Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and Eda Loow in San Francisco.
Speaker 2: Welcome to a special edition of Bloomberg Tech.
Speaker 3: We are live from CS in Las Vegas, where we've
Speaker 3: been tracking the biggest tech stories. Another great lineup of
Speaker 3: incredible guests today, but we've also got some news outside.
Speaker 4: Of CS right then, Yeah, Coming up first, China plans
Speaker 4: to approve some imports of Nvidia's eight two hundred ships
Speaker 4: as soon as this quarter for select commercial use.
Speaker 3: Plus AI evaluations, pushing ever higher anthropic raising a new
Speaker 3: round of funding that would value the company at three
Speaker 3: hundred and fifty billion dollars.
Speaker 4: And we wrap this special CES edition today with guests
Speaker 4: from the robotics and augmented reality spaces, venture Capital and the.
Speaker 3: First we check in on these markets that are in
Speaker 3: a bit of sell off mode. Look anxiety ahead of
Speaker 3: those non farm payrolls data that we get tomorrow, and
Speaker 3: no one taking on any more risk after what I've
Speaker 3: been a really rather nice run up in tech stocks
Speaker 3: over the last free trading days.
Speaker 2: So today maybe we sell the news.
Speaker 3: Today We're off by some six tens of percent, but
Speaker 3: all eyes really on one keeper.
Speaker 4: Yeah, like your chart is showing that actually, you know,
Speaker 4: we'd be kind of lower. Wiggling around throughout the early session, Nvidia.
Speaker 5: Has taken a significant.
Speaker 4: Leg lower this Thursday, it's now off two percent. The
Speaker 4: reporting is crystal clear from Bloomberg. According to sources, China's
Speaker 4: government will approve some Chinese tech companies taking H two hundreds.
Speaker 4: That sources are giving details on which companies, But the
Speaker 4: crystal clear line is has to be commercial use, cannot
Speaker 4: be military, cannot be some government, cannot.
Speaker 5: Be state backed enterprise.
Speaker 4: Let's get out to Washington, DC and Bloomberg Senior Tech
Speaker 4: editor Mike Shephard, there's a lot of specifics in this report.
Speaker 4: Give us those specifics, what we know about the companies involved,
Speaker 4: and also the volumes, because that's going to matter to
Speaker 4: the stock.
Speaker 6: Well, the volumes are a little bit unclear as far
Speaker 6: as what the Chinese government would approve, but we already
Speaker 6: are getting some signals according to our reporting that companies
Speaker 6: like Byteedance and by Do would be interested in buying
Speaker 6: up to two hundred thousand Nvidia H two hundred chips
Speaker 6: each once those approvals go through. Now it's unclear whether China,
Speaker 6: the authorities in Beijing, will allow those kinds of quantities
Speaker 6: right away into the market. And it's important to remember
Speaker 6: also that look, there are restrictions still in place here
Speaker 6: from the US. Even with President Donald Trump's verbal blessing
Speaker 6: for this, we still need to see licenses emitted by
Speaker 6: the Commerce Department. That process is still underway. Jensen Wong
Speaker 6: and your interview with him the other day indicated that
Speaker 6: he was optimistic that those would go through, and likewise
Speaker 6: this would affect AMD, which also has chips that is
Speaker 6: is hoping to get into China as well.
Speaker 7: Look for in Vidio.
Speaker 6: This is a big win if it all goes through.
Speaker 6: As we are outlining in this report, China is the
Speaker 6: world's biggest semiconductor market, and Jensen Wong has identified it
Speaker 6: as a fifty billion dollar opportunity for the company.
Speaker 7: And the timing is crucial.
Speaker 6: They are facing intensifying competition from rivals inside China, including
Speaker 6: camera Con and SMIC, which are making strides in the
Speaker 6: development of their own homegrown semiconductors, and we have also
Speaker 6: seen signals from authorities in Beijing that they would like
Speaker 6: local companies to start favoring domestic alternatives to in video
Speaker 6: over whatever it might be coming from the US.
Speaker 2: Mike Shepherd, as always, thank you so much. From Washington.
Speaker 2: We're going to stick with a theme of.
Speaker 3: AI, of course we are, but this time I'm going
Speaker 3: to look at it from valuation perspective. Ed because Athropic
Speaker 3: the latest news that it's outlooking and raising some ten
Speaker 3: billion dollars is.
Speaker 2: Before that raise value.
Speaker 3: Therefore, at three hundred and fifty billion dollars, we know
Speaker 3: open Ai is out there also raising funds could be
Speaker 3: as whopping as seven hundred and fifty billion dollars. All
Speaker 3: of this is we I potentially these companies coming to
Speaker 3: the public.
Speaker 2: Markets as well.
Speaker 4: I've been speaking to some of the investors backing this
Speaker 4: round ten billion dollars, three hundred and fifty billion dollar valuation.
Speaker 4: They don't have the scale that open ai has right,
Speaker 4: but they've gone after the enterprise. And the way that
Speaker 4: one investor put it to me is there are four
Speaker 4: players right now, open Ai, Xai, Anthropic, and Google. There's
Speaker 4: probably only room in the real world for three. But
Speaker 4: it's interesting to see them continue.
Speaker 3: Raise and just how sophisticated they are when it comes
Speaker 3: to the coding side of the equation that really seems
Speaker 3: to have been.
Speaker 2: Where they've made their mark.
Speaker 3: But also they're trying to say that they are well
Speaker 3: the safer, more focused on ethics in some ways they
Speaker 3: split off from open ai to remember that's what their
Speaker 3: origin story is.
Speaker 4: And in your interview with he Montonees, you're getting a
Speaker 4: lot of credit for that coding.
Speaker 8: Piece as well.
Speaker 4: Another big story of the morning, and it's a jostling
Speaker 4: for position once again, we're looking at the market cap
Speaker 4: of Google or Alphabet the parent Google rising above Apple.
Speaker 8: What did I just say?
Speaker 4: In this world order four players right now? Alphabet and
Speaker 4: Google have really accelerated in recent months, both literally from
Speaker 4: a stock performance perspective, but also just I guess by
Speaker 4: news flow and reputation and Apple it's a different game, right.
Speaker 4: But yeah, this is one that I didn't see coming
Speaker 4: last year or at least as you know, at any
Speaker 4: point that.
Speaker 3: Story, that TVU story just changed everything didn't and the
Speaker 3: vertical integration.
Speaker 4: Okay, coming up, humanoid robotics takes shape right here at CEES.
