Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and Vla Loow in San Francisco.
Speaker 2: This is Bloomberg Tech.
Speaker 3: Coming up, Open Ai releases GPT five. We'll discuss how
Speaker 3: the rollout is going in the enterprise opportunity with Open
Speaker 3: Ai COO Brad Lightcap, plus the race for AI data centers.
Speaker 3: It heats up with Softbak making moves in Ohio, while
Speaker 3: Meto announces financing for its expansion in Louisiana. And we
Speaker 3: keep on these tech earnings. We'll speak with CEOs and Twilio,
Speaker 3: Chime and Acami. The first we return to the public markets.
Speaker 3: We're a new record high for the Nasdaq one hundred,
Speaker 3: so we managed to push on higher, but I'm looking
Speaker 3: at individual stocks that help contribute to the moves. Tesla
Speaker 3: actually a decent points perspective higher.
Speaker 2: We're up three point three percent.
Speaker 3: Breaking news come Foring one and only Ed Ludlow about
Speaker 3: Dojo the future of the supercomputer. Shares actually managed to
Speaker 3: take high, even though we see that they're wrapping that
Speaker 3: down focusing more on using third parties. We'll get to
Speaker 3: that story a little bit later. I'm looking at Intel
Speaker 3: off by two ten percent. Have been trading higher on
Speaker 3: the pushback from the CEO saying he has committed the
Speaker 3: US and National Security. Will get to that in a
Speaker 3: moment as well, But first we want to really dive
Speaker 3: into the world.
Speaker 2: Of data centers.
Speaker 3: SoftBank taking ownership of fox Conn's EV plant in Ohio
Speaker 3: in order to kick SAT, the Japanese company's five hundred
Speaker 3: billion dollar Stargate data center project with open Ai and Oracle.
Speaker 3: Bloomberg's Peter Elstrom joins us for Ashleson reporting that Ed
Speaker 3: Ludlow was really driving before he got on his flight
Speaker 3: to the United Kingdom. Peter, it's an interesting deal. Basically
Speaker 3: soft Bank kind of wanting to get fox Conn more
Speaker 3: integrated with its manufacturing part of this.
Speaker 4: Yeah, this is kind of a mysterious deal. So fox
Speaker 4: Cohn made this announcement a couple days ago. They said
Speaker 4: they were selling this facility to an entity called Crescent Dune,
Speaker 4: that nobody knew who it was. So we've discovered that
Speaker 4: in fact, at SoftBank they had been partners in the past.
Speaker 4: Soft Bank is going to own the facility, and then
Speaker 4: soft Bank and fox Con together are going to work
Speaker 4: on these AI developments. They're probably going to build AI
Speaker 4: servers in that plant to be able to use throughout
Speaker 4: the Stargate venture that they're supposed to be building in
Speaker 4: the US. As we've talked about a few times before,
Speaker 4: open Ai and soft Bank announced that Stargate venture with
Speaker 4: President Trump alongside them, talking about spending one hundred billion
Speaker 4: dollars immediately at the beginning of the year or five
Speaker 4: hundred billion dollars over the long term. But it's been
Speaker 4: kind of slow to roll out in a number of
Speaker 4: different cases. So this deal is aimed at giving them
Speaker 4: a bit of a kickstart so they can move ahead
Speaker 4: with some of those projects, be able to build the
Speaker 4: AI servers, and then actually be able to build the
Speaker 4: data centers over the long term.
Speaker 3: It's interesting this pivot from a US macro perspective from
Speaker 3: evs into AI data centers. But open ai has really
Speaker 3: been pushing had almost on its own hair. It's been
Speaker 3: going into Norway for its infrastructure, has been going to
Speaker 3: the Middle East and in the United States with Oracle
Speaker 3: and almost leaving well it felt like soft Bank behind
Speaker 3: in EMO right.
Speaker 4: Open Ai has a lot of power here to be
Speaker 4: able to pick their partners, as we've talked about before. Also,
Speaker 4: they are building this big data center in Avelene, Texas
Speaker 4: that's been going quite well, quite aggressively. Open Ai course
Speaker 4: was very closely affiliated with Microsoft in the early days.
Speaker 4: It put in a bunch of money early on. It
Speaker 4: had been kind of their cloud computing supportive partner for
Speaker 4: a long period of time. Now they've also talked about
Speaker 4: working with soft Bank Oracles. They're hurt too, so they're
Speaker 4: sort of choosing their dance partners as it suits their need.
Speaker 4: At this point, soft Bank, of course wants to be
Speaker 4: able to move more aggressively into the AI field. Soft
Speaker 4: Bank shares are actually on a tear right now. They're
Speaker 4: an all time high. Masieo she Son is certainly getting
Speaker 4: a bit of a tailwind because they put that money
Speaker 4: into Open Ai at a lower valuation. Now they've been
Speaker 4: able to ride that up quite a bit. So I
Speaker 4: think there is some optimism that SoftBank is getting its
Speaker 4: footing here, is being able to make some progress in
Speaker 4: the AI feel bit Masio Sisnis wanted for.
Speaker 5: A long time.
Speaker 3: Great context. Peter Elstrom, we thank you so much. And look,
Speaker 3: speaking of Stargate tune in later this hour for an
Speaker 3: interview with the Open AI COO Brad Lightcap on GPT.
Speaker 2: Five and much more.
Speaker 3: But in more data center news, it keeps on coming.
Speaker 3: Meta has announced financing for a twenty nine billion dollar
Speaker 3: data center expansion in rural Louisiana. Now it's actually selected
Speaker 3: Pimco and Blue Out Capital to lead theb in equity
Speaker 3: financing here.
Speaker 2: That's all according to sources.
Speaker 3: Representatives of these three companies actually declined to comment. Let's
Speaker 3: get back to also elsewhere in chips Intel, the saga continues.
Speaker 3: After the US President, of course, called for at CEO's
Speaker 3: resignation over conflicts of interest, Intel CEO lit Bhutan replied
Speaker 3: in a letter to staff posted on the company's website,
Speaker 3: where he says he got the full backing of the
Speaker 3: board and what they are working on with the administration
Speaker 3: to quote ensure they have the facts. Mags in King
Speaker 3: rings us with more facts. What does he think there
Speaker 3: is misinformation about Ian?
Speaker 6: Yeah, I mean we saw that the Trump social media posting,
Speaker 6: and this came on the back of what a senator
Speaker 6: had done and sending a letter to Intel's chairman saying, hey, look,
Speaker 6: all of these things have happened in Bhutan's past. Are
Speaker 6: we sure he's the right person to be running Intel?
