WEBVTT - Future of Robots on Display at CES 0:00:02.520 --> 0:00:13.400 Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live 0:00:13.440 --> 0:00:17.239 from coast to coast with Caroline Hide in New York 0:00:17.520 --> 0:00:19.520 and Eda Loow in San Francisco. 0:00:23.480 --> 0:00:25.840 Welcome to a special edition of Bloomberg Tech. 0:00:25.880 --> 0:00:27.960 We are live from CS in Las Vegas, where we've 0:00:28.000 --> 0:00:32.320 been tracking the biggest tech stories. Another great lineup of 0:00:32.320 --> 0:00:35.240 incredible guests today, but we've also got some news outside. 0:00:34.960 --> 0:00:37.680 Of CS right then, Yeah, Coming up first, China plans 0:00:37.720 --> 0:00:41.160 to approve some imports of Nvidia's eight two hundred ships 0:00:41.200 --> 0:00:44.680 as soon as this quarter for select commercial use. 0:00:44.520 --> 0:00:48.640 Plus AI evaluations, pushing ever higher anthropic raising a new 0:00:48.720 --> 0:00:50.800 round of funding that would value the company at three 0:00:50.920 --> 0:00:52.400 hundred and fifty billion dollars. 0:00:52.479 --> 0:00:55.360 And we wrap this special CES edition today with guests 0:00:55.560 --> 0:01:00.600 from the robotics and augmented reality spaces, venture Capital and the. 0:01:00.720 --> 0:01:02.720 First we check in on these markets that are in 0:01:02.720 --> 0:01:05.200 a bit of sell off mode. Look anxiety ahead of 0:01:05.680 --> 0:01:08.200 those non farm payrolls data that we get tomorrow, and 0:01:08.240 --> 0:01:10.600 no one taking on any more risk after what I've 0:01:10.640 --> 0:01:13.840 been a really rather nice run up in tech stocks 0:01:13.880 --> 0:01:15.240 over the last free trading days. 0:01:15.240 --> 0:01:16.600 So today maybe we sell the news. 0:01:16.640 --> 0:01:19.039 Today We're off by some six tens of percent, but 0:01:19.120 --> 0:01:20.520 all eyes really on one keeper. 0:01:20.600 --> 0:01:22.520 Yeah, like your chart is showing that actually, you know, 0:01:22.520 --> 0:01:27.080 we'd be kind of lower. Wiggling around throughout the early session, Nvidia. 0:01:26.520 --> 0:01:28.440 Has taken a significant. 0:01:27.880 --> 0:01:31.840 Leg lower this Thursday, it's now off two percent. The 0:01:32.040 --> 0:01:37.120 reporting is crystal clear from Bloomberg. According to sources, China's 0:01:37.160 --> 0:01:42.120 government will approve some Chinese tech companies taking H two hundreds. 0:01:42.480 --> 0:01:45.000 That sources are giving details on which companies, But the 0:01:45.000 --> 0:01:48.240 crystal clear line is has to be commercial use, cannot 0:01:48.240 --> 0:01:51.400 be military, cannot be some government, cannot. 0:01:51.040 --> 0:01:52.760 Be state backed enterprise. 0:01:53.080 --> 0:01:56.160 Let's get out to Washington, DC and Bloomberg Senior Tech 0:01:56.280 --> 0:01:59.840 editor Mike Shephard, there's a lot of specifics in this report. 0:02:00.800 --> 0:02:04.440 Give us those specifics, what we know about the companies involved, 0:02:04.920 --> 0:02:07.240 and also the volumes, because that's going to matter to 0:02:07.280 --> 0:02:07.640 the stock. 0:02:09.000 --> 0:02:11.480 Well, the volumes are a little bit unclear as far 0:02:11.520 --> 0:02:14.639 as what the Chinese government would approve, but we already 0:02:14.680 --> 0:02:17.720 are getting some signals according to our reporting that companies 0:02:17.840 --> 0:02:21.120 like Byteedance and by Do would be interested in buying 0:02:21.360 --> 0:02:25.280 up to two hundred thousand Nvidia H two hundred chips 0:02:25.320 --> 0:02:30.080 each once those approvals go through. Now it's unclear whether China, 0:02:30.240 --> 0:02:33.840 the authorities in Beijing, will allow those kinds of quantities 0:02:33.919 --> 0:02:37.120 right away into the market. And it's important to remember 0:02:37.200 --> 0:02:40.160 also that look, there are restrictions still in place here 0:02:40.200 --> 0:02:43.560 from the US. Even with President Donald Trump's verbal blessing 0:02:43.680 --> 0:02:46.760 for this, we still need to see licenses emitted by 0:02:46.760 --> 0:02:50.760 the Commerce Department. That process is still underway. Jensen Wong 0:02:50.840 --> 0:02:53.120 and your interview with him the other day indicated that 0:02:53.200 --> 0:02:56.120 he was optimistic that those would go through, and likewise 0:02:56.120 --> 0:03:00.120 this would affect AMD, which also has chips that is 0:03:00.120 --> 0:03:01.840 is hoping to get into China as well. 0:03:02.320 --> 0:03:03.280 Look for in Vidio. 0:03:03.360 --> 0:03:06.520 This is a big win if it all goes through. 0:03:06.639 --> 0:03:09.800 As we are outlining in this report, China is the 0:03:09.840 --> 0:03:13.359 world's biggest semiconductor market, and Jensen Wong has identified it 0:03:13.400 --> 0:03:16.960 as a fifty billion dollar opportunity for the company. 0:03:16.800 --> 0:03:18.079 And the timing is crucial. 0:03:18.360 --> 0:03:22.800 They are facing intensifying competition from rivals inside China, including 0:03:22.840 --> 0:03:26.600 camera Con and SMIC, which are making strides in the 0:03:26.639 --> 0:03:30.440 development of their own homegrown semiconductors, and we have also 0:03:30.560 --> 0:03:33.680 seen signals from authorities in Beijing that they would like 0:03:33.760 --> 0:03:38.200 local companies to start favoring domestic alternatives to in video 0:03:38.600 --> 0:03:41.040 over whatever it might be coming from the US. 0:03:44.400 --> 0:03:47.520 Mike Shepherd, as always, thank you so much. From Washington. 0:03:47.720 --> 0:03:49.160 We're going to stick with a theme of. 0:03:49.080 --> 0:03:50.880 AI, of course we are, but this time I'm going 0:03:50.920 --> 0:03:53.760 to look at it from valuation perspective. Ed because Athropic 0:03:53.920 --> 0:03:56.520 the latest news that it's outlooking and raising some ten 0:03:56.560 --> 0:03:57.720 billion dollars is. 0:03:57.720 --> 0:03:58.840 Before that raise value. 0:03:58.840 --> 0:04:01.120 Therefore, at three hundred and fifty billion dollars, we know 0:04:01.240 --> 0:04:03.440 open Ai is out there also raising funds could be 0:04:03.440 --> 0:04:05.800 as whopping as seven hundred and fifty billion dollars. All 0:04:05.800 --> 0:04:08.040 of this is we I potentially these companies coming to 0:04:08.120 --> 0:04:08.640 the public. 0:04:08.480 --> 0:04:09.080 Markets as well. 0:04:09.120 --> 0:04:11.240 I've been speaking to some of the investors backing this 0:04:11.400 --> 0:04:14.520 round ten billion dollars, three hundred and fifty billion dollar valuation. 0:04:15.040 --> 0:04:18.000 They don't have the scale that open ai has right, 0:04:18.200 --> 0:04:20.039 but they've gone after the enterprise. And the way that 0:04:20.040 --> 0:04:22.279 one investor put it to me is there are four 0:04:22.279 --> 0:04:27.400 players right now, open Ai, Xai, Anthropic, and Google. There's 0:04:27.440 --> 0:04:29.880 probably only room in the real world for three. But 0:04:29.960 --> 0:04:31.800 it's interesting to see them continue. 0:04:31.480 --> 0:04:33.920 Raise and just how sophisticated they are when it comes 0:04:34.000 --> 0:04:36.400 to the coding side of the equation that really seems 0:04:36.400 --> 0:04:36.800 to have been. 0:04:36.680 --> 0:04:37.680 Where they've made their mark. 0:04:37.720 --> 0:04:39.960 But also they're trying to say that they are well 0:04:40.080 --> 0:04:44.080 the safer, more focused on ethics in some ways they 0:04:44.080 --> 0:04:46.520 split off from open ai to remember that's what their 0:04:46.720 --> 0:04:47.600 origin story is. 0:04:47.640 --> 0:04:49.680 And in your interview with he Montonees, you're getting a 0:04:49.720 --> 0:04:51.200 lot of credit for that coding. 0:04:50.880 --> 0:04:51.640 Piece as well. 0:04:52.040 --> 0:04:54.679 Another big story of the morning, and it's a jostling 0:04:54.760 --> 0:04:57.440 for position once again, we're looking at the market cap 0:04:57.760 --> 0:05:02.159 of Google or Alphabet the parent Google rising above Apple. 0:05:02.200 --> 0:05:03.040 What did I just say? 0:05:03.080 --> 0:05:07.640 In this world order four players right now? Alphabet and 0:05:07.720 --> 0:05:11.720 Google have really accelerated in recent months, both literally from 0:05:11.760 --> 0:05:14.480 a stock performance perspective, but also just I guess by 0:05:14.520 --> 0:05:18.080 news flow and reputation and Apple it's a different game, right. 0:05:18.640 --> 0:05:21.839 But yeah, this is one that I didn't see coming 0:05:22.480 --> 0:05:24.400 last year or at least as you know, at any 0:05:24.440 --> 0:05:24.839 point that. 0:05:25.600 --> 0:05:28.120 Story, that TVU story just changed everything didn't and the 0:05:28.200 --> 0:05:29.479 vertical integration. 