Speaker 4: We're going to discuss the future of physical AI with
Speaker 4: Jan Liphart, founder and CEO of open mind a's next.
Speaker 5: This is Bloomberg Tech.
Speaker 4: Here at ces Physical AI is breaking through to the
Speaker 4: mainstream with humanoid robotics taking set of stage. Joining us
Speaker 4: is Yan Lipart, founder and CEO of open Mind, a
Speaker 4: startup building an parading system design to connect, coordinate, and
Speaker 4: scale intelligence across all thinking machines. There are so many
Speaker 4: things to take away from being here this week. Let's,
Speaker 4: I think, focus on the humanoid robot form factor at least,
Speaker 4: but your main impression with those on display, I think
Speaker 4: Atlas is probably top of mind for many. Last night
Speaker 4: when I was here with Boston Dynamics CEO wrote place
Speaker 4: the weights to go and see Atlas was two hours.
Speaker 5: What do you make of that?
Speaker 9: Well, just a few years ago, the robots here were
Speaker 9: kind of yanky, they were wobbly, and they had wires
Speaker 9: coming out of their head, and they looked like science experiments.
Speaker 9: And it's really fascinating to see just how quickly humanoids
Speaker 9: are turning into a real product. And Atlas is of
Speaker 9: course just one of those. So instead of them being
Speaker 9: science experiments, they look like real things that you might
Speaker 9: want to have in your home or in your workplace.
Speaker 8: You're also a.
Speaker 4: Professor at Stanford, And you know, the academic discussion here,
Speaker 4: which I've loved, has been, hey, guys, we think we've solved.
Speaker 5: The software problem. Have we solved the software problem?
Speaker 9: Well, when people talk about humanoids, everyone has a different
Speaker 9: picture of what.
Speaker 8: The humanoid is going to do.
Speaker 9: If you're talking about a humanoid for a hospital, that's
Speaker 9: a totally different situation compared to a humanoid flipping hamburgers
Speaker 9: or teaching kids math.
Speaker 8: So it really depends on the point.
Speaker 4: We're moving a box from one part of the tables
Speaker 4: the other part of the table is no longer impressive.
Speaker 8: So that's completely solved.
Speaker 9: And Amazon has one point one million robots deployed already,
Speaker 9: so the logistics pick in place is effectively solved. One
Speaker 9: frontier is what you might call social robotics. So these
Speaker 9: are the robots that will live with you, and they
Speaker 9: will teach your kids, and they will help your parents.
Speaker 9: And that is still more different because there's a lot
Speaker 9: of what we expect when we interact with people, their
Speaker 9: ability to make us laugh and speak and be quick
Speaker 9: and so forth. That is still difficult. But basics like
Speaker 9: picking things up, that's solved.
Speaker 2: When we think about the solution of integration.
Speaker 3: A lot of companies want to talk about how they're
Speaker 3: the vertically integrated company. They are making not just the hardware,
Speaker 3: but the software too. So where are you getting an
Speaker 3: in how many of these fourteen humanoids we see here
Speaker 3: at CES are you putting your open software to work in?
Speaker 8: Well, it's about half of them.
Speaker 9: And for many humanoid robotics companies, they have a traditional
Speaker 9: focus on hardware and they're seeing the software move extremely quickly,
Speaker 9: and some of them have the sense that they don't
Speaker 9: have the inherent capability to also be at the frontier
Speaker 9: of the software, and that's where we're getting traction for us.
Speaker 3: I want to go back to the very thesis of
Speaker 3: whether you want a humanoid at all. Buston Dynamics perspective
Speaker 3: is in the interim we have manufacturing units that are
Speaker 3: purpose built for robots. Humanoid makes sense because it has
Speaker 3: to work side along humans and augment them or at
Speaker 3: least replace them eventually.
Speaker 2: Maybe that's not the form factor we want.
Speaker 3: I don't think I want a form factor of humanoid
Speaker 3: in my home, to be perfectly frank, you're seeing a
Speaker 3: lot more of these sort of soft, cuddly toys for
Speaker 3: companionship and the way that they talk. What will robots
Speaker 3: look like in the future.
Speaker 9: Well, I have a humanoid at home and my kids
Speaker 9: casual and my humanoid. My kids thinks that is totally
Speaker 9: normal because for them, they've seen that for literally two
Speaker 9: years now. And however, when I talk to my mom,
Speaker 9: I sent my mom some videos of the humanoids here
Speaker 9: iris iris iris. No, this is hardware developed by someone else.
Speaker 9: Of course, it's running the software I wrote, which is
Speaker 9: why I trust it, because I know exactly what's going
Speaker 9: on inside the humanoid. But yeah, I sent my mom
Speaker 9: some videos of humanoids around here, and she said, Yanni,
Speaker 9: I'm shocked. This is awesome. So to your original point,
Speaker 9: what is the right form factor? What's special about a
Speaker 9: humanoid is that they're by definition compatible with your home,
Speaker 9: a hospital, school, workplace, door handles, light switches, stairs, so
Speaker 9: they can immediately be effective in all the infrastructure that
Speaker 9: humans have built for us.
Speaker 4: This is why it's important to get as far as
Speaker 4: you can be an objective take on the state of industry.
Speaker 4: Right the problem we started the segment though, saying it's
Speaker 4: broken through to the mainstream. Actually, there is a lot
Speaker 4: of fatigue, just like there was with ROBOTAXI. We've been
Speaker 4: saying it's coming, it's coming, it's coming. What I see
Speaker 4: is in the industrial use cases, it's there. But one
Speaker 4: thing that came up with us a lot this week,
Speaker 4: care of the elderly. Yeah, are we really in a
Speaker 4: position where overnight humanoid robots are going to solve what
Speaker 4: is a massive addressable market?
Speaker 9: Well to some people that sounds dystopian and creepy. Is
Speaker 9: it something you imagined that your parents would interact with robots?
Speaker 9: But some of the companies building robots for memory care facilities,
Speaker 9: like Andromeda in San Francisco and Australia, the stories they
Speaker 9: tell are heartbreaking, where nurses now have to clean the
Speaker 9: head of the humanoid every evening because the patients will
Speaker 9: kiss the humanoid. So the nurses now have to remove
Speaker 9: lipstick off the head of humanoid. And so for many
Speaker 9: people that are starved of human interaction, they get so
Speaker 9: attached to the humanoid and their eyes light up and
Speaker 9: they laugh and they will kiss the head of the humanoid.