Speaker 6: And there was a lot of sort of cluging of
Speaker 6: facts together and in accusations made, which the President then
Speaker 6: responded to, and finally late last night we had Lib
Speaker 6: Bhutan directly addressing that and saying, look, there's a lot
Speaker 6: of misinformation out there. You know, we look at the
Speaker 6: facts and don't worry. I'm still going to be the
Speaker 6: CEO of Intel, and I've got the boards backing.
Speaker 3: Yeah, he's concerned about his past roles at Walden International
Speaker 3: venture capital firm that does make bets in China and
Speaker 3: based in Singapore. Is a founder of it. Also Kina's
Speaker 3: Design Systems, which was CEO.
Speaker 2: Of This sort of should have been known.
Speaker 3: He was on the board of Intel for a long
Speaker 3: time himself well known. What do you think this means
Speaker 3: for their manufacturing presence in the United States? Because I
Speaker 3: almost got a hint that maybe he is reing committing
Speaker 3: to that here.
Speaker 6: Yeah, I mean, this is arguably I mean, first of all,
Speaker 6: there was nothing new about these accusations against him. Twenty
Speaker 6: twenty three we had the House Committee looking into this,
Speaker 6: so nothing really new here, But You're right. Perhaps the
Speaker 6: trigger point had come a week earlier during earnings when
Speaker 6: they discussed the possibility of not moving forward with the
Speaker 6: latest manufacturing technology, of cutting back on spending, maybe not
Speaker 6: building Ohio, maybe not building other plants. And this is
Speaker 6: not what the Trump administration wants to hear when they
Speaker 6: want to be talking about what we're bringing to America
Speaker 6: and what we're doing as soft Bank has just played
Speaker 6: too with the news that we broke there, So it
Speaker 6: was a kind of counternews cycle there that they didn't
Speaker 6: really think they were more perhaps talking about what investors
Speaker 6: wanted to hear, which is we're going to get back
Speaker 6: to profitability quicker, we're going to spend less, and that
Speaker 6: kind of unfortunately appears to have blown up on them
Speaker 6: in the political arena and they had to sort of
Speaker 6: address that late last night in king.
Speaker 3: I'm sure the story will continue, Thank you very much. Now,
Speaker 3: let's bring in an investor perspective. Kim Forrest going to
Speaker 3: break this all down. Your chief investment officer are Boca
Speaker 3: Capital Partners.
Speaker 2: You do have exposure to Intel.
Speaker 3: I'm interested in your perspective on what they now need
Speaker 3: to do in terms of turning the narrative.
Speaker 7: Sure, well, this is just kind of a distraction the
Speaker 7: whole CEO thing he's in. I'm sure the board thoroughly
Speaker 7: looked at him, so I'm going to move on from that.
Speaker 7: But he is there because the last several CEOs have
Speaker 7: just kind of worn down the bright shining starre that
Speaker 7: is Intel, and he is trying to find his way
Speaker 7: and trying to find where Intel should play. And I
Speaker 7: think it's pretty clear that he's looking at what they
Speaker 7: can do right now. And let's just say they're not
Speaker 7: up to the task of making a Blackwell competitor, but
Speaker 7: they do have some good technologies that are used in AI,
Speaker 7: mostly around packaging. And if I can feel your eyes
Speaker 7: glazing over, don't do that, because packaging is the thing
Speaker 7: that makes really low, you know, small scale chips work
Speaker 7: because you have to make sure the electrons are staying
Speaker 7: where they're supposed to be going.
Speaker 8: So packaging is a big thing.
Speaker 7: But he has a very large task ahead of him
Speaker 7: of making Intel relevant because let's say it's been drifting
Speaker 7: off for the past ten years.
Speaker 3: Our eyes glazing over about parts of ship making never Kim,
Speaker 3: I am interested though more broadly about Therefore, this overwhelming
Speaker 3: drive towards data center capacity and what that does for
Speaker 3: tailwinds for the chip makers that you look at that
Speaker 3: we had a This week has been a long one
Speaker 3: in the world of chips. You've got AMD numbers which
Speaker 3: are still showing growth, it's not quite at the pace
Speaker 3: that people wanted to see. You've also had, of cause,
Speaker 3: this threat of one hundred percent tariffs on semiconductors coming
Speaker 3: into the United States, but then huge carve outs. Where
Speaker 3: do we focus attention when you want exposure to the sector?
Speaker 7: Well, I would have to unbelievably agree that AI is
Speaker 7: the thing that's driving it forward now, and it's a
Speaker 7: very narrow slice of AI. We're talking about the data center.
Speaker 7: What I'm really interested in is, yes, we're going to
Speaker 7: have large language models, large reasoning models. I'm much more
Speaker 7: interested in smaller models that companies are going to actually
Speaker 7: use to become more productive. The large language models are
Speaker 7: getting all the love, but I'm not sure that they
Speaker 7: generate quite enough interest in direct measurable productivity.
Speaker 5: Right.
Speaker 7: They're being played around with at this point, But that's
Speaker 7: where all the money's going into, is building data centers
Speaker 7: that support large language and large reasoning models.
Speaker 5: Will that go on for ever?
Speaker 9: Know.
Speaker 7: I think what's more interesting is the further we get
Speaker 7: away from the data centers out to where the information
Speaker 7: is going to be used. That's when more companies are
Speaker 7: going to be involved in tel may have its place
Speaker 7: out there, because what we really want are not necessarily
Speaker 7: walking around robots, but robots that do things that are
Speaker 7: under the control of the data center kind of computing.
Speaker 7: So that is a very complicated world, and more semiconductors
Speaker 7: are going to be needed.
Speaker 2: Okay, so spread that love a little bit.
Speaker 3: It's so interesting that this comes hot on the heels
Speaker 3: of the scoop from Ludlow talking.
Speaker 2: About how Teser itself is riding down.
Speaker 3: It's focused on hardware and it's own chip making with
Speaker 3: Dojo Supercomputer and looking to others to provide the hardware
Speaker 3: going forward, more reliant.
Speaker 2: On video and on Samsung kim.
Speaker 3: Where else do we like then, other than all eyes
Speaker 3: on in video and MD to a certain extent.
Speaker 7: Well, I really love Micron, and because for many reasons,
Speaker 7: Micron has the hot dram that goes on the Blackwell
Speaker 7: chip and probably on AMD's chip, and that's memory that's
Speaker 7: going to move data in and out of a chip, right,
Speaker 7: So that's thing one. But thing two is we are
Speaker 7: generating so much information and it's not on spinning discs anymore.
