Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and Ed Lovelow in San Francisco.
Speaker 2: This is Bloomberg Tech. I'm Tim Senovek in New York.
Speaker 2: Coming up, Open AI closes one of the biggest funding
Speaker 2: rounds in history. We're gonna have the details. Plus, Anthropic
Speaker 2: accidentally releases internal source code behind its claud coding assistant.
Speaker 2: And today is launch day for Artemis two. We are
Speaker 2: on the ground at Kennedy Space Center. We're going to
Speaker 2: get you the latest. First though, a.
Speaker 3: Check on the markets.
Speaker 2: Tech stocks in the green along with other US stocks.
Speaker 2: This as optimism grows that the war in the Middle
Speaker 2: East may be nearing a conclusion. Look at what we
Speaker 2: see right here on the big board. The NAZAC wondered
Speaker 2: off to a pretty strong start for the quarter, but
Speaker 2: this does come after a relatively bad quarter where it
Speaker 2: fell six percent out of correction territory though we should
Speaker 2: note also the S and B five hundred up nine
Speaker 2: tens of one percent, following a decline in the most
Speaker 2: recent quarter of four point six percent. Oil still above
Speaker 2: one hundred dollars a barrel. This is Brent crude up
Speaker 2: one and one sixty six is where we are down
Speaker 2: two percent. To talk about a tough quarter for Brent
Speaker 2: crude up a whopping seventy percent. We've got a great
Speaker 2: program coming up. Investors are a little nervous when it
Speaker 2: comes to stocks, but still higher on this first day
Speaker 2: in the quarter. I do want to start in Washington,
Speaker 2: where President Trump has arrived at the Supreme Court for
Speaker 2: oral arguments in the birthright citizenship case. Bloomberg Washington correspondent
Speaker 2: Tyler Kendall joins us with the latest. Tyler, an unprecedented
Speaker 2: move for a sitting president to attend these arguments at
Speaker 2: the Supreme Court. What can you tell us.
Speaker 4: The ATM.
Speaker 5: So, we're about an hour into the oral arguments here
Speaker 5: at the Supreme Courts. Right now, the US Solicitor General
Speaker 5: John Sower is still being questioned by the justices. We
Speaker 5: have to keep in mind this case centers on President
Speaker 5: Trump's executive order that he signed on the first day
Speaker 5: in office, seeking to bar US born children of undocumented
Speaker 5: immigrants from obtaining US citizenship. And what the justices are
Speaker 5: looking at today is the Trump administration's interpretation of the
Speaker 5: citizenship clause under the fourteenth Amendment. We're not going to
Speaker 5: get to walky into it here, but the Trump administration,
Speaker 5: as we're hearing outlined right now by the US Solicitor General,
Speaker 5: is essentially arguing that in order for the Amendment to apply,
Speaker 5: it requires a relationship of what he is calling full
Speaker 5: allegiance to the United States, which the Trump administration says
Speaker 5: does not extend to undocumented immigrants or temporary visitors. We
Speaker 5: are about to hear from the challengers in this case.
Speaker 5: The ACLU lawyer is about to be questioned by the
Speaker 5: Supreme Court justices who argues that the Fourteenth Amendment has
Speaker 5: a long standing legal precedent of granting's citizenship to those
Speaker 5: born on US soil. Now, Tim, we're not expecting to
Speaker 5: get a ruling today from the justices, but rather we're
Speaker 5: looking for those signals on how they may rule. We
Speaker 5: had some indications going into this that some conservative justices
Speaker 5: may be skeptical, and that appears to be echoed in
Speaker 5: what we have heard so far. That includes Chief Justice
Speaker 5: John Roberts calling one of the administration's arguments quote quirky.
Speaker 5: Although it does appear the administration has some sympathy. I'll
Speaker 5: give one example, Samuel Alito, Conservative Justice, saying that the
Speaker 5: administration is likely correct that when they were ratifying the
Speaker 5: fourteenth Amendment, the drafters weren't thinking about undocumented immigration. So
Speaker 5: it's going to be something to watch here. But you're
Speaker 5: exactly right. This is very unprecedented. The first time you've
Speaker 5: ever seen a sitting US president president inside for oral
Speaker 5: arguments as they decide the future of one of his
Speaker 5: key policies.
Speaker 2: Bloomberg Tyler Kendall with the latest outside the Supreme Court.
Speaker 2: Let's turn out to the Middle East, where attentions remain
Speaker 2: high as the war with Iran continues. President Trump said
Speaker 2: he'll only consider a ceasefire if the straight of horn
Speaker 2: moves is fully reopened. He is set to address the
Speaker 2: nation tonight as questions grow over the path forward and
Speaker 2: the broader economic impact from more. Let's bring in Bloomberg
Speaker 2: Balance of Power co host Kaylee lines. Kaylee, the back
Speaker 2: and forth between Washington and what we're hearing and what
Speaker 2: we're learning out of Iran. There still seems to be
Speaker 2: quite a bit of daylight there.
Speaker 6: What can you tell us, Yeah, there certainly is tim
Speaker 6: which is a repeated pattern in the US. As one thing,
Speaker 6: Iran pushes back. There's also a repeated pattern that the
Speaker 6: President says one thing or is reported to be considering
Speaker 6: one thing, and then says another. As we are in
Speaker 6: a very different place, it seems regarding the Straight of
Speaker 6: Horn moves than what the Wall Street Journal indicated yesterday,
Speaker 6: which was that the President was considering at least wrapping
Speaker 6: up military operations without the straight reopening. Now he says
Speaker 6: there will be no ceasefire if the Strait is not open.
Speaker 6: But Iran is very much pushing back on that. In
Speaker 6: a statement citing the Iranian Revolutionary guardcore in state media,
Speaker 6: they said, and this is a quote, the Straight of
Speaker 6: hor Mows will not be open based on the absurd
Speaker 6: displays of the American President, going on to say, the
Speaker 6: situation in the Strait is decisively and dominantly under the
Speaker 6: control of the IRGC Navy. Now, of course, the US
Speaker 6: military continues to strike that navy and other military targets.
Speaker 6: The President alluding to that in a true social post
Speaker 6: today in which he said that until the Strait is open,
Speaker 6: free and clear, the US will continue to blaster on
Speaker 6: into oblivion, or as they say, back to the Stone Ages.
