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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: This is a breaking news update from Bloomberg.

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Speaker 3: Instant reaction and analysis from our three thousand journalists and

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Speaker 3: analysts around the world.

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Speaker 4: Carol Master along with Tim Steenway getting ready for a

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Speaker 4: big drop. You gotta be ready because they're bax seven

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Speaker 4: Edla Love of course, co host of Bloomberg Tech on

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Speaker 4: Bloomberg Television. He's out there in our San Francisco bureau,

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Speaker 4: also with us as our anaag Rana, Bloomberg Intelligence Senior

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Speaker 4: technolology analyst. He's out there in Chicago, honoreg I want

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Speaker 4: to kick it off with you go where you want.

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Speaker 4: There's a lot coming at US. I want to start

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Speaker 4: with Microsoft.

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Speaker 5: Yeah, so Microsoft did beat a little bit on the

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Speaker 5: Azure growth, so thirty eight percent goes to thirty nine,

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Speaker 5: So minor inflection up. We're going to hear on the

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Speaker 5: call whether they're going to use the they have used

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Speaker 5: sheep us internally, and what kind of guidance that they give.

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Speaker 5: So that's really Microsoft. But the two biggest shaka are

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Speaker 5: actually Google Cloud growth and AWS growth. Both have accelerated

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Speaker 5: quite a bit. That shows that their cloud strategy right

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Speaker 5: now is doing slightly better than MICROSOFTS.

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Speaker 3: And Love though, come on in here again. We've got

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Speaker 3: a great Roundtiller Love the Bloomberg Tech co host. That

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Speaker 3: was Honor Rna Bloomberg Intelligence senior analyst who we just

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Speaker 3: heard from. In in a minute, we're going to bring

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Speaker 3: in Ron Westfall Hyperframe Research, Infrastructure and Networking VP and

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Speaker 3: practice leader ed what's on your radar?

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Speaker 6: How hard it is to follow? Anna rag, I gave

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Speaker 6: you a little time, little time? Yeah, look I go

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Speaker 6: with it. Logical that AWS growth Amazon Web Services is

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Speaker 6: the number one position in cloud computing. Twenty eight percent

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Speaker 6: is the highest rate of growth for about fifteen quarters.

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Speaker 6: That's that's the severity of the performance. So going into this,

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Speaker 6: I'm trying to get a common thread between Alphabet, the

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Speaker 6: parent of Google AWS, and Microsoft. We looked for the

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Speaker 6: growth rates of cloud because the swing factor in the

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Speaker 6: market has been cap to expect. Investors have been willing

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Speaker 6: to look at the capital expenditures even if those numbers

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Speaker 6: get bigger. But in return, they want to see outperformance

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Speaker 6: in cloud computing growth driven by AI and also they

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Speaker 6: want to see some kind of forward guidance boosted forward guidance,

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Speaker 6: and so in these statements we have the numbers on

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Speaker 6: growth of cloud. We don't have a capital expenditures figure

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Speaker 6: for AWS that's any different from prior guidance. Meta does

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Speaker 6: have a new capital expenditures figure, and I would just

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Speaker 6: suggest we go to that next.

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Speaker 3: Well, that's exactly where I want to go. One hundred

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Speaker 3: and twenty five to one hundred and forty five billion

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Speaker 3: dollars increase from a prior range of one hundred and

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Speaker 3: fifteen to one hundred and thirty five billion dollars. As

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Speaker 3: a result, we're seeing shares of Meta platforms carrilled down

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Speaker 3: by six point three percent.

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Speaker 4: Yeah. Kurt Wagner, a tech reporter on the Metal Live blog.

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Speaker 4: From the release, we anticipate twenty twenty six capex, including

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Speaker 4: those principal payments on finance leases, to be in the

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Speaker 4: range of that one twenty five to one forty five billion,

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Speaker 4: So increase from that range, just to reiterate, So that's

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Speaker 4: a problem in.

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Speaker 6: Well, let's just do the calculation right, So we know

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Speaker 6: that capex is going up, what is the outlook for growth?

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Speaker 2: Revenue in the current period?