Speaker 7: It's more on nand chips. So I love that area.
Speaker 7: I think it's an unloved area and really unexplored. So
Speaker 7: I think we could never underestimate the amount of storage
Speaker 7: that AI uses and how much we're going to have
Speaker 7: to store just to you know, get that data that
Speaker 7: we want to have looked at by AI. Has to
Speaker 7: live somewhere. I'm thinking against nand devices.
Speaker 3: Micron currently up about five percent on the day. Also,
Speaker 3: of course t SMC we're putting that twenty six percent
Speaker 3: growth of a month of July. We're just on a
Speaker 3: tear in many areas. Kim Forest of Boka Capital Partners.
Speaker 3: It's always great to check in with you. Happy weekend.
Speaker 3: Now coming out, we're going to take a look at Twilio.
Speaker 3: Look at the shares currently off by eighteen percent. They
Speaker 3: reported earnings yesterday. We go deep with the CEO.
Speaker 2: This is Bloomberg Tech.
Speaker 3: Let's talk about cloud communications platform Twilio reporting earnings after
Speaker 3: the market closed yesterday. The report showed an acceleration in
Speaker 3: revenue growth that the company's gross margin earnings for share
Speaker 3: do seem to be a concern to some analysts. Let's
Speaker 3: bring in Twilio CEO Couzema, Ship Chandler joining us. Now
Speaker 3: I'm looking at your shares, they are down a lot.
Speaker 3: Just give your perspective on the gross margin.
Speaker 10: Well, I would say, in general, we delivered a solid quarter.
Speaker 10: I mean it was a quarter of accelerated growth, record
Speaker 10: non gap income from operations, free cash flow. And I
Speaker 10: think what we're finding is is that at a time
Speaker 10: when AI is kind of this generational opportunity, we're finding
Speaker 10: some of those tailwinds get ascribed to Twilio. I understand
Speaker 10: the gross margin dynamic. It's not necessarily a new phenomenon
Speaker 10: for Twilio, but it hasn't impeded our ability to get
Speaker 10: after operating profits and generate free cash. Importantly, on free
Speaker 10: cash we raised our guidance for the year and so
Speaker 10: we feel pretty good about the outlook.
Speaker 3: So for now, is the opportunity more on growth and
Speaker 3: revenue and the AI tailwinds.
Speaker 2: As you call it.
Speaker 3: Because Jefferies, for example, putting out saying there are big
Speaker 3: hopes you're going to be a big beneficiary of AI, adoption.
Speaker 3: How is that playing out for you, because many now
Speaker 3: potentially question it.
Speaker 10: Yeah, I do think we'll be a big beneficiary of AI.
Speaker 10: What I don't want folks to take away from the
Speaker 10: print is that somehow we're returning to kind of growth
Speaker 10: at all costs dynamic. I think quite the contrary. We're
Speaker 10: running the company with as much focus and discipline as
Speaker 10: we ever have. We happen to be at a time
Speaker 10: in which, number one, we're able to take share for
Speaker 10: a number of our competitors, and we're doing that in
Speaker 10: a price disciplined way. And I think the second thing
Speaker 10: is is that given that the AI is a generation opportunity,
Speaker 10: we do see an opportunity as well to make some
Speaker 10: short term investments that we think will drive some medium
Speaker 10: term benefits. And I think that's the right thing to do,
Speaker 10: and so I'm not fixated on a particular quarter. I
Speaker 10: think over the course of time that'll play out in
Speaker 10: our favor and certainly be a good thing for investors.
Speaker 3: What is that investment? Then, you detailed or platform vision
Speaker 3: almost in signal your event you're thinking about audio in particular,
Speaker 3: I mean you are the way in which I communicate
Speaker 3: with LIFT or with any app and many as ways
Speaker 3: that's going to move to voice.
Speaker 2: Do you make acquisitions therefore, I.
Speaker 10: Think acquisitions are something that we think about. I wouldn't
Speaker 10: necessarily read anything into that. I mean, we obviously have
Speaker 10: some flexibility in terms of what we can do with
Speaker 10: our capital. But I think more importantly the investment in
Speaker 10: the short term is around voice AI for example. I
Speaker 10: mean voice AI is where so many different AI startups
Speaker 10: are really launching right. I mean, a lot of these
Speaker 10: use cases that you see are voice based. We have
Speaker 10: the benefit of delivering incredible voice infrastructure that startups can
Speaker 10: get going with almost immediately. That's kind of on the
Speaker 10: low end, and then on the high end, you know,
Speaker 10: there are fully orchestrated experiences that we drive, combining our
Speaker 10: communications capabilities across a number of channels, utilizing data as
Speaker 10: well as utilizing AI, plugging into all manner of different lms,
Speaker 10: and I think that's going to be exciting for us
Speaker 10: from a growth standpoint, and it's going to drive profitability
Speaker 10: and cash over time.
Speaker 3: I'm looking at your one year share price move, it's
Speaker 3: up sixty three percent, so that puts what today's move
Speaker 3: is in perspective. Because aim but you talk about making
Speaker 3: perhaps your acquisition yourself, or having the flexibility to do so.
Speaker 3: Someone as are saying that maybe you're a target. Have
Speaker 3: you had any inbound would you ever consider that?
Speaker 10: I mean, I wouldn't comment on on M and A
Speaker 10: one way or the other. I think we're always going
Speaker 10: to do things that are in the best interests of
Speaker 10: our share owners. I can tell you with conviction that
Speaker 10: we're very focused on running a great business. We think
Speaker 10: that we have all of the necessary ingredients to create
Speaker 10: tremendous value for our customers. And as you alluded to
Speaker 10: a moment ago, over the last year or so, we've
Speaker 10: shown that we can demonstrate focus, discipline, operating rigor in
Speaker 10: the way that we're running the company. Investors have benefited
Speaker 10: from those attributes. And again I don't get fixated on
Speaker 10: a particular quarter. I think over periods of time this
Speaker 10: is going to play out very much in investors favor,
Speaker 10: and I think they're going to read really substantial benefits.
Speaker 3: And where are your opportunities for new wins? In particular,
Speaker 3: when you're getting new customers on because of the voice
Speaker 3: offerings and the communication offerings, is it geographical in nature
Speaker 3: that you look around for expansion.
