Speaker 1: From the heart where Innovation, money and power Collie in
Speaker 1: Silicon Valley, NBN.
Speaker 2: This is Bloomberg Technology with Caroline Hyde and Ed lud.
Speaker 3: Love live from New York.
Speaker 4: This is Bloomberg Technology coming up in video.
Speaker 3: Says it's new.
Speaker 4: Chipper on track, but the rush to get the product
Speaker 4: lineup out the door is.
Speaker 3: Proving more costly than expected.
Speaker 4: Plus, Bitcoin rises to new heights as the Trump transition
Speaker 4: team weighs the creation of a dedicated white house cryptopost
Speaker 4: and the CEO of Palo Alto Networks joins on the
Speaker 4: heels of its earnings.
Speaker 3: We'll discuss how AI can.
Speaker 4: Help stop the threats of the future, but first we
Speaker 4: get straight to the world of in video and indeed
Speaker 4: the points trag that it's having on the Nasdaq is
Speaker 4: somewhat We're off by eighteen percent, but it's been a
Speaker 4: volatile day of trade as people.
Speaker 3: Try to pass.
Speaker 4: Ultimately, how strong future growth still looks under in video
Speaker 4: and indeed the supply side headaches that much has been discussed.
Speaker 4: Let's get straight to within King and look, we'd all
Speaker 4: been fretting about Blackwell the product lineup, how easily it
Speaker 4: is to get into customers. Hans did Jensen Wong manage
Speaker 4: to calm investors' nerves?
Speaker 5: I mean, obviously to an extent. We haven't seen the
Speaker 5: massive fall off that we've seen manifest previously with concerns.
Speaker 5: He talked about, Yeah, we're getting it to market. We're
Speaker 5: actually going to be probably getting more to market than
Speaker 5: we had thought we would. At the same time, it's
Speaker 5: going to cost us.
Speaker 4: Yeah, let's just weigh in on the profit margins, because
Speaker 4: you do such a great job at giving the context here. Ultimately,
Speaker 4: this is a company that gave us ninety four percent
Speaker 4: increase in revenue in the third courting guided to another
Speaker 4: seventy percent increase, give or take plus or minus two percent.
Speaker 4: But the profitability is what just coming down ever so
Speaker 4: slightly to what seventy three to seventy four percent margin?
Speaker 5: That's right, I mean, I think that's the right way
Speaker 5: to look at it. They've set such high expectations, right,
Speaker 5: they were at seventy five percent, which had narrowed slightly.
Speaker 5: But seventy five percent is like software mhudgeons, Right, this
Speaker 5: is a semiconductor company, right, you know, AMD's twenty points
Speaker 5: south of that. You know, Intel isn't even in the
Speaker 5: same zip code right now. So yes, they're losing a
Speaker 5: few points because they're spending more in engineering to get
Speaker 5: those chips out, get those systems in place quicker.
Speaker 2: But really this is a very very high bar.
Speaker 4: And then full production comes what the back end of
Speaker 4: their fiscal twenty twenty five in. But I suppose they
Speaker 4: still have to address the issue that. Sure they're getting
Speaker 4: them out the door, but it's to the same kind
Speaker 4: of companies. How are they managing to diversify their demand base?
Speaker 5: Well, I mean that was one of the things that
Speaker 5: we saw in the release. They're not right. The amount
Speaker 5: of revenue coming from those big companies, the Microsoft's, the
Speaker 5: Amazons has actually gone up from forty five percent to
Speaker 5: fifty percent, So like half of the most important divisi
Speaker 5: that they have is dependent upon just a few companies.
Speaker 5: Investors are definitely concerned about that. Why they're concerned about
Speaker 5: that because these companies are making their own chips, trying
Speaker 5: in effect to replace in video and everybody else that
Speaker 5: supplies them.
Speaker 4: Is there any real competition here, because we've heard it
Speaker 4: time and time again that as much as AMD tries,
Speaker 4: as much as Intel tries, really in videos, the any
Speaker 4: game in time for here.
Speaker 5: Yeah, I mean that that definitely appears to be the case.
Speaker 5: I mean that any questions about and demand, any questions
Speaker 5: about losing market share were just irrelevant, right. I mean
Speaker 5: they talked about incredible demand, demand that they cannot meet
Speaker 5: right now. So you know that part of the quote,
Speaker 5: the story is really in the future, if at all, Ian.
Speaker 4: King very much in the present when it comes to
Speaker 4: the market move, We really appreciate it.
Speaker 3: Thank you.
Speaker 4: Let's get you more contact and what it means to
Speaker 4: the rest of the market. Epshkere is with US Senior
Speaker 4: and a list at Swiss Quote and Ibet. We turned
Speaker 4: to you for the market implications because we were anticipating
Speaker 4: as much as a three hundred billion dollar market cap
Speaker 4: swing up to eight percent move higher or lower. Actually,
Speaker 4: a lack of holatility must be a slight sign of relief.
Speaker 6: Well, actually it is because there has been a few
Speaker 6: red flags in yesterday's report. As A was just talking
Speaker 6: about the pressure on the productivity levels due to the
Speaker 6: manufacturing challenges for the black Bell chip is one of them.
Speaker 6: The fact that the big technology companies make up to
Speaker 6: fifty percent of Nvidia's revenue is another sticky point. Yet
Speaker 6: the results have been strong and despite these small red
Speaker 6: flags that we got yesterday from the report, well, the aftermass,
Speaker 6: the immediate selloff has been only twenty half percent, and
Speaker 6: this morning we don't see that the Nvidia shares are
Speaker 6: being sold at the level that we would expect them
Speaker 6: to with such a disappointment, or if with the small
Speaker 6: disappointment from investors, we would think that any miss that.
Speaker 7: Would be a excel off.
Speaker 6: Yet we just see that the market is quite resilient.
Speaker 4: We've got a bit too used to him managing to
Speaker 4: smash expectations.
Speaker 3: That he had set and that of the market.
Speaker 4: And look, you only beat them slightly when it comes
Speaker 4: to their own internal guidance IPEC. The rest of the market, though,
Speaker 4: had been anticipating, well, maybe a questioning around valuation. What
Speaker 4: do you make of the fact that we're still up
Speaker 4: let's call it two hundred percent over the course of
Speaker 4: this year. It's an extraordinary run up for one particular company.
Speaker 3: Can it be sustained?
Speaker 6: Well, it is absolutely an extraordinary run up, and now
Speaker 6: we are questioning the valuation levels, especially if.
Speaker 7: The demand started to solve.