0:05:29.279 --> 0:05:33.080 Okay, coming up, humanoid robotics takes shape right here at CEES. 0:05:33.400 --> 0:05:35.880 We're going to discuss the future of physical AI with 0:05:36.000 --> 0:05:40.119 Jan Liphart, founder and CEO of open mind a's next. 0:05:40.480 --> 0:05:41.360 This is Bloomberg Tech. 0:05:49.760 --> 0:05:52.680 Here at ces Physical AI is breaking through to the 0:05:52.760 --> 0:05:56.080 mainstream with humanoid robotics taking set of stage. Joining us 0:05:56.320 --> 0:05:58.960 is Yan Lipart, founder and CEO of open Mind, a 0:05:59.080 --> 0:06:02.800 startup building an parading system design to connect, coordinate, and 0:06:02.839 --> 0:06:07.719 scale intelligence across all thinking machines. There are so many 0:06:08.000 --> 0:06:10.279 things to take away from being here this week. Let's, 0:06:10.360 --> 0:06:13.760 I think, focus on the humanoid robot form factor at least, 0:06:14.240 --> 0:06:18.240 but your main impression with those on display, I think 0:06:18.320 --> 0:06:21.200 Atlas is probably top of mind for many. Last night 0:06:21.240 --> 0:06:24.239 when I was here with Boston Dynamics CEO wrote place 0:06:24.680 --> 0:06:27.920 the weights to go and see Atlas was two hours. 0:06:28.400 --> 0:06:29.120 What do you make of that? 0:06:29.960 --> 0:06:32.800 Well, just a few years ago, the robots here were 0:06:32.839 --> 0:06:35.640 kind of yanky, they were wobbly, and they had wires 0:06:35.680 --> 0:06:38.919 coming out of their head, and they looked like science experiments. 0:06:39.480 --> 0:06:43.480 And it's really fascinating to see just how quickly humanoids 0:06:43.520 --> 0:06:47.520 are turning into a real product. And Atlas is of 0:06:47.560 --> 0:06:52.160 course just one of those. So instead of them being 0:06:52.760 --> 0:06:57.640 science experiments, they look like real things that you might 0:06:57.680 --> 0:07:00.000 want to have in your home or in your workplace. 0:07:00.440 --> 0:07:01.280 You're also a. 0:07:01.200 --> 0:07:05.880 Professor at Stanford, And you know, the academic discussion here, 0:07:05.880 --> 0:07:09.720 which I've loved, has been, hey, guys, we think we've solved. 0:07:09.400 --> 0:07:13.440 The software problem. Have we solved the software problem? 0:07:13.960 --> 0:07:18.400 Well, when people talk about humanoids, everyone has a different 0:07:18.480 --> 0:07:19.520 picture of what. 0:07:19.400 --> 0:07:20.840 The humanoid is going to do. 0:07:21.600 --> 0:07:24.120 If you're talking about a humanoid for a hospital, that's 0:07:24.160 --> 0:07:28.920 a totally different situation compared to a humanoid flipping hamburgers 0:07:29.200 --> 0:07:30.800 or teaching kids math. 0:07:31.440 --> 0:07:33.560 So it really depends on the point. 0:07:33.360 --> 0:07:35.200 We're moving a box from one part of the tables 0:07:35.240 --> 0:07:37.880 the other part of the table is no longer impressive. 0:07:37.480 --> 0:07:38.880 So that's completely solved. 0:07:38.920 --> 0:07:43.280 And Amazon has one point one million robots deployed already, 0:07:43.760 --> 0:07:48.280 so the logistics pick in place is effectively solved. One 0:07:48.320 --> 0:07:51.960 frontier is what you might call social robotics. So these 0:07:51.960 --> 0:07:54.640 are the robots that will live with you, and they 0:07:54.680 --> 0:07:57.280 will teach your kids, and they will help your parents. 0:07:57.520 --> 0:08:01.960 And that is still more different because there's a lot 0:08:02.000 --> 0:08:04.760 of what we expect when we interact with people, their 0:08:04.800 --> 0:08:07.840 ability to make us laugh and speak and be quick 0:08:07.880 --> 0:08:10.680 and so forth. That is still difficult. But basics like 0:08:10.760 --> 0:08:12.440 picking things up, that's solved. 0:08:13.280 --> 0:08:15.680 When we think about the solution of integration. 0:08:15.840 --> 0:08:17.600 A lot of companies want to talk about how they're 0:08:17.640 --> 0:08:20.720 the vertically integrated company. They are making not just the hardware, 0:08:20.720 --> 0:08:22.920 but the software too. So where are you getting an 0:08:22.920 --> 0:08:25.440 in how many of these fourteen humanoids we see here 0:08:25.480 --> 0:08:28.080 at CES are you putting your open software to work in? 0:08:28.840 --> 0:08:30.760 Well, it's about half of them. 0:08:31.480 --> 0:08:37.040 And for many humanoid robotics companies, they have a traditional 0:08:37.080 --> 0:08:42.920 focus on hardware and they're seeing the software move extremely quickly, 0:08:43.440 --> 0:08:45.679 and some of them have the sense that they don't 0:08:45.720 --> 0:08:49.240 have the inherent capability to also be at the frontier 0:08:49.280 --> 0:08:53.000 of the software, and that's where we're getting traction for us. 0:08:53.480 --> 0:08:55.040 I want to go back to the very thesis of 0:08:55.600 --> 0:08:58.360 whether you want a humanoid at all. Buston Dynamics perspective 0:08:58.400 --> 0:09:02.160 is in the interim we have manufacturing units that are 0:09:02.160 --> 0:09:04.560 purpose built for robots. Humanoid makes sense because it has 0:09:04.559 --> 0:09:07.320 to work side along humans and augment them or at 0:09:07.360 --> 0:09:09.400 least replace them eventually. 0:09:09.440 --> 0:09:11.000 Maybe that's not the form factor we want. 0:09:11.200 --> 0:09:13.040 I don't think I want a form factor of humanoid 0:09:13.040 --> 0:09:15.080 in my home, to be perfectly frank, you're seeing a 0:09:15.080 --> 0:09:17.160 lot more of these sort of soft, cuddly toys for 0:09:17.760 --> 0:09:20.920 companionship and the way that they talk. What will robots 0:09:21.000 --> 0:09:22.120 look like in the future. 0:09:22.480 --> 0:09:25.880 Well, I have a humanoid at home and my kids 0:09:26.360 --> 0:09:31.360 casual and my humanoid. My kids thinks that is totally 0:09:31.400 --> 0:09:36.640 normal because for them, they've seen that for literally two 0:09:36.720 --> 0:09:40.000 years now. And however, when I talk to my mom, 0:09:40.080 --> 0:09:43.319 I sent my mom some videos of the humanoids here 0:09:45.600 --> 0:09:51.640 iris iris iris. No, this is hardware developed by someone else. 0:09:51.640 --> 0:09:54.360 Of course, it's running the software I wrote, which is 0:09:54.360 --> 0:09:57.040 why I trust it, because I know exactly what's going 0:09:57.080 --> 0:10:00.400 on inside the humanoid. But yeah, I sent my mom 0:10:00.520 --> 0:10:03.800 some videos of humanoids around here, and she said, Yanni, 0:10:04.120 --> 0:10:09.400 I'm shocked. This is awesome. So to your original point, 0:10:09.559 --> 0:10:12.319 what is the right form factor? What's special about a 0:10:12.400 --> 0:10:16.679 humanoid is that they're by definition compatible with your home, 0:10:16.920 --> 0:10:23.199 a hospital, school, workplace, door handles, light switches, stairs, so 0:10:23.679 --> 0:10:27.480 they can immediately be effective in all the infrastructure that 0:10:27.559 --> 0:10:28.800 humans have built for us. 0:10:29.240 --> 0:10:31.839 This is why it's important to get as far as 0:10:31.840 --> 0:10:34.400 you can be an objective take on the state of industry. 0:10:34.760 --> 0:10:37.040 Right the problem we started the segment though, saying it's 0:10:37.080 --> 0:10:40.000 broken through to the mainstream. Actually, there is a lot 0:10:40.000 --> 0:10:42.800 of fatigue, just like there was with ROBOTAXI. We've been 0:10:42.800 --> 0:10:45.559 saying it's coming, it's coming, it's coming. What I see 0:10:45.840 --> 0:10:49.520 is in the industrial use cases, it's there. But one 0:10:49.520 --> 0:10:51.000 thing that came up with us a lot this week, 0:10:51.360 --> 0:10:53.760 care of the elderly. Yeah, are we really in a 0:10:53.800 --> 0:10:57.480 position where overnight humanoid robots are going to solve what 0:10:57.559 --> 0:10:59.240 is a massive addressable market? 0:10:59.600 --> 0:11:06.760 Well to some people that sounds dystopian and creepy. Is 0:11:06.800 --> 0:11:11.840 it something you imagined that your parents would interact with robots? 0:11:13.120 --> 0:11:17.640 But some of the companies building robots for memory care facilities, 0:11:17.760 --> 0:11:22.079 like Andromeda in San Francisco and Australia, the stories they 0:11:22.120 --> 0:11:26.600 tell are heartbreaking, where nurses now have to clean the 0:11:26.640 --> 0:11:30.560 head of the humanoid every evening because the patients will 0:11:30.679 --> 0:11:34.120 kiss the humanoid. So the nurses now have to remove 0:11:34.160 --> 0:11:37.839 lipstick off the head of humanoid. And so for many 0:11:38.000 --> 0:11:42.520 people that are starved of human interaction, they get so 0:11:42.640 --> 0:11:45.040 attached to the humanoid and their eyes light up and 0:11:45.080 --> 0:11:47.439 they laugh and they will kiss the head of the humanoid. 