Speaker 6: So this is still a war that is ongoing, and
Speaker 6: the President has indicated it could continue for at least
Speaker 6: a few more weeks. He told reporters in the Oval
Speaker 6: Office last night. It could be two to three weeks more,
Speaker 6: and of course the entire nation will hear from him
Speaker 6: at nine pm Eastern Time, also from the Oval in
Speaker 6: which he is expected to address the future of this conflict.
Speaker 6: Perhaps we will hear from him as to whether or
Speaker 6: not he is considering actually deploying ground forces or another
Speaker 6: surge operation, as we're seeing more assets deployed to the
Speaker 6: Middle East, including a third aircraft carrier. Would he be
Speaker 6: doing that if he did not intend to use it?
Speaker 6: And we also can expect to hear from him on
Speaker 6: the NATO alliance specifically, at least that's what he's told Reuters,
Speaker 6: that he will be addressing our allies not coming to
Speaker 6: the US AID when it comes to this war in Iran,
Speaker 6: after he earlier told the Telegraph that NATO is just
Speaker 6: a paper tiger and that he is seriously considering withdrawing
Speaker 6: the United States from it.
Speaker 2: Tim a lot for Joe and Kayla to keep an
Speaker 2: eye on keep eye on them. One pm for the
Speaker 2: early edition of Bloomberg Balance of Power Bloomberg Scaye Lions
Speaker 2: joining us from Washington. Well, let's discuss the broader implications
Speaker 2: of these latest developments, especially when it comes to tech markets.
Speaker 2: I want to bring in Fiona Sencata, senior market analyst
Speaker 2: and City Index for more. Fiona, I want to talk
Speaker 2: about the de escalation trade that we saw and potentially
Speaker 2: that we are seeing today. I should note that traders
Speaker 2: at Goldman Sachs and JP Morgan are suggesting this was
Speaker 2: mostly a squeeze.
Speaker 3: What is it in your view?
Speaker 2: Is it a squeeze or is it a de escalation trade.
Speaker 7: It's a good question. I mean, it's not the first
Speaker 7: time we've seen it, so I think there is reason
Speaker 7: to be cautious about whether it really is a de
Speaker 7: escalation trade or not. I mean, obviously we know the
Speaker 7: Nazak fell almost five percent across March. It moved into
Speaker 7: correction territory decline ten out of the past eleven twelve sorry,
Speaker 7: ten out of the past eleven weeks. And it's rare
Speaker 7: that we see such negativity towards tech stocks. So you know,
Speaker 7: there really has been a lot of cell pressure on
Speaker 7: the tech sector. But we are seeing that bounce back.
Speaker 7: The daily performance yesterday was the best and almost a year,
Speaker 7: and that de escalation trade or squeeze that we're talking
Speaker 7: about is holding today.
Speaker 8: Now.
Speaker 7: I think there is reason to be cautious here, brickids.
Speaker 7: I mean, although we've heard before from Trump that we
Speaker 7: could be sort of you know, moving towards an end
Speaker 7: to the war, the market I don't think is going
Speaker 7: to be convinced until we see that straight off Hornmeuse reopen,
Speaker 7: or at least you know, clear signs that we're heading
Speaker 7: in that direction. And the reason for that is, brickis,
Speaker 7: whilst oil priaces remain high, treasury yields are also going
Speaker 7: to be remaining high, and that just sort of you know,
Speaker 7: takes the the or hits demand for equities, and particularly
Speaker 7: for tech stocks. We do tend to see that they
Speaker 7: come under pressure as yields rise. Now, yields have come
Speaker 7: back from that sort of almost four point five percent
Speaker 7: that they are at on Friday to around four point
Speaker 7: three today, But as I said, I think we really
Speaker 7: would want to see more concrete signs of that straight
Speaker 7: of Hall Mews reopening in order for this trade to
Speaker 7: really gain much more traction and retake the some more
Speaker 7: key levels on the way up.
Speaker 2: I'm so glad you went there, because that's exactly what
Speaker 2: I wanted to talk about. With the brand crewed above
Speaker 2: one hundred dollars a barrel, WTI very close to one
Speaker 2: hundred dollars a barrel. I think a lot of people
Speaker 2: are scratching their heads saying, wait a second, why are
Speaker 2: we seeing a surge in equities, especially tech if oil is.
Speaker 3: Still this high?
Speaker 2: Fiona to what extent our oil prices tied to tech stocks?
Speaker 7: Yeah, so, I mean, you wouldn't necessarily immediately link the
Speaker 7: two together. But as I said, that drive that elevated
Speaker 7: oil price adds inflationary pressures globally, but particularly if we're
Speaker 7: looking here in the US as well, and that just
Speaker 7: really does keying those treasury yields elevated now. Also, that
Speaker 7: also sort of supports the view that the Federal Reserve
Speaker 7: is going to be taking potentially a more hawkish approach
Speaker 7: to monetary policy. All of this ties into the fact
Speaker 7: that we are seeing less support for tech stocks. Lower
Speaker 7: lower yields are beneficial for stocks, but more importantly for
Speaker 7: tech stocks because they reduce the discount rate apply to
Speaker 7: future earnings, making valuations more attractive. So when we have
Speaker 7: those higher yields, that really does make tech stocks less attractive. So,
Speaker 7: as I said, you know, I think oil prices are
Speaker 7: going to remain here, and I think interestingly, even if
Speaker 7: we do see that straight of horn we's reopen, it
Speaker 7: will take time for oil prices to come down. And
Speaker 7: if they do come down, and when they do come down,
Speaker 7: I guess the actual baseline rate is likely to be
Speaker 7: much higher than what it has been, that sixty dollars
Speaker 7: a barrel, more towards the eighty dollars a barrel, because
Speaker 7: we're going to see it a longer period for the
Speaker 7: that sort of normalization. But also I think there will
Speaker 7: be a risk premium that will remain tied in there.
Speaker 2: I want to throw something at you. It's private markets
Speaker 2: now but expected to become a public equity this year,
Speaker 2: and that's open AI. We're going to talk to Shrien
Speaker 2: Gafari from our Bloomberg News team. She reported out yesterday
Speaker 2: the eight hundred and fifty two billion dollar valuation after
Speaker 2: a one hundred and twenty two billion dollar round. What
Speaker 2: does a potential IPO of open AI and of anthropic
Speaker 2: this year due to the broader tech equity market.
Speaker 7: Now, I think it would be extremely exciting. I think
Speaker 7: there would be a huge amount, unprecedented amount of interest,
Speaker 7: and I think it would actually be positive for DAI train.
