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Speaker 1: Bloomberg Tech is live from the heart of Silicon Valley

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Speaker 1: with Ed Lulow in San Francisco.

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Speaker 2: This is Bloomberg Tech coming up.

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Speaker 3: President Trump posts about a chip agreement between Apple and Intel,

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Speaker 3: sending Intel Soaring will have the details.

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Speaker 2: Plus we speak with.

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Speaker 3: The CEO of Anderil after the company wins a production

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Speaker 3: contract for autonomous fighters with the US Air Force and

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Speaker 3: SpaceX shares full for a second straight day after a

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Speaker 3: forty nine percent jump, still in high orbit as the

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Speaker 3: company concludes its first full week of trading. Thursday, June eighteenth,

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Speaker 3: Bloomberg Tech Intel is at a record high after the

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Speaker 3: President of the United States posted a very long truth

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Speaker 3: social which included a reference to an agreement between Intel

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Speaker 3: and Apple for chip design and chip manufacturing. Simple story.

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Speaker 3: There is some background to it that Bloomberg News has

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Speaker 3: reported in the past. It also talked about Nvidia, terror

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Speaker 3: fab and a lot more. But it's Intel where we

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Speaker 3: focus and Bloomberg's and King is with us along with

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Speaker 3: Bloomberg Intelligence Senior analyst man Deep Singh, and we're going

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Speaker 3: to start with ian an agreement. What do we know?

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Speaker 3: What do we do not know?

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Speaker 4: Well, we've previously reported that Apple was exploring using Intel

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Speaker 4: as a second source for manufacturing some of its chips.

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Speaker 4: What the president is saying, and you know, we have

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Speaker 4: to be careful because not everything he says immediately comes true.

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Speaker 4: That this has actually reached a firmer stage. And if

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Speaker 4: that's the case, and that's clearly a boost for Intel's

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Speaker 4: efforts to become a manufacturer for other companies.

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Speaker 3: Ian really quickly, you reported with Mark and Ryan in

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Speaker 3: May that Apple was looking at its options. Explain the

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Speaker 3: basics of that report.

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Speaker 2: That's right right now.

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Speaker 4: There are Apple is completely dependent upon TSMC right for manufacturing,

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Speaker 4: so obviously that's a choke point, something that they wish wish,

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Speaker 4: you know, they would like to have a solution to

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Speaker 4: have options. So you would look at Samsung and you

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Speaker 4: would look at Intel as potential backups or potential supplemental manufacturers.

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Speaker 4: And that's what we understand is going on. Apple has

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Speaker 4: always been smart about the supply chain.

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Speaker 3: That's the reporting in the details, let's get the analysis.

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Speaker 3: Mandy's singing, who leads our technology research team a Bloomberg

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Speaker 3: Intelligence What are you making of this? Right? Ean outlined

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Speaker 3: that actually in May there was a sense that Apple

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Speaker 3: was looking at options but you have the President of

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Speaker 3: the United States saying there's an agreement. How much can

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Speaker 3: you model for that the president's statement.

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Speaker 5: Look, I mean, there's no doubt that Intel is now

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Speaker 5: well positioned to be a double digit revenue growth company

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Speaker 5: given what we have seen so far with the CPU

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Speaker 5: demand that has taken off with Agent and now you know,

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Speaker 5: the fab side of things would get a real kicker

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Speaker 5: for if Apple was to use it for manufacturing. And

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Speaker 5: you know, when you have one design WRIN, it follows

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Speaker 5: with you know, multiple companies that want to use your manufacturing,

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Speaker 5: and that's where it could be very exciting if actually

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Speaker 5: Apple ends up ramping up in volume.

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Speaker 3: Here I note that Apple shares are a percentage point.

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Speaker 2: Tim Kok this.

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Speaker 3: Year, the outgoing CEO soon to be executive chairman of Apple,

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Speaker 3: game in interview to Wall Street Journal where he said

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Speaker 3: they're going to have to raise prices because of the

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Speaker 3: commodity environment. But what do you interpret here, mandeep on

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Speaker 3: the Apple side of this story with Intel their ability

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Speaker 3: to kind of reindustrialize here in America.

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Speaker 5: On the chip side, well, look right now, when I

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Speaker 5: look at TSMC's capacity and video has already prepaid. You

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Speaker 5: know what one hundred and twenty billion dollars for TSMC capacity.

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Speaker 5: So even an Apple which used to get proferential treatment

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Speaker 5: at TSMC, right now, I think they're feeling that Nvidio

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Speaker 5: probably has a bigger lock in in terms of PSMC

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Speaker 5: manufacturing capacity. And from an Apple standpoint, I think diversification

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Speaker 5: and really appeasing the president here makes a ton of sense.

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Speaker 5: So from that perspective, I think psmc's monopoly is a

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Speaker 5: problem for a lot of you know, they're big customers,

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Speaker 5: including Apple, and it makes sense that they're looking to

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Speaker 5: diversify here.

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Speaker 3: In finally, to you, there's kind of two parts that

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Speaker 3: Intel's foundry story. There's the process, the technology process, and

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Speaker 3: then the sort of solidity of whether they have any customers.

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Speaker 3: Where are they at with both of those things.

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Speaker 4: Right What they've said is that their process is getting

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Speaker 4: better and better, getting closer to the industry standard, which

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Speaker 4: would be TSMC yield being very important. They're the amount

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Speaker 4: of good chips you make for the run. In terms

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Speaker 4: of customers, they've said, look, we're not going to talk

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Speaker 4: about it. We're hopeful we've got a couple of big

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Speaker 4: irons in the fire that might come to fruition in

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Speaker 4: the second half of this year. But we're not going to.

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Speaker 2: Talk about it. We're going to leave it up to them.

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Speaker 4: We're not going to get ahead of ourselves and.

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Speaker 2: So on that.

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Speaker 3: Now, I point out that neither Intel nor Apple have

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Speaker 3: commented so far on the president's post Bloomberg Zy and

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Speaker 3: King and Mandeep seing of a Bloomberg intelligence Thank you

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Speaker 3: both very much. Let's brought in the conversation beyond chips.

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Speaker 3: Then that's that one hundred pushing higher two percent in

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Speaker 3: the session. We're kind of trading near those records of

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Speaker 3: recent weeks.

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Speaker 2: I would say there's a lot going on in the market.

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Speaker 3: Semiconductors are a big part of the market right now,

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Speaker 3: but the Intel story is a catalyst and driver of that.

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Speaker 3: There is the SpaceX part of this market, and then

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Speaker 3: there is the role of the retail investors. The AI

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Speaker 3: trade has been expanding. Investors are looking across software infrastructure,

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Speaker 3: the next generation of tech leaders for the market's next

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Speaker 3: growth engine.

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Speaker 2: Could those be IPOs? So much to discuss.

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Speaker 3: Ankor Crawford portfolio manager ourgas with us. You know, I

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Speaker 3: always say this one one session of market does not

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Speaker 3: make really interesting though. How we're ending this short training

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Speaker 3: week in the US, with so many factors for you

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Speaker 3: right now, what is the main driver of psychology for

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Speaker 3: the technology sector?

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Speaker 6: Gosh, you know, I think that what I find is

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Speaker 6: people are finally understanding how significant this AI trade is

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Speaker 6: going to be, and that's what's getting reflected in some

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Speaker 6: of the moves that you're seeing.

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Speaker 2: In the market.

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Speaker 6: You know, the impact of the shortages of the supply

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Speaker 6: chain are also becoming very obvious, whether you see what's

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Speaker 6: happening in memory or the optical supply chain, and so,

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Speaker 6: you know, I feel like the market is fully understanding

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Speaker 6: the kind of supply chain implications and the demand implications.

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Speaker 6: You're going to have a CEO on later who recently

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Speaker 6: commented that token pricing for him went up to x

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Speaker 6: in over the last we'd got to x in in

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Speaker 6: the next six months. Well, that is an indication of

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Speaker 6: supply demand balance. And you know, clearly we are significantly

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Speaker 6: we need significantly more tokens and we have significantly more

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Speaker 6: demand for the intelligence then we have supply.

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Speaker 3: It's so interesting where like the kind of raw data

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Speaker 3: sets or and thotal data sets that the markets tracking

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Speaker 3: are so different now to what they were. I don't

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Speaker 3: know you tell me, like as recently as last year

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Speaker 3: or two years ago, and I.

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Speaker 2: Want to talk about SpaceX.

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Speaker 3: You know, how big a factor has that IPO been

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Speaker 3: for you and your team and how have you sort

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Speaker 3: of responded to it.