Speaker 10: I think there are international opportunities, no doubt, but I
Speaker 10: would say in the near term. You know, what's really
Speaker 10: starting to happen is we're We've always kind of been
Speaker 10: like a product led growth company, and so the vast
Speaker 10: majority of our customers, they're actually self starters. They come
Speaker 10: to our console, they get going, they love the usability
Speaker 10: and the features that are our platform gives them, and
Speaker 10: so that's really the way that people get started. So
Speaker 10: we've been putting investment into that making as simple as
Speaker 10: possible for our customers to get going, and right now,
Speaker 10: at least in the immediate term, that's really played out
Speaker 10: with respect to voice AI. Again, so many different voice
Speaker 10: AI companies that are launching they're choosing Twilio. We're the
Speaker 10: best known brand in the space for super simple and
Speaker 10: easy to use, and there's a ton of value that
Speaker 10: our customers can get out of that opportunity. On the
Speaker 10: enterprise side, I do think what we're finding is is
Speaker 10: that they want the kind of broader offering. Right they
Speaker 10: want our communications capabilities, but they also want to use
Speaker 10: data and they want to plug in the LMS that
Speaker 10: they're excited about to be able to drive both cost
Speaker 10: and revenue opportunities.
Speaker 3: Because aymanship Chandla Vilios a year. We thank you so
Speaker 3: much for your time today after the earnings and coming
Speaker 3: up more of them more earnings. Chime releases this in
Speaker 3: orgeral reporters. A public company and investors a little disappointed.
Speaker 2: This is a blue bag tech. Chime It put out.
Speaker 3: Its first earning report since going public two months ago.
Speaker 3: Revenue for the fintech company was strong, but customer growth
Speaker 3: it failed to reach the top end of expectations. Let's
Speaker 3: talk it through. Chime CEO Chris Spritt is with us. Chris,
Speaker 3: solid thirty percent revenue growth. You've got gross margin of
Speaker 3: eighty seven percent, but it seems to be this growth
Speaker 3: in active members twenty three percent that just failed to
Speaker 3: meet the bar for some What do you make of it?
Speaker 8: Well, thanks for having me. It's great to be here.
Speaker 9: I'm so proud to be reporting on an awesome Q
Speaker 9: one that we've had our Q two in our first
Speaker 9: quarter as a public company, and being on the show
Speaker 9: to share more. We had a great quarter. We like
Speaker 9: you said, we beat consensus on that top line. We
Speaker 9: grew thirty seven percent. We saw outsized results exceeding expectation
Speaker 9: across the board on growth of on the revenue side,
Speaker 9: active member growth, and our success on adjusted EBITA, and
Speaker 9: we raised our expectations for the year as well on
Speaker 9: the call as it relates to the active member growth.
Speaker 9: You know, it was a great quarter for us. I
Speaker 9: think naturally as a new company, new issuance, I think
Speaker 9: investors are just starting to understand the nuances of our
Speaker 9: business a bit, and we do have a seasonal business,
Speaker 9: so on a quarter to quarter basis, sequentially, the growth
Speaker 9: for people that maybe don't understand the seasonality the business
Speaker 9: might have been disappointing. But the way that you really
Speaker 9: need to look at the business is how we're growing
Speaker 9: on a year over year basis. So in Q one
Speaker 9: we grew actives twenty three percent. In Q two again
Speaker 9: we grew actives twenty three percent year over year, accelerating
Speaker 9: that rate.
Speaker 8: So we actually had an outstanding quarter.
Speaker 9: And I think it's just natural now that need to
Speaker 9: make sure that we educate investors on that some of
Speaker 9: these details of the business, such as the seasonal elements
Speaker 9: of it.
Speaker 3: And maybe investors were looking to competitors in the space,
Speaker 3: not direct competitors, but certainly in the fintech space so
Speaker 3: far just had such strength. Do you think perhaps it
Speaker 3: was what others are doing in the market, and how
Speaker 3: can you show that you're winning as much and building
Speaker 3: as much.
Speaker 9: Well, you know, I think we have a different business
Speaker 9: model than a lot of the other FinTechs out there
Speaker 9: in that we're really focused on serving everyday consumers and
Speaker 9: banking them in a primary account capacity. In other words,
Speaker 9: people signing up for Chime and using us as their
Speaker 9: primary direct deposit account. And we're really, at the day,
Speaker 9: at the end of the day, a payments driven business,
Speaker 9: not a lending business. And I think that's a real
Speaker 9: differentiation that's important for investors to understand about the core
Speaker 9: of our business model. You know, credit and lending is
Speaker 9: sort of a mid teens percentage of our revenue. Were
Speaker 9: predominantly a payment driven business, which I think is quite
Speaker 9: a bit different. And you know, we love these relationships
Speaker 9: because it allows us to develop long term partnerships with
Speaker 9: our members and help them in the areas that matter
Speaker 9: most around avoiding fees, around building credit, getting some short
Speaker 9: term liquidity, around the edges, but also just helping them
Speaker 9: get into a healthy rhythm of savings and moving their
Speaker 9: financial progress.
Speaker 3: Ahead, and many of them want to do that far
Speaker 3: more efficiently using generative AI.
Speaker 2: That's something you've been into weaving, you've.
Speaker 3: Got the voice, what for example, Chris, why more can
Speaker 3: you lean into that?
Speaker 9: We're so excited about the opportunity in AI, and I
Speaker 9: just think, you know, what, are an exciting time to
Speaker 9: run a technology company. We feel like we're just in
Speaker 9: the early stages of a new industrial revolution. If you
Speaker 9: think about, you know, the original Industrial Revolution, it was
Speaker 9: all about new sources of energy that created it and
Speaker 9: unlocked so many new opportunities, new industries and so forth.
Speaker 9: I kind of think of llms as the same sort
Speaker 9: of new form of energy that. Sure, the LLLM companies
Speaker 9: are incredible, amazing businesusinesses. We're all using them every day.
Speaker 9: But the opportunities for companies like Chime to leverage AI
Speaker 9: and move it into the product experience, the operations is
Speaker 9: just enormous. We're already serving over seventy percent of our
Speaker 9: customer interactions with generative AI, and not only is the
Speaker 9: cost saving exciting, but the actual outcomes are even more
Speaker 9: exciting because we're seeing a significant increase in the satisfaction
Speaker 9: levels of consumers getting the answers they want.
Speaker 8: Quickly through an AI.