Speaker 7: I think the AI train has come under pressure. We've
Speaker 7: seen sort of, you know, a lot of questions about
Speaker 7: where it's going, whether it is whether the rallies that
Speaker 7: we've seen over the past sort of year, they've obviously
Speaker 7: come into quest I would say over the past six months,
Speaker 7: and I think sort of those IPOs going public in
Speaker 7: those companies would actually potentially redrive attention and interest into
Speaker 7: that trade.
Speaker 2: Fiona Sinkata from City Index. Always good to check in
Speaker 2: with you. Thanks for joining us on Bloomberg Tech. Well
Speaker 2: coming up, as we just mentioned open ai closing one
Speaker 2: of the biggest funding rounds in history.
Speaker 3: We're gonna have the details next. This is Bloomberg Tech.
Speaker 2: Open Ai is now valued at eight hundred and fifty
Speaker 2: two billion dollars. The i company closed a one hundred
Speaker 2: and twenty two billion dollar funding round intended to help
Speaker 2: with its costly push for more chips, data centers, and talent.
Speaker 2: Let's get the details with Bloomberg's Ai reporter Sharen Gafari, Shuran,
Speaker 2: those are big numbers. I liken the piece you said,
Speaker 2: this funding is by any measure, one of the largest
Speaker 2: transactions in history dwarfing not just previous fundraising rounds by
Speaker 2: fellow privately back startups, but also acquisitions and IPOs. Is
Speaker 2: this it for open A before it goes public.
Speaker 9: We don't know yet, but it definitely could be. You know,
Speaker 9: in a press call with open Ai CFO, she talked
Speaker 9: about how this helps them have maximum flexibility. If they
Speaker 9: want to remain private for a little longer, they could.
Speaker 9: If they want to go public, they also could.
Speaker 5: You know.
Speaker 9: Obviously, we are heading into a year where we are
Speaker 9: expecting some AI IPOs, including potentially open AI. However, you know,
Speaker 9: given a the macro uncertainty and changing conditions and be
Speaker 9: the need for these companies to prove a very solid
Speaker 9: path to profitability at least in the future as a IPO,
Speaker 9: it's obviously too soon to say exactly when or if
Speaker 9: these companies will this year.
Speaker 2: Okay, these companies that includes Thropic. I just want to
Speaker 2: flick out another piece that you wrote, this one along
Speaker 2: with colleague Mark Anderson, about Anthropic accidentally exposing its system
Speaker 2: behind claud code human error in this case, what exactly happened?
Speaker 9: Yeah, so the company acknowledged that this was human error,
Speaker 9: not a sort of hack. However, this is source code,
Speaker 9: so this is the underlying material that goes into the
Speaker 9: claud code product. We're already seeing some users try to
Speaker 9: replicate that code now and put it out there, and
Speaker 9: that is obviously that is not a good outcome for
Speaker 9: the company. So it raises questions about what went wrong,
Speaker 9: how they're going to stop that again, especially given earlier
Speaker 9: in the past week they had another incident with a
Speaker 9: leaked another kind of human error leaked blog.
Speaker 2: Post Bloomberg shreen Gafari from our AI team. Check out
Speaker 2: her reporting and the entire teams reporting on the Bloomberg
Speaker 2: terminal and at Bloomberg dot Com.
Speaker 5: Well.
Speaker 2: At the same time, shares of OpenAI i've actually fallen
Speaker 2: out of favor in the secondary markets. Investors have been
Speaker 2: looking to offer load as much as six hundred million
Speaker 2: dollars worth of shares, but finding no buyers, instead seeing
Speaker 2: demand surging for rival Anthropic. Bloomberg's Hemaparmer covers hedge funds
Speaker 2: and she joins us. Now, so how about what's going
Speaker 2: on here, because it seems like there's this disconnect at
Speaker 2: least with the latest funding round that I just talked
Speaker 2: about with sharene and what you're seeing or what hedge
Speaker 2: funds are seeing in the secondary market, what can you
Speaker 2: tell us So.
Speaker 10: The secondary market's really interesting and what they're paying attention
Speaker 10: to right now is this evaluation gap. So the gap
Speaker 10: between the three hundred and eighty billion dollar valuation for
Speaker 10: Anthropic and this eight hundred and fifty two billion dollar
Speaker 10: valuation for open AI. And if you are thinking that
Speaker 10: Anthropic is going to have around in the future and
Speaker 10: is going to close that gap and it could be
Speaker 10: sizeably bigger, you might be looking to snap up Anthropic
Speaker 10: shares now to get in early as that nap, as
Speaker 10: that gap potentially narrows. And so when you look at
Speaker 10: the two options, open AI may seem in less of
Speaker 10: a favor compared to the hot we're seeing Anthropic shares
Speaker 10: in the secondary going for a valuation of six hundred
Speaker 10: million or more.
Speaker 2: It's incredible. I mean, it just shows how quickly things
Speaker 2: can shift. And we did see last week and move
Speaker 2: away at least from Sora for open AI, maybe streamlining
Speaker 2: before an IPO and also really leaning into what anthropics
Speaker 2: bread and butter is the idea of coding and selling
Speaker 2: to enterprise customers. What's amazing to me is really how
Speaker 2: quickly this has shifted, and wonder if it can actually
Speaker 2: shift back a different way anytime soon. How quickly do
Speaker 2: you things move in the secondary market.
Speaker 10: So the secondary market moves slower obviously than stocks would do,
Speaker 10: but you can see changes within a few days, within
Speaker 10: a few weeks. When you look at companies like open Ai,
Speaker 10: there are some concerns about the spend and this raise
Speaker 10: will help to absorb some of those costs. But when
Speaker 10: you look at the expenditure that some of these companies
Speaker 10: are making, an ai huge costs. And then when you
Speaker 10: look at open Ai, these leading into enterprise a little
Speaker 10: bit slower than Anthropic, but not to say, I mean
Speaker 10: they've raised one hundred and twenty two billion dollars from investors.
Speaker 10: The other thing to think about with the secondary is
Speaker 10: sometimes existing investors may seek liquidity, not because they're souring
Speaker 10: on the company, but they just either want some extra
Speaker 10: money to play with, or you know, they see their
Speaker 10: position as already sizable within their book.
Speaker 2: Maybe you got to buy a house or a plane
Speaker 2: or something I don't know. From Bloomberg, Sama Palmer, thanks
Speaker 2: so much, shot out having a story on the terminal.