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Speaker 6: Well, it's not necessarily a factor, but it's clearly an

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Speaker 6: incredibly significant company that has a very open ended story

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Speaker 6: alongside with it. We've never really seen a business like

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Speaker 6: SpaceX before in our careers, would I would argue there,

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Speaker 6: you know, humanity hasn't seen a business like SpaceX. So

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Speaker 6: you know, we have found a significant place in our

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Speaker 6: port on our portfolios for SpaceX, in part because we

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Speaker 6: do see incredible appreciation as we look out three and

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Speaker 6: five years now. The day to day trading on it

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Speaker 6: is you know, who knows. There's a lot of things

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Speaker 6: that affect that day to day trading, but we are

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Speaker 6: very bullish on its prospects.

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Speaker 3: The retail investors tied a big role head we spites

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Speaker 3: cheld SWEBC.

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Speaker 2: Let's get his take.

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Speaker 7: As a breakthrough event, I think for the retail investor

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Speaker 7: who is allocated roughly twenty percent of the deal, which

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Speaker 7: is triple a typical IPO. So it's great to see

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Speaker 7: retail having a meaningful seat at the table. It created

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Speaker 7: a tremendous engagement with our clients and broadly with retail clients.

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Speaker 7: Demand was off the charts, and that demand continues. We've

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Speaker 7: seen in the three days following the IPO nearly seven

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Speaker 7: billion dollars of additional orders come from our clients.

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Speaker 2: Child schwebc West.

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Speaker 3: Is it the retail traded driving trading right now?

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Speaker 6: I'm not really sure what's driving it. I think that

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Speaker 6: there's a lot of different aspects that.

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Speaker 3: Appreciate the honesty. I don't think anyone knows anger was

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Speaker 3: driving it.

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Speaker 6: Oh, we shouldn't make it up then, and so I

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Speaker 6: don't know. All I can say is that sometimes the

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Speaker 6: market kind of thinks about the next day or the

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Speaker 6: next week, and for something like SpaceX, I think what

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Speaker 6: you have to do is look at the long arc

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Speaker 6: of time to understand what they are doing and the

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Speaker 6: significant mote that they have created with you know, Starship,

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Speaker 6: and the reusability of Starship when that comes to fruition,

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Speaker 6: and the different business models that will get unleashed. And

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Speaker 6: it is incredibly exciting to see this company now be

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Speaker 6: accessible to not only retail but also institutional investors like us,

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Speaker 6: and how.

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Speaker 3: Do you assess the role the on the rights has

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Speaker 3: played in it in getting the story of the perspectives

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Speaker 3: across to the valuation and economics of this company.

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Speaker 6: I think they did a fantastic job. I don't think

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Speaker 6: it could have gone any better. And you look at

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Speaker 6: just how you know they made the management available. There

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Speaker 6: were several different you know, kind of knowledge knowledge of

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Speaker 6: zooms and that that investors could could get on and

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Speaker 6: to understand the story more completely. That they priced it

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Speaker 6: correctly so that you know they were leaving some economics

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Speaker 6: on the table for what its true value will be.

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Speaker 6: So I actually think they did the most beautiful job

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Speaker 6: on this IPO, and it was a tricky one because

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Speaker 6: of the valuation kind of the perception. There was a

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Speaker 6: very divided, I think opinion on SpaceX. There's some that

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Speaker 6: love it, some that hate it. Retail was a bit skittish,

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Speaker 6: it felt like to me, at least through the conversations

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Speaker 6: that I had. But so I think they actually, Donder

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Speaker 6: writers did a beautiful job on this. I hope they

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Speaker 6: repeat it with the upcoming IPOs of opening Anthropic.

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Speaker 3: Really appreciate it and we're going to have that conversation

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Speaker 3: about anthropic and open AI Later in the program, Anka

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Speaker 3: Crawford of ALGIA back on Bloomberg Tech, Thank you very much.

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Speaker 3: Big news crossing the Bloomberg terminal. Amazon is in talks

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Speaker 3: to sell its custom made AI chips for use in

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Speaker 3: other companies data centers, trying to cut into invidious dominance.

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Speaker 3: This is based on an interview in Paris with Amazon's

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Speaker 3: AI chief, who said the company has begun discussions with

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Speaker 3: potential customers but declined to name them. We're talking about

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Speaker 3: Peter DeSantis here. He said he views AI infrastructure as

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Speaker 3: rapidly evolving. In the stock hitting session highs on that

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Speaker 3: Bloomberg report.

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Speaker 2: Coming up.

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Speaker 3: Andreil just won a production contract for autonomous fighters with

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Speaker 3: the US Air Force as the Pentagon pushes for a

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Speaker 3: fleet of up to one thousand autonomous combat jets. We're

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Speaker 3: going to be speaking with Andreil's CEO, Brian Ship.

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Speaker 2: That's next. This is Boomberg Tech.

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Speaker 3: Andreil is having a major week. The defense tech startup

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Speaker 3: just on a production contract for autonomous fighters with US

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Speaker 3: Air Force, secured a key role in the race to

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Speaker 3: provide software for those aircraft and is moving towards scale manufacturing.

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Speaker 3: Is the Pentagon pushes for a fleet of up to

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Speaker 3: one thousand autonomous combat jets. All of that comes as

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Speaker 3: defense stocks and military technology remain in focus amid the

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Speaker 3: fallout from the US around conflict and what is a

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Speaker 3: fragile new diplomatic agreement joining US now live on Bloomberg

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Speaker 3: Tech and Real CEO Brian Schimp. You know, I think

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Speaker 3: Andreil's in this place, and it's in its evolution of

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Speaker 3: life cycle where you're trying to manage winning new contracts

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Speaker 3: and put out new technology and ramp what's already out there.

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Speaker 3: Just talk about those that trio of news you put

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Speaker 3: out and how you pulled it off.

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Speaker 8: So you know, we were extremely excited to be awarded

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Speaker 8: this production contract for the Air Force Loyal wing Man

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Speaker 8: fighter jet.

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Speaker 2: And you know this.

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Speaker 8: Is really about taking it from prototype technology which we've

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Speaker 8: been validating, we've been flying multiple times a day into

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Speaker 8: now an operational capability. So this is both the hardware

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Speaker 8: side where we've already started to produce these out of

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Speaker 8: our facility in Ohio, our Arsenal one facility, and we

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Speaker 8: are now confirmed to move this into a production aircraft, right,

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Speaker 8: so really start to ramp this next year. So it's

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Speaker 8: super exciting, but that challenge is real, right, and we

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Speaker 8: know the defense industry has had struggles ramping production to

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Speaker 8: the demand we're seeing around the world. But this is

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Speaker 8: something we've systematically invested in and everything we're showing is

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Speaker 8: that we're hitting every ramp that we've promised to hit.

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Speaker 3: There's like the established systems fury and there is the

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Speaker 3: next phase of product and contract. How difficult a decision

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Speaker 3: is it to a US sign resource to know where

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Speaker 3: to put teams and capital right now?

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Speaker 8: You know, we're we're seeing demand through the roof across

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Speaker 8: the board, right, and this is everything from weapons programs,

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Speaker 8: aircraft programs, you name it. We're seeing just a massively

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Speaker 8: increased demand across the board. But we've been able to

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Speaker 8: scale incredibly well. Right, We've doubled headcount every year. You know,

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Speaker 8: we are continuing to be able to resource these successfully, right,

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Speaker 8: and I think we're just an incredibly attractive place to work.

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Speaker 8: So for us, the challenge isn't really you know, where

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Speaker 8: do we put resources, it's just you know, running through

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Speaker 8: it as fast as we can, which we've demonstrated the

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Speaker 8: ability to do year over year for you know, the

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Speaker 8: past near decade now, so that part we're not as

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Speaker 8: concerned with. But you know, I think a huge credit

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Speaker 8: to the Air Force on this. You know, they have

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Speaker 8: decided to move out and I think the fastest fighter

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Speaker 8: jet programs in the nineteen fifties, like this is just

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Speaker 8: an immensely fast pace and I think it shows that

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Speaker 8: the government can move when it wants to and then

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Speaker 8: is can respond to that pace. And it's just an

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Speaker 8: incredibly exciting time to be able to deliver these capabilities.

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Speaker 3: How to winsle this translate to the to the revenue

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Speaker 3: run rate? You know that that big announcements, big deals,

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Speaker 3: but for the financials of this company, it's immediate or

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Speaker 3: it's a distant opportunity.

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Speaker 8: These types of programs give you know, just this amazing

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Speaker 8: base of growth for the next you know, five years, right,

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Speaker 8: And so this is about how do we lock in

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Speaker 8: that growth and success we've seen to date into something

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Speaker 8: that's going to be producing and delivering for the next decade.

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Speaker 2: And that's something.