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Speaker 6: Second quarter will be fifty eight billion to sixty one

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Speaker 6: billion dollars. Consensus was fifty nine point six billion. That

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Speaker 6: is right in line. And we went into this knowing

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Speaker 6: based on a summary of the cell side and of

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Speaker 6: the buy side that if the CAPEX numbers get higher,

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Speaker 6: they want to see growth also going up. In terms

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Speaker 6: of guidance going forward, and you know this second quarter

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Speaker 6: guide on Meta sales, it's very in line with expectation.

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Speaker 3: I want to bring in Ron Westfall, Hyperframe Research, Infrastructure

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Speaker 3: and Networking VP and practice leader. I want to stay

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Speaker 3: on what Ed was talking about Ron, and that's Meta

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Speaker 3: Meta's CAPEX estimate. We're also seeing some headlines. Headwinds in

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Speaker 3: the EU and US could significantly impact results. The company

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Speaker 3: sees scrutiny on youth related issues as well. Shares of

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Speaker 3: Meta platforms right now down about five and a half percent,

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Speaker 3: but it does seem like more important is CAPEX number

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Speaker 3: hen and twenty five hundred and forty five billion increase

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Speaker 3: from that prior range of one hundred and fifteen two

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Speaker 3: one hundred and thirty five billion dollars. What are your thoughts?

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Speaker 7: Sure, I like to start with looking at the bigger picture.

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Speaker 7: I would see Meta as certainly benefiting overall despite the

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Speaker 7: recent dip from the overall market expectations that is the

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Speaker 7: total addressable market for Meta alongside the other of the

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Speaker 7: major four that are coming out this week, is a

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Speaker 7: total addressable market of up to eleven trillion dollars, and

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Speaker 7: so I think that's going to definitely enable Meta as

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Speaker 7: well as the other players to continue with the upswing

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Speaker 7: and capex. And yes, that's causing concern, but I think

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Speaker 7: what we're looking at is when you look at the

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Speaker 7: group burnings, they're projected to grow twenty percent year over year,

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Speaker 7: and that is outpacing the overall S and P five

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Speaker 7: hundred fourteen point five percent growth expectation. And so as

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Speaker 7: a result, I'm anticipating that Meta will definitely be looking

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Speaker 7: pretty solid over the course of the year and further out,

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Speaker 7: because not only is it upping its CAPEX expenditures, however,

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Speaker 7: it's also I think benefiting from trading at a relatively

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Speaker 7: conservative forward pe ratio of the lower to mid twenties,

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Speaker 7: as you know that fluctuates on a daily basis, and

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Speaker 7: they're definitely benefiting from the fact that they're monetizing AI

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Speaker 7: more rapidly than some of the other Max seven thanks

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Speaker 7: to their social platforms, certainly including Facebook as well as

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Speaker 7: Instagram and so I think that's something that will definitely

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Speaker 7: be something to definitely look at as we find out

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Speaker 7: what Meta is really going to do for the rest

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Speaker 7: of the year.

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Speaker 4: All right, folks, I want to go over to Amazon.

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Speaker 4: A couple of things also popping up, fifty nine point

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Speaker 4: three billion year year rise and purchase of property and equipment.

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Speaker 4: They say the increase in purchases reflect investment in AI.

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Speaker 4: They also say, ed fred free cash flow fil to

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Speaker 4: one point two billion for trailing twelve months. Come on

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Speaker 4: back in lot though.

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Speaker 6: Yeah, so this is exactly what I've got on my screen.

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Speaker 6: So the story financially for each company is slightly different.

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Speaker 6: If we focus on Amazon, it's spending so much on

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Speaker 6: AI infrastructure that trailing twelvemonth three cash flow basically falls

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Speaker 6: from twenty six billion dollars to one point two billion dollars.

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Speaker 6: Operating cash flow rises. Amazon's are complicated business, right, you know,

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Speaker 6: AWS largely accounts for most of operating income, but increasingly,

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Speaker 6: like ADS is important on the e commerce side. And

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Speaker 6: I'm hoping that that Ana Rag will kind of talk

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Speaker 6: a little bit about that this is kind of a

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Speaker 6: classics building cycle signal though, and to this point, and

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Speaker 6: you know, maybe one of the other guys and weigh

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Speaker 6: in on this. I'm just but a journalist, but you know,

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Speaker 6: the market has been really sanguine about negative free cash

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Speaker 6: flow or the prospect of it. You know that it's

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Speaker 6: not something that everyone's like freaked out over. Basically, that's

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Speaker 6: a very simple way of putting it.