Speaker 2: We got some breaking news right now, billionaire Elon Musk.
Speaker 2: SpaceX has filed confidentially for an IPO. Let's check out
Speaker 2: more about timing with that in just a few minutes.
Speaker 2: We're going to have more details on that coming up.
Speaker 2: In the meantime, a conversation on AI's expanding role in cybersecurity.
Speaker 2: We're going to break with ARMD and CEO Kevin Nndia.
Speaker 2: That's next on Bloomberg Tech. SpaceX has filed for an IPO.
Speaker 2: Some breaking news. Let's get to our own Ed Ludlow,
Speaker 2: who's at Kennedy Space Center in Florida, and this story
Speaker 2: that you wrote along with Bailey Lipschaltz. JASEX said a
Speaker 2: file confidentially for an IPO ahead of AI rivals. What
Speaker 2: can you tell us about timing? What did you learn?
Speaker 10: Yeah?
Speaker 11: I mean the main thing and the important point of
Speaker 11: us confirming via sources that the paperwork is in is
Speaker 11: it probably does put SpaceX on track for a June IPO.
Speaker 11: There has been lots of reporting about will they or
Speaker 11: won't they you know, as a starter gun moment for
Speaker 11: the broader IPO window. But of course, the mechanics of
Speaker 11: what they're trying to do raising fifty billion dollars plus
Speaker 11: maybe seventy five billion dollars at the high end at
Speaker 11: evaluation of one point seventy five trillion, it's going to
Speaker 11: take a very large coalition of bankers and banks to
Speaker 11: run that book in what will be the biggest IPO
Speaker 11: in history on a dollar raise or valuation perspective. So
Speaker 11: we've known this was coming, but you know, it is
Speaker 11: a big psychological moment for the markets that it's in,
Speaker 11: and and you it sets SpaceX up to execute on
Speaker 11: the groundwork that they've been putting into place for a
Speaker 11: little while.
Speaker 3: Now. It's a great piece.
Speaker 2: We're going to have more from Ed Ludlow from Kennedy
Speaker 2: Space Center a little later in the program. Breaking news
Speaker 2: coming from Ed and Bailey. Check out their story on
Speaker 2: the Bloomberg terminal for more. Well, as we mentioned, Anthropic
Speaker 2: has accidentally exposed the source code behind its AI coding
Speaker 2: assistant Claude. In an emailed statement, Anthropics said no customer
Speaker 2: data or credentials were involved and that the issue was
Speaker 2: caused by human error and not a security breach. The
Speaker 2: incident comes as the company is pushing back against a
Speaker 2: US government designation labeling it a potential supply chain risk.
Speaker 2: Joining us now to discuss the role of AI in
Speaker 2: cybersecurity is Kevin Mandia, CEO of our Modern It's an
Speaker 2: AI platform that simulates real world attacks to identify and
Speaker 2: fix vulnerabilities. And Kevin, that's exactly where I want to
Speaker 2: start the vulnerabilities of this with that anthropic story that
Speaker 2: I talked about with Sharen and just mentioned this vulnerability.
Speaker 2: It seems to be as a result of user error,
Speaker 2: not necessarily an attack. How do you look at that
Speaker 2: in the context right of overall vulnerabilities when it comes
Speaker 2: to the threat landscape today, Well.
Speaker 4: No question, whenever you lose source code, there's a reputational hit.
Speaker 4: But that's you know, when I looked at this case,
Speaker 4: they didn't lose customer data, they didn't lose customer credentials,
Speaker 4: they didn't lose customer model weights. And that's where the
Speaker 4: magic happens when you use agents, because agents have total
Speaker 4: recall on your data and how you purpose those agents.
Speaker 4: So this is one of those things that happens to companies.
Speaker 4: Whenever you have a human in the loop, you have
Speaker 4: a process that's potentially frail or degrades over time, so
Speaker 4: they're going to have to manage through the reputational.
Speaker 3: Hit on this.
Speaker 4: But at the same time frame, I'm a cybersecurity expert
Speaker 4: and I look at this. Whenever you lose source code,
Speaker 4: there will be folks that scour that looking at ways
Speaker 4: to how does this software work and how do we
Speaker 4: take advantage of it, maybe in this case with prompt injection.
Speaker 4: So all you're really going to get out of this
Speaker 4: tim is probably a faster release cycle because now you
Speaker 4: have millions of people looking at your code that you
Speaker 4: never intended to have them look at it. So you're
Speaker 4: going to have a fast release cycle should there be
Speaker 4: any identified vulnerabilities from the extra million sets of eyes
Speaker 4: that are looking at your source code.
Speaker 2: You were the founder and CEO of Mandian before it
Speaker 2: was sold to people Cloud, your former CEO of Fire.
Speaker 2: You have been doing this for decades. This era that
Speaker 2: we live in right now with soon to be everybody
Speaker 2: having an AI agent that can act on behalf of them,
Speaker 2: and also seemingly perhaps bad actors having AI agents that
Speaker 2: can act on them how does that look out there
Speaker 2: today compared with other times in this industry? Are we
Speaker 2: more vulnerable now than ever before?
Speaker 4: That's a great question, Tim. I think we're going through
Speaker 4: an inflection point. I hate that term, but it's just
Speaker 4: dead reality. Whenever you see a shift change in technology,
Speaker 4: the unfortunate reality is that usually mal intent can be
Speaker 4: implemented faster than positive. That just is what happens. So
Speaker 4: you look at the Internet. It allows people to commit
Speaker 4: crimes or try to make money from nine thousand miles
Speaker 4: away from where they perpetrate the crimes. And wherever money goes,
Speaker 4: crime follows, wherever information goes, espionage follows.
Speaker 3: That's our systems.
Speaker 4: So you're going to see in under two years AI agents,
Speaker 4: because they can think and learn and have total recall,
Speaker 4: they will become the offense in the cyber domain. And
Speaker 4: the cyber domain has always been contested, Tim, There's always
Speaker 4: been bad guys on this, you know, on the Internet.
Speaker 4: But now these bad guys or the espionage actors are
Speaker 4: going to be able to use agents to work at
Speaker 4: compute speed. So the change we're going to live in
Speaker 4: the cyber domain is that you're going to see the
Speaker 4: speed of attack go way up, so vulnerability discovery will
Speaker 4: be condensed down to seconds rather than days or minutes.