Speaker 6: This is not the case right now, but at some
Speaker 6: point we expect that the demand from the big technology
Speaker 6: companies will start swing, and because this is a big
Speaker 6: chunk of the company's revenue, that's going to be a headache.
Speaker 7: There's another thing.
Speaker 6: Right now, the competition is not a problem because Nvidia
Speaker 6: has got the most expensive but the most premium chips.
Speaker 6: They've got the best performance, and the big technology companies
Speaker 6: are looking for those. But if the demand was to
Speaker 6: slow for the big technology companies, then Nvidia will have
Speaker 6: to find other customers. And these other customers may not
Speaker 6: be looking for the premium solutions. They will be just
Speaker 6: looking for the solutions to manage their day to day
Speaker 6: businesses and increase their productivity and increase their costs. But
Speaker 6: they would also up for maybe more cost efficient and
Speaker 6: well slightly more affordable chip solutions than the Nvida offers.
Speaker 6: And I think that that's going to be a major issue.
Speaker 4: We're going to be talking exactly that later in the programming.
Speaker 4: For now, when we think about the context of in video,
Speaker 4: about twenty percent of all the run up in the
Speaker 4: S and P five hundred is thanks to this one
Speaker 4: particular name this year, about twenty five percent of all
Speaker 4: earnings per share increase. How key man risk is in
Speaker 4: video and how does one protect themselves against that.
Speaker 6: Well, obviously, the AI rally and especially has been one
Speaker 6: of the major pillars of the market rally in the
Speaker 6: US that we have seen over the past two years.
Speaker 6: So anything any lack of epissites for Nvidia from now
Speaker 6: on is going to have a negative impact on the
Speaker 6: market sentiment. Now, we have seen that AI rarely broaden
Speaker 6: toward the other sectors, other non technology sectors. But it's
Speaker 6: worth noting that this company has added so much upside
Speaker 6: pressure to the SMP five hundred, So anything less than
Speaker 6: any kind of loss of momentum here will obviously be
Speaker 6: well quite negative for the SMP five hundred, especially knowing
Speaker 6: that the SMP five hundred today is struggling near its
Speaker 6: all time high levels.
Speaker 4: So when you're sat ultimately in Europe and you're thinking
Speaker 4: about a global perspective, it should people be broadening out
Speaker 4: when it comes to just magnificent seven, let alone just
Speaker 4: in video litlone just US bets on technology.
Speaker 6: Well, when it comes to technology, I really believe that
Speaker 6: the US is still in a very dominant position, So
Speaker 6: you wouldn't be going to to Europe for technology solutions.
Speaker 6: There's one place that we actually like, and that's Japan,
Speaker 6: especially given that the government there is going to give
Speaker 6: some more support to their technology industry.
Speaker 7: So in terms of geographical.
Speaker 6: Diversification, Japan could be a good solution. There is China
Speaker 6: as well that we have been looking at, but we
Speaker 6: are still not positive for China because well, the chipwoar
Speaker 6: has weighed greatly on sentiment and on the progress of
Speaker 6: the technology advancement there, So we're not really looking at
Speaker 6: China right now. So one place that investors could be
Speaker 6: looking at would be Japan, but other than that, the
Speaker 6: US is still in a very dominant position. So if
Speaker 6: you want to invest in tech, well you would just
Speaker 6: the first place you would like to go is the
Speaker 6: US because this is where you have massive upside potential.
Speaker 4: So back the clients that are calling you, are they
Speaker 4: saying they want to add to Invidia, for example, as
Speaker 4: a name at these particular levels or do they just
Speaker 4: keep their exposure where it is well.
Speaker 6: To be perfectly honest with you, I don't have clients
Speaker 6: who would like to sell Nvidia, but at the current
Speaker 6: levels people are more skeptical about entering into.
Speaker 7: The NVDA shares.
Speaker 6: What I mostly here is what level would be a
Speaker 6: good entry level if we start seeing a price pullback
Speaker 6: from the actual level, So people will still be buying
Speaker 6: MVDA shares from this point on, but they're still at
Speaker 6: disvaluations at this point in time, they will be looking
Speaker 6: for good entry levels.
Speaker 4: Is there other names, smaller chip rivals that you've thought
Speaker 4: would be a better entry point.
Speaker 6: Well, I think that AMD is at a good position
Speaker 6: right now. Obviously, they do not offer the same potential
Speaker 6: and d do not offer the same margins than Nvidia does,
Speaker 6: but it's share price have come down quite significantly to
Speaker 6: offer an interesting entry point at the current levels. It's
Speaker 6: also to be said that AMD is about to launch
Speaker 6: two powerful chips, one for the end of this year
Speaker 6: and one for next year. And what's interesting with AMD
Speaker 6: is they may not be as powerful as premium as
Speaker 6: Nvidia chips, but they're clearly going to be more cost
Speaker 6: efficient and there are many many sectors and companies out
Speaker 6: there that will be looking for more cost efficient and
Speaker 6: more affordable solutions, and AMD could actually help fulfilling that gap.
Speaker 4: MD currently trading at forty one times future earnings compared
Speaker 4: to about a fifty times for a video effect Oskodeshka.
Speaker 3: Thank you so much for your time.
Speaker 4: Seenior analyst at Swiss Code Now coming up bitcoin ooh,
Speaker 4: nearing one hundred thousand dollars. The Trump dream is looking
Speaker 4: towards creating a new crypto role. Well that next is
Speaker 4: the Bluebeg technology Bitcoin's massive run. Well, let's see the
Speaker 4: digital asset edging now towards one.
Speaker 3: Hundred thousand dollars.
Speaker 4: This as the Trunk team is said to be mulling
Speaker 4: over creating its first ever crypto role that would oversee
Speaker 4: cryptocurrency policy making. Marlbrenberg's Kaylee lines chows us Now, so
Speaker 4: just what is.
Speaker 8: Being weighed right now? Well, a lot of it, Caroline
Speaker 8: is still up in the area. This would be the
Speaker 8: first crypto specific role in the White House, and in
Speaker 8: many ways this would signal that Donald Trump was serious
Speaker 8: about the crypto related promises he made on the campaign trail,
Speaker 8: which of course included making the US the bitcoin capital
Speaker 8: of the world, firing the current chair of the SEC,
Speaker 8: Gary Gensler. He also had said he wanted to make
Speaker 8: the first ever crypto presidential Advisory Council, So in some
Speaker 8: ways it shouldn't be all too surprising that he is
Speaker 8: looking at a role like this, But it's not abundantly
Speaker 8: clear at this time what form this would actually take,
Speaker 8: if this is going to be an actual White House
Speaker 8: staff position or just someone who is more of a
Speaker 8: crypto zar quote unquote if you will. I was speaking
Speaker 8: to a source on this this morning who said, yes,
Speaker 8: this is all very up in the air. They are
Speaker 8: seriously looking at this, but it's just not clear what
Speaker 8: kind of power would come win this role. If they
Speaker 8: are going to have actual staff reporting into them, for example,
Speaker 8: if they will just be advising, or if this really
Speaker 8: ultimately is going to be about liaising and coordinating.