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Speaker 4: Ron come on back in Ron westfall of hyperframe. How

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Speaker 4: do you see it in terms of what Amazon's up to.

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Speaker 4: I like that idea and this concept of you've got

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Speaker 4: to spend to build for future revenue, But how do

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Speaker 4: you see it?

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Speaker 7: I think AWS is definitely benefiting Amazon's overall prospects, and

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Speaker 7: I think that's underlined by the fact that the AWSAI

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Speaker 7: revenue run rate has already gone past fifteen billion dollars,

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Speaker 7: and that's linking to the fact that as growth is

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Speaker 7: projected to accelerate toward twenty five point six percent following

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Speaker 7: its landmark one hundred billion dollar infrastructure deal with Anthropic.

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Speaker 7: So clearly that's something that I think will create not

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Speaker 7: only positive perception, but I think it's giving you know,

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Speaker 7: the hard numbers that AWS needs to continue with these

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Speaker 7: cap asks expansions. Also, I think it's important to note

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Speaker 7: that AWS capacity is selling out immediately, and so that's

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Speaker 7: supported by a massive two hundred and forty four billion

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Speaker 7: dollar contracted backlog, as well as high margin revenue from

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Speaker 7: its trainium and graviton chips, and these I think are

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Speaker 7: offset of concerns around the large margin pressure from the

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Speaker 7: two hundred billion dollar billion planned and capital expenditures for

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Speaker 7: the year. And so you take this together, I think

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Speaker 7: net positive is what Amazon is going to bring to

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Speaker 7: the table. It's definitely, I think something that applies to

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Speaker 7: all the hyperscalers, and Amazon I think is definitely positioned

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Speaker 7: to improve on its performance. As a result, we've got.

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Speaker 4: To go to Alphabet, which is up three and a

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Speaker 4: half percent here in the aftermarket.

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Speaker 3: Yeah. The company reported quarterly revenue and profited beat projections.

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Speaker 3: It was fueled by strong growth in its cloud computing unit.

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Speaker 3: Its signaled that the Internet Giant's unprecedented investments in AI

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Speaker 3: infrastructure are beginning to pay off. The company said that

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Speaker 3: first quarter revenue excluding those partner payouts, was ninety four

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Speaker 3: point seven billion dollars. That compares to the ninety one

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Speaker 3: point six billion dollars expected on average by analysts. That's

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Speaker 3: according to data compiled by Bloomberg.

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Speaker 4: All right, still with us is Ed Lulow, a Bloomberg

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Speaker 4: Tech co host Bloomberg TV, and our Agrana Bloomberg Intelligence

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Speaker 4: Senior technology analyst, Ed. As we continue to go through

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Speaker 4: these numbers and results, where do you want to go?

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Speaker 1: Yeah?

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Speaker 2: I think you guys have done a masterful job.

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Speaker 6: You know, the the cloud growth rate, if we put

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Speaker 6: medatus to one side for a minute, is really interesting

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Speaker 6: because all things are relative. So you know, Ana rag

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Speaker 6: pointed out if you if you focus on Google cloud

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Speaker 6: sixty three percent growth. You know, AI is for them

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Speaker 6: also boosting search, right, and they had this kind of

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Speaker 6: dual benefit, which is really interesting. They reported a metric

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Speaker 6: that we've kind of not skipped over, but there's so

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Speaker 6: much news it gets buried, which is that Gemini for Enterprise,

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Speaker 6: in other words, their AI tool that businesses pay for

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Speaker 6: saw its active user base grow forty percent quarter on quarter.

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Speaker 2: So there was a big jump in that. And the

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Speaker 2: reason I flagged.

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Speaker 6: That as important is that that's the standard to which

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Speaker 6: we hold open ai right and andthropic. You know, but

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Speaker 6: the markets of earlier this week were spooked by the

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Speaker 6: Wall Street Journal report of Open AI missing its own

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Speaker 6: internal metrics. One of them was the active user base

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Speaker 6: of chat GPT, which isn't universally an enterprise product, it's consumer.