0:11:47.840 --> 0:11:51.400 And so there's definitely something there. And for most people 0:11:51.440 --> 0:11:53.960 in retirement homes here in the US, they haven't been 0:11:54.080 --> 0:11:58.400 visited by their family members in a year or more so, 0:11:58.720 --> 0:12:01.480 it's a group of people that are really starved for 0:12:01.600 --> 0:12:05.120 any kind of interaction, and some of them really seem 0:12:05.200 --> 0:12:07.040 to love the technology. 0:12:07.200 --> 0:12:09.080 I mean, yeah, and that speaks to a greater problem 0:12:09.080 --> 0:12:12.719 in humanity writ large, I want your take, if I 0:12:12.760 --> 0:12:15.440 dare go back to open mind itself, where do you 0:12:15.440 --> 0:12:16.080 make your money? 0:12:16.679 --> 0:12:17.160 Ah? 0:12:17.200 --> 0:12:19.959 Well, we have a little bit of a different take 0:12:20.040 --> 0:12:23.000 on humanoids. We don't want them to be closed. We 0:12:23.040 --> 0:12:25.839 don't want them to be these magic boxes that show 0:12:25.920 --> 0:12:28.280 up at your front door. We think of them much 0:12:28.320 --> 0:12:32.680 more like cell phones that are open and where developers 0:12:32.720 --> 0:12:37.400 everywhere can add apps or skills that will allow your 0:12:37.520 --> 0:12:41.000 humanoids to do many more things very quickly. And so 0:12:41.040 --> 0:12:43.800 it's very important to us that this technology is not 0:12:43.880 --> 0:12:46.960 like this magic black box, but it's something that most 0:12:47.000 --> 0:12:49.720 of us understand can engage with and build for. 0:12:50.480 --> 0:12:50.640 Yeah. 0:12:51.160 --> 0:12:53.360 Great catching up with you, Thank you for spending some time. 0:12:53.400 --> 0:12:54.120 Thank you so much. 0:12:54.360 --> 0:12:57.480 Yeah, and I've found our CEO of open Mind speaking 0:12:57.480 --> 0:12:59.720 with robots. Well, I got to sit down in Boston 0:12:59.760 --> 0:13:02.680 dine to you, Robert Plater, to discuss the company's latest 0:13:02.720 --> 0:13:05.480 situation of a humanoid robot that's Atlas, designed to work 0:13:05.520 --> 0:13:08.520 in hyndized manufacturing plants studying in twenty twenty eight, including 0:13:08.520 --> 0:13:09.880 a factory in Savannah, Georgia. 0:13:09.960 --> 0:13:10.480 Thank listen. 0:13:12.120 --> 0:13:14.280 By twenty twenty eight, Hyundai's going to build us a 0:13:14.320 --> 0:13:18.640 purpose built factory designed for mass manufacture of our humanoids, 0:13:18.760 --> 0:13:20.800 and that's going to have a capacity of between ten 0:13:20.840 --> 0:13:23.280 and thirty thousand units per year, And so that's the goal. 0:13:23.320 --> 0:13:26.240 By twenty thirty, we'll be building tens of thousands of 0:13:26.320 --> 0:13:27.040 robots per year. 0:13:28.000 --> 0:13:30.000 I've always wanted to ask you, and I'm going to 0:13:30.040 --> 0:13:35.000 ask you your analysis and impressions of Tesla's Optimist program 0:13:35.360 --> 0:13:38.679 and your assessment of what they're doing and what they've done. 0:13:39.040 --> 0:13:39.240 Well. 0:13:39.280 --> 0:13:42.480 I think they're a very serious competitor. They've done a 0:13:42.520 --> 0:13:45.560 lot of very impressive work. They also have the advantages 0:13:45.600 --> 0:13:51.640 we have that they have a consumer in Tesla to 0:13:51.760 --> 0:13:53.080 use those robots internally. 0:13:53.200 --> 0:13:53.920 Yeah, and I. 0:13:54.320 --> 0:13:57.599 Think it really requires both aspects. You need the technology 0:13:58.480 --> 0:14:03.400 from robotics AI, you also need that customer and that consumer, 0:14:03.840 --> 0:14:06.760 and so automotive is a natural fit and so I 0:14:06.760 --> 0:14:10.800 think Tesla is actually very well placed to succeed here 0:14:10.840 --> 0:14:11.200 as well. 0:14:12.480 --> 0:14:15.559 That was Boston Dynamics SEO Robert Playton coming up here 0:14:15.559 --> 0:14:18.959 on the show. Next, X Reel revamped its ar glasses. 0:14:19.360 --> 0:14:22.400 Is the wearable space is seeing more competition. We speak 0:14:22.400 --> 0:14:24.000 with x Real CEO Czu. 0:14:24.320 --> 0:14:24.840 That's next. 0:14:25.000 --> 0:14:36.000 This is Bloomberg Tech. AI will bring out a renaissance 0:14:36.120 --> 0:14:39.080 to the field of music. That's according to Grammy. 0:14:38.800 --> 0:14:39.720 Winning a artist. 0:14:40.120 --> 0:14:43.440 Will I am also the founder and CEO of f 0:14:43.560 --> 0:14:44.680 Yi dot Ai. 0:14:44.720 --> 0:14:45.720 Bloombers Text. 0:14:45.760 --> 0:14:47.960 Tom McKenny sat down with him for this week's episode 0:14:48.080 --> 0:14:51.080 of Bloomberg Tech Europe, taking a deep dive into how 0:14:51.120 --> 0:14:53.920 AI is shaking up the music industry and the streaming 0:14:53.960 --> 0:14:54.560 business model. 0:14:54.600 --> 0:14:55.040 Listen to this. 0:14:56.320 --> 0:15:01.440 It's a renaissance the same way the renaissance, you know, calapulted, 0:15:02.800 --> 0:15:07.960 you know, dimensionalize the creative industry in the past, the renaissance. 0:15:08.080 --> 0:15:11.240 There's a new renaissance to do it for this era 0:15:11.360 --> 0:15:17.040 that we're in. So it's it's the age of the hypercreative. 0:15:21.800 --> 0:15:24.800 Go catch that episode of Bloomberg Tech Europe this Friday 0:15:24.880 --> 0:15:29.040 here on Bloomberg Television eight thirty am in London. That's 0:15:29.040 --> 0:15:30.960 three thirty in the morning on you in the East Coast. 0:15:31.040 --> 0:15:33.920 But it's worth getting up for. Trust me, Carrow, what's up. 0:15:35.000 --> 0:15:37.880 Meanwhile, let's pivot to the world as smart eyewear. Because 0:15:37.880 --> 0:15:40.240 we're talking with x Real. They've just unveiled new entry 0:15:40.320 --> 0:15:43.000 level al glasses that come at the cheaper price point 0:15:43.160 --> 0:15:45.640 dub the one S. The new glasses boast a one 0:15:45.960 --> 0:15:48.120 two hundred pet resolution with a new price of four 0:15:48.200 --> 0:15:51.200 hundred and twenty nine dollars. X Real CEO Jesus is 0:15:51.240 --> 0:15:53.840 here with us now. Congratulations on the unveiled But we've 0:15:53.880 --> 0:15:56.520 got some news I want to hit first. Sure, you've 0:15:56.560 --> 0:15:59.280 been getting some financing. We understand you're raising money to 0:15:59.280 --> 0:16:01.200 be able to put these new glasses at a cheaper 0:16:01.200 --> 0:16:01.640 price point. 0:16:01.880 --> 0:16:02.360 I agree. 0:16:02.480 --> 0:16:04.720 Yes, it's getting heated up for the whole race, right 0:16:05.000 --> 0:16:07.880 and you know it's getting exciting as well for the 0:16:07.920 --> 0:16:10.880 whole industry to really see glasses can really be the 0:16:10.920 --> 0:16:14.080 next competing platform pair with AI. You know, I think 0:16:14.080 --> 0:16:15.960 at some point they can truly replace the cell phone 0:16:15.960 --> 0:16:16.760 we're using today. 0:16:17.080 --> 0:16:19.880 Going back to the financing, Yeah, raised about one hundred million. 0:16:20.120 --> 0:16:23.320 Able to disclose what valuation. Who's backing you? 0:16:24.080 --> 0:16:24.640 So okay? 0:16:24.840 --> 0:16:27.640 I would say at this moment it's mainly some play 0:16:27.720 --> 0:16:30.360 chain partners and some key vendors. You know, at this 0:16:30.400 --> 0:16:33.120 moment there's not more information I can share, but definitely later. 0:16:33.520 --> 0:16:37.160 But one hundred million dollars as accurate. Yes, I think 0:16:37.200 --> 0:16:39.160 it's a bit of an academic debate to be had here. 0:16:39.560 --> 0:16:43.520 I've used that phrase a lot. But is glasses the 0:16:43.560 --> 0:16:46.080 right form factor? The raise of CEO is actually on 0:16:46.080 --> 0:16:50.760 the program, okay, talking about how headphones might be the 0:16:50.800 --> 0:16:54.360 better form factor in AI world. You know you have 0:16:54.400 --> 0:16:58.600 options in the wearables category. Yep, is he right wrong? 0:16:59.080 --> 0:17:01.560 Well, okay, so I just met him actually a couple 0:17:01.560 --> 0:17:04.639 of days ago. We talk about this as well. We 0:17:04.680 --> 0:17:06.879 talk a little bit about that. But for me, you know, 0:17:06.880 --> 0:17:09.119 from my perspective, I do think glasses it is the 0:17:09.240 --> 0:17:12.679 ultimate conform factor. You know, when we see how we 0:17:12.720 --> 0:17:15.680 actually involve going from the big screen to your laptop 0:17:15.760 --> 0:17:18.600 to your cell phone, the screen is getting closer and closer, 0:17:18.880 --> 0:17:21.000 and what is even closer than your cell phone, it's 0:17:21.000 --> 0:17:23.240 probably going to be this display right in front of 0:17:23.320 --> 0:17:26.000 your eyes. Right and also, in my opinion, with a 0:17:26.359 --> 0:17:29.879 you know, combination of AI, you can actually have AI 0:17:30.040 --> 0:17:34.119 assistant seeing your eye, see what you're seeing, feel and 0:17:34.200 --> 0:17:34.960 hear what you hear. 0:17:35.600 --> 0:17:36.440 Twenty four to seven. 