Speaker 3: And by coordinating I mean all the.
Speaker 8: Different parts of government that are involved in overseeing crypto here,
Speaker 8: so between the White House and Congress, who would actually
Speaker 8: write digital asset legislation, or the White House and other
Speaker 8: agencies that have jurisdiction over this, like the CFTC and
Speaker 8: the SEC. And I would just point you, Caroline to
Speaker 8: the tweet from Kristin Smith, the CEO of the Blockchain Association,
Speaker 8: yesterday she posted on x and she said, look, the
Speaker 8: cryptos are idea quote unquote is a great idea, but
Speaker 8: ultimately they can only actually do things if there is
Speaker 8: a strong Secretary of the Treasury and SEC chair to
Speaker 8: go along with that, and of course, Caroline, we have
Speaker 8: not gotten picks for either of those roles from the
Speaker 8: President elect yet, so a little.
Speaker 4: Of this is signaling, Kaylee. But just remind us on
Speaker 4: the campaign trail, some of the promises to make the
Speaker 4: US the crypto capital of the planet, to make mining
Speaker 4: of a mole focus to the United States, to have
Speaker 4: even well reserve of bitcoin. Is that necessary to have
Speaker 4: congressmate moves or can this be done from an executive order.
Speaker 3: From a White House only led position.
Speaker 8: Some of it can in that the president obviously has
Speaker 8: the power of appointment, so he could put in place
Speaker 8: a more crypto friendly SEC and CFTC chair who would
Speaker 8: be more lenient with the industry perhaps than we have
Speaker 8: seen in the Biden administration. But a lot of this
Speaker 8: will come down to Congress as well. It was actually
Speaker 8: part of not just Donald Trump's campaign platform, but it
Speaker 8: was in the Republican Party platform that was adopted at
Speaker 8: the convention in Milwaukee this summer that they want to
Speaker 8: end what they call democrats Unamerican crackdown on the industry.
Speaker 8: So that would signal that this is kind of more
Speaker 8: of a government wide effort than just what's going to
Speaker 8: be coming out of the White House in Congress. Will
Speaker 8: be really important here is they have the law making
Speaker 8: power in terms of actually delineating jurisdiction between these different
Speaker 8: agencies that kind of have been jockeying for control over it.
Speaker 3: And the chairmanship of.
Speaker 8: The House Financial Services Committee is something we should pay
Speaker 8: attention to. It's going to be decided in the next
Speaker 8: few months is one hundred and nineteenth Congress comes in.
Speaker 8: Chairman currently Patrick mckenry is going to be leaving the
Speaker 8: House and there's kind of a three way battle going
Speaker 8: on between Congress and Bill Barr or excuse me, Andy
Speaker 8: Barr of Kentucky, Bill Hezenga of Michigan, and French Hill
Speaker 8: of Arkansas, who currently leads the subcommittee specifically on digital assets,
Speaker 8: and so when where it's chairing, the Financial Services Committee
Speaker 8: will have a lot of control over the shape of
Speaker 8: the legislation that ultimately could work its way through Congress.
Speaker 3: And that's going to be.
Speaker 8: What a lot of the industry's lobbying time is spent
Speaker 8: specifically on on.
Speaker 4: Industry lobbied going into these elections, and it works. I mean,
Speaker 4: the money that was put to work. Backing crypto friendly
Speaker 4: congress people is important.
Speaker 3: Right, absolutely.
Speaker 8: I mean you look at packs like fair Shape, for example,
Speaker 8: that deployed tens of millions of dollars in some of
Speaker 8: those key congressional races, including for example, a successful ousting
Speaker 8: of the current chair of the Senate Banking Committee, Shared
Speaker 8: Brown of Ohio. He was ousted not just by any
Speaker 8: candidate but a crypto entrepreneur himself, and Bernie Marine the
Speaker 8: incoming Republican Senate designate or Senate elect So that is
Speaker 8: going to be really interesting to watch. As I mentioned
Speaker 8: the House Financial Services Committee. The Senate, of course, is
Speaker 8: going to be where a lot of the uphill climb
Speaker 8: has been historically when it comes to advancing the interests
Speaker 8: of the crypto industry. And Tim Scott will now be
Speaker 8: taking over as the Senate Banking Chair.
Speaker 3: I would just point out.
Speaker 8: That the ranking member could very well be Democratic Senate
Speaker 8: that Elizabeth Warren, who faced a crypto opponent of her own,
Speaker 8: but one ultimately her reelection race, and she may have
Speaker 8: a little bit of a role in at least effort
Speaker 8: in attempt to pull back some of the efforts to
Speaker 8: advance the industry's interest. But the crypto money that was
Speaker 8: active in this election cycle.
Speaker 3: Has no sign that it's going anywhere.
Speaker 8: Now that they've proven that they actually can make a
Speaker 8: difference in outcomes, here will We're watching to see how
Speaker 8: this pack and other interest groups and the others individuals
Speaker 8: who were contributing to it, think Mark and Dreson for example,
Speaker 8: or Brian Armstrong, how active they will be in the
Speaker 8: midterms in twenty twenty six and then ultimately in the
Speaker 8: next presidential cycle in twenty twenty eight, always.
Speaker 3: Pushing us forward. Kaylee me, thank you.
Speaker 4: Now, let's talk about artificial super intelligence.
Speaker 3: Perhaps it's not far off.
Speaker 4: Last months off Bak CEO Masayoshi's son and predicted then
Speaker 4: it would become a reality by twenty thirty five. Well,
Speaker 4: former Google CEO Eric Schmidt, who is out with a
Speaker 4: new book on artificial intelligence, says it might be coming
Speaker 4: even sooner than we think.
Speaker 3: Take a listen.
Speaker 9: It's probable that we can build systems that are the
Speaker 9: technical term is super intelligent, where you have a simple
Speaker 9: system sarry a single system that is at the nineteh
Speaker 9: percentile of physics, math, chemistry, and arts and so forth.
Speaker 7: No human can do that.