Speaker 9: And so there's definitely something there. And for most people
Speaker 9: in retirement homes here in the US, they haven't been
Speaker 9: visited by their family members in a year or more so,
Speaker 9: it's a group of people that are really starved for
Speaker 9: any kind of interaction, and some of them really seem
Speaker 9: to love the technology.
Speaker 3: I mean, yeah, and that speaks to a greater problem
Speaker 3: in humanity writ large, I want your take, if I
Speaker 3: dare go back to open mind itself, where do you
Speaker 3: make your money?
Speaker 7: Ah?
Speaker 9: Well, we have a little bit of a different take
Speaker 9: on humanoids. We don't want them to be closed. We
Speaker 9: don't want them to be these magic boxes that show
Speaker 9: up at your front door. We think of them much
Speaker 9: more like cell phones that are open and where developers
Speaker 9: everywhere can add apps or skills that will allow your
Speaker 9: humanoids to do many more things very quickly. And so
Speaker 9: it's very important to us that this technology is not
Speaker 9: like this magic black box, but it's something that most
Speaker 9: of us understand can engage with and build for.
Speaker 5: Yeah.
Speaker 2: Great catching up with you, Thank you for spending some time.
Speaker 8: Thank you so much.
Speaker 3: Yeah, and I've found our CEO of open Mind speaking
Speaker 3: with robots. Well, I got to sit down in Boston
Speaker 3: dine to you, Robert Plater, to discuss the company's latest
Speaker 3: situation of a humanoid robot that's Atlas, designed to work
Speaker 3: in hyndized manufacturing plants studying in twenty twenty eight, including
Speaker 3: a factory in Savannah, Georgia.
Speaker 5: Thank listen.
Speaker 10: By twenty twenty eight, Hyundai's going to build us a
Speaker 10: purpose built factory designed for mass manufacture of our humanoids,
Speaker 10: and that's going to have a capacity of between ten
Speaker 10: and thirty thousand units per year, And so that's the goal.
Speaker 10: By twenty thirty, we'll be building tens of thousands of
Speaker 10: robots per year.
Speaker 4: I've always wanted to ask you, and I'm going to
Speaker 4: ask you your analysis and impressions of Tesla's Optimist program
Speaker 4: and your assessment of what they're doing and what they've done.
Speaker 2: Well.
Speaker 10: I think they're a very serious competitor. They've done a
Speaker 10: lot of very impressive work. They also have the advantages
Speaker 10: we have that they have a consumer in Tesla to
Speaker 10: use those robots internally.
Speaker 7: Yeah, and I.
Speaker 10: Think it really requires both aspects. You need the technology
Speaker 10: from robotics AI, you also need that customer and that consumer,
Speaker 10: and so automotive is a natural fit and so I
Speaker 10: think Tesla is actually very well placed to succeed here
Speaker 10: as well.
Speaker 4: That was Boston Dynamics SEO Robert Playton coming up here
Speaker 4: on the show. Next, X Reel revamped its ar glasses.
Speaker 4: Is the wearable space is seeing more competition. We speak
Speaker 4: with x Real CEO Czu.
Speaker 8: That's next.
Speaker 4: This is Bloomberg Tech. AI will bring out a renaissance
Speaker 4: to the field of music. That's according to Grammy.
Speaker 5: Winning a artist.
Speaker 4: Will I am also the founder and CEO of f
Speaker 4: Yi dot Ai.
Speaker 5: Bloombers Text.
Speaker 4: Tom McKenny sat down with him for this week's episode
Speaker 4: of Bloomberg Tech Europe, taking a deep dive into how
Speaker 4: AI is shaking up the music industry and the streaming
Speaker 4: business model.
Speaker 5: Listen to this.
Speaker 11: It's a renaissance the same way the renaissance, you know, calapulted,
Speaker 11: you know, dimensionalize the creative industry in the past, the renaissance.
Speaker 11: There's a new renaissance to do it for this era
Speaker 11: that we're in. So it's it's the age of the hypercreative.
Speaker 4: Go catch that episode of Bloomberg Tech Europe this Friday
Speaker 4: here on Bloomberg Television eight thirty am in London. That's
Speaker 4: three thirty in the morning on you in the East Coast.
Speaker 4: But it's worth getting up for. Trust me, Carrow, what's up.
Speaker 3: Meanwhile, let's pivot to the world as smart eyewear. Because
Speaker 3: we're talking with x Real. They've just unveiled new entry
Speaker 3: level al glasses that come at the cheaper price point
Speaker 3: dub the one S. The new glasses boast a one
Speaker 3: two hundred pet resolution with a new price of four
Speaker 3: hundred and twenty nine dollars. X Real CEO Jesus is
Speaker 3: here with us now. Congratulations on the unveiled But we've
Speaker 3: got some news I want to hit first. Sure, you've
Speaker 3: been getting some financing. We understand you're raising money to
Speaker 3: be able to put these new glasses at a cheaper
Speaker 3: price point.
Speaker 7: I agree.
Speaker 12: Yes, it's getting heated up for the whole race, right
Speaker 12: and you know it's getting exciting as well for the
Speaker 12: whole industry to really see glasses can really be the
Speaker 12: next competing platform pair with AI. You know, I think
Speaker 12: at some point they can truly replace the cell phone
Speaker 12: we're using today.
Speaker 3: Going back to the financing, Yeah, raised about one hundred million.
Speaker 3: Able to disclose what valuation. Who's backing you?
Speaker 5: So okay?
Speaker 12: I would say at this moment it's mainly some play
Speaker 12: chain partners and some key vendors. You know, at this
Speaker 12: moment there's not more information I can share, but definitely later.
Speaker 4: But one hundred million dollars as accurate. Yes, I think
Speaker 4: it's a bit of an academic debate to be had here.
Speaker 4: I've used that phrase a lot. But is glasses the
Speaker 4: right form factor? The raise of CEO is actually on
Speaker 4: the program, okay, talking about how headphones might be the
Speaker 4: better form factor in AI world. You know you have
Speaker 4: options in the wearables category. Yep, is he right wrong?
Speaker 12: Well, okay, so I just met him actually a couple
Speaker 12: of days ago. We talk about this as well. We
Speaker 12: talk a little bit about that. But for me, you know,
Speaker 12: from my perspective, I do think glasses it is the
Speaker 12: ultimate conform factor. You know, when we see how we
Speaker 12: actually involve going from the big screen to your laptop
Speaker 12: to your cell phone, the screen is getting closer and closer,
Speaker 12: and what is even closer than your cell phone, it's
Speaker 12: probably going to be this display right in front of
Speaker 12: your eyes. Right and also, in my opinion, with a
Speaker 12: you know, combination of AI, you can actually have AI
Speaker 12: assistant seeing your eye, see what you're seeing, feel and
Speaker 12: hear what you hear.