Speaker 4: And you're going to see over time, defense have to
Speaker 4: be autonomous. It can't have humans in the loop. So
Speaker 4: we're going to go through that inflection point over the
Speaker 4: next two years.
Speaker 3: But Agent to.
Speaker 4: AI is absolutely going to speed up the risk that
Speaker 4: everybody has in the cyber demand.
Speaker 2: Kevin, then give me we only have twenty seconds left.
Speaker 2: But how are you now doing that and addressing that
Speaker 2: at our modern.
Speaker 4: Well, we are addressing it. What you're going to see
Speaker 4: is Armaden is going to be all offense, all the time.
Speaker 4: We're going to be the agents that train your defense
Speaker 4: of agents so you can respond at the speed of
Speaker 4: compute and respond autonomously to the threats that emerge. New
Speaker 4: and novel threats will be found by the good guys
Speaker 4: before the bad guys.
Speaker 2: Kevin Mandia, Armaden CEO joining us from San Francisco. Kevin,
Speaker 2: good to see you well coming out. Intel moves to
Speaker 2: back by back half a chip plan in Ireland, signally
Speaker 2: renewed confidence. Look at the stock up more than nine
Speaker 2: point nine percent today. We're going to have more on
Speaker 2: that deal next. This is Bloomberg. Welcome back to Bloomberg Tech.
Speaker 2: I'm Tim Seneveek in New York. Let's take a look
Speaker 2: at markets on this first trading day of the second quarter,
Speaker 2: after a really bruising first quarter of the year. The
Speaker 2: S and P five hundred up about one percent right now,
Speaker 2: Nasdaq one hundred up one point four percent. This after
Speaker 2: a really bruising first quarter where the Nasdaq one hundred
Speaker 2: fell about six percent, the S and P five hundred
Speaker 2: fell about four point six percent. Rendcrud still above one
Speaker 2: hundred dollars a barrel, The war in Iran still weighing
Speaker 2: on overall sentiment. You can see Brent down two dollars
Speaker 2: a barrel. That's about two percent. But at these elevated levels,
Speaker 2: still a lot of questions about what the duration of
Speaker 2: this conflict actually looks like.
Speaker 3: Well.
Speaker 2: Serves of Intel are surging right now. The chip maker
Speaker 2: has agreed to pay fourteen point two billion dollars to
Speaker 2: buy back half a plan in Ireland that it previously
Speaker 2: sold to Apollo Global Management. Bloomberg Ian King covers semiconductors,
Speaker 2: and he joins US now from San Francisco.
Speaker 3: Ian.
Speaker 2: The stock reaction to news such as this What does
Speaker 2: that represent about how investors are thinking about Intel right now?
Speaker 12: Well, they said themselves that this is kind of a
Speaker 12: sign of confidence in where their business is going, and
Speaker 12: it would appear from the reaction that investors have taken
Speaker 12: them at their word and believing that the sort of
Speaker 12: background to this is that suddenly the CPU, the chip
Speaker 12: that Intel specializes in, has become kind of an area
Speaker 12: of interest again and people are betting that this is
Speaker 12: going to be part of AI data centers to a
Speaker 12: greater extent going forward.
Speaker 2: Is that what changed between now and a couple of
Speaker 2: years ago ian when Intel sold this steak in this facility.
Speaker 12: Yeah, I mean, what's really changes Intel's balance sheet? When
Speaker 12: they sold this steak to Apollo, they were you know,
Speaker 12: this was just one of a number of deals that
Speaker 12: they were doing basically to get liquidity to make sure
Speaker 12: that that balance sheet wasn't going to drag them down
Speaker 12: even further. Since then, they've got money from the US taxpayer,
Speaker 12: from Nvidia, from soft Bank, and you know, business has
Speaker 12: st to improve, the losses have definitely narrowed. So what
Speaker 12: they're doing here is basically saying, hey, this plant can
Speaker 12: be a money maker going forward. We want to own
Speaker 12: all of it, and therefore we're going to do that.
Speaker 12: Now we're going to use our improved balance sheet.
Speaker 3: Okay, eighteen A.
Speaker 2: The technology that's being rolled out first in the company's
Speaker 2: US factories.
Speaker 3: What does it do?
Speaker 12: Yeah, I mean, this is their latest production technology, and
Speaker 12: this is supposed to get them essentially back in the game.
Speaker 12: The better your production technology, remember with advanced semi reconductors,
Speaker 12: the better your products are. So this is supposed to
Speaker 12: sort of intel on the front line of what this
Speaker 12: industry is capable of and make it sort of comparable
Speaker 12: to what TSMC is doing. But the next one fourteen A,
Speaker 12: that's going to be the real test whether that gets
Speaker 12: off the ground and whether, as Intel claims, it'll get
Speaker 12: it back to the absolute forefront of what's out there.
Speaker 2: Bloomberg's Ian King cover semiconductors out there in our San
Speaker 2: Francisco bureau. Ian, thanks for joining us on Bloomberg Tech Well.
Speaker 2: Child development experts are calling for YouTube to ban AI
Speaker 2: generated videos from the feeds of young users. More than
Speaker 2: two hundred children specialists, advocacy groups and schools send a
Speaker 2: letter to the CEOs of YouTube and its parent Google.
Speaker 2: Let's get the details with Bloomberg social media reporter Alexandra
Speaker 2: Levine Alexandra Good that have you hear the concern about
Speaker 2: AI slop or so called AI slop? Well, in fact,
Speaker 2: that's what Google or that's what YouTube CEO has called
Speaker 2: it in the past. How does that affect or how
Speaker 2: do these advocates say that affects a child's brain differently
Speaker 2: than a traditional short form video that may have been
Speaker 2: made by actual human being.
Speaker 11: Yeah.
Speaker 13: Well, as we know, concerns about kids and screens and
Speaker 13: how much time we're spending in front of platforms like
Speaker 13: YouTube are not new. What is new here is sort
Speaker 13: of the aipiece of this. The growing concern about AI
Speaker 13: in particular is that as young minds are developing, child
Speaker 13: development psychologists and other medical experts are worried that children
Speaker 13: are not going to be able to understand the difference
Speaker 13: between what is real and what is not, what is
Speaker 13: truth and what is not. There's also concern that because
Speaker 13: AI slop tends to be very eye catching, very clickbaity,
Speaker 13: very spammy, that that will be more time spent in
Speaker 13: front of the screen, and that time spend in front
Speaker 13: of a screen, they're concerned, is going to be displacing
Speaker 13: other kinds of real life activities that are key to emotional, social,
Speaker 13: cognitive development.