Speaker 9: It looks like these systems will be not only available
Speaker 9: in the next five years because we already have examples
Speaker 9: of passing these tests already, but also that they'll be
Speaker 9: broadly available for all society.
Speaker 4: A bit more on AI app because happening today in
Speaker 4: New York the Evident AI Symposium, where some of the
Speaker 4: most senior leaders of the world's banking and artificial intelligence
Speaker 4: areas came together. They're discussing the AI adoption in the
Speaker 4: banking sector based on the latest data from an AI index.
Speaker 4: It's a global standard benchmark for aimaturity in banking. I
Speaker 4: sat down with JP Morgan Chase chief Data and Analytics
Speaker 4: Officer Teresa heitsen Rada and asked if look, the efficiencies
Speaker 4: from AI are the number one return on investment.
Speaker 3: Take listen.
Speaker 1: The magic question is what's what's the return?
Speaker 10: Right?
Speaker 1: And the answer is very, very difficult to quantify, And
Speaker 1: I think at this stage of the game, the return
Speaker 1: is a little bit of efficiency for a lot of
Speaker 1: people every day, but not something that you can actually
Speaker 1: hang a number on. So I think that the next
Speaker 1: generation of where we see this heading is, rather than
Speaker 1: just using it to help you write your email or
Speaker 1: summarize a document, is when we start to plug the
Speaker 1: technology into knowledge bases, when we start to actually look
Speaker 1: at the workflow of a particular person or group and
Speaker 1: linked together the steps in that workflow with the tools
Speaker 1: that they need to be able to do their So
Speaker 1: you basically go from the five minutes of efficiency to
Speaker 1: the five hours of efficiency. That's a road like that's
Speaker 1: going to take some time to actually get there, but
Speaker 1: I think that's where we see it evolving. So there
Speaker 1: are near term benefits, but I think the most compelling
Speaker 1: is just putting the technology in people's hands and letting
Speaker 1: them start to experiment and understand how it actually works
Speaker 1: and how it can be used.
Speaker 4: JP Morgan Chase Chief Data and Analytics Officer Teresa heisen Weather.
Speaker 4: There I mean, while coming up, it's official the DOJ
Speaker 4: does want Google to divest its Chrome web browser.
Speaker 3: All details next.
Speaker 11: This is bring big technology.
Speaker 4: The Justice Department and a group of states do indeed
Speaker 4: suggest that Google may have to divest its popular Chrome
Speaker 4: web browser and imposed limits on its Android operating system
Speaker 4: in order to address anti trust concerns, all confirming earlier
Speaker 4: reports by Bloomberg.
Speaker 3: For Now, Bloombergsley and Nyland.
Speaker 4: Joins US and it was your reporting that ultimately has
Speaker 4: been confirmed. Just tell us through how realistic still this
Speaker 4: divestment would be.
Speaker 12: We'll see probably in early spring. The Justice Department has
Speaker 12: said that they want Google to be forced to sell
Speaker 12: off Chrome.
Speaker 3: It's not clear who would buy it.
Speaker 12: You know, the top two other browser makers, Microsoft and Apple,
Speaker 12: who have the cash, the Justice Apartment probably wouldn't want
Speaker 12: to let them, so the next you know, most obvious
Speaker 12: candidates are probably people like open ai or Perplexity or
Speaker 12: some of the other AI startups that would really love
Speaker 12: to have this kind of an avenue to customers for
Speaker 12: their AI search goals. Other things that the Justice Department
Speaker 12: put in there is that they want Google to have
Speaker 12: to license a lot of its data. That's probably a
Speaker 12: more realistic thing that would have to happen, and and
Speaker 12: it would definitely give a boost to other search engines
Speaker 12: and possibly AI startups who would now.
Speaker 3: Not have to scrape the web themselves.
Speaker 4: Alphabet once again one of the key drags on the
Speaker 4: NASTAC today. Investors worried about this alphabet itself, worried about
Speaker 4: it coming out, and still once again trying to say
Speaker 4: that this is a radical turn of events if imposed,
Speaker 4: how complex is it to actually see a company sell
Speaker 4: off such businesses? And how much do we have to
Speaker 4: now wait for the legal maneuvering to play out? They
Speaker 4: now have what a couple of months to respond.
Speaker 12: They have until next month to respond, and then the
Speaker 12: Trump administration in March gets to have another reply. So
Speaker 12: if the Trump administration wants to change this proposal a
Speaker 12: little bit, they are allowed to. We probably won't have
Speaker 12: a decision from the court until next summer.
Speaker 7: The judge has promised.
Speaker 12: That he will rule by August twenty twenty five, but
Speaker 12: then Google says it will appeal. That'll take another year,
Speaker 12: So at the earliest we're looking at them having to
Speaker 12: do this in probably twenty twenty six. But I think
Speaker 12: people are recognizing that Chrome is actually pretty important to
Speaker 12: Google's business. It is, you know, an avenue through which
Speaker 12: a lot of people access it's a search engine, but
Speaker 12: it also is how Google collects a lot of the
Speaker 12: data that underlies its advertising. You know, whenever a user
Speaker 12: logs in, it keeps a lot of information about the
Speaker 12: browser history.
Speaker 3: You know where.
Speaker 12: People are going online, what they're looking at, and then
Speaker 12: Google uses that data to help sell advertising. So this
Speaker 12: could have knock on effects to how some of Google's
Speaker 12: core businesses.
Speaker 3: Me and Eilan appreciate the update. Thank you.
Speaker 4: Now it's time for talking tech, and first up, we're
Speaker 4: talking PDD chares as you see plunging after warning that
Speaker 4: it's profitability will trend downwards over time because of intensifying
Speaker 4: competition in its home market. Of course, of China, PDD,
Speaker 4: which competes with Ali Barba and its team, is struggling
Speaker 4: to catch up with unspecified rivals because of the lack
Speaker 4: of expertise, speaking of which Ali Baba has a pointed
Speaker 4: better and executive Jeng Fan to oversee its entire online
Speaker 4: e commerce operation. Now Jiang will lead a newly created
Speaker 4: department that consolidates Ali Baba's online shopping assets, making him
Speaker 4: the most powerful person in the company after the CEO
Speaker 4: and chairman and Baido. It recorded its biggest revenue drop
Speaker 4: more than two years after China's economic malaise. Under mind
Speaker 4: it's push into general to AI. Now the company's ernie
Speaker 4: Bot has fallen behind Bite Dances d'albao in China usage,
Speaker 4: while its core business is losing ground. Two newer social
Speaker 4: platforms off by seven percents.
Speaker 3: You'll see now coming up.