Speaker 7: Twenty four to seven.
Speaker 12: If that is actually available, I do believe you know,
Speaker 12: there's no other advantage you can compete with the glasses.
Speaker 4: Metta is going to set further right and now put
Speaker 4: the display in worries you, doesn't worry you.
Speaker 12: No, No, I think you know, it's a great competition.
Speaker 12: You know, Meta definitely have a lot of advantages. You know,
Speaker 12: they have a lot of investment, great talent, and they
Speaker 12: start really really early.
Speaker 7: Right too.
Speaker 12: I think this is big enough market and still I
Speaker 12: don't really see the FUM factor kind of converge. So
Speaker 12: this is open race for everybody. I'm just excited, you know,
Speaker 12: to be part of that journey.
Speaker 3: Well, the people we're waiting for their unveil from is Google.
Speaker 2: How are you working alongside Google? How is your relationship deepening?
Speaker 2: How is Project Aura?
Speaker 7: Okay, that's a great question. You know.
Speaker 12: This week we just you know, announced that we're depending
Speaker 12: the partnership with multi year extension and also name Actual
Speaker 12: being the lead hardware partner with Google and Android XR.
Speaker 12: And this is really great exciting moments. I think maybe
Speaker 12: it's not just one company you're gonna do everything, you
Speaker 12: know together, maybe it's kind of a combination. The hardware
Speaker 12: is software collaboration at some point and Actual We are
Speaker 12: really good at building optical modules, building chips, you know,
Speaker 12: and you know Google they're really good at building AI,
Speaker 12: building an offering system. So I think, you know, this
Speaker 12: is a win win situation for us to team up
Speaker 12: together to kind of polish the end to end hardware
Speaker 12: and software e cop experiences together.
Speaker 3: So do you think it'll almost be like a self
Speaker 3: own world in that you have the Google pixel, but
Speaker 3: you also have some sung with the Android operating system
Speaker 3: and Mirianna others using Android.
Speaker 2: So is it going to be Google with their own
Speaker 2: hardware and their own and then or you're.
Speaker 3: Going to be the hardware partner of choice and then
Speaker 3: be some others out there.
Speaker 12: Absolutely, if you remember early on actually Google partner with HTC,
Speaker 12: you know, at the very beginning to define the whole
Speaker 12: smartphone industry part of it, you know, alongside with Apple,
Speaker 12: and then they start to rolling out to LG to
Speaker 12: some song and then they have their own pixels, right,
Speaker 12: So it's going to be an ecosystem playing We're just
Speaker 12: you know, we just feel lucky we got picked by
Speaker 12: Google so we can work together being the pioneer to
Speaker 12: drive these in industry forward.
Speaker 5: When when projects or glasses come to the real.
Speaker 7: World twenty six, it's going to be this year.
Speaker 5: What does the rollout look like?
Speaker 12: Well, that's something I cannot share at this moment.
Speaker 4: But you go to market, you'll say they're ready, this
Speaker 4: is what they look like, this is what they cost.
Speaker 12: They will be available of course, you know, when the
Speaker 12: time's ready, we'll release those kind of information.
Speaker 4: There are some other things that you're your bat let
Speaker 4: with your latest generation existing x real glasses, right, absolutely, sleeker,
Speaker 4: lower price, price is so important, but you are going
Speaker 4: up against the market where we have Vision Pro and
Speaker 4: other similar products, and then we question immersion and field of.
Speaker 5: View, that's right. What's your response to those questions.
Speaker 12: People start to think about, you know, maybe for Apple
Speaker 12: Vinion Pro it is great experience, but the question and
Speaker 12: challenges you know, it is too expensive, it is too heavy, right,
Speaker 12: so how can we can we come up with something
Speaker 12: you know, lighter, more affordable, like, but we can deliver
Speaker 12: like eighty percent of that kind of experience. And that's
Speaker 12: where you know x U glass is coming about. And
Speaker 12: especially if we had the latest generation one as right,
Speaker 12: we further kind of a bump up the features. You know,
Speaker 12: some of the you know, very unique feature. We say
Speaker 12: it's two D to three D lifetime conversion. We're using
Speaker 12: our own chip to do this AI conversion in the
Speaker 12: real time, and this is amazing. Any kind of content
Speaker 12: coming with the glasses, whether it's a cell phone, handhold,
Speaker 12: gaming devices, topic can turn into three D in the
Speaker 12: real time.
Speaker 2: Let's talk about how you've got the price pointed out. Yes,
Speaker 2: Is it because you're making your own chip.
Speaker 3: Is it a supply chain navigation or are you just
Speaker 3: taking a hit from a profit margin?
Speaker 12: No, we just you know, we spend a lot of
Speaker 12: effort optimizing this whole supply chain. You know, better year rate,
Speaker 12: you know, higher volume. I just kind of going to
Speaker 12: help to bring the cost down.
Speaker 5: Is it coming from China part of that?
Speaker 7: Yes?
Speaker 3: And is that a risk an issue given the national
Speaker 3: security concerns.
Speaker 7: That's a great question.
Speaker 12: You know, we do have this kind of global supply
Speaker 12: chain strategy as well. It can be China, it can
Speaker 12: be a part of it can be even in the
Speaker 12: US and some.
Speaker 4: Day, just very very quickly, yes, this cs you've had
Speaker 4: a lot of foot traffic. Yes, just reflects on that
Speaker 4: really quick.
Speaker 12: Well, you know, people like glasses and they like to
Speaker 12: experience actually even though we've been talking about glasses for
Speaker 12: so long, there's still a lot of people they haven't
Speaker 12: really tried on any glasses, So I think if this
Speaker 12: is still a long kind of education process.
Speaker 4: Thanks Real CEO, tees you great heavy back on the
Speaker 4: blue tech here at CES, Thank you so much. Coming up,
Speaker 4: we're gonna speak with Jacob Helberg, US State Department under
Speaker 4: Secretary for Economic Affairs to discuss the state of chip
Speaker 4: export curves. The sources say China is now ready to
Speaker 4: approve imports of some in Nvidia eight two hundred chips.
Speaker 4: The big story from Bloomberg this Thursday, it is halftime.