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Speaker 8: That I think really you know, when we look at

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Speaker 8: the financials for the out years, when we stack in

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Speaker 8: all the types of big programs that we're working on now,

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Speaker 8: it more or less gives US an extremely solid base

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Speaker 8: that we're going to continue to grow on and compound

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Speaker 8: on in the future. You know, Brian, I appreciate this

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Speaker 8: is about autonomous fighters. Every time you come on the program,

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Speaker 8: I get a flood of request to ask you about

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Speaker 8: subterranean and actually I get.

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Speaker 3: The sense that you don't. It's not even that exciting

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Speaker 3: to you, guys. So what are the next domains, the

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Speaker 3: next big bets that you probably can't talk as much about,

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Speaker 3: but everyone wants me to ask you about.

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Speaker 8: Yeah, we're doing, you know, an immense amount of work

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Speaker 8: in space. You know, there's a huge number of areas

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Speaker 8: where you know, this is becoming the next generation warfighting domain.

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Speaker 8: I think the Space Force is talking a lot more

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Speaker 8: about the adversarial activities that Russia and China are doing regularly.

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Speaker 8: You know, they are constantly maneuvering around space, threatening the

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Speaker 8: US's and Allied satellites. And I think there was an

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Speaker 8: open source report of Russia maneuvering against the satellite that's

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Speaker 8: a commercial SATELLITEES used to provide intelligence to the Ukrainians.

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Speaker 8: So this is an area that's you know, an active

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Speaker 8: growth area that is incredibly important for the US to

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Speaker 8: have leadership in and deter the adversarial activities that you know,

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Speaker 8: our adversaries are doing every day. The other area we're

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Speaker 8: just seeing an immense amount of growth in is on

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Speaker 8: the weapon side.

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Speaker 2: You know, you can read all the reports.

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Speaker 8: Everyone is well aware now of what's been sort of

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Speaker 8: a poorly kept secret for a long time, which is

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Speaker 8: the US has amazing weapons, right like that, that's been

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Speaker 8: obviously true. But the inability to produce these at scale

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Speaker 8: to supply our allies, the huge delays that exist in

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Speaker 8: delivering these is a major strategic issue for the US

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Speaker 8: and our allies. And so that is translated, you know,

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Speaker 8: out of the conflict in Iran into you know, an

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Speaker 8: immense amount of demand to bring build up next generation

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Speaker 8: weapons capabilities that can be produced at scale.

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Speaker 3: So looking at the Irong conflict, but you know, what

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Speaker 3: is the lesson that you think is learned here for

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Speaker 3: the Pentagon on these types of technologies and war preparedness.

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Speaker 8: Yeah, so I think, you know, there's a lot of

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Speaker 8: different lessons you can take away, but one of the

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Speaker 8: biggest ones was really you know, when you look at

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Speaker 8: the number of strikes, the number of ammunitions consumed in

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Speaker 8: the first thirty days of the conflict, it was something

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Speaker 8: around ten times the amount we consumed in the entirety

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Speaker 8: of the Gulf War. Right, and we're shooting, you know,

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Speaker 8: nearly a decade of tomahawk production in a week. Like

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Speaker 8: these are really serious quantities of munitions consumed in these

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Speaker 8: modern conflicts, and it parallels what you know has been

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Speaker 8: seen in every conflict that's played out in the last

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Speaker 8: several years. You know, particularly as you look at Ukraine,

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Speaker 8: where the amount of munitions consumed is staggering.

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Speaker 2: So I think this question of how do.

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Speaker 8: You actually get the inventory the stockpiles and have the

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Speaker 8: producibility that you need, that becomes one of the critical questions.

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Speaker 8: And you know, the US again its amazing weapons, but

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Speaker 8: for the vast majority of scenarios you can you can

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Speaker 8: deal with things that are sort of lower price and

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Speaker 8: more fit for purpose and the types of you know,

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Speaker 8: uses you're realistically going to have and what you need

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Speaker 8: to convey to your adversaries you have the resiliency to do.

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Speaker 8: And so that that is probably the biggest shift I've

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Speaker 8: seen out of this conflict, which is really looking at

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Speaker 8: and excite tolerating how to get to more producible capabilities quickly.

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Speaker 8: And you know we've got you know, maybe a half

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Speaker 8: dozen or more different programs that have initiated out of.

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Speaker 3: That, Brian, we just have thirty seconds. You've said Arsenal

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Speaker 3: two could be built outside of the United States. Big

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Speaker 3: market for you is Australia. Taiwan is a big factor

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Speaker 3: in Anderal's guiding mission. Are those realistic locations.

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Speaker 2: Yeah, I mean we we have.

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Speaker 8: I think the reality in the world is that our

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Speaker 8: allies are going to look to have more control over

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Speaker 8: the production and supply of weapons. I think that's correct,

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Speaker 8: and I think production capacity for the Allied nations is

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Speaker 8: a contribution in and of itself, and so I think

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Speaker 8: for the administration they want the Allies to be prepared

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Speaker 8: to contribute. So the idea that they are also producing

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Speaker 8: and contributing to the Allied stockpiles is hugely advantageous. I

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Speaker 8: think that's been a very consistent message from the administrations.

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Speaker 8: We've seen immense support for that. You know where we

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Speaker 8: put it exactly. You know, we have a factory up

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Speaker 8: and running in Sydney, Australia making ghost Shark, and then

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Speaker 8: we're constantly evaluating the right way to help any given

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Speaker 8: country on what they need, how they want us to

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Speaker 8: work with their local partners in industry, and so it's

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Speaker 8: a very nuanced process. But the reality is we think

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Speaker 8: of allied production as a critical dimension of providing that

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Speaker 8: deterrence that we're here to.

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Speaker 3: Do andreal CEO Brian Shim Microsoft is cashing in on China.

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Speaker 3: Unlike its competitors, the AI cloud maker is selling it's

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Speaker 3: Azure cloud models to Chinese tech companies including TikTok Parent

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Speaker 3: bike Dance, which is on track to spend a billion

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Speaker 3: as Microsoft's top client blue most Matt Day has more.

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Speaker 3: So there's the idea that this is a typical right

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Speaker 3: doing business in China full stop.

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Speaker 2: But in the AI domain, what.

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Speaker 3: Are the models that the Microsoft is able to sell

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Speaker 3: into that market?

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Speaker 9: So Microsoft, because of its long standing partnership with Opening I,

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Speaker 9: has some unique ability to sell products in the term

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Speaker 9: of the terms under which it sells products.

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Speaker 2: We understand that there's been.

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Speaker 9: Some friction between Microsoft and Open Eye over Microsoft sales

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Speaker 9: in China, but they can they can list some of

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Speaker 9: their biggest models.

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Speaker 3: Is this big business for Microsoft, Matt Like we said,

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Speaker 3: a billion dollars potentially, But where does that stack up

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Speaker 3: against the rest of its revenues.

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Speaker 9: A big number, but not hugely significant to Microsoft at

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Speaker 9: a global scale. You know, they said China accounts for

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Speaker 9: something like a percent and a half of their revenue,

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Speaker 9: so not super significant. But you know the company is

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Speaker 9: internally talking about, you know, Microsoft being the only place

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Speaker 9: where you can get top model companies on the US

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Speaker 9: West Coast and the Chinese East coast, so they think

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Speaker 9: it's a big deal internally.

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Speaker 3: So this is according to our reporting and sourcing. Other

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Speaker 3: Chinese tech companies are are in the mix here. But

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Speaker 3: what have the companies said about it officially?

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Speaker 9: So they haven't said much. They have said all these

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Speaker 9: companies developed their own models. I think the lesson here is,

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Speaker 9: you know, companies tend to use just about everything. Folks

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Speaker 9: are developing their own models if they have the scale

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Speaker 9: and also accessing you know, whatever they can. And in

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Speaker 9: the case of someone Microsoft's customers, you know in China

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Speaker 9: they're tapping into models served from from Singapore or other

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Speaker 9: cloud regions.

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Speaker 3: Mean most about day, very important report, Thank you very much.

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Speaker 3: The big technology story out there today is Intel and Apple.

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Speaker 3: The President of the United States saying on truth Social

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Speaker 3: there's an agreement between the two for Apple to work

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Speaker 3: with Intel on domestic chip manufacturing here in the US.

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Speaker 3: Neither company has commented that Intel shares trading now at

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Speaker 3: a fresh record high. Apple was actually paired most of

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Speaker 3: its advance, so four tenths of a present had been

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Speaker 3: up one and a half percent. Would also note that

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Speaker 3: Apple's current CEO seem to.

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Speaker 2: Be executive chair.