Speaker 4: We're going back to the US earning story Nvidia the
Speaker 4: impact on the chip sector at large. We're currently off
Speaker 4: by one point three percent, one point two percent for
Speaker 4: the world's most valuable publicly traded company. This is the
Speaker 4: room Mate Technology. Welcome back to Blue meag Technology and
Speaker 4: Karin Hider, New York. Let's get back to it. In
Speaker 4: Video's earnings. Here is the reaction from just some of
Speaker 4: our guest somebody Meg Television.
Speaker 3: I have a feeling that we've reached peak Navidio. How
Speaker 3: long can you stay perfect? Great?
Speaker 13: So I think that, yeah, I mean, I do think
Speaker 13: that a lot of investors are expecting a little bit
Speaker 13: too much.
Speaker 10: There's a little bit of this kind of fatigue.
Speaker 7: But make a mistake. This was a remarkably good quarter.
Speaker 3: When they're putting up in terms of Hopper, in terms
Speaker 3: of overall growth, it's exact what the what the bulls want.
Speaker 13: Never underestimate Wall Street's ability to miss the bigger picture.
Speaker 13: This company has double the operating margin of any other
Speaker 13: Meg seven outside of Microsoft. To nitpick in Video on
Speaker 13: those margins is truly missing the big picture.
Speaker 3: Let's nitpick some more.
Speaker 4: Daniel Pelling, portfolio manager and senior technology research analyst at
Speaker 4: Sans Capital joins us now and Daniel, Yeah, we're quibbling
Speaker 4: on a margin of seventy five percent going to somewhere
Speaker 4: to seventy three to seventy four percent, so much more
Speaker 4: profitable than rivals.
Speaker 14: Yes, Hi, good morning. Yeah, so well, I think actually
Speaker 14: the gross Martin stuff is largely behind us. They've guided
Speaker 14: for sort of seventy five percent exiting the year, And
Speaker 14: I know this was a concern a while back, but
Speaker 14: I would actually argue it's somewhat frankly irrelevant. I think
Speaker 14: what was much more important was two things. First of all,
Speaker 14: the company noted that the scaling laws are well and
Speaker 14: alive and that we can both scale training and inference
Speaker 14: going forward. So this entire discussion about how we're hitting
Speaker 14: a wall is sort of probably off, and there's just
Speaker 14: many walls and they're far away. And then the second
Speaker 14: really important thing I thought that they mentioned was is
Speaker 14: to say that data centers are becoming a little bit
Speaker 14: like smartphones, i e. They are electricity constrained. And what
Speaker 14: that means is just amazing, right, because that means every
Speaker 14: year the hyperscalers have to buy a new chip because
Speaker 14: the new chip is better in terms of electricity usage,
Speaker 14: and we've never had that before in the data center.
Speaker 14: So those two things I think are very positive for
Speaker 14: the medium and long term of the company.
Speaker 4: I want to go about to the scaling laws, Daniel,
Speaker 4: because yes, we've had Jensen Wang actually back on the
Speaker 4: conference trail just earlier this week talking about how compute
Speaker 4: power is going to continue to extend, and indeed the
Speaker 4: more data, the more compute you have, the more sophisticated.
Speaker 3: The larger language models will become.
Speaker 4: But then you listen to the reporting out of Bloomberg
Speaker 4: around open ai and the latest iteration of large language models.
Speaker 4: Just stuttering a little, Why are you so confident that
Speaker 4: scaling laws.
Speaker 3: Aresketden in place?
Speaker 14: Yes, So, I think the key thing to note here
Speaker 14: is that all that information that we have is based
Speaker 14: off of smaller clusters. So now we for the first
Speaker 14: time have a cluster that's something like one hundred or
Speaker 14: two hundred thousand GPUs that is owned by Elon Musk
Speaker 14: and we'll see what comes out of that in the
Speaker 14: next twelve months. And secondly, and more importantly, maybe the
Speaker 14: black clusters start at one hundred thousand GPUs. Hopper started
Speaker 14: at ten thousand GPUs, so we'll have to wait the
Speaker 14: next twelve months. What can we train with these much
Speaker 14: better chips and much larger clusters and whatever out of that?
Speaker 14: That is the crux. So I think most of the
Speaker 14: stuff that's in these articles is kind of backward looking
Speaker 14: because we just didn't have the chips nor these big
Speaker 14: clusters yet.
Speaker 4: That has been reporting about the latest valuation of Xai
Speaker 4: and the fact that they're raising money simply to buy
Speaker 4: more GPUs, But there is that worry about density of
Speaker 4: customer for n video. Are we going to see a
Speaker 4: broadening out?
Speaker 14: Yeah, So I think the big question here is like this,
Speaker 14: and I think you're right. So the big customers are hyperscalers,
Speaker 14: venture finers, startups, and actually healthcare companies are using training
Speaker 14: a lot too. My sense is that the most important
Speaker 14: thing to look at here is for the next year
Speaker 14: is agentic AI and this idea of that we're spending
Speaker 14: much more compute on inference and letting inference think. And
Speaker 14: I think it's starting just now, and if we can
Speaker 14: see this, then companies can really start using this via
Speaker 14: using service now, Workday, Microsoft, et cetera, et cetera. So
Speaker 14: I think that might be a big tipping point and
Speaker 14: we're literally at inning one of that. And just to
Speaker 14: be clear, agentic AI is this sort of THISI they
Speaker 14: can do things autonomously within an enterprise and help with workflows.
Speaker 4: We've had a lot about agents from the likes you
Speaker 4: mentioned service now we've also heard it from Salesforce.
Speaker 3: And the light Daniel.
Speaker 4: So when we look at your funds managed what the
Speaker 4: top holding is in Nvidia, does that start to broaden
Speaker 4: out for you or do you mean comfortable with your
Speaker 4: alignment on in video even though it's at what the
Speaker 4: most valuable market capitalization in the entire world.
Speaker 7: Two things.
Speaker 14: One, so I think there's a good scenario to be
Speaker 14: made that Nvidia becomes the first ten trillion dollar market company.
Speaker 14: And I'll tell you why. I mean, even if you
Speaker 14: just look at the top four hyperscalers, they're estimated to
Speaker 14: generate about three hundred billion dollars of free cash flow
Speaker 14: next year alone. And what I'm trying to say is
Speaker 14: there's a lot of dollars left to go to Nvidia
Speaker 14: if the scaling.
Speaker 7: Laws hold true.