Speaker 4: We are in Las Vegas. This is CS and this
Speaker 4: is Bloomberg Tech. Welcome back to Bloomberg Tech. There is
Speaker 4: a lot of news that's driving markets irrespective of what's
Speaker 4: going on here in Las Vegas. One of them is
Speaker 4: the Warner Brothers Discovery situation. Paramounts Guidance came out with
Speaker 4: a statement reaffirming their thirty dollars a share offer, but
Speaker 4: interesting curR like in the calculus, they're now saying that
Speaker 4: the cable networks that they want to include in the.
Speaker 5: Deal are worth zero dollars, which is.
Speaker 4: Interesting because like a lot of the street and a
Speaker 4: lot of the market saying we don't think you're quite
Speaker 4: right on that. Remember, Netflix wants to buy just the
Speaker 4: studios and streaming spin out the legacy networks and cable offering,
Speaker 4: whereas Paramounts Guidance, as we say on bluebo Tech, want
Speaker 4: the whole enchilada. Either way, we're still kind of in
Speaker 4: a holding pattern until we move forward.
Speaker 8: There's a really big.
Speaker 4: Story overnight out of career, and that is Samsung quarterly
Speaker 4: profit tripled because memory. We've been talking so much about
Speaker 4: the supply constraint and bottleneck that is memory right now,
Speaker 4: and pricing goes up, but if you're a memory maker
Speaker 4: and pricing goes up to that extent, it's usually pretty
Speaker 4: good for your bottom line. The stock down about a
Speaker 4: percentage point, but that was the big headline, and it
Speaker 4: has been such a focus this week, the issue and
Speaker 4: bottleneck that is memory chips, not just in the data
Speaker 4: center context, but of course PC as well.
Speaker 3: And of course, because Jenson what made that point of sandus,
Speaker 3: the shares went wild.
Speaker 2: Maybe that's why we're pulling back a little bit on Samsung.
Speaker 2: But let's switch gears a little bit because Another key.
Speaker 3: Part of our conversation that we had yesterday with Andreil
Speaker 3: founder par Malucky was where we discussed US competition with China,
Speaker 3: and you first asked him about the compensation package after
Speaker 3: President Trump called for capping executive pay with defense contractors
Speaker 3: in particular.
Speaker 2: Just take a listen.
Speaker 4: One of the provisions that the president proposes is a
Speaker 4: salary cap of five million dollars. In the Bloomberg story
Speaker 4: outlined some of the comp of those CEOs. Would you
Speaker 4: be willing to say what you pay yourself for Anderior,
Speaker 4: and if you would abide by I pay.
Speaker 7: Myself one hundred thousand dollars a year.
Speaker 4: So significantly less than a five million dollar cap.
Speaker 13: True, But I also own a lot of my company,
Speaker 13: and so this measure is not really written in a
Speaker 13: way where it's intended to hit new companies starting new things.
Speaker 7: You know.
Speaker 13: Act like if Kelly Johnson were alive today and he
Speaker 13: owned a bunch of you know, Lockheed Martin or north
Speaker 13: from Grummer or Raytheon, I don't think that anyone would
Speaker 13: have nearly much of a problem with him.
Speaker 7: Yeah, I pay myself one hundred thousand dollars a year.
Speaker 7: That's my compensation. Package.
Speaker 13: I own a bunch of androll because I started the company.
Speaker 13: That's so my motivation is to try and build the
Speaker 13: biggest thing forossible. I will say people are fairly critiguing
Speaker 13: and said, but Palmer, you know, are you really a
Speaker 13: neutral party here? Are you really in a position to
Speaker 13: comment given you're competing with these companies? And I'd say
Speaker 13: two things. One, these measures do apply an equal measure
Speaker 13: to me. I now cannot pay dividends. I now cannot
Speaker 13: be stock buybacks if I'm not investing in new plans,
Speaker 13: if I'm not doing.
Speaker 7: These two things.
Speaker 13: The other thing is it's always tricky when you want
Speaker 13: to know, I'm in defense because I wanted to help
Speaker 13: solve these problems.
Speaker 7: Right. It's actually the same thing with like mod Retro
Speaker 7: in the gaming.
Speaker 13: Space, like, oh, of course Palmer would criticize these other
Speaker 13: game companies, after all, he's in the gaming space. It's like, yeah,
Speaker 13: but I'm in the gaming space because I want to
Speaker 13: solve these problems. It's kind of this like catch twenty two,
Speaker 13: Like if you're outside it, they'll say, well, why don't
Speaker 13: you do something about it?
Speaker 8: Then?
Speaker 13: And you do something like who cares what you're doing?
Speaker 13: You're just part of the problem. It's always been emotionally
Speaker 13: difficult for.
Speaker 3: Me when we're thinking about where you stand, where US
Speaker 3: stands versus China.
Speaker 2: Yep, where does it intens of drone technology?
Speaker 3: We're in this context of a geopolitical strain that started
Speaker 3: this year off with Venezuela.
Speaker 2: We look now to Russia. How do you see China
Speaker 2: and the Taiwan question.
Speaker 13: China has an incredibly strong drone industry. It is largely
Speaker 13: a result of state intervention. It's largely a result of
Speaker 13: industrial policy, of supply chain investments that the government has made. Yeah,
Speaker 13: and even trade deals that China has made around the
Speaker 13: world to allow for these drones to freely flow out
Speaker 13: in other marketplaces. Yeah, China has the best ron industry
Speaker 13: in the world. It's not even close. It's definitely a
Speaker 13: weakness that the United States has. Now you saw recently
Speaker 13: this ban on d jai drones. The intention there is
Speaker 13: to try and fix that. You can fix these things.
Speaker 13: The US is capable of building drones, it's just we
Speaker 13: aren't capable of competing with the labor laws, emissions laws,
Speaker 13: energy prices from coal plants, et cetera that you see
Speaker 13: in China.
Speaker 7: So I'm hoping that this ban on d Jai drones
Speaker 7: results in a.
Speaker 13: Strong US drone market popping up to take its place
Speaker 13: over the next one two three years. Androle actually as
Speaker 13: a drone that we were showing off in Japan recently
Speaker 13: that's made with one hundred percent Japanese parts.
Speaker 7: Japan is another nation that can build their own drones.
Speaker 13: They don't need d but it's hard for that to
Speaker 13: make aconomic sense when China's allowed to flow the market.
Speaker 4: That was Annual founder Palmer Lucky for more on the
Speaker 4: US relationship with China and the national security concerns behind
Speaker 4: semiconductors were joined by Jacob Helberg, US State Department Undersecretary
Speaker 4: for Economic Affairs, but also the founder the Hill and
Speaker 4: Valley Forum, which we were able to attend last year.