Speaker 3: Where does YouTube come in on this?
Speaker 2: Because they have in recent years rolled out an entire
Speaker 2: slate of tools that are supposed to be part of
Speaker 2: this YouTube kids platform.
Speaker 3: Where do they fall?
Speaker 13: YouTube has said that their priority for twenty twenty six,
Speaker 13: or one of their key priorities for this year is
Speaker 13: managing AI slop and making sure that YouTube remains a
Speaker 13: place where where people want to be spending their time.
Speaker 13: They have said that they have labels that they show.
Speaker 13: I think these advocates are concerned kids can't actually read
Speaker 13: the labels and oftentimes the labels are not actually appearing.
Speaker 13: And Google has put out this whole slate of of
Speaker 13: AI tools, but the advocates really feel like that is
Speaker 13: putting the onus on parents and caregivers and the kids
Speaker 13: themselves to be trying to avoid and dodge AI generated
Speaker 13: content on the platform, versus YouTube actually taking the productive
Speaker 13: step of just wiping it for younger users, and broadly
Speaker 13: we could.
Speaker 2: I mean, we don't have time to talk about this,
Speaker 2: but it enters the whole debate about whether kids should
Speaker 2: even have access to this stuff in the first place.
Speaker 2: So the story continues US. Alexander Levine of Bloomberg News,
Speaker 2: thanks so much well. A new report finds US government
Speaker 2: requests for user data from tech companies have skyrocketed by
Speaker 2: seven hundred and seventy percent in the past decade. The
Speaker 2: research from privacy company Proton was based on public transparency
Speaker 2: reports from Apple, Google, and Meta. It shows the increase
Speaker 2: has been bipartisan. A Google spokesperson told Bloomberg that it
Speaker 2: reviews each request to ensure it complies with the law.
Speaker 2: Meta said the number of fulfilled requests has remained consistent
Speaker 2: despite the government's increase. Apple didn't respond to a request
Speaker 2: for comment. Coming up, AI data center, city supply chain bottleneck.
Speaker 2: What's showing and slowing the infrastructure build out?
Speaker 3: That's next? Also watching chairs of Eli.
Speaker 2: Lily's weight loss pill won US approval, ratcheting up pressure
Speaker 2: on Novo nor Disc, which launched an obesity pill earlier
Speaker 2: this year. The review process took less than four months
Speaker 2: thanks to a new FDA program designed to expedi access
Speaker 2: to promising medications that meet national priorities. This is Bloomberg Tech.
Speaker 2: The US's AI ambitions are hitting a key bottleneck. Power
Speaker 2: Nearly half of the data centers planned for this year
Speaker 2: are now expected to be delayed or canceled as the
Speaker 2: country grapples with a shortage of critical electrical equipment and
Speaker 2: a growing reliance on imports, particularly from China. Bloomberg Examily
Speaker 2: Foregash has the report, Emily, how did we find ourselves
Speaker 2: in a position where we were so reliant on China
Speaker 2: for these products?
Speaker 5: Yeah?
Speaker 8: So the U US manufacturing capacity for these really key
Speaker 8: critical electrical parts that help get data centers up and
Speaker 8: running is just not enough right now to meet the
Speaker 8: booming demand to get all the data centers that companies
Speaker 8: are building actually up and running.
Speaker 2: There's this paradox between the presidents of America's America First policy,
Speaker 2: the goal of beating China in the AI rise.
Speaker 3: How does the US sort of thread this needle?
Speaker 8: Yeah, so the President wants an American First doctrine and
Speaker 8: wants American manufacturing to build these data centers, but we're
Speaker 8: relying on key parts from foreign countries, including China, to
Speaker 8: beat China in the AI race, whereas China is somewhat
Speaker 8: reliant on the US for its chips to beat the
Speaker 8: US and the AI race.
Speaker 2: I want to go back to the set that I
Speaker 2: read at the top, close to half of the data
Speaker 2: center's plan for this year are now expected to be
Speaker 2: delayed or canceled. What does this mean for the hyperscalers
Speaker 2: who have come out quarter after quarter and said, we
Speaker 2: are actually spending X billions of dollars this year on
Speaker 2: these data centers?
Speaker 3: Does that money? Where does that money go? Yeah, it's a.
Speaker 8: Great and that's the million dollar question, or maybe six
Speaker 8: hundred and fifty billion dollar questions. So basically half of
Speaker 8: the data centers that are scheduled to be built this
Speaker 8: year might not actually come online this year. And that's
Speaker 8: because only around a third of those data centers are
Speaker 8: actually under construction right now, and data centers take at
Speaker 8: least a year if not more, to actually build. So
Speaker 8: that's where siteline Climate is kind of getting their risk
Speaker 8: evaluation from.
Speaker 2: All right, Emily four goash with the latest check out
Speaker 2: her reporting and the team's reporting on the terminal at
Speaker 2: Bloomberg dot com. All of this comes as Washington is
Speaker 2: way how to build a national framework for artificial intelligence
Speaker 2: and how to ensure the US can actually deliver on
Speaker 2: its AI leadership goals. Joining US now is Kevin Frazier,
Speaker 2: adjunct Research fellow at the Cato Institute, Kevin, I want
Speaker 2: to start where we left off with Emily just now,
Speaker 2: in this bottleneck that we're seeing when it comes to
Speaker 2: developing these data centers, What, in your view would be
Speaker 2: the right policy to decrease the US reliance on China
Speaker 2: for these key parts.
Speaker 14: Yeah, so, first and foremost, we need to consider this
Speaker 14: AI infrastructure build out as a national chain. We've seen
Speaker 14: that across eleven different states, there have been considerations of
Speaker 14: bands or years long moratoria on data center creation. And
Speaker 14: as you know, well, data centers aren't just for AI.
Speaker 14: We need data centers for healthcare, for commerce, for all
Speaker 14: the things that make the Internet go. And so we
Speaker 14: need to really emphasize that states, cities, and the national
Speaker 14: government all have a role in making sure we can
Speaker 14: build AI infrastructure that's aligned with our AI ambitions.
Speaker 2: Okay, so, yes, in my backyard is certainly, in your view,
Speaker 2: a big part of this, but that still doesn't address
Speaker 2: that the component problem that Emily and the team highlighted
Speaker 2: in her piece. How do you make sure that the
Speaker 2: US actually has access to these key components, these key parts,
Speaker 2: when China has a stronghold on them.