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Speaker 3: Tim Cook, gave an interview to The Wall Street Journal

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Speaker 3: last night saying that Apple have to raise prices because

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Speaker 3: of where commodities memory is at right now. Maybe that's

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Speaker 3: a factor.

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Speaker 2: Not clear.

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Speaker 3: We'll continue tracking the stories. There's a bigger story in

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Speaker 3: technology and markets. For years, one of the most reliable

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Speaker 3: fuels for the massive big tech rally was steady share buybacks.

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Speaker 3: The AI race is proving so expensive that repurchase programs

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Speaker 3: are kind of evaporating. Michael Raine joins US from New

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Speaker 3: York to explain this shift, and like there's two parts

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Speaker 3: of it. It's like capex is, you know, is expensive,

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Speaker 3: impacts the shared buyback program, but also like loads of

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Speaker 3: companies are issuing new equity, new stock.

441
00:23:14,600 --> 00:23:15,320
Speaker 2: Explain it all.

442
00:23:15,560 --> 00:23:19,720
Speaker 10: Yeah, Yeah, It's really just an amazing paradigm shift for

443
00:23:19,840 --> 00:23:23,000
Speaker 10: these stocks. You know, when you think about it, Alphabet

444
00:23:23,520 --> 00:23:27,360
Speaker 10: Google alone over the previous five years had bought back

445
00:23:27,440 --> 00:23:30,680
Speaker 10: something like two hundred and eighty billion dollars in their

446
00:23:30,720 --> 00:23:34,600
Speaker 10: own stock. Now they're going the opposite direction, planning to

447
00:23:34,880 --> 00:23:37,760
Speaker 10: sell about eighty five billion worth of shares to help

448
00:23:37,800 --> 00:23:40,919
Speaker 10: fund this capex. And I really, you know, it is

449
00:23:41,000 --> 00:23:44,720
Speaker 10: fascinating because these buybacks were really a driver of the

450
00:23:44,800 --> 00:23:46,960
Speaker 10: market for a long time. But it really kind of

451
00:23:47,000 --> 00:23:51,640
Speaker 10: exposes the notion that, yes, shareholders investors are happy when

452
00:23:51,680 --> 00:23:53,560
Speaker 10: they hear about buybacks. They're happy to have a new

453
00:23:53,560 --> 00:23:56,600
Speaker 10: buyer of the stock and shrink that share count and

454
00:23:56,600 --> 00:23:59,120
Speaker 10: boost EPs. But at the same time, it really does

455
00:23:59,160 --> 00:24:01,720
Speaker 10: signal that maybe these companies didn't have something better to

456
00:24:01,760 --> 00:24:04,600
Speaker 10: spend this money on. Now they do as far as

457
00:24:04,640 --> 00:24:07,960
Speaker 10: building out all this spending all this capex to build

458
00:24:07,960 --> 00:24:11,080
Speaker 10: out the data centers, and investors, you know, for now

459
00:24:11,119 --> 00:24:13,600
Speaker 10: are happy that there's a better plan for all this

460
00:24:13,760 --> 00:24:17,160
Speaker 10: cash that they generate. You know, time will tell if

461
00:24:17,160 --> 00:24:20,520
Speaker 10: that stands the test of time and these investments prove

462
00:24:20,600 --> 00:24:24,080
Speaker 10: to be positive returns on investments, But for now, you know,

463
00:24:24,160 --> 00:24:27,199
Speaker 10: the market's happy with it. Obviously, the chip maker stocks

464
00:24:27,200 --> 00:24:30,480
Speaker 10: are thrilled about it, and we're really just you know,

465
00:24:30,560 --> 00:24:33,160
Speaker 10: in all of a major paradigm shift in how these

466
00:24:33,160 --> 00:24:35,120
Speaker 10: companies manage their stock.

467
00:24:34,920 --> 00:24:39,359
Speaker 3: Float, invokes Michael Reagan, Thank you very much. Indeed, following

468
00:24:39,560 --> 00:24:43,639
Speaker 3: the blockbuster to public debuy of SpaceX, investors are welcoming

469
00:24:43,760 --> 00:24:48,200
Speaker 3: a massive distribution event that is pumping fresh liquidity back

470
00:24:48,200 --> 00:24:51,920
Speaker 3: into private markets like the vcs needed that big i PO.

471
00:24:52,440 --> 00:24:55,000
Speaker 3: It comes to a critical inflection point as a historic

472
00:24:55,080 --> 00:24:59,919
Speaker 3: wave of multi billion dollar AI model companies prepare pertend

473
00:25:00,320 --> 00:25:01,640
Speaker 3: to cross that IPO threshold.

474
00:25:01,720 --> 00:25:03,240
Speaker 2: Joining us now is matt.

475
00:25:03,080 --> 00:25:06,640
Speaker 3: Wick Tyler, head of Late stage Growth at Wellington Management.

476
00:25:06,680 --> 00:25:10,840
Speaker 3: What a time to be you and on your desk?

477
00:25:11,840 --> 00:25:16,720
Speaker 3: Should we start with SpaceX? You know, to so many

478
00:25:17,400 --> 00:25:21,960
Speaker 3: participants in this market, it presages this great IPO year.

479
00:25:23,200 --> 00:25:24,200
Speaker 2: Is that what you expect?

480
00:25:24,400 --> 00:25:25,480
Speaker 3: I think that's exactly right.

481
00:25:25,800 --> 00:25:27,760
Speaker 11: If you rewind the clock and you look back to

482
00:25:28,359 --> 00:25:30,520
Speaker 11: just March of this year, when I was last here

483
00:25:30,560 --> 00:25:32,959
Speaker 11: with you, we were talking about the fact that the

484
00:25:33,000 --> 00:25:36,000
Speaker 11: first of the big ones to go out will be SpaceX,

485
00:25:36,000 --> 00:25:38,760
Speaker 11: and that this year's activity will be driven by the

486
00:25:38,920 --> 00:25:42,080
Speaker 11: megacap private companies that are now going public.

487
00:25:42,080 --> 00:25:43,959
Speaker 2: And we had that in SpaceX.

488
00:25:44,000 --> 00:25:46,040
Speaker 11: And again, if you rewind the clock and we think

489
00:25:46,040 --> 00:25:48,399
Speaker 11: about the conversation you and I had back in March.

490
00:25:48,840 --> 00:25:51,040
Speaker 11: We were talking about the fact that we believed I

491
00:25:51,119 --> 00:25:53,239
Speaker 11: believe that SpaceX would perform well. And I think we're

492
00:25:53,280 --> 00:25:56,200
Speaker 11: sitting here today, not quite a week into their trading, saying, oh,

493
00:25:56,240 --> 00:25:58,680
Speaker 11: SpaceX is performing as expected.

494
00:26:00,200 --> 00:26:03,000
Speaker 3: Mister Reagan just raised really interesting points, which is like,

495
00:26:03,119 --> 00:26:06,679
Speaker 3: it's not just IPOs. Generally, this market could be flooded

496
00:26:06,720 --> 00:26:09,960
Speaker 3: with equity. It's not universal that it's a good time

497
00:26:10,000 --> 00:26:12,200
Speaker 3: to go public. I spoke to Ali Godsey, the Data

498
00:26:12,200 --> 00:26:14,000
Speaker 3: Bricks CEO, very recently.

499
00:26:14,080 --> 00:26:17,879
Speaker 4: His his take three mega IPOs that have been rumored.

500
00:26:17,920 --> 00:26:21,320
Speaker 3: One of them happened, you know, So letting those kind

501
00:26:21,320 --> 00:26:23,320
Speaker 3: of go through the system and see how that sort.

502
00:26:23,160 --> 00:26:25,160
Speaker 9: Of plays out and things stabilize a little bit.

503
00:26:25,240 --> 00:26:26,200
Speaker 2: I stand by what I said.

504
00:26:26,200 --> 00:26:28,760
Speaker 12: I think for most other companies, you know, it's probably

505
00:26:28,760 --> 00:26:29,800
Speaker 12: way best to wait it out.

506
00:26:30,920 --> 00:26:33,520
Speaker 3: You know, I think Wellington's on the cap table of

507
00:26:33,560 --> 00:26:37,520
Speaker 3: Data Bricks, right, But that's one view, right, There's so

508
00:26:37,680 --> 00:26:40,919
Speaker 3: much will happen that Data Bricks might not for that reason.