Speaker 9: Of course, you can always talk to a live customer
Speaker 9: service rep. But we're really excited about the opportunities not
Speaker 9: just on the service side, but even using AI as
Speaker 9: a think of like a digital partner that kind of
Speaker 9: helping you manage your data day, financial life.
Speaker 3: I have to leave it there, fascinating. Chris bret Chime, CEO.
Speaker 3: We thank you for your time coming out next one
Speaker 3: of those lms, Open AI. The CEO joins us, this
Speaker 3: is Broomberg Tech. We want to welcome our global audience
Speaker 3: across Bloomberg Radio and television Open AI. It's released GPT five.
Speaker 3: It's most advanced model yet. The company says it offers
Speaker 3: key improvements in major areas like reliability, accuracy, and there's
Speaker 3: the strongest generator of AI model yet incoding and writing
Speaker 3: and health.
Speaker 2: For more.
Speaker 3: We bring in Brad Light Open AI COO and this
Speaker 3: feels so primed for enterprise adoption. Brad, when I think
Speaker 3: of writing, when I think of coding, what is the
Speaker 3: opportunity there?
Speaker 5: Yeah, well, good morning, thanks for having me.
Speaker 11: GVT five is a significant step forward in a few
Speaker 11: different domains.
Speaker 5: So you mentioned coding.
Speaker 11: You mentioned writing in health for consumers and medical professionals,
Speaker 11: and we think that opportunity unlocks an amazing set of
Speaker 11: things in the enterprise that now become possible.
Speaker 5: It's a much more reliable model.
Speaker 11: So it's better at things like calling tools, it's better
Speaker 11: at things like structured thinking and reasoning, problem solving. And
Speaker 11: what we see in the enterprise is when you make
Speaker 11: these core capabilities better, the number of use cases enterprises
Speaker 11: can adopt these models for increases and so coding being significant.
Speaker 5: It really is the language of.
Speaker 11: Computers, and that was a significant area of demand for
Speaker 11: us when we were talking to customers about what they
Speaker 11: wanted in this model.
Speaker 3: I mean, PhD level is what many are calling it,
Speaker 3: well what Sam is calling it, and I'm sure yourself.
Speaker 3: What's interesting is when you've got seven hundred million weekly
Speaker 3: users of chatchipt, how much is that a funnel a
Speaker 3: read across into enterprise. How much you could get the
Speaker 3: inbound because ultimately the people in the old workforce are
Speaker 3: already using it.
Speaker 11: Well, really early on when we launched chat Gipt, what
Speaker 11: we found is I think, you know, a number of
Speaker 11: months after we launched it, I think something like ninety
Speaker 11: two percent of the Fortune five hundred we're actively using chatchipt,
Speaker 11: or people at ninety two percent of the Fortune five
Speaker 11: hundred were actively using it, and so it was very
Speaker 11: obvious for us we needed to go build a work
Speaker 11: product because I think chatchapt as a product is as
Speaker 11: useful in an enterprise environment, in a work environment as
Speaker 11: it is in your personal life. It's an amazing companion
Speaker 11: if you do anything from marketing to software engineering, to
Speaker 11: data analysis and research. And I think there was a
Speaker 11: lot of organic adoption when people discovered the tool, realizing
Speaker 11: that it could make people much better at their jobs
Speaker 11: and able to do more. And so we really leaned
Speaker 11: in with that and we're trying to build the best
Speaker 11: product we can.
Speaker 3: It's like one tenth of the planet using chat gpt Brad.
Speaker 3: But I'm interested in some analysis that Meno Ventures has done.
Speaker 3: They've analyzed the LLLM market, particularly in the enterprise space,
Speaker 3: and they've just tried to push back saying, look, you
Speaker 3: lost market share.
Speaker 2: Open Ai went from fifty percent in the.
Speaker 3: Enterprise market share down to twenty five percent, and funnily enough,
Speaker 3: the company that they back, which is Anthropic, took the lead.
Speaker 3: What do you say to those of statistics, is it
Speaker 3: something you're seeing within your own numbers.
Speaker 5: It's hard to measure these things.
Speaker 11: You know, you can find you can find measurements that
Speaker 11: say the opposite. But what we really focus on is
Speaker 11: value for customers, Like we've got to deliver the absolute
Speaker 11: best models and then the absolute best products for developers,
Speaker 11: for startups, for enterprises large and small, and that's that's
Speaker 11: been our focus. I think you know, our API is
Speaker 11: a good example of where we've really invested lately. We've
Speaker 11: got over four million developers now actively using the API
Speaker 11: every day to build new products. We support thousands and
Speaker 11: thousands of startups that are building with us that we
Speaker 11: work deeply with on trying to improve our product so
Speaker 11: that they can ultimately build a better product. And in
Speaker 11: the enterprise, I think you know, the demand that we
Speaker 11: see there is really unabated. We grew chat Gypt enterprise
Speaker 11: seats from three million seats to five million seats in
Speaker 11: a matter of two months, and so that growth is
Speaker 11: accelerating and we're just starting to scratch the surface, I
Speaker 11: think on the impact that we can have both for
Speaker 11: developers and for enterprises. So we see it as a
Speaker 11: long game, and you know we're here to just do
Speaker 11: our best for customers.
Speaker 2: For that, BOYD, you need infrastructure.
Speaker 3: Tell us a little bit about the costs of training
Speaker 3: this model and how you're looking to expand with Stargate,
Speaker 3: the project we've just been talking about how SoftBank's been
Speaker 3: teaming up with Foxcon, for example, to take over an
Speaker 3: ohio ev plant. How is that continuing to meet your
Speaker 3: demands or not meet them as the case may be.
Speaker 11: Well, yeah, we've seen demand for AI increase at just
Speaker 11: a torrid pace. Obviously, at the root of that is
Speaker 11: getting right the infrastructure equation, and we think ultimately that's
Speaker 11: going to be a critical input to the US and
Speaker 11: its allies being competitive in this area. And so Stargate
Speaker 11: for US was a five hundred billion dollar project to
Speaker 11: invest here in the United States to build AI infrastructure
Speaker 11: for open AI and ultimately for the country. We're working
Speaker 11: with a lot of great partners on that project and
Speaker 11: hope to bring in more and I think, you know,
Speaker 11: that's just the beginning. We're going to continue it to
Speaker 11: invest aggressively. We've always found ourselves somewhat on the wrong
Speaker 11: side of the demand curve for AI, you know, despite
Speaker 11: the investment, the significant investment to date, and so for
Speaker 11: as long as we see demand, we're going to continue
Speaker 11: to invest aggressively. AI is interesting in that the more
Speaker 11: you invest and the more you make it available, the
Speaker 11: more you make it, you know, cost cost approachable for
Speaker 11: enterprises and for consumers, the more people want to use it.