Speaker 14: So this is where we really do need to work
Speaker 14: with our allies and developing and strong arming our supply
Speaker 14: chain network across the entire AI techtack. As you've noted,
Speaker 14: we've seen that when it comes to chips, when it
Speaker 14: comes to things like helium that's being up and cutter,
Speaker 14: we have a long ways to go in terms of
Speaker 14: making sure that we have that sort of resilience and
Speaker 14: redundancy that's required to build AI at scale. And so
Speaker 14: this requires ultimately, unsurprisingly funding and political leadership, and right
Speaker 14: now we're seeing that there's a sort of tendency to
Speaker 14: not be swimming in the same direction on this AI question,
Speaker 14: and that's in part for understandable reasons. But ultimately we
Speaker 14: need to make this a national priority.
Speaker 2: Funding from whom though Kevin, a national priority? Does that
Speaker 2: mean you want to see the US government and taxpayers
Speaker 2: shell out money for this stuff?
Speaker 14: I do want to see increase investment from the US
Speaker 14: government in this domain. We've seen over the history of
Speaker 14: our nation that when it comes to critical infrastructure, ultimately
Speaker 14: the central government does have a role in making sure
Speaker 14: we have a national highway system, in making sure that
Speaker 14: our ports system is resilient to go all the way
Speaker 14: back to the Articles of Confederation. So yes, this ultimately
Speaker 14: is a core purpose of the government is to make
Speaker 14: sure that basic infrastructure for the technologies of an age
Speaker 14: is available and not subject to geopolitical conflict.
Speaker 2: So your view is that infrastructure such as this is
Speaker 2: as important, at least historically in the current context, as highways,
Speaker 2: as poor as other huge national projects. How do you
Speaker 2: get leaders on board with this?
Speaker 14: So first and foremost, we have to do a lot
Speaker 14: of work in terms of just making sure we're addressing
Speaker 14: a lot of the myths that are being spread about
Speaker 14: this AI build out. So, for example, there was an
Speaker 14: article recently that made headwinds and made the rounds on
Speaker 14: social media about how data centers were creating heat islands
Speaker 14: wherever they were being built. Well, if you talk to
Speaker 14: folks like Andy Masley, who studied this issue closer than
Speaker 14: just about anyone, we see that a lot of this
Speaker 14: information is in fact bunk. And so the more that
Speaker 14: we have sort of misinformation flowing about how AI is
Speaker 14: being used and developed, those are ultimately distracting questions, and
Speaker 14: we need to move on to the questions related to
Speaker 14: the fact that AI is increasingly a national security imperative.
Speaker 14: We're seeing right now, for example, in the war in Iran,
Speaker 14: that military are using AI in ever more sophisticated domains,
Speaker 14: and it's a real national imperative that the US military
Speaker 14: have access to leading frontier models that are the most
Speaker 14: capable and that are the most reliable across the world.
Speaker 2: Kevin, you study this stuff, so maybe you have an answer,
Speaker 2: because it certainly doesn't seem like a lot of people
Speaker 2: do have answers to this. If we look at increased
Speaker 2: demand for electricity across the grid and the way that
Speaker 2: the grid is being taxed in a way now that
Speaker 2: many people didn't think it would be in the year
Speaker 2: twenty twenty six, and the projections for the future, how
Speaker 2: do you balance the desire and the need in your view,
Speaker 2: to build these data centers in the US drawing power
Speaker 2: from American power plants, but also make sure that American
Speaker 2: consumers aren't seeing hiked power bills as a result. Is
Speaker 2: it even possible?
Speaker 14: I would say it is indeed possible. So I'm a
Speaker 14: man of many tired lines. One of my tired lines
Speaker 14: is today's AI is the worst AI we will ever use.
Speaker 14: I'll also say that today's data centers are the worst
Speaker 14: data centers will ever use a huge incentive for these
Speaker 14: hyperscalers to invest in means for more efficient data center operations.
Speaker 14: And we're seeing that states like Oklahoma, for example, are
Speaker 14: enabling behind the meter power that allows for these labs
Speaker 14: to build out more renewable and efficient data center operations.
Speaker 14: And so we've actually seen that when you talk to
Speaker 14: folks like Gavin McCormick at Climate Trace, that there are
Speaker 14: opportunities for labs to actually assist with making the grid
Speaker 14: more resilient and actually increasing the grid capacity by virtue
Speaker 14: of doing training runs, for example, at low hours of
Speaker 14: typical power usage.
Speaker 2: Kevin Fraser from the Cato Institute, thanks for joining us
Speaker 2: on a bloom Thank you at tech well coming out
Speaker 2: four NASA astronauts are expected to board a space capsule
Speaker 2: and blast off two the Moon later today. We're gonna
Speaker 2: get the latest on Artemis two. That's next. This is
Speaker 2: Bloomberg Tech. It's launch day for Artemis too. NASA's plan
Speaker 2: return to the Moon's vicinity for the first time in
Speaker 2: fifteen years. Let's get over to our own ed Ludlow,
Speaker 2: who has traded the West coast for the East coast
Speaker 2: of Florida. He's live at Kennedy Space Center. And why
Speaker 2: is this such a critical moment or a critical test
Speaker 2: for NASA's SLS.
Speaker 11: Yeah, it's a dress rehearsal for the systems, right, the
Speaker 11: sl LS rocket system developed by Boeing, the Orion spacecraft
Speaker 11: developed by Lockheed Martin. It's only launched once before, in
Speaker 11: twenty twenty two, and you know, is never launched with
Speaker 11: humans on board. It is a project that is over
Speaker 11: budget and behind schedule. But if we go today within
Speaker 11: the two hour windows starting at six twenty four pm
Speaker 11: Eastern time, it is the first time not only that
Speaker 11: America and NASA and the world has tried to put
Speaker 11: humans back towards the Moon, but it's very deep into space.
Speaker 11: You know, it's a six hundred and eighty five thousand
Speaker 11: mile round trip hundred and fifty thousand miles plus from
Speaker 11: Earth that will take the crew over that ten day
Speaker 11: period just four thousand miles off the Moon's surface. And
Speaker 11: I bring that up because that's the ultimate goal as
Speaker 11: early as twenty twenty eight, the next stages of the
Speaker 11: Artemis program to land back on the Moon.