509
00:26:41,520 --> 00:26:43,560
Speaker 11: Yeah, there's a lot in the pipe, there's a lot

510
00:26:43,600 --> 00:26:47,359
Speaker 11: coming down but I think what the precipice tipping point

511
00:26:47,400 --> 00:26:50,240
Speaker 11: will be for the next batch of companies will be

512
00:26:50,320 --> 00:26:52,760
Speaker 11: how these first three, the three mega ones that we

513
00:26:52,880 --> 00:26:56,679
Speaker 11: talk about, how they perform, and I believe the subsequent

514
00:26:56,760 --> 00:27:00,000
Speaker 11: two that are coming will likely perform very similar to Space,

515
00:27:00,400 --> 00:27:03,120
Speaker 11: which is with a lot of enthusiasm not just from

516
00:27:03,440 --> 00:27:06,360
Speaker 11: retail investors but also from institutional investors. And I think

517
00:27:06,400 --> 00:27:09,560
Speaker 11: that is the setup that the next batch of companies,

518
00:27:09,720 --> 00:27:12,920
Speaker 11: maybe a Data Bricks as an example, would be looking

519
00:27:12,960 --> 00:27:16,440
Speaker 11: for before they decide to come to the market, just purely.

520
00:27:16,119 --> 00:27:17,119
Speaker 2: As case studies.

521
00:27:17,280 --> 00:27:20,359
Speaker 3: You know, if anthropic and open AI goes go next,

522
00:27:21,000 --> 00:27:24,199
Speaker 3: that what they've said in their limited ability to speak publicly,

523
00:27:24,240 --> 00:27:27,040
Speaker 3: is and IPOs the only mechanism to raise capital at

524
00:27:27,040 --> 00:27:31,239
Speaker 3: the levels they need. Find that really confusing because you know,

525
00:27:31,280 --> 00:27:35,800
Speaker 3: they both did such ginormous private rounds so recently. The

526
00:27:35,800 --> 00:27:38,720
Speaker 3: private market seems very willing to support that growth.

527
00:27:39,119 --> 00:27:41,960
Speaker 11: The private market is there's just not sufficient capital to

528
00:27:42,000 --> 00:27:45,840
Speaker 11: support the capital intensity as we're just hearing about of

529
00:27:45,880 --> 00:27:49,320
Speaker 11: these model companies in perpetuity, and the private markets do

530
00:27:49,400 --> 00:27:52,920
Speaker 11: not offer enough liquidity for the investors in these businesses

531
00:27:53,240 --> 00:27:57,000
Speaker 11: to ultimately get liquid without ultimately going public. And to

532
00:27:57,080 --> 00:28:01,760
Speaker 11: put that in kind of understandable terms, the private market

533
00:28:01,800 --> 00:28:05,800
Speaker 11: transacts in a full year what the public market transacts

534
00:28:05,840 --> 00:28:09,680
Speaker 11: in a week, and so the volume of liquidity available

535
00:28:09,720 --> 00:28:13,920
Speaker 11: to public market companies is dramatically different to what's available

536
00:28:13,920 --> 00:28:15,880
Speaker 11: on the private side.

537
00:28:16,240 --> 00:28:20,400
Speaker 3: How much are private market investors in these leading frontier

538
00:28:20,480 --> 00:28:24,120
Speaker 3: labs now needing to model for and take into account

539
00:28:24,119 --> 00:28:28,960
Speaker 3: political risks? I'm talking, of course about the administration's intervention

540
00:28:29,280 --> 00:28:32,159
Speaker 3: in certain use of technology, but it's not just the US, right,

541
00:28:32,200 --> 00:28:34,240
Speaker 3: We're talking about jurisdictions.

542
00:28:33,600 --> 00:28:34,080
Speaker 2: Like the EU.

543
00:28:34,800 --> 00:28:36,880
Speaker 11: I think that it is a factor that people are

544
00:28:36,880 --> 00:28:39,719
Speaker 11: now starting to incorporate in their thinking for how some

545
00:28:39,760 --> 00:28:42,720
Speaker 11: of these technologies will evolve. And I think it's a

546
00:28:42,720 --> 00:28:45,640
Speaker 11: big open question mark as to what the future of

547
00:28:45,880 --> 00:28:48,840
Speaker 11: the model builders as an example, looks like with respect

548
00:28:48,880 --> 00:28:52,000
Speaker 11: to regulatory action. But what I do feel confident is

549
00:28:52,520 --> 00:28:55,120
Speaker 11: I do feel confident that it is in everybody's interests,

550
00:28:55,120 --> 00:28:58,480
Speaker 11: the model builders themselves as well as the governments to

551
00:28:58,680 --> 00:29:01,960
Speaker 11: support and ultimately enable this, because if we if the

552
00:29:02,080 --> 00:29:05,320
Speaker 11: United States or China or the governmental agencies are not

553
00:29:05,440 --> 00:29:08,360
Speaker 11: promoting this, we will be left behind and we will

554
00:29:08,360 --> 00:29:11,520
Speaker 11: give up the advantages that are accruing to the top

555
00:29:11,520 --> 00:29:14,000
Speaker 11: builders today. So I think it will resolve. It's a

556
00:29:14,080 --> 00:29:15,360
Speaker 11: question of how it resolves.

557
00:29:16,840 --> 00:29:17,040
Speaker 5: Matt.

558
00:29:17,040 --> 00:29:19,280
Speaker 3: I'd really appreciate your insight here, even if the answer

559
00:29:19,360 --> 00:29:23,880
Speaker 3: is no. How closely did you read the SpaceX prospectus,

560
00:29:24,240 --> 00:29:27,760
Speaker 3: the story they were trying to tell, and then extrapolate

561
00:29:27,800 --> 00:29:30,800
Speaker 3: out to how that might apply to everyone else? Open

562
00:29:30,880 --> 00:29:32,960
Speaker 3: AI and throp at data Bricks, you know, it was

563
00:29:33,000 --> 00:29:35,920
Speaker 3: so interesting to see their term numbers and how they

564
00:29:35,960 --> 00:29:37,920
Speaker 3: see the world in the very distant future.

565
00:29:38,920 --> 00:29:42,720
Speaker 11: I would say that SpaceX is unique, and SpaceX is

566
00:29:42,800 --> 00:29:45,520
Speaker 11: unique because Elon Musk is unique. And so when I

567
00:29:45,560 --> 00:29:48,480
Speaker 11: think about the SpaceX story and I think about the

568
00:29:48,520 --> 00:29:51,520
Speaker 11: market cap that SpaceX is currently trading at, I think

569
00:29:51,600 --> 00:29:55,080
Speaker 11: people are willing to for Elon. Say I believe in

570
00:29:55,120 --> 00:29:57,680
Speaker 11: your vision of the future, and I believe you Elon

571
00:29:57,760 --> 00:29:59,920
Speaker 11: can deliver on that vision. And I would say that

572
00:30:00,000 --> 00:30:03,080
Speaker 11: it is a relatively unique place in the market. There

573
00:30:03,120 --> 00:30:06,320
Speaker 11: are not many other entrepreneurs or CEOs I can think

574
00:30:06,360 --> 00:30:08,720
Speaker 11: of who could go out and tell a story that's

575
00:30:09,040 --> 00:30:11,520
Speaker 11: five ten years out in the future and get credit

576
00:30:11,560 --> 00:30:12,600
Speaker 11: for that story today.

577
00:30:12,920 --> 00:30:14,080
Speaker 3: So I think when you think.

578
00:30:13,920 --> 00:30:16,880
Speaker 11: About the model builders going out as the next generation

579
00:30:17,080 --> 00:30:20,120
Speaker 11: or the next IPO candidates. I think those companies will

580
00:30:20,120 --> 00:30:23,160
Speaker 11: more likely trade on fundamentals than maybe where SpaceX is

581
00:30:23,160 --> 00:30:26,000
Speaker 11: trading today, which is again a little bit of the

582
00:30:26,200 --> 00:30:30,000
Speaker 11: Elon magic dust around ability to convince the world that

583
00:30:30,080 --> 00:30:32,680
Speaker 11: he will be the person who gets us into the future.

584
00:30:33,640 --> 00:30:35,560
Speaker 3: Let's talk about that in the future then when you

585
00:30:35,600 --> 00:30:39,400
Speaker 3: come back trading on the numbers, not the names. If

586
00:30:39,440 --> 00:30:42,040
Speaker 3: those AI companies go public, mattwi Hiler ahead of late

587
00:30:42,080 --> 00:30:45,440
Speaker 3: stage growth at Wellington, thank you so much. Now coming up,

588
00:30:45,480 --> 00:30:49,600
Speaker 3: as the AI ratshifts from model to infrastructure rumbles, vetting

589
00:30:50,080 --> 00:30:55,240
Speaker 3: big on compute, Rumble, Yes, that's right, CEO Chris Polowski

590
00:30:55,320 --> 00:31:08,120
Speaker 3: joins us. Next, this is Bloomberg Tech. The story's still here.