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Speaker 6: But I find that to be really interesting, and you know,

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Speaker 6: it shows tangible growth on the other side of people

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Speaker 6: actually using this. This the Gemini tool in the real world,

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Speaker 6: you know, right, which.

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Speaker 4: We all keep talking about. We need to see, right

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Speaker 4: to kind of justify the spend. All right, We're going

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Speaker 4: to continue with Ed Ludlow and of course Ron Westfall

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Speaker 4: in just a moment. As we mentioned, Alphabet is now

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Speaker 4: up about five point eight percent here in the aftermarket.

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Speaker 4: We're looking at Amazon down about two point four percent,

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Speaker 4: Meta a decline of five point three percent, and then

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Speaker 4: we've also got Microsoft out with its results and we're

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Speaker 4: seeing this one. It's been under pressure in the aftermarket

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Speaker 4: right now, Tim about one point eight percent.

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Speaker 3: Hey, we were talking about meta platforms. We have spoken

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Speaker 3: quite a bit about Amazon, Qualcom and more. I want

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Speaker 3: to bring Alphabet to our attention, six point six percent higher.

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Speaker 3: In the after hours, the company reported quarterly revenue and

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Speaker 3: profit that beat projections. It was fueled by strong growth

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Speaker 3: in its cloud computing unit. That cloud computing unit reported

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Speaker 3: sales of twenty billion dollars with a quote meaningful acceleration

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Speaker 3: in growth driven by demand for its AI software and infrastructure.

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Speaker 3: I want to bring it back in Ed Ludlow, Bloomberg

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Speaker 3: Tech co host and Ron Westfall hyper frame research, infrastructure

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Speaker 3: networking VP and a practice leader. Ron, I want to

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Speaker 3: start with you in alphabet because we are seeing share

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Speaker 3: surge in the after hours. The company reported earnings per

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Speaker 3: share of five dollars and eleven cents, compared with Wall

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Speaker 3: Street's two dollars and sixty two per share estimate. The

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Speaker 3: cloud growth to certainly top of mind. We should remind

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Speaker 3: everybody that you know, it competes against AWS and Microsoft's Azure.

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Speaker 3: This report, though, what sticks out to you?

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Speaker 7: Yeah, I think it's pointing to that Google is making

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Speaker 7: more in roads in terms of capturing you know, mind

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Speaker 7: share amongst the hyper scale competition. And I think what

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Speaker 7: we saw is that when you look at Google Cloud

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Speaker 7: specifically and reporting over twenty billion revenue, well that basically

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Speaker 7: beat out the analyst estimates, and that is I think

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Speaker 7: a remarkable sixty three percent you overhear growth rate, and

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Speaker 7: so that by itself is congratulatory. And when you look

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Speaker 7: further down, it's like, okay, why are the cloud margins

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Speaker 7: expanding to nearly thirty percent, up from just twenty percent

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Speaker 7: six months ago. I think what is resonating is that

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Speaker 7: the company is making the right moves. Certainly, it's acquisition

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Speaker 7: of wiz, which closed just last month and has already

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Speaker 7: become integrated. It's making Google Cloud a more attractive choice

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Speaker 7: for enterprises that are requiring sovereign and highly secure AI environments.

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Speaker 7: And that is certainly a hot topic in our conversations,

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Speaker 7: and that is sovereign AI is something that will underpin

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Speaker 7: confidence and the ability of enterprises to adopt the hyper

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Speaker 7: scale AI services and so forth. And certainly that comes

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Speaker 7: to inferencing, and that is, you know, ensuring that their propriety,

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Speaker 7: proprietary data never falls into the wrong hands, that you know,

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Speaker 7: it's not going to be something that will be exposed

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Speaker 7: out in the public cloud at part of it. And

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Speaker 7: I think what's also important is that what we saw

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Speaker 7: at Google Cloud Next just you know, last week, is

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Speaker 7: that when it comes to uh, you know, the TPU silicon,

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Speaker 7: Google is coming up with innovative ways to augment the

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Speaker 7: NVIDIA capable at least they have in house certainly they

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Speaker 7: use their TPUs to train their own models in house,

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Speaker 7: that includes a Gemini for example. But I think they're

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Speaker 7: smart about how they're now diversifying their AI chip sets

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Speaker 7: to stand out. That is, now they have TPU what

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Speaker 7: they're calling t eight that is that is a specific

