a lot more difficult. I think the
Speaker 15: cloud is where we're starting to see some really interesting
Speaker 15: neo clouds. Nebulus is a Dutch company here that's fun
Speaker 15: out from Russia's Yendex that's had a really fascinating growth trajectory.
Speaker 15: We've seen a lot of these neocloud companies come up
Speaker 15: in Europe. Some of them are really positioning themselves as
Speaker 15: alternatives to the US providers, and.
Speaker 3: Scale being another key name we keep hearing about Mark
Speaker 3: Bergen great story, and what you don't want to forget
Speaker 3: is we're going to dive into all of these topics
Speaker 3: so much more next week showing Bloomberg Tech summits Tale
Speaker 3: and being hosted in London is on October the twenty first.
Speaker 4: But meanwhile, that does it for this edition.
Speaker 3: A Bloomberg Tech and a lot to digest in terms
Speaker 3: of geopolitics and in terms of valuations.
Speaker 2: Yeah, there's still a little bit of anxiety in technology markets.
Speaker 2: It's largely focused to trade. Salesforce is down two percent
Speaker 2: on the day that Dreamforce kicks off. How's that going
Speaker 2: to go down? You can recap that on the podcast.
Speaker 2: You know where to find it. It's online on all
Speaker 2: those platforms. It's on the Bloomberg platforms. Big week ahead,
Speaker 2: This is Bloomberg Tech