Speaker 14: So that's one, we're very bullish on video or continue
Speaker 14: to be positive on video. But two, the trends are
Speaker 14: really proliferating into other spaces, and maybe I'll make two
Speaker 14: comments there. First, First of all, the software company Service
Speaker 14: now Microsoft et Centa, they will benefit. But there's also
Speaker 14: other companies you know that have significant competitive advantages and
Speaker 14: it can really take AI and monetize it right. And
Speaker 14: one great example might be a company called Axon that
Speaker 14: you know, manufacturers tasers and cameras for the police force.
Speaker 14: They've added an ability to transcribe you know, police when
Speaker 14: they're engaged with people, and that says forty percent of
Speaker 14: time for that police officer. That's a huge improvement, and
Speaker 14: the stock has started to price them in as an
Speaker 14: AI winner, and I think you'll see more of that
Speaker 14: over time too.
Speaker 4: Another company for us to focus in on for our
Speaker 4: audience standing pelling. So great to have time with the
Speaker 4: senior technology research analyst, Sam's Capital. How interesting that he
Speaker 4: kept referencing inference. We're going to have a conversation on
Speaker 4: that now because we have a perspective and someone in
Speaker 4: the field. Rodrigo leac CEO of sa Manova is an
Speaker 4: AI infrastructure company that delivers advanced AI solutions for enterprises.
Speaker 4: You're kind of an Nvidia competitor upstart.
Speaker 3: And I just want to articulate for our audience what
Speaker 3: it is that you do. Yeah, no, thanks for having us.
Speaker 15: So some of the is started as a startup coming
Speaker 15: out of Stanford University and palto really focus on efficient computing.
Speaker 15: And so as we're seeing in video scale and you
Speaker 15: see all the all the great numbers that that people
Speaker 15: are talking about with video or we're now seeing, is
Speaker 15: what happens when the world wants to go into production
Speaker 15: and going to scale. And one of the things that Franklin,
Speaker 15: we're not talking enough about is the fact that power
Speaker 15: and energy is going to be a big bottleneck, and
Speaker 15: you know, people are talking about building nuclear power plants
Speaker 15: and things like that. Somanova Te took the focus of
Speaker 15: how do we actually take AI at scale power efficiency
Speaker 15: and drive it down so that you can actually scale
Speaker 15: without running into these limits that we start seeing with
Speaker 15: both companies and countries running out of power and figuring
Speaker 15: out how to actually provide enough energy to supply these GPUs.
Speaker 4: So your view is you can't like there's going to
Speaker 4: be a certain limitation on the amount of energy efficiency
Speaker 4: that a company like and Video is ever going to hit.
Speaker 4: With the GPU whereas you of a lot.
Speaker 15: Well, so today, for example, you know, a single rack
Speaker 15: of Nvidia is north of one hundred kilowatts, and just
Speaker 15: to give your audience a sense, that's one hundred, it's
Speaker 15: one hundred homes that it powers. And so if you
Speaker 15: think about someone of technology, we're able to drive ten
Speaker 15: next to performance at one tenth the power now because
Speaker 15: of a completely different architecture. As you know with n video,
Speaker 15: it's an architecture that's been around for several decades and
Speaker 15: so we're trying to evolve this graphics GPU architecture into
Speaker 15: AI enabled now for inferencing, there's so many new techniques
Speaker 15: that you can actually apply because you don't need to
Speaker 15: do all the heavy computing that training requires, and so
Speaker 15: you're able to drive a much much lower footprint in
Speaker 15: terms of power, in terms of costs, in terms of space,
Speaker 15: which ultimately is required when you're actually going to scale.
Speaker 7: And my belief is AI.
Speaker 15: Inferencing is going to be ten times more of a
Speaker 15: footprint than training, and so I think we're going to
Speaker 15: have to think about how to be energy efficient, how
Speaker 15: to be cost efficient before it gets to the scale
Speaker 15: that everybody get.
Speaker 2: To have it.
Speaker 4: Can you for our audience that is not only an
Speaker 4: investing audience, but really a technologically savvy audience. Describe to
Speaker 4: us what it is that's different that enables this higher
Speaker 4: energy efficiency within your particular.
Speaker 3: Type of technology, because it's not GPU at all.
Speaker 15: What is it, right, It's not graphics and so it's
Speaker 15: something that was inventing researchers stand for University. It's called
Speaker 15: data flow architecture, and what it does it allows you
Speaker 15: to actually map the hardware in the way that a
Speaker 15: neural net wants to operate. And so with n video today,
Speaker 15: you're having to break up these neural nets into these
Speaker 15: cores that exists inside the graphics chip, which turns out
Speaker 15: to be a lot of work, a lot of energy,
Speaker 15: a lot of power salmon over with the data flow
Speaker 15: architecture allows you to avoid all of that extra power
Speaker 15: that's be incurred when you actually break up these neural
Speaker 15: nets and let it flow through the machine, and so
Speaker 15: you're getting these order magnitude improvements in power efficiency, which
Speaker 15: ultimately allows you to be able to deploy these in
Speaker 15: existing data centers, which, by the way, is one of
Speaker 15: the things that I think is not talked about. When
Speaker 15: we actually acquire GPUs because you also have to upgrade
Speaker 15: the data centers where for our technology going into existing
Speaker 15: data centers with existing power grids, with existing cooling systems,
Speaker 15: it becomes one of those things that we allows us
Speaker 15: to generate value for enterprises really really quickly.
Speaker 3: What enterprises you already locked in with?
Speaker 4: How are you managing to sell and this narrative into
Speaker 4: corporates and federal government?
Speaker 15: Yeah, we're yeah, we're as a startup again and videos
Speaker 15: at the top of the tier. We're a startup that's
Speaker 15: you know, coming in and then providing disruptive technology. We're
Speaker 15: the most deployed in the US government today as a startup.
Speaker 3: You know, we're going to go into national abs.
Speaker 7: And places like that.
Speaker 15: And and today we power also Saudi Aramco's Metabrane, you know,
Speaker 15: so they're internal GPT. This is a private GPT with
Speaker 15: data trained into it and now operating air gap within
Speaker 15: the company. And so companies that worried about their data
Speaker 15: their secured their privacy can now train these models on
Speaker 15: assemblent of platform completely securely and then deploy within their
Speaker 15: own infrastructure because you don't have to expose the.
Speaker 3: Data outside your firewalls.
Speaker 4: There are other startups in this space, or indeed trying
Speaker 4: to offer more energy efficient options and pay for example
Speaker 4: also back by Oracle. You yourself used to work to Oracle.
Speaker 4: I'm interested as to what your next step is to
Speaker 4: really gain market share.
Speaker 3: Is it about raising funds?