591
00:31:08,400 --> 00:31:11,400
Speaker 3: The AI boom is fueling an intense race for the

592
00:31:11,440 --> 00:31:15,360
Speaker 3: infrastructure behind it. Rumble, best known as a video sharing

593
00:31:15,480 --> 00:31:18,840
Speaker 3: and cloud services platform, is looking to capitalize on that

594
00:31:18,880 --> 00:31:21,720
Speaker 3: trend through its acquisition of Northern Data and the launch

595
00:31:21,760 --> 00:31:26,240
Speaker 3: of Quake Ai, a new platform combining cloud compute and

596
00:31:26,360 --> 00:31:31,080
Speaker 3: AI infrastructure. Joining us now is Rumble CEO Chris Pavlovski.

597
00:31:31,240 --> 00:31:33,600
Speaker 3: There is a lot here, let's unpack it all. So

598
00:31:33,920 --> 00:31:35,560
Speaker 3: the company is going to change its legal name to

599
00:31:35,640 --> 00:31:38,640
Speaker 3: rum Group. This is based on the close of the

600
00:31:38,680 --> 00:31:42,120
Speaker 3: acquisition of Northern Data. Let's go back to the genesis

601
00:31:42,160 --> 00:31:46,160
Speaker 3: of the idea, why you did this, what the opportunity was.

602
00:31:48,520 --> 00:31:51,560
Speaker 13: Well in twenty thirteen, but it wasn't twenty twenty one

603
00:31:51,640 --> 00:31:55,400
Speaker 13: where we took on our first investment, and that was

604
00:31:56,000 --> 00:31:58,560
Speaker 13: I guess around March April of twenty twenty one. In

605
00:31:58,840 --> 00:32:01,400
Speaker 13: the idea was that we had to build our own infrastructure,

606
00:32:01,920 --> 00:32:05,560
Speaker 13: and we did that over the last four to five years.

607
00:32:05,560 --> 00:32:08,480
Speaker 13: We built our entire infrastructure for Rumble to sit on.

608
00:32:09,120 --> 00:32:12,640
Speaker 13: And with all that being said, we have all this

609
00:32:12,760 --> 00:32:16,280
Speaker 13: excess capacity for the video platform. So it was actually

610
00:32:16,400 --> 00:32:19,400
Speaker 13: in twenty twenty one when we went public as a

611
00:32:19,440 --> 00:32:23,720
Speaker 13: spac under ticker rum that we said that we had

612
00:32:23,800 --> 00:32:26,080
Speaker 13: three core pillars to the business. One was going to

613
00:32:26,080 --> 00:32:28,520
Speaker 13: be the advertising platform, one was going to be the

614
00:32:28,600 --> 00:32:31,280
Speaker 13: video platform, and one was going to be infrastructure as

615
00:32:31,320 --> 00:32:31,840
Speaker 13: a service.

616
00:32:32,400 --> 00:32:33,320
Speaker 2: And it is.

617
00:32:33,240 --> 00:32:35,440
Speaker 13: Now at this point in time where we launched Rumble

618
00:32:35,480 --> 00:32:39,040
Speaker 13: Cloud back in twenty twenty four. Now with the acquisition

619
00:32:39,080 --> 00:32:41,360
Speaker 13: in Northern Data, we really kind of put a jet

620
00:32:41,400 --> 00:32:45,680
Speaker 13: pack on that infrastructure as a service business and We're

621
00:32:45,720 --> 00:32:49,120
Speaker 13: ready to take on the world on cloud with Quake AI.

622
00:32:50,000 --> 00:32:52,160
Speaker 2: So that's kind of been the genesis of what we've done.

623
00:32:52,960 --> 00:32:57,000
Speaker 13: It's going to be our largest business unit going forward,

624
00:32:57,360 --> 00:32:58,120
Speaker 13: the cloud side.

625
00:32:58,160 --> 00:32:59,320
Speaker 2: So we're really excited to.

626
00:33:00,160 --> 00:33:02,080
Speaker 13: Step on the gas on the AI compute as a

627
00:33:02,080 --> 00:33:04,600
Speaker 13: service and all the other services that we offer.

628
00:33:05,440 --> 00:33:06,520
Speaker 2: Can we expand on that a little bit?

629
00:33:06,600 --> 00:33:08,800
Speaker 3: So there's two cool businesses right The video platform that

630
00:33:08,840 --> 00:33:12,200
Speaker 3: we know is Rumble and then quake Aid instru Space

631
00:33:12,280 --> 00:33:14,360
Speaker 3: And you just said that that will be the larger part.

632
00:33:15,280 --> 00:33:17,720
Speaker 3: How has the kind of growth trajectory changed here? Why

633
00:33:17,800 --> 00:33:20,280
Speaker 3: is it that it is the bigger part? And what

634
00:33:20,320 --> 00:33:21,360
Speaker 3: does the outlook look like?

635
00:33:22,880 --> 00:33:23,160
Speaker 2: Yeah?

636
00:33:23,280 --> 00:33:26,400
Speaker 13: So actually Northern Data just released a couple of days

637
00:33:26,440 --> 00:33:28,880
Speaker 13: ago that they increased their outlook to one hundred and

638
00:33:28,880 --> 00:33:32,400
Speaker 13: seventy to one hundred and ninety million euros for twenty

639
00:33:32,760 --> 00:33:34,200
Speaker 13: for the full year this year.

640
00:33:34,880 --> 00:33:36,200
Speaker 2: So that's that's increased.

641
00:33:36,280 --> 00:33:39,080
Speaker 13: But when you add on top the video platform, you

642
00:33:39,200 --> 00:33:41,720
Speaker 13: add on top the deal that we just announced a

643
00:33:41,760 --> 00:33:44,600
Speaker 13: couple of weeks ago with together Ai, and then you

644
00:33:44,680 --> 00:33:49,280
Speaker 13: add on top increased outlook with Northern Data, it starts

645
00:33:49,320 --> 00:33:53,080
Speaker 13: to look fundamentally much different than it looked in the

646
00:33:52,360 --> 00:33:54,120
Speaker 13: last couple of years.

647
00:33:54,480 --> 00:33:56,720
Speaker 2: Mind you, we have grown quite a bit.

648
00:33:57,120 --> 00:33:59,760
Speaker 13: It was in twenty twenty one and twenty twenty two

649
00:33:59,840 --> 00:34:05,040
Speaker 13: were like sub ten million of revenue, So we did.

650
00:34:05,160 --> 00:34:08,399
Speaker 13: We posted over one hundred million in the last year.

651
00:34:08,880 --> 00:34:11,080
Speaker 13: And now when you add all these assets together, and

652
00:34:11,120 --> 00:34:13,200
Speaker 13: you add everything that we put together, it's going to

653
00:34:13,200 --> 00:34:15,920
Speaker 13: be fundamentally a money from business going forward here in

654
00:34:15,960 --> 00:34:18,600
Speaker 13: twenty six and the rest of twenty six and twenty

655
00:34:18,640 --> 00:34:19,400
Speaker 13: seven and beyond.

656
00:34:20,480 --> 00:34:22,880
Speaker 3: You said in the statement that you'll give further details

657
00:34:22,920 --> 00:34:25,960
Speaker 3: about products and then also how you brand this. But

658
00:34:27,080 --> 00:34:29,560
Speaker 3: what can you say about like different business lines. I

659
00:34:29,600 --> 00:34:33,400
Speaker 3: get Quaki's infrastructure, but what areas are going to be

660
00:34:33,480 --> 00:34:35,000
Speaker 3: new for you? What is it that you're going to

661
00:34:35,000 --> 00:34:38,120
Speaker 3: be able to sell other than the big cluster of

662
00:34:38,200 --> 00:34:39,480
Speaker 3: h two hundreds that you've got.

663
00:34:40,360 --> 00:34:41,800
Speaker 2: Yeah, so we have that big cluster.

664
00:34:41,920 --> 00:34:45,920
Speaker 13: But what's really exciting for me is the unmonetized properties

665
00:34:45,920 --> 00:34:49,080
Speaker 13: that we have. We have one hundred and eighty megawatts

666
00:34:49,600 --> 00:34:53,120
Speaker 13: in just outside of Atlanta, Georgia that is completely unmonetized.

667
00:34:53,200 --> 00:34:56,400
Speaker 13: Right now, we have over two hundred megawatts of unmonetized

668
00:34:56,400 --> 00:35:00,520
Speaker 13: assets that we're looking to monetize as fast as possible.

669
00:35:00,560 --> 00:35:02,960
Speaker 13: So our first goal is to get these things monetized.