0:17:36.920 --> 0:17:39.600 If that is actually available, I do believe you know, 0:17:39.680 --> 0:17:42.440 there's no other advantage you can compete with the glasses. 0:17:43.080 --> 0:17:45.280 Metta is going to set further right and now put 0:17:45.280 --> 0:17:51.720 the display in worries you, doesn't worry you. 0:17:50.760 --> 0:17:52.920 No, No, I think you know, it's a great competition. 0:17:53.200 --> 0:17:55.720 You know, Meta definitely have a lot of advantages. You know, 0:17:55.720 --> 0:17:57.960 they have a lot of investment, great talent, and they 0:17:57.960 --> 0:17:59.200 start really really early. 0:17:59.480 --> 0:18:00.240 Right too. 0:18:00.280 --> 0:18:03.000 I think this is big enough market and still I 0:18:03.000 --> 0:18:05.919 don't really see the FUM factor kind of converge. So 0:18:06.040 --> 0:18:08.639 this is open race for everybody. I'm just excited, you know, 0:18:08.680 --> 0:18:09.880 to be part of that journey. 0:18:10.080 --> 0:18:13.000 Well, the people we're waiting for their unveil from is Google. 0:18:13.440 --> 0:18:17.000 How are you working alongside Google? How is your relationship deepening? 0:18:17.280 --> 0:18:18.600 How is Project Aura? 0:18:18.760 --> 0:18:20.280 Okay, that's a great question. You know. 0:18:20.760 --> 0:18:23.119 This week we just you know, announced that we're depending 0:18:23.160 --> 0:18:26.440 the partnership with multi year extension and also name Actual 0:18:26.560 --> 0:18:29.480 being the lead hardware partner with Google and Android XR. 0:18:29.760 --> 0:18:32.640 And this is really great exciting moments. I think maybe 0:18:32.800 --> 0:18:35.240 it's not just one company you're gonna do everything, you 0:18:35.280 --> 0:18:38.280 know together, maybe it's kind of a combination. The hardware 0:18:38.280 --> 0:18:41.800 is software collaboration at some point and Actual We are 0:18:41.800 --> 0:18:44.840 really good at building optical modules, building chips, you know, 0:18:44.960 --> 0:18:47.200 and you know Google they're really good at building AI, 0:18:47.960 --> 0:18:50.439 building an offering system. So I think, you know, this 0:18:50.480 --> 0:18:52.199 is a win win situation for us to team up 0:18:52.200 --> 0:18:54.760 together to kind of polish the end to end hardware 0:18:54.800 --> 0:18:57.879 and software e cop experiences together. 0:18:58.119 --> 0:19:00.000 So do you think it'll almost be like a self 0:19:00.080 --> 0:19:02.399 own world in that you have the Google pixel, but 0:19:02.400 --> 0:19:05.040 you also have some sung with the Android operating system 0:19:05.040 --> 0:19:06.680 and Mirianna others using Android. 0:19:06.800 --> 0:19:08.120 So is it going to be Google with their own 0:19:08.160 --> 0:19:11.080 hardware and their own and then or you're. 0:19:10.920 --> 0:19:12.959 Going to be the hardware partner of choice and then 0:19:13.000 --> 0:19:13.760 be some others out there. 0:19:13.760 --> 0:19:16.800 Absolutely, if you remember early on actually Google partner with HTC, 0:19:17.680 --> 0:19:19.760 you know, at the very beginning to define the whole 0:19:19.760 --> 0:19:22.800 smartphone industry part of it, you know, alongside with Apple, 0:19:23.359 --> 0:19:25.800 and then they start to rolling out to LG to 0:19:25.960 --> 0:19:28.320 some song and then they have their own pixels, right, 0:19:28.560 --> 0:19:30.480 So it's going to be an ecosystem playing We're just 0:19:30.520 --> 0:19:33.080 you know, we just feel lucky we got picked by 0:19:33.080 --> 0:19:35.639 Google so we can work together being the pioneer to 0:19:35.720 --> 0:19:37.159 drive these in industry forward. 0:19:37.480 --> 0:19:41.720 When when projects or glasses come to the real. 0:19:41.560 --> 0:19:43.880 World twenty six, it's going to be this year. 0:19:44.200 --> 0:19:45.359 What does the rollout look like? 0:19:46.000 --> 0:19:48.160 Well, that's something I cannot share at this moment. 0:19:48.520 --> 0:19:50.520 But you go to market, you'll say they're ready, this 0:19:50.560 --> 0:19:52.440 is what they look like, this is what they cost. 0:19:53.040 --> 0:19:55.040 They will be available of course, you know, when the 0:19:55.040 --> 0:19:57.000 time's ready, we'll release those kind of information. 0:19:57.440 --> 0:19:59.960 There are some other things that you're your bat let 0:20:00.119 --> 0:20:04.760 with your latest generation existing x real glasses, right, absolutely, sleeker, 0:20:04.880 --> 0:20:09.560 lower price, price is so important, but you are going 0:20:09.600 --> 0:20:12.119 up against the market where we have Vision Pro and 0:20:12.200 --> 0:20:15.439 other similar products, and then we question immersion and field of. 0:20:15.480 --> 0:20:18.760 View, that's right. What's your response to those questions. 0:20:18.440 --> 0:20:20.880 People start to think about, you know, maybe for Apple 0:20:20.960 --> 0:20:24.199 Vinion Pro it is great experience, but the question and 0:20:24.320 --> 0:20:27.720 challenges you know, it is too expensive, it is too heavy, right, 0:20:27.800 --> 0:20:29.760 so how can we can we come up with something 0:20:29.800 --> 0:20:33.520 you know, lighter, more affordable, like, but we can deliver 0:20:33.560 --> 0:20:35.760 like eighty percent of that kind of experience. And that's 0:20:35.760 --> 0:20:38.359 where you know x U glass is coming about. And 0:20:38.440 --> 0:20:40.880 especially if we had the latest generation one as right, 0:20:41.160 --> 0:20:44.399 we further kind of a bump up the features. You know, 0:20:44.480 --> 0:20:46.240 some of the you know, very unique feature. We say 0:20:46.280 --> 0:20:49.520 it's two D to three D lifetime conversion. We're using 0:20:49.560 --> 0:20:52.919 our own chip to do this AI conversion in the 0:20:52.920 --> 0:20:55.359 real time, and this is amazing. Any kind of content 0:20:55.440 --> 0:20:58.879 coming with the glasses, whether it's a cell phone, handhold, 0:20:58.880 --> 0:21:02.080 gaming devices, topic can turn into three D in the 0:21:02.119 --> 0:21:02.560 real time. 0:21:03.240 --> 0:21:06.040 Let's talk about how you've got the price pointed out. Yes, 0:21:06.359 --> 0:21:07.800 Is it because you're making your own chip. 0:21:07.880 --> 0:21:10.280 Is it a supply chain navigation or are you just 0:21:10.280 --> 0:21:11.640 taking a hit from a profit margin? 0:21:12.040 --> 0:21:13.760 No, we just you know, we spend a lot of 0:21:13.760 --> 0:21:17.240 effort optimizing this whole supply chain. You know, better year rate, 0:21:17.640 --> 0:21:20.199 you know, higher volume. I just kind of going to 0:21:20.240 --> 0:21:21.400 help to bring the cost down. 0:21:21.520 --> 0:21:24.080 Is it coming from China part of that? 0:21:24.200 --> 0:21:24.440 Yes? 0:21:24.480 --> 0:21:26.320 And is that a risk an issue given the national 0:21:26.320 --> 0:21:27.040 security concerns. 0:21:27.480 --> 0:21:28.240 That's a great question. 0:21:28.320 --> 0:21:30.840 You know, we do have this kind of global supply 0:21:30.920 --> 0:21:34.120 chain strategy as well. It can be China, it can 0:21:34.160 --> 0:21:36.439 be a part of it can be even in the 0:21:36.520 --> 0:21:36.960 US and some. 0:21:37.040 --> 0:21:40.159 Day, just very very quickly, yes, this cs you've had 0:21:40.200 --> 0:21:42.679 a lot of foot traffic. Yes, just reflects on that 0:21:42.760 --> 0:21:43.280 really quick. 0:21:44.080 --> 0:21:46.800 Well, you know, people like glasses and they like to 0:21:46.840 --> 0:21:49.919 experience actually even though we've been talking about glasses for 0:21:49.960 --> 0:21:52.000 so long, there's still a lot of people they haven't 0:21:52.040 --> 0:21:54.240 really tried on any glasses, So I think if this 0:21:54.359 --> 0:21:56.720 is still a long kind of education process. 0:21:57.320 --> 0:21:59.800 Thanks Real CEO, tees you great heavy back on the 0:21:59.800 --> 0:22:02.359 blue tech here at CES, Thank you so much. Coming up, 0:22:02.359 --> 0:22:05.040 we're gonna speak with Jacob Helberg, US State Department under 0:22:05.080 --> 0:22:08.760 Secretary for Economic Affairs to discuss the state of chip 0:22:08.800 --> 0:22:12.840 export curves. The sources say China is now ready to 0:22:12.920 --> 0:22:16.919 approve imports of some in Nvidia eight two hundred chips. 0:22:16.920 --> 0:22:20.800 The big story from Bloomberg this Thursday, it is halftime. 