Speaker 4: There was something in the in the in the China
Speaker 4: context which we didn't get to with Palma, which was
Speaker 4: a piece of recent news which President g reiterating, I
Speaker 4: would say a long stated goal of reunification with Taiwan.
Speaker 14: Now.
Speaker 4: The reason I want to start there, Jacob, is in
Speaker 4: your efforts with Pax Silica. The scenario that everyone is
Speaker 4: trying to plan for Taiwan and access to capacity in
Speaker 4: the semiconductor side being shut off if that scenario were
Speaker 4: to unfold starting twenty twenty six, could you just bring
Speaker 4: us your latest thinking on that, please.
Speaker 14: Absolutely, And it's great to join you guys here at
Speaker 14: CS in Las Vegas, which is such a great window
Speaker 14: into American innovation and innovation from a lot of Paxilica
Speaker 14: countries like South Korea and Japan. It's incredibly exciting that
Speaker 14: we're talking barely three weeks after the signing of this
Speaker 14: landmark declaration. Ultimately, let me put into context why this
Speaker 14: is so important and why so many people are talking
Speaker 14: about technology competition. But today it's clear that if the
Speaker 14: twentieth century ran on steel, the twenty first century is
Speaker 14: increasingly running on silicon and compute. And we're already seeing
Speaker 14: in the United States the third of our GDP growth
Speaker 14: coming from AI and growth picking up and accelerating as
Speaker 14: productivity is starting to accelerate growth and sectors across the economy.
Speaker 14: So back in July, President Trump ruled out this landmark
Speaker 14: speech at an event I co hosted with White House
Speaker 14: Aizar David Sachs called Winning the AI Race, where it
Speaker 14: was a landmark moment where he declared that the US
Speaker 14: is set to win the AI race and that it
Speaker 14: is the official policy of the US government to do
Speaker 14: whatever it takes. A few months later, I'm happy to
Speaker 14: report that at the State Department, we have adopted a
Speaker 14: strategy that breaks down this broad goal into three parts.
Speaker 8: We want to help the US.
Speaker 14: Government win the AI race by leading an innovation, by
Speaker 14: gaining market share, and by securing our supply chains. So
Speaker 14: we launched packed Silica with a group of seven countries
Speaker 14: and are the most technologically advanced countries, including Japan, South
Speaker 14: Korea which is home to Samsung, es Kheiinix, Mitsubishi, and
Speaker 14: we are engaged in a lot of intensive talks to
Speaker 14: now transition to the implementation phase of Pasilica in twenty
Speaker 14: twenty six.
Speaker 3: A lot of your anxiety, and you've been at this
Speaker 3: for a very long time trying to warn the United
Speaker 3: States and those in positions of power now in the
Speaker 3: power that you have yourself, that we shouldn't be exopposed
Speaker 3: to China in the way that we have been. Now
Speaker 3: from a national security perspective, what do you think of
Speaker 3: the late that maybe h two hundreds go into China
Speaker 3: by this quarter, They might sign off for Ali Baba
Speaker 3: for bid to be able to access in videos chips.
Speaker 14: So part of the goal of winning the supply chain
Speaker 14: means we need to expand market share. And sometimes there's
Speaker 14: a bit of a tension between innovation and diffusion, because
Speaker 14: when you diffuse technology, sometimes you're compromising a little bit
Speaker 14: on innovation because more people have access to that technology,
Speaker 14: which narrows your technological edge. Part of what we're doing
Speaker 14: by exporting our h two hundreds is making sure that
Speaker 14: the world's developers are building on top of the American stack,
Speaker 14: and we want to ensure that American models actually stay
Speaker 14: ahead through these strategic bilateral deals in countries in the
Speaker 14: Gulf like the UAE, the Saudi Arabia, and a number
Speaker 14: of others that are on the way but still too
Speaker 14: early to disclose here today, in order to make sure
Speaker 14: that our companies have by far the most compute capacity,
Speaker 14: so that our l A lamps they had as well.
Speaker 4: Jacob on that market share bucket, you know, the concern
Speaker 4: that many in DC outline to us is if we
Speaker 4: don't take sport to the golf, China will Is that
Speaker 4: the right way to think about it for America?
Speaker 14: I think it's an opportunity where there is nature abhors
Speaker 14: a vacuum. We have got to fill the vacuum while
Speaker 14: we can. We have the world's best technology and the
Speaker 14: worlds know that. And ultimately America has thrived when we
Speaker 14: allow our innovators to actually dominate market share.
Speaker 3: They did dominate, and video had ninety five percent in
Speaker 3: the market and now Jensen to say, has zero and
Speaker 3: maybe it's being allowed to claw some back.
Speaker 2: Has not the horse bolted?
Speaker 3: Have we not already allowed camera con to grow and
Speaker 3: our way to grow? Are we really going to be
Speaker 3: able to clean back and have the stack of our
Speaker 3: own worldwide?
Speaker 14: And that's exactly why we launched packsilica, to make sure
Speaker 14: that we have a sensible approach to exporting our best
Speaker 14: technologies while protecting our most sensitive technologies. We're having dual
Speaker 14: track conversations with our partners. We want to protect our
Speaker 14: sensitive technologies, but we have got to have a path
Speaker 14: to gain market share. And I think everyone's on the
Speaker 14: same page. Everyone who joined Packsilica understands that the world's
Speaker 14: supply chains being concentrated in one country, no matter how
Speaker 14: you feel about that country, is too risky, is too brittle,
Speaker 14: and is ultimately a liability to the global economy. And
Speaker 14: that's why we started this Economic Security Coalition with the
Speaker 14: world's most advanced technology companies and countries in order to
Speaker 14: make sure that we diversify those supply chains.
Speaker 4: Jacob, those companies are here at Cess Vegas. What do
Speaker 4: you hope to achieve in the time that you have
Speaker 4: at CEES.
Speaker 14: So part of what we're looking for our roadmap in
Speaker 14: twenty twenty six is we want to focus on policy coordination,
Speaker 14: We want to expand membership of Packsilica, and we want
Speaker 14: to focus on infrastructure projects. The way that we view
Speaker 14: infrastructure is we want to focus on the arteries of
Speaker 14: supply chains through advanced logistics. We want to focus on
Speaker 14: the muscle might of industrial capacity, particularly with fabs, factories
Speaker 14: and refineries, and we also want to focus on the fuel,
Speaker 14: particularly capital and energy. One of the things that's so
Speaker 14: interesting about talking with companies here is we can get
Speaker 14: to actually stress test a lot of these ideas with
Speaker 14: builders and with people who are the closest to these
Speaker 14: problems day to day.