Speaker 11: So it's an amazing trend and we'll continue to invest
Speaker 11: behind it.
Speaker 2: We're speaking with Brad Lightcap of open Ai.
Speaker 3: The CEO for our radio and TV audience is Brad,
Speaker 3: how has the rollout ultimately been. Do you think because
Speaker 3: so many people wanted to use the app that maybe
Speaker 3: we hit limits quicker than some anticipated.
Speaker 5: Well, we're trying our best to keep up with demand.
Speaker 11: Serving infrastructure at scale at seven hundred million users and
Speaker 11: then millions of developers and many billions of tokens per
Speaker 11: minute that we process is not for the faint of heart. Thankfully,
Speaker 11: I don't have to do that part of it. But
Speaker 11: we're doing our best to make sure the rollout is
Speaker 11: successful and we're hoping that by the end of the
Speaker 11: week here everyone gets access.
Speaker 3: Your job description is more about building the enterprise relationships
Speaker 3: and partnerships. I also think about the partnership you have
Speaker 3: with Microsoft and Sati and adelays out there really talking
Speaker 3: about integrating already and how excited he was for the product.
Speaker 2: But there's a tension in the relationship there.
Speaker 3: I'm interested in what you think the progress being made.
Speaker 2: Sam Alman was on Networks.
Speaker 3: Talking about progress being made with a relationship going forward. Microsoft,
Speaker 3: can you give us a timeline about when you think
Speaker 3: a deal will be done in the future of how
Speaker 3: they interact with your product and more broadly, how much
Speaker 3: ownership they continue to have in the business as a
Speaker 3: full profit one.
Speaker 11: Yeah, Well, we feel really positive about the relationship with
Speaker 11: Microsoft and they've they've been a great partner throughout the
Speaker 11: history of open Ai. They've been with us from the
Speaker 11: beginning really since before chatch Ept obviously have been a
Speaker 11: huge infrastructure partner for us with Azure.
Speaker 5: And so we continue expect that to continue. We see
Speaker 5: we see no future.
Speaker 11: That you know of open Ai that doesn't include Microsoft
Speaker 11: in a significant way. We've got to work on what
Speaker 11: that future looks like together. We're in that process with
Speaker 11: them right now. We feel very good about it, but
Speaker 11: we think also ultimately there's you know, the world is
Speaker 11: really big and the demand for these systems and these
Speaker 11: models in the enterprise and consumer is significant. And so
Speaker 11: they represent not only an infrastructure partner for us, but
Speaker 11: a a partner to be able to help distribute and
Speaker 11: bring the benefits of the technology to the world given
Speaker 11: the size of their footprint, so you know, more to
Speaker 11: work through there.
Speaker 5: But we feel good about it.
Speaker 11: And like I said, I think you know, when we're
Speaker 11: standing at the finish line of all this, they'll be
Speaker 11: there with us.
Speaker 3: Meanwhile, the stuff of sulimanover at Microsoft is busy in
Speaker 3: the tussle for talent, so to plenty of other rivals
Speaker 3: that we understand, Mark Zuckerberg busy. And what's interesting is
Speaker 3: while you is one of those long tenured employees and
Speaker 3: staff over at open Ai remain committed because of innovations
Speaker 3: such as this. But what about the liquidity that we're
Speaker 3: talking about bringing to some of your well people that
Speaker 3: you work alongside.
Speaker 2: How is that going?
Speaker 3: We understand they might be even a five hundred billion
Speaker 3: dollar valuation involved in what is a secondary sale of
Speaker 3: your shares to the likes of Thrive Capital.
Speaker 11: Yeah, well, nothing there to share here, but we continue
Speaker 11: to see very healthy demand on the investors side for
Speaker 11: wanting to be I think part of the Open Eye
Speaker 11: journey and mission, and we're very grateful for that. And
Speaker 11: on the talent side, look, I think you know, Opening
Speaker 11: Eye was founded as a nonprofit. It was founded as
Speaker 11: a mission driven company to be able to build you know,
Speaker 11: general intelligence that's beneficial for all of humanity, and we
Speaker 11: haven't strayed from that mission. I think ultimately that's what
Speaker 11: attracts talent is people want to work for a project
Speaker 11: that's bigger than themselves and something that's going to be
Speaker 11: impactful for us and for you know, for for for
Speaker 11: humanity and our species. And so I think that's the
Speaker 11: thing that ultimately attracts people to where they work. Obviously,
Speaker 11: like it's a competitive market and we continue to compete.
Speaker 11: But at the end of the day, when we ask
Speaker 11: people what it is that keeps them at Opening It
Speaker 11: it's the mission.
Speaker 2: The mission.
Speaker 3: At the moment, you've got something that's generally intelligence, but
Speaker 3: it's not artificial general intelligence.
Speaker 2: Brad, when do you get there?
Speaker 11: Briefly, you know, I've sworn off making predictions in AI.
Speaker 11: It's too hard, the curves are too steep. But I think,
Speaker 11: you know, we feel really good about the rate of progress.
Speaker 11: GBD five is a great representation of how we start
Speaker 11: to make progress on little things, you know, things like,
Speaker 11: for example, being able to have the model dynamically reason
Speaker 11: and decide how much it wants to think about the
Speaker 11: problem that you ask it to solve. That's something that
Speaker 11: we do natively as humans that previously our models couldn't do.
Speaker 11: So it's these little steps forward that we think accumulated
Speaker 11: and ultimately get us to something that will be truly remarkable.
Speaker 3: Radi cap talking about the latest GPT five. We thank
Speaker 3: you so much, Coeo of open Ai. Now let's check
Speaker 3: back on these markets, because we are up three point
Speaker 3: three percent over the course of five days, and then
Speaker 3: that's that one hundred where are a new record high.
Speaker 2: Folks. We have had one of.
Speaker 3: The longest weeks and tech in terms of newsflow, whether
Speaker 3: it's been about tariffs on chips, whether it's.
Speaker 2: Been the onslaught of earnings, which.
Speaker 3: We're going to be talking about time and time again.
Speaker 3: Currently up three point three percent. Want to look about
Speaker 3: what's happening in the rest of the industry and indeed
Speaker 3: the market more broadly. Bitcoins down by percentage point, got
Speaker 3: a bit of a risk off tone.