0:22:21.040 --> 0:22:23.840 We are in Las Vegas. This is CS and this 0:22:24.160 --> 0:22:36.320 is Bloomberg Tech. Welcome back to Bloomberg Tech. There is 0:22:36.359 --> 0:22:38.880 a lot of news that's driving markets irrespective of what's 0:22:38.920 --> 0:22:41.359 going on here in Las Vegas. One of them is 0:22:41.400 --> 0:22:44.600 the Warner Brothers Discovery situation. Paramounts Guidance came out with 0:22:44.640 --> 0:22:47.879 a statement reaffirming their thirty dollars a share offer, but 0:22:48.080 --> 0:22:51.040 interesting curR like in the calculus, they're now saying that 0:22:51.080 --> 0:22:53.440 the cable networks that they want to include in the. 0:22:53.400 --> 0:22:56.160 Deal are worth zero dollars, which is. 0:22:56.080 --> 0:22:57.960 Interesting because like a lot of the street and a 0:22:58.040 --> 0:22:59.800 lot of the market saying we don't think you're quite 0:22:59.880 --> 0:23:02.560 right on that. Remember, Netflix wants to buy just the 0:23:02.600 --> 0:23:06.640 studios and streaming spin out the legacy networks and cable offering, 0:23:06.960 --> 0:23:09.800 whereas Paramounts Guidance, as we say on bluebo Tech, want 0:23:09.840 --> 0:23:12.800 the whole enchilada. Either way, we're still kind of in 0:23:12.800 --> 0:23:14.560 a holding pattern until we move forward. 0:23:15.080 --> 0:23:16.200 There's a really big. 0:23:16.000 --> 0:23:19.360 Story overnight out of career, and that is Samsung quarterly 0:23:19.400 --> 0:23:24.920 profit tripled because memory. We've been talking so much about 0:23:24.920 --> 0:23:27.879 the supply constraint and bottleneck that is memory right now, 0:23:28.080 --> 0:23:30.840 and pricing goes up, but if you're a memory maker 0:23:31.080 --> 0:23:34.000 and pricing goes up to that extent, it's usually pretty 0:23:34.040 --> 0:23:36.600 good for your bottom line. The stock down about a 0:23:36.600 --> 0:23:39.119 percentage point, but that was the big headline, and it 0:23:39.200 --> 0:23:42.040 has been such a focus this week, the issue and 0:23:42.080 --> 0:23:45.200 bottleneck that is memory chips, not just in the data 0:23:45.200 --> 0:23:46.800 center context, but of course PC as well. 0:23:46.840 --> 0:23:49.080 And of course, because Jenson what made that point of sandus, 0:23:49.320 --> 0:23:50.719 the shares went wild. 0:23:50.760 --> 0:23:52.639 Maybe that's why we're pulling back a little bit on Samsung. 0:23:52.720 --> 0:23:55.160 But let's switch gears a little bit because Another key. 0:23:55.040 --> 0:23:57.760 Part of our conversation that we had yesterday with Andreil 0:23:57.840 --> 0:24:01.240 founder par Malucky was where we discussed US competition with China, 0:24:01.359 --> 0:24:05.000 and you first asked him about the compensation package after 0:24:05.040 --> 0:24:08.760 President Trump called for capping executive pay with defense contractors 0:24:08.760 --> 0:24:09.439 in particular. 0:24:09.600 --> 0:24:10.240 Just take a listen. 0:24:11.320 --> 0:24:14.879 One of the provisions that the president proposes is a 0:24:14.960 --> 0:24:18.359 salary cap of five million dollars. In the Bloomberg story 0:24:18.440 --> 0:24:20.919 outlined some of the comp of those CEOs. Would you 0:24:21.000 --> 0:24:23.400 be willing to say what you pay yourself for Anderior, 0:24:23.400 --> 0:24:25.879 and if you would abide by I pay. 0:24:25.760 --> 0:24:27.560 Myself one hundred thousand dollars a year. 0:24:27.800 --> 0:24:30.640 So significantly less than a five million dollar cap. 0:24:31.280 --> 0:24:33.480 True, But I also own a lot of my company, 0:24:33.600 --> 0:24:36.879 and so this measure is not really written in a 0:24:36.880 --> 0:24:40.320 way where it's intended to hit new companies starting new things. 0:24:40.480 --> 0:24:40.639 You know. 0:24:40.720 --> 0:24:43.359 Act like if Kelly Johnson were alive today and he 0:24:43.440 --> 0:24:46.160 owned a bunch of you know, Lockheed Martin or north 0:24:46.160 --> 0:24:48.560 from Grummer or Raytheon, I don't think that anyone would 0:24:48.560 --> 0:24:49.879 have nearly much of a problem with him. 0:24:49.960 --> 0:24:51.720 Yeah, I pay myself one hundred thousand dollars a year. 0:24:51.840 --> 0:24:53.400 That's my compensation. Package. 0:24:53.760 --> 0:24:56.679 I own a bunch of androll because I started the company. 0:24:57.320 --> 0:24:59.480 That's so my motivation is to try and build the 0:24:59.480 --> 0:25:02.360 biggest thing forossible. I will say people are fairly critiguing 0:25:02.359 --> 0:25:04.240 and said, but Palmer, you know, are you really a 0:25:04.280 --> 0:25:06.119 neutral party here? Are you really in a position to 0:25:06.160 --> 0:25:07.960 comment given you're competing with these companies? And I'd say 0:25:07.960 --> 0:25:10.320 two things. One, these measures do apply an equal measure 0:25:10.359 --> 0:25:12.560 to me. I now cannot pay dividends. I now cannot 0:25:12.560 --> 0:25:14.560 be stock buybacks if I'm not investing in new plans, 0:25:14.600 --> 0:25:15.320 if I'm not doing. 0:25:15.119 --> 0:25:15.680 These two things. 0:25:15.760 --> 0:25:17.960 The other thing is it's always tricky when you want 0:25:17.960 --> 0:25:20.680 to know, I'm in defense because I wanted to help 0:25:20.720 --> 0:25:21.600 solve these problems. 0:25:21.760 --> 0:25:24.200 Right. It's actually the same thing with like mod Retro 0:25:24.240 --> 0:25:24.919 in the gaming. 0:25:24.680 --> 0:25:27.640 Space, like, oh, of course Palmer would criticize these other 0:25:27.680 --> 0:25:31.440 game companies, after all, he's in the gaming space. It's like, yeah, 0:25:31.480 --> 0:25:33.439 but I'm in the gaming space because I want to 0:25:33.440 --> 0:25:35.560 solve these problems. It's kind of this like catch twenty two, 0:25:35.640 --> 0:25:38.320 Like if you're outside it, they'll say, well, why don't 0:25:38.320 --> 0:25:39.159 you do something about it? 0:25:39.160 --> 0:25:39.320 Then? 0:25:39.400 --> 0:25:42.000 And you do something like who cares what you're doing? 0:25:42.200 --> 0:25:44.840 You're just part of the problem. It's always been emotionally 0:25:44.840 --> 0:25:45.480 difficult for. 0:25:45.440 --> 0:25:49.480 Me when we're thinking about where you stand, where US 0:25:49.560 --> 0:25:50.600 stands versus China. 0:25:50.720 --> 0:25:52.560 Yep, where does it intens of drone technology? 0:25:52.600 --> 0:25:57.000 We're in this context of a geopolitical strain that started 0:25:57.000 --> 0:25:58.240 this year off with Venezuela. 0:25:58.320 --> 0:26:00.879 We look now to Russia. How do you see China 0:26:01.119 --> 0:26:02.240 and the Taiwan question. 0:26:02.480 --> 0:26:06.639 China has an incredibly strong drone industry. It is largely 0:26:06.680 --> 0:26:08.960 a result of state intervention. It's largely a result of 0:26:09.000 --> 0:26:13.000 industrial policy, of supply chain investments that the government has made. Yeah, 0:26:13.000 --> 0:26:14.960 and even trade deals that China has made around the 0:26:14.960 --> 0:26:17.199 world to allow for these drones to freely flow out 0:26:17.200 --> 0:26:20.679 in other marketplaces. Yeah, China has the best ron industry 0:26:20.680 --> 0:26:22.600 in the world. It's not even close. It's definitely a 0:26:22.640 --> 0:26:24.840 weakness that the United States has. Now you saw recently 0:26:24.960 --> 0:26:27.840 this ban on d jai drones. The intention there is 0:26:27.880 --> 0:26:30.560 to try and fix that. You can fix these things. 0:26:30.560 --> 0:26:33.320 The US is capable of building drones, it's just we 0:26:33.400 --> 0:26:37.760 aren't capable of competing with the labor laws, emissions laws, 0:26:37.960 --> 0:26:40.960 energy prices from coal plants, et cetera that you see 0:26:40.960 --> 0:26:41.359 in China. 0:26:41.440 --> 0:26:43.280 So I'm hoping that this ban on d Jai drones 0:26:43.560 --> 0:26:44.280 results in a. 0:26:44.280 --> 0:26:47.560 Strong US drone market popping up to take its place 0:26:47.600 --> 0:26:50.879 over the next one two three years. Androle actually as 0:26:50.920 --> 0:26:53.240 a drone that we were showing off in Japan recently 0:26:53.320 --> 0:26:55.480 that's made with one hundred percent Japanese parts. 0:26:55.600 --> 0:26:58.960 Japan is another nation that can build their own drones. 0:26:59.000 --> 0:27:01.760 They don't need d but it's hard for that to 0:27:01.760 --> 0:27:04.600 make aconomic sense when China's allowed to flow the market. 