Speaker 3: Jacob, this week has been extraordinary from a geopolitical perspective,
Speaker 3: and I want to just get your thoughts high level,
Speaker 3: your view on pack Silica is that it's sort of
Speaker 3: peace through power.
Speaker 2: Is that how we should.
Speaker 3: Be interpreting what's occurred Venezuela with Russian chips, with what
Speaker 3: continues to occur worldwide right now.
Speaker 14: So I think at the end of the day, one
Speaker 14: of the takeaways of the events the last few weeks
Speaker 14: is very clear that the world needs to know that
Speaker 14: the Trump administration says what it means and means what
Speaker 14: it says. I think Secretary Rubio spoke very eloquently about
Speaker 14: where the US stands and the Trump administration stands on
Speaker 14: Venezuela and other issues that have been in the news
Speaker 14: like Greenland. Ultimately, the biggest threat to international norms is
Speaker 14: the Western Hemisphere and the United States being asleep at
Speaker 14: the switch while we are encroached from the north through
Speaker 14: the Arctic and from the south through Latin America. Ultimately,
Speaker 14: Pack Silica is an effort to pursue a very pragmatic
Speaker 14: approach by working with our closest technological partners to actually
Speaker 14: forge strategic investment deals and allow moving the needle in
Speaker 14: a way that actually benefits all of us. That is
Speaker 14: why this coalition is so diverse it's very, very new.
Speaker 14: It's a completely new grouping of countries that includes players
Speaker 14: like Singapore, like Israel, the UAE, people who aren't used
Speaker 14: to being included in traditional legacy forums like the G
Speaker 14: twenty and the G seven. And yet these countries punch
Speaker 14: far above their weight and where very as a partner
Speaker 14: with them.
Speaker 2: JKM, It's great having some time with you. I'm excited
Speaker 2: to say to be on stage with you a little
Speaker 2: bit later as well.
Speaker 3: Jacob Elbow his US Department of Stayed Under Secretary for
Speaker 3: Economics Affairs and of course, founder of the Helen Barry Forum,
Speaker 3: which is bringing together a VC and Washington surrounding the
Speaker 3: China issues. Meanwhile, coming up more on the future of
Speaker 3: AI's companies shift in and out of the digital world
Speaker 3: and back into physical Steve Jangs, Kind Adventures managing partner
Speaker 3: joins his next is a bluebotec. AI's real world impact
Speaker 3: is dominating the conversation here at CES, with investors watching
Speaker 3: closely to see which technologies move from height to reality
Speaker 3: and maybe they foster that reality. Steve Jangs with US
Speaker 3: managing partner and founder of Kind Adventures, early stage bench
Speaker 3: firm known for back in category defining startups making significant
Speaker 3: bets on Well, we think of the work that you
Speaker 3: did with Uber, will you think of so many of
Speaker 3: the companies that have had significant exits and m and
Speaker 3: a that's happening. But for you here, I think one
Speaker 3: of the stars of the show has been Neuro. Right.
Speaker 3: We saw this big announcement coming from We had Lucid
Speaker 3: on the show, but Uber and and Dey Neuro teaming
Speaker 3: up to provide the future of robotaxis. But as a
Speaker 3: crowded field, how did you decign Nero was going to
Speaker 3: be helping win in that autonomous fight?
Speaker 15: Sure, So if you rewind time and you look at
Speaker 15: the history of Uber, you'll remember ten years ago Uber
Speaker 15: had announced that they were going to invest in self
Speaker 15: driving car technology. Now, a lot of things happened since then.
Speaker 15: So they originally had planned it with Travis Kalenik at
Speaker 15: the helm of the company, and then had to jettison
Speaker 15: that whole business before going public under Dara, And I
Speaker 15: think what Dara did is pick that back up and
Speaker 15: say we need to accelerate our strategy. So about two
Speaker 15: years ago a lot of those plans were put into motion,
Speaker 15: and what was interesting was Neuro was a company that
Speaker 15: had been one of the few companies like Weimo that
Speaker 15: had been training around Bay Area streets with their lighter
Speaker 15: and their cameras, and they recently launched an autonomy intelligence platform,
Speaker 15: which is basically an operating system to allow any third
Speaker 15: party automaker to have self driving capabilities. And so what
Speaker 15: you saw here was a great launch between Neuro, Lucid,
Speaker 15: and Uber to not only fit retrofit a Lucid car
Speaker 15: with autonomy full level four not eight s right, not
Speaker 15: level two plus plus assistance, but full self driving capability
Speaker 15: like Waimo and Tesla FSD, and launch that with Lucid
Speaker 15: on the Uber network. So you'll be able to open
Speaker 15: up your Uber app at the end of this year
Speaker 15: in the Bay Area and be able to take a
Speaker 15: self driving car.
Speaker 5: It's like Capital light model.
Speaker 4: Let someone else take on the burden of the hardware
Speaker 4: and the stack, just do the fleet management. But for me,
Speaker 4: the bigger piece of news in that world was Alpamo, right,
Speaker 4: because Nvidia is coming with the same thing saying hey,
Speaker 4: we have a full stack solution.
Speaker 5: I know that you caught notis of that.
Speaker 15: So Agxtore, which is inside of Neuro, is part of
Speaker 15: that Elphi in Prince right. And so what Nvidia is
Speaker 15: doing and it's very smart of Invidia. They are selling
Speaker 15: chips right, and so what they want to do is
Speaker 15: sell you a starter kit, give you an open source model.
Speaker 15: They want to give you open data sets, and they say,
Speaker 15: go to town. We want you to build a self
Speaker 15: driving car platform to fit these cars, to fit your
Speaker 15: ride sharing or delivery network, your logistics network. And what
Speaker 15: they're saying is we want to have many competitors out there.
Speaker 5: So we can sell you more GPUs.