670
00:35:03,200 --> 00:35:07,160
Speaker 13: And as you as you know, like the latest generationships

671
00:35:07,200 --> 00:35:12,560
Speaker 13: out there, you're seeing companies make roughly ten million annually

672
00:35:12,719 --> 00:35:16,399
Speaker 13: on omegawatts. So the fact that we have over two

673
00:35:16,440 --> 00:35:19,520
Speaker 13: hundred megawatts of unmonetized assets, that's something that we want

674
00:35:19,560 --> 00:35:22,080
Speaker 13: to jump all over as fast as possible and get

675
00:35:22,120 --> 00:35:23,040
Speaker 13: those monetized.

676
00:35:23,680 --> 00:35:25,080
Speaker 2: In twenty seven and twenty eight.

677
00:35:26,680 --> 00:35:28,880
Speaker 3: Just note that the stocks kind of pushed a little

678
00:35:29,040 --> 00:35:32,200
Speaker 3: higher again, about four percent during the course of our conversation.

679
00:35:32,280 --> 00:35:35,040
Speaker 3: Chris Pavlovsky Rumble, I really appreciate you being on the show.

680
00:35:35,080 --> 00:35:38,400
Speaker 3: Thank you so much. A year ago, President Trump's eldest

681
00:35:38,400 --> 00:35:42,239
Speaker 3: son stood in Trump Tower and introduced the T One,

682
00:35:42,640 --> 00:35:47,120
Speaker 3: a gold colored US made smartphone from Trump Mobile. The

683
00:35:47,200 --> 00:35:50,719
Speaker 3: device is finally out and maybe not living up to

684
00:35:50,719 --> 00:35:51,400
Speaker 3: all its promises.

685
00:35:51,400 --> 00:35:51,880
Speaker 2: Bloombergs.

686
00:35:51,920 --> 00:35:55,120
Speaker 3: Dane Wolman, our consumer tech editor, joins us in the team,

687
00:35:55,360 --> 00:35:57,600
Speaker 3: as we can see in the video, has had its

688
00:35:57,680 --> 00:35:59,239
Speaker 3: hands on the T one.

689
00:36:00,120 --> 00:36:01,480
Speaker 2: Main takeaways please.

690
00:36:02,800 --> 00:36:05,799
Speaker 12: Yes, so the phone is out, it's real, does not

691
00:36:05,880 --> 00:36:08,480
Speaker 12: quite live up to the pitch for what it's worth,

692
00:36:08,560 --> 00:36:13,040
Speaker 12: not exactly gold mustard colored and we think really not

693
00:36:13,320 --> 00:36:16,680
Speaker 12: made in the US. Other sites have done teardowns of

694
00:36:16,680 --> 00:36:18,600
Speaker 12: the device and it appears to be an exact match

695
00:36:18,640 --> 00:36:22,240
Speaker 12: for an HTC device that's the Taiwanese brand, a certain

696
00:36:22,280 --> 00:36:25,359
Speaker 12: model that came out about two years ago, and it's

697
00:36:25,440 --> 00:36:30,280
Speaker 12: a serviceable phone. It's a mid priced, mid range Android phone,

698
00:36:30,600 --> 00:36:33,080
Speaker 12: and in some ways the specs are actually quite decent.

699
00:36:33,200 --> 00:36:37,360
Speaker 12: In some ways, not the camera. Camera performance in particular lags,

700
00:36:38,080 --> 00:36:40,759
Speaker 12: but there are better options at this price range. And

701
00:36:40,920 --> 00:36:43,560
Speaker 12: worth noting that the software support is one of the

702
00:36:43,560 --> 00:36:47,640
Speaker 12: biggest just areas of uncertainty. It chips with Android fifteen

703
00:36:48,160 --> 00:36:51,200
Speaker 12: and most Android phone makers are already on Android sixteen.

704
00:36:51,239 --> 00:36:54,640
Speaker 12: This week, Android seventeen started rolling out to certain devices,

705
00:36:54,719 --> 00:36:56,880
Speaker 12: So that's actually one of the biggest points in the

706
00:36:56,920 --> 00:36:59,200
Speaker 12: review is if you're going to just now buy a

707
00:36:59,239 --> 00:37:01,040
Speaker 12: new device that you might be holding in your hands

708
00:37:01,520 --> 00:37:05,560
Speaker 12: using for a few years, don't you want the security

709
00:37:05,719 --> 00:37:09,040
Speaker 12: of the assurance of a having the most recent, up

710
00:37:09,120 --> 00:37:12,080
Speaker 12: to date software and knowing that it will continuously be

711
00:37:12,200 --> 00:37:14,080
Speaker 12: updated while you own the device.

712
00:37:14,960 --> 00:37:18,280
Speaker 3: Bloomberg's tech editor Dana Wolman, thank you so much. Sticking

713
00:37:18,280 --> 00:37:22,839
Speaker 3: with phones. Apple is preparing a second generation iPhone Air

714
00:37:23,280 --> 00:37:26,759
Speaker 3: set to debut next spring. Sources say the prototype has

715
00:37:26,800 --> 00:37:30,080
Speaker 3: a second rear camera and the company's working to improve

716
00:37:30,080 --> 00:37:32,279
Speaker 3: the battery life. The new Air will run on a

717
00:37:32,360 --> 00:37:35,680
Speaker 3: version of the A twenty pro processor. That's the same

718
00:37:35,880 --> 00:37:40,799
Speaker 3: chip coming to this Fool's iPhones. Shares of Take two

719
00:37:40,880 --> 00:37:43,360
Speaker 3: pushing a lot higher, training at their highest level in

720
00:37:43,400 --> 00:37:45,600
Speaker 3: about a month, gain of five percent. On the day,

721
00:37:46,160 --> 00:37:49,000
Speaker 3: the parent company of Rockstar Games announced it would begin

722
00:37:49,120 --> 00:37:53,800
Speaker 3: taking pre orders for Grand Theft Auto six next week.

723
00:37:53,960 --> 00:37:57,280
Speaker 3: The highly anticipated game has already been pushed back twice,

724
00:37:57,760 --> 00:38:01,000
Speaker 3: causing hits to the company's stock price. The pre ordered

725
00:38:01,080 --> 00:38:04,239
Speaker 3: date and the release of the final cover art suggests

726
00:38:04,719 --> 00:38:07,440
Speaker 3: it won't face another delay. I don't want to jinx it.

727
00:38:08,400 --> 00:38:12,480
Speaker 3: That's the read. The game is scheduled to launch this November.

728
00:38:13,160 --> 00:38:15,239
Speaker 3: Sticking with entertainmentt's take a look at today is a

729
00:38:15,239 --> 00:38:18,759
Speaker 3: big number. Over one hundred and sixty million dollars. That's

730
00:38:18,760 --> 00:38:22,040
Speaker 3: the amount Toy Story five is expected to bring in

731
00:38:22,080 --> 00:38:25,319
Speaker 3: at the box office this weekend. The new installment is

732
00:38:25,360 --> 00:38:28,440
Speaker 3: tracking to have the best debut of the Pixar franchise,

733
00:38:28,480 --> 00:38:32,040
Speaker 3: and it's not the only blockbuster expected to pull audiences

734
00:38:32,160 --> 00:38:34,840
Speaker 3: to cinema this weekend. Let's bring in Bloombergs, Felix Jellette

735
00:38:35,120 --> 00:38:38,279
Speaker 3: on the screen Time team, Toy Story five, What do

736
00:38:38,320 --> 00:38:38,759
Speaker 3: we need to.

737
00:38:38,719 --> 00:38:43,120
Speaker 14: Know Jasey's origin story We've already got late year, and

738
00:38:43,719 --> 00:38:47,640
Speaker 14: you know, it's basically more fun. It's part of this

739
00:38:47,760 --> 00:38:50,160
Speaker 14: pack schedule for the summer. I think if you're a

740
00:38:50,200 --> 00:38:53,520
Speaker 14: theater owner, you're finally breathing a sign and relieve. It's

741
00:38:53,560 --> 00:38:56,600
Speaker 14: probably the best summer lineup that Hollywood has ruled out

742
00:38:57,080 --> 00:38:58,640
Speaker 14: since the pre pandemic days.

743
00:38:58,920 --> 00:39:00,480
Speaker 2: And Toy Story is a big part of it.

744
00:39:01,360 --> 00:39:04,200
Speaker 3: I watched The Mandalorian two days ago with my wife

745
00:39:04,200 --> 00:39:06,680
Speaker 3: and we were one the two of only three people

746
00:39:06,719 --> 00:39:09,640
Speaker 3: in that room, So I get the box office weekend.

747
00:39:09,840 --> 00:39:12,440
Speaker 3: What else is on the on deck apart from Toy Story?

748
00:39:12,480 --> 00:39:14,759
Speaker 3: And do you need to watch Toy Story one, three, four?