0:27:07.640 --> 0:27:10.520 That was Annual founder Palmer Lucky for more on the 0:27:10.640 --> 0:27:15.119 US relationship with China and the national security concerns behind 0:27:15.160 --> 0:27:19.720 semiconductors were joined by Jacob Helberg, US State Department Undersecretary 0:27:19.840 --> 0:27:22.879 for Economic Affairs, but also the founder the Hill and 0:27:22.960 --> 0:27:25.920 Valley Forum, which we were able to attend last year. 0:27:26.160 --> 0:27:28.440 There was something in the in the in the China 0:27:28.440 --> 0:27:31.280 context which we didn't get to with Palma, which was 0:27:31.680 --> 0:27:36.720 a piece of recent news which President g reiterating, I 0:27:36.760 --> 0:27:40.760 would say a long stated goal of reunification with Taiwan. 0:27:41.160 --> 0:27:41.240 Now. 0:27:41.320 --> 0:27:44.320 The reason I want to start there, Jacob, is in 0:27:44.359 --> 0:27:48.520 your efforts with Pax Silica. The scenario that everyone is 0:27:48.840 --> 0:27:54.280 trying to plan for Taiwan and access to capacity in 0:27:54.480 --> 0:27:58.000 the semiconductor side being shut off if that scenario were 0:27:58.040 --> 0:28:01.400 to unfold starting twenty twenty six, could you just bring 0:28:01.480 --> 0:28:03.600 us your latest thinking on that, please. 0:28:03.480 --> 0:28:06.160 Absolutely, And it's great to join you guys here at 0:28:06.200 --> 0:28:09.080 CS in Las Vegas, which is such a great window 0:28:09.280 --> 0:28:13.359 into American innovation and innovation from a lot of Paxilica 0:28:13.400 --> 0:28:17.080 countries like South Korea and Japan. It's incredibly exciting that 0:28:17.119 --> 0:28:20.320 we're talking barely three weeks after the signing of this 0:28:20.440 --> 0:28:24.719 landmark declaration. Ultimately, let me put into context why this 0:28:24.800 --> 0:28:26.760 is so important and why so many people are talking 0:28:26.840 --> 0:28:31.119 about technology competition. But today it's clear that if the 0:28:31.160 --> 0:28:33.920 twentieth century ran on steel, the twenty first century is 0:28:34.000 --> 0:28:38.080 increasingly running on silicon and compute. And we're already seeing 0:28:38.080 --> 0:28:40.040 in the United States the third of our GDP growth 0:28:40.040 --> 0:28:43.840 coming from AI and growth picking up and accelerating as 0:28:43.920 --> 0:28:48.720 productivity is starting to accelerate growth and sectors across the economy. 0:28:48.840 --> 0:28:52.320 So back in July, President Trump ruled out this landmark 0:28:52.360 --> 0:28:54.680 speech at an event I co hosted with White House 0:28:54.680 --> 0:28:58.680 Aizar David Sachs called Winning the AI Race, where it 0:28:58.840 --> 0:29:01.640 was a landmark moment where he declared that the US 0:29:02.680 --> 0:29:04.800 is set to win the AI race and that it 0:29:04.880 --> 0:29:07.520 is the official policy of the US government to do 0:29:07.600 --> 0:29:10.240 whatever it takes. A few months later, I'm happy to 0:29:10.280 --> 0:29:13.080 report that at the State Department, we have adopted a 0:29:13.120 --> 0:29:17.160 strategy that breaks down this broad goal into three parts. 0:29:17.400 --> 0:29:18.840 We want to help the US. 0:29:18.760 --> 0:29:21.560 Government win the AI race by leading an innovation, by 0:29:21.560 --> 0:29:24.400 gaining market share, and by securing our supply chains. So 0:29:24.440 --> 0:29:27.720 we launched packed Silica with a group of seven countries 0:29:28.320 --> 0:29:33.080 and are the most technologically advanced countries, including Japan, South 0:29:33.160 --> 0:29:37.040 Korea which is home to Samsung, es Kheiinix, Mitsubishi, and 0:29:37.200 --> 0:29:40.680 we are engaged in a lot of intensive talks to 0:29:40.720 --> 0:29:44.280 now transition to the implementation phase of Pasilica in twenty 0:29:44.320 --> 0:29:44.800 twenty six. 0:29:45.080 --> 0:29:47.760 A lot of your anxiety, and you've been at this 0:29:47.840 --> 0:29:50.400 for a very long time trying to warn the United 0:29:50.440 --> 0:29:52.480 States and those in positions of power now in the 0:29:52.520 --> 0:29:55.280 power that you have yourself, that we shouldn't be exopposed 0:29:55.320 --> 0:29:57.360 to China in the way that we have been. Now 0:29:57.440 --> 0:29:59.600 from a national security perspective, what do you think of 0:29:59.640 --> 0:30:02.800 the late that maybe h two hundreds go into China 0:30:03.200 --> 0:30:06.480 by this quarter, They might sign off for Ali Baba 0:30:06.560 --> 0:30:10.000 for bid to be able to access in videos chips. 0:30:10.160 --> 0:30:12.520 So part of the goal of winning the supply chain 0:30:12.600 --> 0:30:16.480 means we need to expand market share. And sometimes there's 0:30:16.520 --> 0:30:20.240 a bit of a tension between innovation and diffusion, because 0:30:20.280 --> 0:30:23.560 when you diffuse technology, sometimes you're compromising a little bit 0:30:23.560 --> 0:30:27.520 on innovation because more people have access to that technology, 0:30:27.560 --> 0:30:31.959 which narrows your technological edge. Part of what we're doing 0:30:32.280 --> 0:30:35.880 by exporting our h two hundreds is making sure that 0:30:35.920 --> 0:30:39.560 the world's developers are building on top of the American stack, 0:30:40.040 --> 0:30:42.920 and we want to ensure that American models actually stay 0:30:42.920 --> 0:30:47.160 ahead through these strategic bilateral deals in countries in the 0:30:47.160 --> 0:30:52.040 Gulf like the UAE, the Saudi Arabia, and a number 0:30:52.040 --> 0:30:53.920 of others that are on the way but still too 0:30:53.920 --> 0:30:56.840 early to disclose here today, in order to make sure 0:30:56.880 --> 0:31:00.120 that our companies have by far the most compute capacity, 0:31:00.320 --> 0:31:02.280 so that our l A lamps they had as well. 0:31:02.400 --> 0:31:06.360 Jacob on that market share bucket, you know, the concern 0:31:06.720 --> 0:31:10.360 that many in DC outline to us is if we 0:31:10.440 --> 0:31:13.840 don't take sport to the golf, China will Is that 0:31:13.920 --> 0:31:16.120 the right way to think about it for America? 0:31:16.640 --> 0:31:19.960 I think it's an opportunity where there is nature abhors 0:31:20.040 --> 0:31:23.840 a vacuum. We have got to fill the vacuum while 0:31:23.880 --> 0:31:26.680 we can. We have the world's best technology and the 0:31:26.720 --> 0:31:30.800 worlds know that. And ultimately America has thrived when we 0:31:30.920 --> 0:31:34.600 allow our innovators to actually dominate market share. 0:31:35.400 --> 0:31:38.040 They did dominate, and video had ninety five percent in 0:31:38.080 --> 0:31:40.800 the market and now Jensen to say, has zero and 0:31:40.840 --> 0:31:42.800 maybe it's being allowed to claw some back. 0:31:43.640 --> 0:31:44.880 Has not the horse bolted? 0:31:45.000 --> 0:31:47.240 Have we not already allowed camera con to grow and 0:31:47.320 --> 0:31:49.440 our way to grow? Are we really going to be 0:31:49.480 --> 0:31:51.800 able to clean back and have the stack of our 0:31:51.840 --> 0:31:52.800 own worldwide? 0:31:53.000 --> 0:31:56.360 And that's exactly why we launched packsilica, to make sure 0:31:56.400 --> 0:32:00.280 that we have a sensible approach to exporting our best 0:32:00.280 --> 0:32:04.640 technologies while protecting our most sensitive technologies. We're having dual 0:32:04.680 --> 0:32:07.680 track conversations with our partners. We want to protect our 0:32:07.720 --> 0:32:10.040 sensitive technologies, but we have got to have a path 0:32:10.360 --> 0:32:12.560 to gain market share. And I think everyone's on the 0:32:12.600 --> 0:32:16.560 same page. Everyone who joined Packsilica understands that the world's 0:32:16.560 --> 0:32:20.200 supply chains being concentrated in one country, no matter how 0:32:20.240 --> 0:32:23.920 you feel about that country, is too risky, is too brittle, 0:32:24.160 --> 0:32:26.880 and is ultimately a liability to the global economy. And 0:32:26.920 --> 0:32:31.400 that's why we started this Economic Security Coalition with the 0:32:31.400 --> 0:32:35.840 world's most advanced technology companies and countries in order to 0:32:35.840 --> 0:32:38.200 make sure that we diversify those supply chains. 0:32:38.480 --> 0:32:42.000 Jacob, those companies are here at Cess Vegas. What do 0:32:42.040 --> 0:32:44.440 you hope to achieve in the time that you have 0:32:44.480 --> 0:32:45.080 at CEES. 0:32:45.520 --> 0:32:48.160 So part of what we're looking for our roadmap in 0:32:48.200 --> 0:32:51.800 twenty twenty six is we want to focus on policy coordination, 0:32:52.240 --> 0:32:54.720 We want to expand membership of Packsilica, and we want 0:32:54.760 --> 0:32:57.880 to focus on infrastructure projects. The way that we view 0:32:57.920 --> 0:33:01.160 infrastructure is we want to focus on the arteries of 0:33:01.200 --> 0:33:04.360 supply chains through advanced logistics. We want to focus on 0:33:04.400 --> 0:33:10.280 the muscle might of industrial capacity, particularly with fabs, factories 0:33:10.480 --> 0:33:14.000 and refineries, and we also want to focus on the fuel, 0:33:14.320 --> 0:33:17.760 particularly capital and energy. One of the things that's so 0:33:17.800 --> 0:33:20.280 interesting about talking with companies here is we can get 0:33:20.280 --> 0:33:23.520 to actually stress test a lot of these ideas with 0:33:23.680 --> 0:33:25.920 builders and with people who are the closest to these 0:33:25.920 --> 0:33:26.840 problems day to day. 0:33:27.360 --> 0:33:31.520 Jacob, this week has been extraordinary from a geopolitical perspective, 0:33:32.040 --> 0:33:35.240 and I want to just get your thoughts high level, 0:33:36.000 --> 0:33:38.160 your view on pack Silica is that it's sort of 0:33:38.960 --> 0:33:39.840 peace through power. 