Speaker 2: You have to keep an eye what's happening with.
Speaker 3: Gold spot though, because talking of tariffs. While it's not
Speaker 3: just semiconductors that's been in the eye the storm or pharmaceuticals,
Speaker 3: but gold bars as well, huge volatility on the course
Speaker 3: of the day. Meanwhile, coming up, we're going to be
Speaker 3: speaking with akam I CEO to Tom Layton, I'm going
Speaker 3: to go back to other earnings within this trade desk
Speaker 3: is off by thirty nine percent. It's earnings underwhelmed significantly.
Speaker 3: Amazon competition Pinterest off after its earnings, but Insta can't
Speaker 3: trading higher Exipedia after Airbnb managed to underwhelm Expedia up
Speaker 3: more than four percent. We can bring you Akami next though.
Speaker 3: Tom Layton joins us the CEO, this is Blue Megtech.
Speaker 3: Keep an eye on Akamai shares today, somewhat volatile after
Speaker 3: posting second quarter results.
Speaker 2: That across the board in general beat estimates.
Speaker 3: But you have to read between the lines as to
Speaker 3: where there was perhaps a bit of a pullback or
Speaker 3: a miss when it came to Compute, for example, but
Speaker 3: therefore you forecast that was raised. Tom Layton, Akami CEO
Speaker 3: joins us now to demystify for us, Tom, because it's
Speaker 3: interesting you have Hybisan really talking about lots of moving
Speaker 3: parts and ultimately they see fairly cloudy still of what
Speaker 3: the ultimate positioning is of the business.
Speaker 2: Can you tell it.
Speaker 3: You're really going in on well, cloud infrastructure here, not
Speaker 3: just content delivery, not just security.
Speaker 12: Oh yeah, security majority of our revenue Cloud infrastructure services.
Speaker 5: My goodness.
Speaker 12: We are up thirty percent year every year, and we
Speaker 12: think that's going to accelerate. So by the end of
Speaker 12: this year will be up forty percent plus year over year.
Speaker 12: Tremendous market opportunity. There, strong tailwinds of course from jen Ai.
Speaker 12: So I think very exciting results for Akamai. You know,
Speaker 12: a strong beat on the quarter, very profitable earnings per
Speaker 12: share up nine percent and a dollar and seventy three cents,
Speaker 12: and I think a very good outlook, raising guidance for
Speaker 12: the year.
Speaker 3: So maybe just a little bit of a pause for investors.
Speaker 3: I mean, the shows are still down over the year
Speaker 3: or twelve months.
Speaker 2: Tom. I'm sort of interested therefore on what they're not getting.
Speaker 3: What is it about the opportunity in, for example, cloud infrastructure.
Speaker 3: Why take on the hyperscalers, Well, it's.
Speaker 12: A tremendous market opportunity. Our customers have asked us to
Speaker 12: do that. You know, we with our distributed platform, which
Speaker 12: is unique in the marketplace. We're in seven hundred and
Speaker 12: fifty cities. With our points a presence, we can get
Speaker 12: enterprise compute instances. They're containers closer to the end users,
Speaker 12: and that gives you lower latency and better performance and
Speaker 12: for a lot of applications that matters. Also, we could
Speaker 12: do it at a lower price point. In fact, one
Speaker 12: of the hyperscalers is an early adopter of our new
Speaker 12: managed container service. They want to have their compute instances
Speaker 12: and hundreds of cities around the world, which is something
Speaker 12: all the Akamai can do.
Speaker 2: Interesting.
Speaker 3: I mean, maybe people are looking at what drove some
Speaker 3: of the revenue beat and they're looking at FX, but.
Speaker 2: They're also looking at TikTok inclusion. Have you decided that.
Speaker 3: The risk of being managed just off the table and
Speaker 3: you're going to really be startling talking about this client
Speaker 3: once again?
Speaker 8: Oh, there's always risk.
Speaker 12: Though, it seems that from what we're hearing from public
Speaker 12: sources that you know, a deal has basically been structured
Speaker 12: and you know there's obviously caught up in trade negotiations,
Speaker 12: but that at this point it seems like the ban
Speaker 12: has been postponed several times, and so we're not seeing
Speaker 12: anything that suggests that that that's going to change in
Speaker 12: the near future.
Speaker 2: You do that content delivery for them.
Speaker 3: It's interesting that security is where a lot of your growth,
Speaker 3: and as you say, the most part of your revenue
Speaker 3: has been coming from. What insecurity is driving that growth?
Speaker 3: Where are people coming to you?
Speaker 12: Yeah, we have the market leading solutions for web app firewall,
Speaker 12: for bought management, for API security, for stopping ransomware with segmentation,
Speaker 12: and of course the attack rates have been going way up,
Speaker 12: the penetrations have been going way up, and we have
Speaker 12: a solution.
Speaker 8: It stops the damage caused by those attacks.
Speaker 12: So if the ransomware gets in, we identify it quickly,
Speaker 12: we don't let it spread, and that protects our customers
Speaker 12: so they don't, you know, have these huge costs associated
Speaker 12: with being shut down by ransomware.
Speaker 3: Of course, general to AI in many ways, making the
Speaker 3: field of security ever more evolving and nimble is what's crucial. Tom.
Speaker 3: What I'm also so interested in is the way in
Speaker 3: which you're thinking about education here in the United States.
Speaker 3: Skills in particular and upskilling. This is something that the
Speaker 3: US government is calling for a lot, and I'm particularly
Speaker 3: in the era of general to AI. How are you
Speaker 3: seeing the skill set and the pool of talent? Is
Speaker 3: it good enough for you?
Speaker 8: It's going to change with Jenai.
Speaker 12: We're seeing tremendous efficiencies across most job types at Okhami,
Speaker 12: so that our employees can do more in the same
Speaker 12: amount of time by leveraging Jenai. And I think you'll
Speaker 12: see training. We're doing training ourselves so that employees will
Speaker 12: change maybe how they do certain things and they'll be
Speaker 12: more efficient by learning how to use the Genai tools.
Speaker 12: I think it's really very exciting and it probably is
Speaker 12: going to be a sea change over time and education.
Speaker 3: Tominayton Avakami was great to have you on after your numbers.
Speaker 3: Thank you very much for joining the show.
Speaker 2: Stay well.
Speaker 3: Meanwhile, coming up Tesla, well, it is disbanding the team
Speaker 3: that was meant to give it the computing muscle in
Speaker 3: the AI race. As an Ed Ludlow scoop, we'll get
Speaker 3: behind it with you next.