749
00:39:14,840 --> 00:39:15,200
Speaker 2: First?

750
00:39:15,440 --> 00:39:17,799
Speaker 14: You should just for the fun, okay, but you don't

751
00:39:17,800 --> 00:39:18,080
Speaker 14: have to.

752
00:39:18,760 --> 00:39:20,959
Speaker 2: What else do we have? I mean, there's a new Spider.

753
00:39:20,640 --> 00:39:24,800
Speaker 14: Man movie, in new Minion's movie, new Christopher Nolan movie,

754
00:39:24,880 --> 00:39:28,879
Speaker 14: Odyssey's Coming Out, Moana Live Action.

755
00:39:29,960 --> 00:39:31,480
Speaker 2: You know, super Girl.

756
00:39:31,600 --> 00:39:34,279
Speaker 14: There's really a pack lineup, and in addition, to all

757
00:39:34,360 --> 00:39:36,480
Speaker 14: big studios. You're also getting a lot of help this

758
00:39:36,560 --> 00:39:38,640
Speaker 14: year from some of the smaller players at A twenty

759
00:39:38,640 --> 00:39:41,920
Speaker 14: four with back rooms, you know, some of these YouTube

760
00:39:41,920 --> 00:39:44,760
Speaker 14: creators that are coming out with these low budget horror

761
00:39:44,760 --> 00:39:48,920
Speaker 14: movies that are doing terrifically. And you know, even Amazon

762
00:39:49,000 --> 00:39:52,000
Speaker 14: chipping in with Project Hail Mary. All of it's adding

763
00:39:52,080 --> 00:39:53,760
Speaker 14: up to a very strong summer lineup.

764
00:39:54,920 --> 00:39:57,680
Speaker 3: Okay, Bloomberg's Phoenix Chullette, thank you so much. Now before

765
00:39:57,719 --> 00:40:00,960
Speaker 3: we go, the New York Knicks ticket parade is underway.

766
00:40:01,040 --> 00:40:03,160
Speaker 3: Let's go over to City Hall Plaza in New York

767
00:40:03,440 --> 00:40:07,920
Speaker 3: where Bloomberg's Randall Williams is standing by. Tell the Bloomberg

768
00:40:08,000 --> 00:40:12,200
Speaker 3: Tech audience absolutely everything that is going on that they

769
00:40:12,239 --> 00:40:14,400
Speaker 3: need to know and what the vibe is right now

770
00:40:14,520 --> 00:40:18,440
Speaker 3: in New York City.

771
00:40:19,320 --> 00:40:23,520
Speaker 1: This is a basketball party unlike anything I've ever seen.

772
00:40:23,800 --> 00:40:26,239
Speaker 1: New York City has been waiting fifty three years to

773
00:40:26,320 --> 00:40:29,200
Speaker 1: party like they're partying right now, all the way up

774
00:40:29,200 --> 00:40:31,239
Speaker 1: down the street, all the way here to City Hall.

775
00:40:31,320 --> 00:40:34,040
Speaker 1: And So when you think about what the Knicks means

776
00:40:34,080 --> 00:40:37,440
Speaker 1: to this culture, you think about Rucker Park, you think

777
00:40:37,440 --> 00:40:41,000
Speaker 1: about Dykeman, these street courts that have birthed so many

778
00:40:41,040 --> 00:40:43,560
Speaker 1: street stars in basketball. And now you think about the

779
00:40:43,640 --> 00:40:47,680
Speaker 1: Knicks today, Jalen brunts and Karl Anthony, Towns, Jose Alvarado,

780
00:40:47,800 --> 00:40:50,560
Speaker 1: New Jersey and New York hometown kids, there is not

781
00:40:50,640 --> 00:40:52,640
Speaker 1: a story you could write better. And for what it

782
00:40:52,680 --> 00:40:54,840
Speaker 1: means for the NBA. The NBA has been taking a

783
00:40:54,920 --> 00:40:57,640
Speaker 1: beating in previous years in terms of the conversations about

784
00:40:57,640 --> 00:41:00,320
Speaker 1: TV ratings. Everyone's been saying, oh, you know, the league

785
00:41:00,360 --> 00:41:02,279
Speaker 1: is down, the league is down. Well, the Knicks played

786
00:41:02,280 --> 00:41:04,640
Speaker 1: the San Antonio Spurs, they beat them in five, and

787
00:41:04,680 --> 00:41:07,040
Speaker 1: the ratings were up. So they were up so high

788
00:41:07,160 --> 00:41:09,760
Speaker 1: that they were on par with some of Michael Jordan's

789
00:41:09,800 --> 00:41:13,000
Speaker 1: numbers in terms of excuse me, not quite as as

790
00:41:13,000 --> 00:41:14,120
Speaker 1: Michael Jordan's numbers, just.

791
00:41:14,160 --> 00:41:14,839
Speaker 2: Right below it.

792
00:41:14,880 --> 00:41:17,080
Speaker 1: And so when you think about that, for the the

793
00:41:17,160 --> 00:41:18,160
Speaker 1: NBA is elated.

794
00:41:18,480 --> 00:41:19,560
Speaker 2: Jalen Brunson is elated.

795
00:41:19,600 --> 00:41:21,239
Speaker 1: They're going to be here right behind me at City

796
00:41:21,280 --> 00:41:23,600
Speaker 1: Hall giving all their speeches and that's going to be

797
00:41:23,600 --> 00:41:25,640
Speaker 1: a wrap on the NBA season. Next week will be

798
00:41:25,680 --> 00:41:28,160
Speaker 1: the NBA Draft and we'll go into the summer league.

799
00:41:28,160 --> 00:41:30,680
Speaker 1: But the NBA is thrilled. The New York Knicks are thrilled,

800
00:41:30,800 --> 00:41:33,919
Speaker 1: and of course New York City basketball fans are having

801
00:41:33,960 --> 00:41:36,240
Speaker 1: the time of their life inbox.

802
00:41:36,360 --> 00:41:41,040
Speaker 3: Randall Williams live outside New York City Hall Bloomberg Tech audiences.

803
00:41:41,080 --> 00:41:42,120
Speaker 2: Why are you covering basketball?

804
00:41:42,120 --> 00:41:44,600
Speaker 3: I remember twenty eighteen and twenty twenty two when the

805
00:41:44,640 --> 00:41:47,960
Speaker 3: Warriors won and the tech sector in Bay Area going wild,

806
00:41:48,000 --> 00:41:49,960
Speaker 3: So New York City would do that for you as well.

807
00:41:50,640 --> 00:41:53,680
Speaker 3: That does it for this edition of Bloomberg Tech. More

808
00:41:53,719 --> 00:41:57,840
Speaker 3: live pictures, New York City, Knick's Parade, our top stories

809
00:41:57,840 --> 00:42:01,320
Speaker 3: in the markets. Intel is up trading at a record

810
00:42:01,360 --> 00:42:03,200
Speaker 3: high because the President of the United States said on

811
00:42:03,239 --> 00:42:06,040
Speaker 3: truth Social that it has an agreement with Apple to

812
00:42:06,080 --> 00:42:08,839
Speaker 3: bring chip manufacturing for the iPhone maker.

813
00:42:08,840 --> 00:42:10,080
Speaker 2: Back to the United States.

814
00:42:10,200 --> 00:42:12,680
Speaker 3: SpaceX down eight percent, one hundred and seventy seven dollars

815
00:42:12,680 --> 00:42:15,520
Speaker 3: a share, But remember this is only the fifth day

816
00:42:15,520 --> 00:42:18,719
Speaker 3: of trading since the Blockbuster IPO. The price at one

817
00:42:18,840 --> 00:42:22,120
Speaker 3: hundred and thirty five dollars a share and its valuation

818
00:42:23,120 --> 00:42:25,600
Speaker 3: is still out of this world. This is a story

819
00:42:25,640 --> 00:42:27,840
Speaker 3: that won't go away, but we are a long way

820
00:42:28,160 --> 00:42:30,840
Speaker 3: from the lock up period fully expiring, so we're going

821
00:42:30,880 --> 00:42:33,840
Speaker 3: to track the mechanics of it. Remember, It's a short

822
00:42:33,880 --> 00:42:37,840
Speaker 3: trading week in the United States. Friday is a holiday

823
00:42:37,960 --> 00:42:40,440
Speaker 3: for some and many, so recap today show on the

824
00:42:40,480 --> 00:42:42,600
Speaker 3: podcast You know exactly where to find it on the

825
00:42:42,640 --> 00:42:47,680
Speaker 3: Bloomberg platforms, The Terminal and online Apple Spotify. iHeart what

826
00:42:47,800 --> 00:42:49,919
Speaker 3: a week this is Bloomberg Tech