0:33:40.520 --> 0:33:41.760 Is that how we should. 0:33:41.560 --> 0:33:46.600 Be interpreting what's occurred Venezuela with Russian chips, with what 0:33:46.800 --> 0:33:48.680 continues to occur worldwide right now. 0:33:49.480 --> 0:33:52.400 So I think at the end of the day, one 0:33:52.400 --> 0:33:54.960 of the takeaways of the events the last few weeks 0:33:55.080 --> 0:33:58.200 is very clear that the world needs to know that 0:33:58.200 --> 0:34:01.040 the Trump administration says what it means and means what 0:34:01.120 --> 0:34:05.720 it says. I think Secretary Rubio spoke very eloquently about 0:34:05.760 --> 0:34:08.279 where the US stands and the Trump administration stands on 0:34:08.360 --> 0:34:11.279 Venezuela and other issues that have been in the news 0:34:11.320 --> 0:34:17.960 like Greenland. Ultimately, the biggest threat to international norms is 0:34:18.680 --> 0:34:21.920 the Western Hemisphere and the United States being asleep at 0:34:21.960 --> 0:34:24.319 the switch while we are encroached from the north through 0:34:24.360 --> 0:34:27.759 the Arctic and from the south through Latin America. Ultimately, 0:34:28.360 --> 0:34:32.480 Pack Silica is an effort to pursue a very pragmatic 0:34:32.520 --> 0:34:36.880 approach by working with our closest technological partners to actually 0:34:36.920 --> 0:34:40.279 forge strategic investment deals and allow moving the needle in 0:34:40.320 --> 0:34:42.799 a way that actually benefits all of us. That is 0:34:42.840 --> 0:34:45.560 why this coalition is so diverse it's very, very new. 0:34:45.600 --> 0:34:48.760 It's a completely new grouping of countries that includes players 0:34:48.800 --> 0:34:52.200 like Singapore, like Israel, the UAE, people who aren't used 0:34:52.239 --> 0:34:55.120 to being included in traditional legacy forums like the G 0:34:55.200 --> 0:34:58.000 twenty and the G seven. And yet these countries punch 0:34:58.360 --> 0:35:00.560 far above their weight and where very as a partner 0:35:00.600 --> 0:35:00.919 with them. 0:35:01.160 --> 0:35:03.320 JKM, It's great having some time with you. I'm excited 0:35:03.320 --> 0:35:04.439 to say to be on stage with you a little 0:35:04.480 --> 0:35:05.040 bit later as well. 0:35:05.120 --> 0:35:07.799 Jacob Elbow his US Department of Stayed Under Secretary for 0:35:07.840 --> 0:35:10.920 Economics Affairs and of course, founder of the Helen Barry Forum, 0:35:11.080 --> 0:35:14.560 which is bringing together a VC and Washington surrounding the 0:35:14.640 --> 0:35:16.560 China issues. Meanwhile, coming up more on the future of 0:35:16.600 --> 0:35:19.800 AI's companies shift in and out of the digital world 0:35:20.440 --> 0:35:23.560 and back into physical Steve Jangs, Kind Adventures managing partner 0:35:23.600 --> 0:35:32.800 joins his next is a bluebotec. AI's real world impact 0:35:32.840 --> 0:35:35.720 is dominating the conversation here at CES, with investors watching 0:35:35.760 --> 0:35:39.080 closely to see which technologies move from height to reality 0:35:39.120 --> 0:35:41.880 and maybe they foster that reality. Steve Jangs with US 0:35:41.880 --> 0:35:45.080 managing partner and founder of Kind Adventures, early stage bench 0:35:45.160 --> 0:35:48.239 firm known for back in category defining startups making significant 0:35:48.239 --> 0:35:49.600 bets on Well, we think of the work that you 0:35:49.600 --> 0:35:51.400 did with Uber, will you think of so many of 0:35:51.400 --> 0:35:53.880 the companies that have had significant exits and m and 0:35:53.920 --> 0:35:56.560 a that's happening. But for you here, I think one 0:35:56.560 --> 0:35:58.560 of the stars of the show has been Neuro. Right. 0:35:58.680 --> 0:36:01.040 We saw this big announcement coming from We had Lucid 0:36:01.120 --> 0:36:04.080 on the show, but Uber and and Dey Neuro teaming 0:36:04.160 --> 0:36:07.080 up to provide the future of robotaxis. But as a 0:36:07.080 --> 0:36:09.600 crowded field, how did you decign Nero was going to 0:36:09.640 --> 0:36:11.120 be helping win in that autonomous fight? 0:36:11.400 --> 0:36:13.960 Sure, So if you rewind time and you look at 0:36:13.960 --> 0:36:17.439 the history of Uber, you'll remember ten years ago Uber 0:36:17.440 --> 0:36:19.680 had announced that they were going to invest in self 0:36:19.719 --> 0:36:22.879 driving car technology. Now, a lot of things happened since then. 0:36:23.360 --> 0:36:29.000 So they originally had planned it with Travis Kalenik at 0:36:29.040 --> 0:36:31.440 the helm of the company, and then had to jettison 0:36:31.520 --> 0:36:34.520 that whole business before going public under Dara, And I 0:36:34.520 --> 0:36:36.960 think what Dara did is pick that back up and 0:36:37.000 --> 0:36:39.640 say we need to accelerate our strategy. So about two 0:36:39.719 --> 0:36:42.879 years ago a lot of those plans were put into motion, 0:36:43.280 --> 0:36:46.680 and what was interesting was Neuro was a company that 0:36:46.760 --> 0:36:48.840 had been one of the few companies like Weimo that 0:36:48.880 --> 0:36:52.840 had been training around Bay Area streets with their lighter 0:36:52.880 --> 0:36:58.360 and their cameras, and they recently launched an autonomy intelligence platform, 0:36:58.400 --> 0:37:01.360 which is basically an operating system to allow any third 0:37:01.360 --> 0:37:05.040 party automaker to have self driving capabilities. And so what 0:37:05.080 --> 0:37:07.960 you saw here was a great launch between Neuro, Lucid, 0:37:08.000 --> 0:37:12.920 and Uber to not only fit retrofit a Lucid car 0:37:13.280 --> 0:37:16.960 with autonomy full level four not eight s right, not 0:37:17.239 --> 0:37:21.200 level two plus plus assistance, but full self driving capability 0:37:21.280 --> 0:37:24.880 like Waimo and Tesla FSD, and launch that with Lucid 0:37:25.040 --> 0:37:27.080 on the Uber network. So you'll be able to open 0:37:27.160 --> 0:37:29.200 up your Uber app at the end of this year 0:37:29.520 --> 0:37:31.040 in the Bay Area and be able to take a 0:37:31.080 --> 0:37:31.759 self driving car. 0:37:31.840 --> 0:37:33.120 It's like Capital light model. 0:37:33.600 --> 0:37:35.480 Let someone else take on the burden of the hardware 0:37:35.480 --> 0:37:38.480 and the stack, just do the fleet management. But for me, 0:37:38.520 --> 0:37:41.799 the bigger piece of news in that world was Alpamo, right, 0:37:41.880 --> 0:37:43.840 because Nvidia is coming with the same thing saying hey, 0:37:43.880 --> 0:37:44.960 we have a full stack solution. 0:37:45.440 --> 0:37:47.080 I know that you caught notis of that. 0:37:47.280 --> 0:37:50.600 So Agxtore, which is inside of Neuro, is part of 0:37:50.600 --> 0:37:53.920 that Elphi in Prince right. And so what Nvidia is 0:37:53.920 --> 0:37:56.160 doing and it's very smart of Invidia. They are selling 0:37:56.239 --> 0:37:58.560 chips right, and so what they want to do is 0:37:58.560 --> 0:38:01.200 sell you a starter kit, give you an open source model. 0:38:01.440 --> 0:38:03.600 They want to give you open data sets, and they say, 0:38:04.000 --> 0:38:06.160 go to town. We want you to build a self 0:38:06.200 --> 0:38:09.680 driving car platform to fit these cars, to fit your 0:38:09.719 --> 0:38:13.160 ride sharing or delivery network, your logistics network. And what 0:38:13.160 --> 0:38:16.880 they're saying is we want to have many competitors out there. 