Speaker 2: You know, when this was the space race was happening
Speaker 2: in the nineteen sixties. It was all about the USSR
Speaker 2: versus the United States, and now is the geopolitical context
Speaker 2: at the time. Now it's different. Now the superpower is China.
Speaker 2: What are China's ambitions?
Speaker 11: Yeah, very simply. China has stated its ambitions to get
Speaker 11: to the Moon by twenty thirty, and NASA has accelerated
Speaker 11: its plans, in part under the new leadership of administrative Jarediseman,
Speaker 11: to do as early as twenty twenty eight to establish
Speaker 11: a base on the Moon, a thirty billion dollar commitment
Speaker 11: over a decade from this current NASA administration. That is
Speaker 11: the current space race that we are in.
Speaker 2: Ed and I spoke just a few minutes ago, you
Speaker 2: and Bailey help with this piece exclusive Bloomberg. SpaceX said
Speaker 2: to file confidentially for an IPO before AI rivals. Why
Speaker 2: are we talking about the SLS when you know SpaceX
Speaker 2: in a few years could do this. Could that displace
Speaker 2: the SLS at some point.
Speaker 11: SLS has had a lot of issues, principally with hydrogen leaks.
Speaker 11: Hydrogen is the fuel with oxygen as the oxidizer, and
Speaker 11: if the system goes tonight, it will be the most
Speaker 11: powerful human rated system to launch eight point eight million
Speaker 11: pounds of thrust at liftoff. Now Starship, the system that
Speaker 11: SpaceX is working on is almost double that in terms
Speaker 11: of power, but it has never completed a mission end
Speaker 11: to end and has not yet done human spaceflight. But
Speaker 11: as we've reported at Bloomberg, there is a proposal on
Speaker 11: the table from SpaceX for a variant of the existing
Speaker 11: Artemis plan where sles we carry O Ryan into lower orbit.
Speaker 11: In lower orbit oryan wo dock was Starship and Starship
Speaker 11: under this proposal that Nastaro's green lit but is not final,
Speaker 11: would push O'Ryan to lunar low lunar orbit and go
Speaker 11: from there. There's also a lander proposal from SpaceX as well,
Speaker 11: so they're in the hunt for this. But the IPO
Speaker 11: and the confidential filing we reported earlier be under no.
Speaker 11: You know, the straight matter of it is SpaceX raising
Speaker 11: capital to fund data centers in space. Completely separate story.
Speaker 2: Okay, just thirty seconds left on this and obviously I'm
Speaker 2: going to Mars and that's the question that we want
Speaker 2: answered here. How does a successful flight tonight set up
Speaker 2: a future human potentially on Mars.
Speaker 11: Yeah, again, this is a dress rehearsal for the systems,
Speaker 11: with the goal in the near term of getting humans
Speaker 11: back onto the moons surface twenty twenty eight establish a
Speaker 11: base on the Moon's surface, with the academic argument that
Speaker 11: deploying resources literally launch capability or refuel from the Moon
Speaker 11: to get to Mars in the future is one interesting
Speaker 11: avenue and those are the goals. Near a term, it's
Speaker 11: the Moon, But longer term there is still a commitment
Speaker 11: from this NASA administration and this country to getting humans
Speaker 11: to Mars. And again, SpaceX retains that ambition of making
Speaker 11: humans a multiplanetry species with the end goal being Mars.
Speaker 2: All right for now, Ed's at Kennedy Space Center, Cape Canaveral, Florida,
Speaker 2: Bloomberg's Ed Ludlow Live.
Speaker 3: There.
Speaker 2: Stick around with Ed right here on Bloomberg as we
Speaker 2: follow the launch live that's at six pm Wall Street
Speaker 2: time tonight. Well, speaking of Elon Musk, he wants Tesla's
Speaker 2: future to be all about AI, but at present, the
Speaker 2: eb maker still needs to sell cars. The company releases
Speaker 2: its sales figures tomorrow and analysts are expecting the last
Speaker 2: quarter to be a bit of a sluggish one. Bloomberg's
Speaker 2: Autos reporter Craig Trudell has the details. Greg, I thought
Speaker 2: analyst said that, you know, the stock price of Tesla
Speaker 2: is completely divorced from autos right now. Why is this
Speaker 2: still such a closely looked at figure.
Speaker 15: Yeah, I think it's still a debate one that maybe
Speaker 15: looks like it was settled months ago when you saw
Speaker 15: you know, the auto business for Tesla just really uh,
Speaker 15: you know, show show signs you know, of deteriorating. I
Speaker 15: think especially early last year, right where you know, we
Speaker 15: saw the shares of this company get off to such
Speaker 15: an awful start, and yet even as we didn't necessarily
Speaker 15: see a major improvement in car sales, we saw the
Speaker 15: shares come back because Musk was sort of pushing this
Speaker 15: narrative of AI and robots. We're now seeing the shares
Speaker 15: have a hard time just early this year, in part
Speaker 15: because of the fact that that this is you know,
Speaker 15: still not a settled issue, and this is still a
Speaker 15: company that, after all, makes so much of its money
Speaker 15: building and selling cars and and is still very much
Speaker 15: at the early stage, the sort of prototype stage of
Speaker 15: making things like the humanoid robot to optimists that everyone's
Speaker 15: excited about, but it's really hard to value at this junk.
Speaker 2: Yeah, perhaps that's a really good segue to talk about
Speaker 2: this report, this exclusive from Ed and Bailey about SpaceX
Speaker 2: centifile content contently for that IPO. Just in the last
Speaker 2: thirty seconds that we have with you, how are analysts
Speaker 2: talking about Tesla potentially becoming part of SpaceX after this
Speaker 2: becomes a private a public company.
Speaker 15: I think it's a really fascinating question. I think you know,
Speaker 15: this is all for me coming from a perspective of
Speaker 15: Tesla and SpaceX. For all the success they've had, they've
Speaker 15: not been the sort of money spinners that a Alphabet
Speaker 15: or a Facebook are, right, and Musk has such outsize
Speaker 15: ambitions to play with the big boys in terms of AI.
Speaker 15: Does he need to combine these companies in order for
Speaker 15: them to help raise more money and fund this AI
Speaker 15: race and.
Speaker 2: Maybe of course get that big payday in the next
Speaker 2: few years. That Bloomberg is Craig Trudell live from London,
Speaker 2: that is going to do it for this addition of
Speaker 2: Bloomberg Tech, don't forget to check out our podcast, find
Speaker 2: another terminal, Apple, Spotify than iHeart this is Bloomberg