Speaker 2: This is bluembg Tech.
Speaker 3: For decades, Samsung was the world's leading memory chip makup
Speaker 3: but the tech chant was recently surpassed by smaller rival
Speaker 3: sk Heinez, So how quickly can it reassert itself in
Speaker 3: the AI race of Blue Beg Original's team to a
Speaker 3: deep dive into this.
Speaker 13: When you're out shopping for seven megawatts offshore winds turbin,
Speaker 13: you think Samsung, right, Well, probably not. The brand is
Speaker 13: much more famous for its phones and flat screens, but
Speaker 13: arguably the most important drivers of South Korea's biggest family
Speaker 13: business are these things. And for the first time in decades,
Speaker 13: the company's got a massive problem here.
Speaker 9: Samsung is under assault from all sides and they are
Speaker 9: getting stretched.
Speaker 6: Then Samsung is in this position of playing catchup, and
Speaker 6: that's difficult to do if you don't have growing revenue,
Speaker 6: if you don't have expanding profitability.
Speaker 14: And unfortunately the ship profits tumble, big disappointment. The semiconducted
Speaker 14: division reporting operating profit at four hundred billion one totally
Speaker 14: missed analyst projections for two point seventy three trillion.
Speaker 13: Samson shares of whipsword in value since their twenty twenty
Speaker 13: peak and tanked in twenty twenty four, while long standing
Speaker 13: rival sk Heinez searched the crisis is easy to miss
Speaker 13: amid all this.
Speaker 5: The Ultra experience is ready two.
Speaker 13: A four, But behind the cats and choreography, Samsung's hidden
Speaker 13: struggle threatens its national identity amongst a population that relies
Speaker 13: on it like no other.
Speaker 2: It is probably the most influential company in.
Speaker 13: Korea because of the impuortance to the economy, and maintaining
Speaker 13: that influence may hinge on a piece of technology you
Speaker 13: probably own but have never even seen.
Speaker 3: Catch the full episode at Bloomberg dot com, on YouTube
Speaker 3: or on the terminal. Now, one company depending more on
Speaker 3: Samsung for its future AI chips is Tesla, and we've
Speaker 3: got some updated reporting from our own ed Ludlow. Tesla
Speaker 3: is disbanding its Dojo supercomputer unit and its leader, Peter Bannon,
Speaker 3: is leaving the company as it depends more on third
Speaker 3: party hardware suppliers. It's all according to sources. Now, the team,
Speaker 3: as we told you yesterday, had lost workers to Density AI.
Speaker 3: It's a competing startup founded by former Dojo executives.
Speaker 2: Let's get more of.
Speaker 3: Bloomberg's Max Chaffkin, busy on his travels and Max, we
Speaker 3: turned to you as elon inc Helmer, what do you
Speaker 3: make of this move away? From making its own hardware
Speaker 3: in the AI chip space.
Speaker 15: I mean, it's definitely a setback because Tesla, of course,
Speaker 15: if somewhat famously, likes to make everything that's kind.
Speaker 8: Of Elon Musk's whole thing.
Speaker 15: He's tried to make a vertically integrated auto manufacturer. That
Speaker 15: makes Tesla very unusual, and also has been trying, you know,
Speaker 15: obviously desperately to pivot towards AI. So this is a setback.
Speaker 15: I will say it's a setback that I think people
Speaker 15: saw coming to some extent. In twenty twenty four, during
Speaker 15: an Ernie's call, Musk sort of started to tamp down
Speaker 15: expectations said they were going to rely on two paths
Speaker 15: for training its AI models.
Speaker 8: One would be this dojo thing.
Speaker 15: The other would would rely on Nvidia chips, the same
Speaker 15: very expensive chips that everyone is essentially using to train
Speaker 15: their models. So it is it's a setback, but maybe
Speaker 15: but I don't think it's devastating. I think what is
Speaker 15: maybe more troubling is just losing talent. Right we're in
Speaker 15: the middle of this AI talent war. Tesla historically has
Speaker 15: been very competitive. Of course, the stock you know, for
Speaker 15: for a while was just exploding and it has been
Speaker 15: fairly stagnant over the last couple of years.
Speaker 8: And I think you're, you know, you're seeing that, right.
Speaker 15: There are startups out there and these kind of very
Speaker 15: large privately held companies like open Ai and Thenthropic that
Speaker 15: are just throwing huge sums of money at developers, and you're,
Speaker 15: you know, you're seeing Tesla clearly like struggle a little
Speaker 15: bit to keep up and retain.
Speaker 3: And does CI now forming as a new startup to
Speaker 3: take on the world of hardware and AI max Briefly,
Speaker 3: I mean Elon responded saying that it doesn't make sense
Speaker 3: have two different avenues for chips, and AC.
Speaker 2: Fifteen and A sixteen they're going to continue with.
Speaker 3: But more broadly, this was thinking of the way it
Speaker 3: set upself apart for the future of supercomputing being vertically integrated.
Speaker 2: Maugazani thought would be five hundred million dollars added to
Speaker 2: the market cap.
Speaker 15: Yeah, and all those estimates, of course look look silly,
Speaker 15: and I think you have to ask yourself there are
Speaker 15: lots of estimates like that around Tesla and it's AI ambitions,
Speaker 15: few of which are really realized yet, and it does
Speaker 15: make you wonder like, should we revisit some of those
Speaker 15: other assumptions, you know, people talking about valuations in the trillions.
Speaker 8: You know. Look, Elon Musk said this was a moonshot.
Speaker 15: I think it was kind of a moonshot because the
Speaker 15: truth is Nvidia dominates this market, the market for training chips,
Speaker 15: and Elon Musk took a crack but wasn't able to
Speaker 15: get there.
Speaker 3: Bloomberg's Max Chafkin. Tune in to Elon ink It's weekly.
Speaker 3: We thank you so much. Now that does it for
Speaker 3: this edition of Bloomberg Tech.
Speaker 2: Quick check in on the markets for you.
Speaker 3: We're off by eight ten percent on bitcoin, digital gold,
Speaker 3: but real gold flat. But boy, we can potentially see
Speaker 3: some tariffs on all bars affecting Switzerland in particular.
Speaker 2: Keep an eye on that story.
Speaker 3: Nasat one hundred are by eight ten percent, a new
Speaker 3: record high.
Speaker 2: Folks, check out our podcast. You can find one in
Speaker 2: the terminal. This is Bluemberg Tech