Speaker 4: I know you've got big VC backing for example.
Speaker 7: Yeah, I think you know.
Speaker 3: It's really good point.
Speaker 15: My belief when we started the company back seven years.
Speaker 3: Ago is about access.
Speaker 15: When the marketized AI, you got to make it available
Speaker 15: to everybody. As your previous guests just said, is today
Speaker 15: in video is really in large scale only to a
Speaker 15: few customers. What we want to do by collapsing the
Speaker 15: power is to be able to make it available to everybody,
Speaker 15: to make it easily available, and that means lower cost,
Speaker 15: much lower power and then able to deploy in very
Speaker 15: tight spaces and not regarding needing and giggle what data center.
Speaker 15: So some of that we focus very much on completely
Speaker 15: restructuring the power, the power requirements of the AI infrastructure
Speaker 15: so they can deploy racks at performance that much higher
Speaker 15: than in VideA, not less than VideA, but much higher
Speaker 15: than nvidea and much lower power.
Speaker 4: Samonova Rodrigo Lean CEO talking about some of the alternatives
Speaker 4: out there. John and video, We thank you for coming on. Meanwhile,
Speaker 4: coming up Palo Alto Networks earning. They are looking at
Speaker 4: the first quarter that is proving itself with this focus
Speaker 4: on platformization. We'll dig into that word in a moment.
Speaker 4: CEO Niqushaurra joins us. This is Blue Bag Technology, cybersecurity company,
Speaker 4: Palo Alto Networks, releasing earnings after the market Wednesday. And look,
Speaker 4: we're seeing revenue climbing fourteen percent, earnings climbing thirteen percent.
Speaker 4: We're seeing a focus on platformization and also a stock split.
Speaker 4: We're currently up one and a quarter percent. But let's
Speaker 4: get to the details with the CEO Nikosh Aurora of
Speaker 4: Palo Alto Networks without some volatile trading for the market
Speaker 4: now pushing you higher. And I'm just interested on the
Speaker 4: nu once you are trying to tell.
Speaker 3: A different story to your investors.
Speaker 4: You're talking about platformization, you're talking about bundling. But still
Speaker 4: they want to turn to your billings number. How do
Speaker 4: you manage to get that across to them that stopped
Speaker 4: looking at it because there was a little bit of
Speaker 4: worry about billings.
Speaker 2: Well, first of all, thank you for having me, Carol,
Speaker 2: and I appreciate you saying the word platformization, because this
Speaker 2: is something we've been trying.
Speaker 7: To tell the market.
Speaker 2: I think we are seeing a c shift in the
Speaker 2: cybersecurity industry where people are tired of buying point products
Speaker 2: which are not solving the problem. Today, you have to
Speaker 2: make these products work together. And I was listening to
Speaker 2: the conversations before this. Everybody's talking about AI. AI in
Speaker 2: our business means things are going to happen faster. Attacks
Speaker 2: are going to happen faster. You're going to have to
Speaker 2: resolve them faster, which means you need a common language,
Speaker 2: you need common data which actually points towards integration and
Speaker 2: stuff that works together, or points towards platformization.
Speaker 4: Cloud platform strategy that seems to be earning you plenty
Speaker 4: of companies.
Speaker 3: What is it accumulative?
Speaker 4: You've got one, one hundred platformizations?
Speaker 3: Ultimately, is that more valuable? Is that more reven generating?
Speaker 4: Because people are worried that maybe within this bundling there
Speaker 4: is some discounting going on.
Speaker 2: Well, I think it's important to understand once you deploy
Speaker 2: a platform and it works well for you, you're not going
Speaker 2: to replace it. So You're coming from an industry where
Speaker 2: you look, we've had companies that have worked well for
Speaker 2: eight or ten years, but they've been through a cycle,
Speaker 2: and then you have to replace them and replace them
Speaker 2: on a net new set of vendors because the last
Speaker 2: ones didn't stay innovative enough. And what we're trying to
Speaker 2: do is we're trying to stay evergreen. We're trying to
Speaker 2: be innovative. We're trying to make sure we embed the
Speaker 2: platform as part of your security solution that you logically
Speaker 2: come to us for the next piece of innovation. And
Speaker 2: you have to go through a huge process of constantly
Speaker 2: transforming your security. In state a state today, more customers
Speaker 2: have security transformation projects on tap than any other technology
Speaker 2: transformation because the security landscape is constantly changing.
Speaker 4: Talk about the cyber landscape and whether it changes with
Speaker 4: a new administration. Is there going to be more consolidation,
Speaker 4: and is there going to be more deal making from
Speaker 4: you look, I get.
Speaker 2: Past that in different ways. You know, I'm watching it
Speaker 2: like everybody else and saying it sounds like we're going
Speaker 2: to see the new doge go out and do a
Speaker 2: lot of cost cutting and deploying a lot of technology.
Speaker 2: Now Traditionally, the federal government in the United States has
Speaker 2: been sloughed off new technology rightfully so, perhaps because they
Speaker 2: want to sense their way through it. But as you
Speaker 2: see efficiency, as you see technology investment happening, it has
Speaker 2: to be secure. So I think security gets a knock
Speaker 2: on benefit if we actually see a technology wave coming
Speaker 2: from an administrative perspective, Do I expect regulations to get easier?
Speaker 2: Possibly from an M and A perspective, Do I expect
Speaker 2: that things.
Speaker 7: Will move faster?
Speaker 3: Hopefully? So, I think generally it should.
Speaker 2: Sort of board well for all of us in technology,
Speaker 2: But you know, we'll all find out.
Speaker 1: We'll wait and watch.
Speaker 4: Look as you innovate, as particularly within the world of
Speaker 4: gender to AI, we managed to get more sophisticated cyber protection,
Speaker 4: you're also getting more sophisticated hackers. The US government has
Speaker 4: just flags and flaws with Palo Alto's owned products that might.
Speaker 3: Have been exploited by hackers.
Speaker 4: Can you just tell us a little bit about whether
Speaker 4: that was a realistic one for.
Speaker 3: You, what patches have been made? Well, like what.
Speaker 2: Happens is because we're coming from a hardware industry where
Speaker 2: we sell products, customers deploy them, there's a long product cycle,
Speaker 2: and you've seen this across the industry. At any point
Speaker 2: in time, you know, there's always some bug that is
Speaker 2: out there that needs to be passed and fixed. So
Speaker 2: we're very good about making sure we work with our customers.