0:38:16.719 --> 0:38:18.239 So we can sell you more GPUs. 0:38:18.600 --> 0:38:20.919 And so Neuro is actually one of the very first 0:38:20.960 --> 0:38:23.160 partners that has been using that for years now, and 0:38:23.280 --> 0:38:26.440 VideA as an investor in Neuro and so you know, 0:38:26.600 --> 0:38:29.120 Neuro and Uber are sort of the prime example and 0:38:29.160 --> 0:38:32.160 hopefully a flagship for them and their business. But you know, 0:38:32.239 --> 0:38:34.680 in Vidia on a larger scale at this show is 0:38:34.760 --> 0:38:37.359 what they're doing is they're kingmaking. They're king making an 0:38:37.480 --> 0:38:40.080 entire sector. They're saying, you know, a year ago they 0:38:40.080 --> 0:38:43.000 were talking about robotics. This year they transitioned that into 0:38:43.040 --> 0:38:46.200 physical AI. Now they're not just talking about robotics, they're 0:38:46.200 --> 0:38:49.520 talking about autonomy and mobility because it's coming to a crescendo, 0:38:49.880 --> 0:38:52.719 and so they're very very smart and saying we're sort 0:38:52.760 --> 0:38:54.879 of like the FED, right, We're gonna we're the FED 0:38:54.920 --> 0:38:58.240 for AI. We're going to tell you, uh, the headline, right, yeah, yeah, 0:38:58.280 --> 0:38:59.959 and we're going to We're going to tell you where 0:39:00.040 --> 0:39:02.640 everyone's going to go. You may be on that wave, 0:39:02.680 --> 0:39:04.440 you may not be on that wave, but you should be. 0:39:04.800 --> 0:39:06.960 And by the way, we have the models, we have 0:39:07.000 --> 0:39:09.840 the data, and we have the chips and overall compute 0:39:09.840 --> 0:39:12.560 for you to go build that. And so you know, 0:39:12.640 --> 0:39:15.239 I think there's been a lot of argument about you know, 0:39:15.360 --> 0:39:17.160 is in Nvidia's kingdom. 0:39:17.040 --> 0:39:18.279 Right at risk right now? 0:39:18.520 --> 0:39:20.640 And I would say that they continue to surprise and 0:39:20.680 --> 0:39:24.680 be several years ahead of their competition. So we're very 0:39:24.680 --> 0:39:25.920 excited about we're watching closely. 0:39:26.000 --> 0:39:28.040 I mean, look, you would know form backing Uber and 0:39:28.040 --> 0:39:30.440 the ultimately there were two key winners out of that 0:39:30.800 --> 0:39:33.239 Uber and Left. When I think about the areas that 0:39:33.280 --> 0:39:35.360 you're also thinking of, I mean, how many players can 0:39:35.400 --> 0:39:37.080 there be an autonomous how many players can there be 0:39:37.080 --> 0:39:38.000 in foundational models? 0:39:38.000 --> 0:39:38.960 You're in perplexity, and. 0:39:38.960 --> 0:39:41.919 Everyone's thinking maybe there's any an anthropic and an open 0:39:41.960 --> 0:39:45.200 AI and an Gemini space sure, as. 0:39:45.040 --> 0:39:48.279 You're rightfully noting any innovation. Curve starts as many competitors 0:39:48.280 --> 0:39:50.719 and it whittles down to two or three. It's just 0:39:50.800 --> 0:39:53.920 a it's a rule of thumb in Silicon Valley. So 0:39:54.040 --> 0:39:57.080 right now Neuro is entering the space. There's Weimo, there's Tesla, 0:39:57.200 --> 0:40:01.399 and there's Neuro. In China, there's several other competitors. Right 0:40:02.000 --> 0:40:05.080 in Europe there are no right and so on level 0:40:05.120 --> 0:40:08.720 four capability. So what I think is happening is you're 0:40:08.760 --> 0:40:12.560 seeing a whittling down because of the resources, the training data, 0:40:12.960 --> 0:40:14.800 the amount of years that you need to do to 0:40:15.719 --> 0:40:19.480 train across all these streets. It's not a software company 0:40:19.560 --> 0:40:21.680 that you can just start up out of scratch. So 0:40:21.760 --> 0:40:24.160 I think one of the things that you'll see also 0:40:24.160 --> 0:40:28.040 in robotics is you'll see this whittling down of competition. 0:40:28.480 --> 0:40:31.440 And you see Boston Dynamics, which is owned by Hinda, 0:40:31.960 --> 0:40:35.359 which is very interesting. They're doing quite well, and they 0:40:35.400 --> 0:40:38.759 reveal the humanoid. You know, I've been very careful and 0:40:38.800 --> 0:40:41.680 skeptical about the development of humanoids, and I would say 0:40:41.680 --> 0:40:43.480 that this is the first time I've seen humanoids in 0:40:43.520 --> 0:40:47.359 action that look practical, and so I think you'll see 0:40:47.360 --> 0:40:49.640 that in robotics as well. I think you'll see that 0:40:49.680 --> 0:40:52.320 in generative media. I think you'll see that in agents. 0:40:52.640 --> 0:40:55.040 So a lot of these platforms will start to whittle 0:40:55.080 --> 0:40:58.200 down to two, three, maybe four players, and this year 0:40:58.280 --> 0:41:00.800 will be the year of that, which is why inference. 0:41:00.840 --> 0:41:02.360 You know, one of the other things that we're seeing 0:41:02.360 --> 0:41:05.520 here is more further evidence that inference is going to 0:41:05.600 --> 0:41:08.799 exceed training in terms of compute, and that flip that 0:41:08.880 --> 0:41:10.719 flipping if you will, right, if I can use a 0:41:10.760 --> 0:41:15.360 Bitcoin term, that flippening is means a lot. So demand 0:41:15.440 --> 0:41:17.800 for compute is far exceeding supply. 0:41:18.200 --> 0:41:18.839 Even with the. 0:41:18.960 --> 0:41:22.520 HBM shortage, it's going to increase that. So there's a 0:41:22.600 --> 0:41:24.440 battle royale happening here in compute. 0:41:24.600 --> 0:41:27.920 Steve Jang Kindred Avenge is hitting literally the biggest stories 0:41:27.920 --> 0:41:28.400 of the week. 0:41:28.760 --> 0:41:30.680 We've had hair out of ces. We have much more 0:41:30.680 --> 0:41:32.759 to come. Stay with us. This has been bog tech. 0:41:43.160 --> 0:41:43.719 The story in. 0:41:43.760 --> 0:41:46.880 Markets right now is tech is down in video off 0:41:46.920 --> 0:41:49.439 by eight tens one percent. Had been much lower over 0:41:49.440 --> 0:41:52.480 the course of the week. We've kind of not had 0:41:52.520 --> 0:41:54.719 any of the euphour it we expected. We all came 0:41:54.760 --> 0:41:57.279 to Las Vegas thinking that in video, who, in Steve 0:41:57.360 --> 0:41:59.799 Jang's words, was the king maker of AI. The fed 0:41:59.800 --> 0:42:02.839 of A would tell us something profound that would keep 0:42:02.880 --> 0:42:03.719 the stock going higher. 0:42:03.719 --> 0:42:05.360 And it's not really panned out that way, even. 0:42:05.239 --> 0:42:07.280 Though we kind of did said, look that five hundred 0:42:07.320 --> 0:42:10.120 billion dollars of inbound I see in revenue in twenty 0:42:10.160 --> 0:42:12.120 twenty six, that's going to be higher. Maybe we even 0:42:12.120 --> 0:42:15.680 get eight two hundredths into China and yet so high expectations. 0:42:15.800 --> 0:42:17.560 Look AMD, what more can lisas? 0:42:17.560 --> 0:42:17.960 Who do? 0:42:18.080 --> 0:42:20.240 She made up a term? Was it yotto flop? 0:42:20.320 --> 0:42:23.560 She talked about the sheer scale or compute that's still necessary, 0:42:23.680 --> 0:42:26.279 the winning formula that she's seeing and sock is down 0:42:26.480 --> 0:42:30.640 qualcon though, really managed to impress the markets from robotics. 0:42:30.520 --> 0:42:33.240 Itself into the market that everyone was already talking about. 0:42:33.640 --> 0:42:35.360 You know, so you see the chipmakers say, okay, the 0:42:35.400 --> 0:42:38.399 next phase is physical AI. We did learn some hard 0:42:38.480 --> 0:42:39.799 lessons that it's difficult out there. 0:42:39.880 --> 0:42:43.320 Memory is a big story. And then there's robots. 0:42:43.520 --> 0:42:46.000 Right, it is the Consumer Electronics Show, and there were 0:42:46.000 --> 0:42:46.920 real robots. 0:42:46.680 --> 0:42:49.560 To see and what we hear at fourteen different humanoids, 0:42:49.560 --> 0:42:52.279 not to mention the furry friends that we're seeing around here. 0:42:52.320 --> 0:42:53.959 That are going to be a companion to your child 0:42:54.080 --> 0:42:56.719 or to the elderly. It's been extraordinary to be here 0:42:56.760 --> 0:42:58.359 on the floor of CES and you see the level 0:42:58.400 --> 0:43:01.200 of innovation. Stuff that will stick, stuff that definitely won't. 0:43:01.360 --> 0:43:04.279 I still haven't tried that lollipop that plays music as. 0:43:04.200 --> 0:43:04.520 You eat it. 0:43:04.520 --> 0:43:04.640 There. 0:43:04.680 --> 0:43:06.200 Yeah, and we got some deals, we got some m 0:43:06.239 --> 0:43:08.160 and A, we got some fundraising. But it is the 0:43:08.160 --> 0:43:09.200 best way to start the year. 0:43:09.360 --> 0:43:12.320 It is, I mean, boy, still talking about those valuations 0:43:12.360 --> 0:43:13.239 and flopping as well. 0:43:13.520 --> 0:43:15.080 That's it for this edition at. 0:43:14.960 --> 0:43:18.520 Bloomberg Tech, but don't forget later today an exclusive interview 0:43:18.560 --> 0:43:20.960 is coming with a co founder and CEO of Minimax. 0:43:21.200 --> 0:43:23.879 That's right here from CS to discuss the Hong Kong 0:43:23.960 --> 0:43:26.879 listening China IPO market for all things AI is on. 0:43:26.880 --> 0:43:30.319 Fire IPO twenty twenty six, looking good. Recap on the 0:43:30.360 --> 0:43:32.480 pod you know where to find it. For the final 0:43:32.520 --> 0:43:35.279 time from Las Vegas, this is Bloomberg Tech.