Speaker 15: And so Neuro is actually one of the very first
Speaker 15: partners that has been using that for years now, and
Speaker 15: VideA as an investor in Neuro and so you know,
Speaker 15: Neuro and Uber are sort of the prime example and
Speaker 15: hopefully a flagship for them and their business. But you know,
Speaker 15: in Vidia on a larger scale at this show is
Speaker 15: what they're doing is they're kingmaking. They're king making an
Speaker 15: entire sector. They're saying, you know, a year ago they
Speaker 15: were talking about robotics. This year they transitioned that into
Speaker 15: physical AI. Now they're not just talking about robotics, they're
Speaker 15: talking about autonomy and mobility because it's coming to a crescendo,
Speaker 15: and so they're very very smart and saying we're sort
Speaker 15: of like the FED, right, We're gonna we're the FED
Speaker 15: for AI. We're going to tell you, uh, the headline, right, yeah, yeah,
Speaker 15: and we're going to We're going to tell you where
Speaker 15: everyone's going to go. You may be on that wave,
Speaker 15: you may not be on that wave, but you should be.
Speaker 15: And by the way, we have the models, we have
Speaker 15: the data, and we have the chips and overall compute
Speaker 15: for you to go build that. And so you know,
Speaker 15: I think there's been a lot of argument about you know,
Speaker 15: is in Nvidia's kingdom.
Speaker 8: Right at risk right now?
Speaker 15: And I would say that they continue to surprise and
Speaker 15: be several years ahead of their competition. So we're very
Speaker 15: excited about we're watching closely.
Speaker 3: I mean, look, you would know form backing Uber and
Speaker 3: the ultimately there were two key winners out of that
Speaker 3: Uber and Left. When I think about the areas that
Speaker 3: you're also thinking of, I mean, how many players can
Speaker 3: there be an autonomous how many players can there be
Speaker 3: in foundational models?
Speaker 2: You're in perplexity, and.
Speaker 3: Everyone's thinking maybe there's any an anthropic and an open
Speaker 3: AI and an Gemini space sure, as.
Speaker 15: You're rightfully noting any innovation. Curve starts as many competitors
Speaker 15: and it whittles down to two or three. It's just
Speaker 15: a it's a rule of thumb in Silicon Valley. So
Speaker 15: right now Neuro is entering the space. There's Weimo, there's Tesla,
Speaker 15: and there's Neuro. In China, there's several other competitors. Right
Speaker 15: in Europe there are no right and so on level
Speaker 15: four capability. So what I think is happening is you're
Speaker 15: seeing a whittling down because of the resources, the training data,
Speaker 15: the amount of years that you need to do to
Speaker 15: train across all these streets. It's not a software company
Speaker 15: that you can just start up out of scratch. So
Speaker 15: I think one of the things that you'll see also
Speaker 15: in robotics is you'll see this whittling down of competition.
Speaker 15: And you see Boston Dynamics, which is owned by Hinda,
Speaker 15: which is very interesting. They're doing quite well, and they
Speaker 15: reveal the humanoid. You know, I've been very careful and
Speaker 15: skeptical about the development of humanoids, and I would say
Speaker 15: that this is the first time I've seen humanoids in
Speaker 15: action that look practical, and so I think you'll see
Speaker 15: that in robotics as well. I think you'll see that
Speaker 15: in generative media. I think you'll see that in agents.
Speaker 15: So a lot of these platforms will start to whittle
Speaker 15: down to two, three, maybe four players, and this year
Speaker 15: will be the year of that, which is why inference.
Speaker 15: You know, one of the other things that we're seeing
Speaker 15: here is more further evidence that inference is going to
Speaker 15: exceed training in terms of compute, and that flip that
Speaker 15: flipping if you will, right, if I can use a
Speaker 15: Bitcoin term, that flippening is means a lot. So demand
Speaker 15: for compute is far exceeding supply.
Speaker 8: Even with the.
Speaker 15: HBM shortage, it's going to increase that. So there's a
Speaker 15: battle royale happening here in compute.
Speaker 4: Steve Jang Kindred Avenge is hitting literally the biggest stories
Speaker 4: of the week.
Speaker 5: We've had hair out of ces. We have much more
Speaker 5: to come. Stay with us. This has been bog tech.
Speaker 8: The story in.
Speaker 4: Markets right now is tech is down in video off
Speaker 4: by eight tens one percent. Had been much lower over
Speaker 4: the course of the week. We've kind of not had
Speaker 4: any of the euphour it we expected. We all came
Speaker 4: to Las Vegas thinking that in video, who, in Steve
Speaker 4: Jang's words, was the king maker of AI. The fed
Speaker 4: of A would tell us something profound that would keep
Speaker 4: the stock going higher.
Speaker 5: And it's not really panned out that way, even.
Speaker 3: Though we kind of did said, look that five hundred
Speaker 3: billion dollars of inbound I see in revenue in twenty
Speaker 3: twenty six, that's going to be higher. Maybe we even
Speaker 3: get eight two hundredths into China and yet so high expectations.
Speaker 2: Look AMD, what more can lisas?
Speaker 8: Who do?
Speaker 2: She made up a term? Was it yotto flop?
Speaker 3: She talked about the sheer scale or compute that's still necessary,
Speaker 3: the winning formula that she's seeing and sock is down
Speaker 3: qualcon though, really managed to impress the markets from robotics.
Speaker 4: Itself into the market that everyone was already talking about.
Speaker 4: You know, so you see the chipmakers say, okay, the
Speaker 4: next phase is physical AI. We did learn some hard
Speaker 4: lessons that it's difficult out there.
Speaker 5: Memory is a big story. And then there's robots.
Speaker 4: Right, it is the Consumer Electronics Show, and there were
Speaker 4: real robots.
Speaker 3: To see and what we hear at fourteen different humanoids,
Speaker 3: not to mention the furry friends that we're seeing around here.
Speaker 3: That are going to be a companion to your child
Speaker 3: or to the elderly. It's been extraordinary to be here
Speaker 3: on the floor of CES and you see the level
Speaker 3: of innovation. Stuff that will stick, stuff that definitely won't.
Speaker 3: I still haven't tried that lollipop that plays music as.
Speaker 8: You eat it.
Speaker 6: There.
Speaker 4: Yeah, and we got some deals, we got some m
Speaker 4: and A, we got some fundraising. But it is the
Speaker 4: best way to start the year.
Speaker 3: It is, I mean, boy, still talking about those valuations
Speaker 3: and flopping as well.
Speaker 2: That's it for this edition at.
Speaker 3: Bloomberg Tech, but don't forget later today an exclusive interview
Speaker 3: is coming with a co founder and CEO of Minimax.
Speaker 3: That's right here from CS to discuss the Hong Kong
Speaker 3: listening China IPO market for all things AI is on.
Speaker 4: Fire IPO twenty twenty six, looking good. Recap on the
Speaker 4: pod you know where to find it. For the final
Speaker 4: time from Las Vegas, this is Bloomberg Tech.