Speaker 2: We have full visibility into who has what product. We're
Speaker 2: able to work with them to pass those things. I
Speaker 2: think as we move from a hardware based solution business
Speaker 2: to a software business, which the world is moving to,
Speaker 2: that becomes a lot easier to fix. I think software
Speaker 2: beats hardware from a security recency perspective all the time,
Speaker 2: So as the world transforms there we'll see less than
Speaker 2: less of that in the future.
Speaker 4: As the world transforms, everyone becomes an investor retail community
Speaker 4: as well. Talk to us about your two for one
Speaker 4: stock split. You're already up what thirty percent on the year.
Speaker 4: Is that why you spread it out? Is it about
Speaker 4: giving more access?
Speaker 2: Well, we want to make sure that there is ample
Speaker 2: access to our stock to retailed investors. You know, five
Speaker 2: years ago when I started, we were a sort of
Speaker 2: a niche name from the cybersecurity industry. Or delighted that
Speaker 2: we are now part of the general conversation. We want
Speaker 2: to make sure everybody has access to our stock.
Speaker 4: Well for now, we'll currently see it's going to be
Speaker 4: action in a two for one stock split. We'll see
Speaker 4: how much adoption there is around that. But in cash
Speaker 4: Aurora on the fundamentals and some of the share moves.
Speaker 4: CEO of pallel to Networks, we appreciate your time today.
Speaker 3: Thank you.
Speaker 4: Coming up more earnings, Snowflake giving a pretty strong outlook
Speaker 4: for its product sales growth.
Speaker 3: We dig in this is.
Speaker 11: Blue meg Technology.
Speaker 3: More earnings for you.
Speaker 4: Snowflake shares absolutely jumping after the company go some pretty
Speaker 4: solid sales outlooks for us, suggesting newly launched products are
Speaker 4: receiving a strong reception from customers. Brady Ford has the
Speaker 4: inside take, I mean extraordinary move to the upside from Snowflake.
Speaker 4: We know it's a volatile stop, but what's managing to
Speaker 4: win over customers?
Speaker 10: Bernie in software right now, the big question is who
Speaker 10: gets left.
Speaker 7: Behind in the age of Genai.
Speaker 10: For a long time, investors worried that Snowflake was focusing
Speaker 10: on maybe a two narrow slice of the data market.
Speaker 10: You know, the services used to kind of organize and
Speaker 10: analyze all your data. And Snowflake is successfully making an
Speaker 10: argument that no, in the era of Genai, when folks
Speaker 10: need to understand such a wide array of data and
Speaker 10: turn it into interesting applications, we will remain a platform
Speaker 10: where they spend their money and.
Speaker 7: Make their decisions.
Speaker 10: And so that's what investors are reacting to in these results.
Speaker 4: They organize, they analyze your data, but when it comes
Speaker 4: to unstructured data, they're having.
Speaker 3: To make purchases. Here, it's a bit of.
Speaker 7: M and a Yes.
Speaker 10: So many have heard of this famous rivalry between Snowflake
Speaker 10: and Data Bricks for a long time. The argument was
Speaker 10: that data Bricks handled the unstructured data better, and that's
Speaker 10: the real you know, something that's not in a spreadsheet,
Speaker 10: something that's real disorganized. Maybe it's a bunch of Google docs.
Speaker 10: You want to be able to scan through and say, hey,
Speaker 10: give me insights. And so Snowflake has worked to beef
Speaker 10: up their ability to deal with that kind of hard
Speaker 10: to access data. And yeah, last night we saw them
Speaker 10: make an acquisition of a startup that focuses specifically on
Speaker 10: ingesting this kind of messy, unstructured data you need for
Speaker 10: a lot of Genai use cases.
Speaker 4: I know that you've reported a lot on that rivalry.
Speaker 4: So see if that M and A does indeed help.
Speaker 4: But under the guidance of the new leadership in Ramaswami,
Speaker 4: he's also trying to integrate large language models, right, how
Speaker 4: is this being seen in the anthropic deal Exactly?
Speaker 10: They want to bring more LLLM access right into the
Speaker 10: Snowflake platform. So if you want to do things like
Speaker 10: against stand through all your information and pull out insights,
Speaker 10: make dashboards, make visualizations, you can do it right in Snowflake.
Speaker 10: You don't have to go open up a new you know,
Speaker 10: Azure instance or leave the platform. So bringing anthropic models
Speaker 10: right into Snowflake is again hoping to make it a
Speaker 10: platform where you remain where kind of your most important
Speaker 10: data is. They really hope to be a center of
Speaker 10: gravity for all your information and not just something you
Speaker 10: you know, use when you want to make an analysis
Speaker 10: of a spreadsheet somebody sent to you.
Speaker 4: Brady Ford, across the Snowflake moves and indeed some of
Speaker 4: the intricacies and the earnings we thank you. Look, let's
Speaker 4: just get a border perspective of how snowflakes thirty percent
Speaker 4: the upside fits into what's happening more broadly across the
Speaker 4: NASDAK because look, it hasn't been an round out risk
Speaker 4: on kind of a day. In fact, we've been lower pulled,
Speaker 4: lowered by about two tens a percent, large part because
Speaker 4: of Nvideos off by one point seven percent, Alphabet two
Speaker 4: on the back of that formalization of Bloomberg reporting. Then
Speaker 4: indeed the DOJ does want it to be selling off
Speaker 4: Chrome for example, but in video of by one point
Speaker 4: seven percent is important because it is the most valuable company.
Speaker 4: It is going to have a huge points perspective when
Speaker 4: it drags lower.
Speaker 3: But look, we were.
Speaker 4: Anticipating in the options market there's mure an eight percent
Speaker 4: swing upside or downside. So this is relatively stable, shall
Speaker 4: we say. After earnings did show a ninety four percent
Speaker 4: increase in revenue, a seventy percent increase in revenue for
Speaker 4: the Guide, and margins being pretty strong.
Speaker 3: Interestingly, the chops that the.
Speaker 4: Socks the chip sector is up some seven percent, so
Speaker 4: the rest of the market doing well today. Have a
Speaker 4: look at what's happening with Alphabet because the parent company
Speaker 4: of Google off another six point eight percent today. Once again,
Speaker 4: this anxiety surrounding antitrust and how it might have to
Speaker 4: be split off weighing on the stock that does it.
Speaker 4: In this edition of Bloomberg Technology, a lot to get through.
Speaker 4: You want to check it all out again on the podcast.
Speaker 4: You'll find it on the terminal, as well as online.
Speaker 3: On Apple, Spotify, and iHeart. This is Bloomberg
Speaker 7: Today, The Healthy Everyday, Healthy Everyday, The health of