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Speaker 7: for training only, but now they also have the TPU

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Speaker 7: eight I, which is for inferencing. And so what we're

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Speaker 7: seeing is a fundamental shift more toward inferencing. That is,

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Speaker 7: you know, the AI capabilities being used in play, that is,

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Speaker 7: the ability to use handsets and other capabilities that take

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Speaker 7: what has already been trained and actually apply to real

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Speaker 7: world scenarios. And so as a result, I think this

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Speaker 7: is why Alphabet is definitely making inroads with winning more

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Speaker 7: cloud business. And if you look at Alphabet overall, I

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Speaker 7: think also it's import to note that when it comes

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Speaker 7: to diversifying revenue streams that their way MO unit is

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Speaker 7: definitely making it would say waves. So that is that's

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Speaker 7: already scaling up to one million rides and so that

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Speaker 7: I think is something that will definitely continue the revenue

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Speaker 7: generating capabilities moving forward.

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Speaker 4: Well, we're definitely seeing it. Jine in the aftermarket now

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Speaker 4: up about six point two percent here. I mean listen,

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Speaker 4: to be fair, Alphabet's definitely been hustling when it comes

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Speaker 4: to AI. Amazon right now though down about one point

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Speaker 4: nine percent. We want to get a little bit more

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Speaker 4: on Amazon. And with that, Matt Day, Bloomberg News Technology

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Speaker 4: reporter follows the company joining us right now. Matt, walk

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Speaker 4: us through what you think is important for our audience.

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Speaker 1: You can go back to what Jeff Bezos said was important,

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Speaker 1: his favorite metric, free cash flow. If you look at

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Speaker 1: Amazon the last twelve months, it's not zero, but it's

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Speaker 1: pretty close to zero, and it's a whole lot closer

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Speaker 1: than it was last year. So the reason for that, obviously,

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Speaker 1: it's AI spending. It's data centers, a whole lot of

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Speaker 1: property and equipment that there's spend money on these days.

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Speaker 1: The cloud revenue is good, it's going up. It beat expectations.

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Speaker 1: But just a reminder for Amazon investors, they're spending a

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Speaker 1: whole lot to get a seat at this table.

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Speaker 3: Is the spending paying off?

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Speaker 1: It looks like it if you if you roll things

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Speaker 1: back a few months ago, folks were really concerned about

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Speaker 1: Amazon's position in cloud, and we're just talked about Google, Microsoft,

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Speaker 1: was also really hot, and they kind of looked like

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Speaker 1: they might be sort of the third place cloud of

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Speaker 1: the AI era. To boil it down. Since then, they've

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Speaker 1: done these big mechad deals with open Ai, with Anthropic,

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Speaker 1: and it looks like some of that is starting to

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Speaker 1: filter into their at their cloud results, they've accelerated the

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Speaker 1: last couple of quarters.

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Speaker 4: Anything you're scratching your head over here, Matt a little.

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Speaker 1: The market reaction, honestly, is they beat on so many

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Speaker 1: things that if it feels like a lot of these

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Speaker 1: big tech names been going between Capex freak out to

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Speaker 1: you know, OAI is the future and in quarter quarter,

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Speaker 1: it's kind of hard to tell what folks are stinking

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Speaker 1: their teeth into.

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Speaker 3: Is the yeah, oh, go ahead, Carol, No, go ahead.

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Speaker 3: The investing that Amazon has done in open Ai and Anthropic,

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Speaker 3: it's committed that they'll h to spend more than one

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Speaker 3: hundred billion dollars on AWS services in the coming years

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Speaker 3: between those two. How do investors look at that, because

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Speaker 3: it's do they look at it as venture like the

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Speaker 3: company's making a bet, like a venture capitalist bet, or

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Speaker 3: does it look like the companies trying, you know, guaranteeing

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Speaker 3: business by making these investments in exchange for AWS usage.

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Speaker 1: I mean, some of it is is clearly buying business

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Speaker 1: a little bit right, making sure that you've got entitlement

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Speaker 1: relationship with open AI that they want to spend. But

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Speaker 1: I think there are some long term questions. You know,

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Speaker 1: Oracle has seen versions of this. Microsoft have seen this

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Speaker 1: where you know, investors start to discount. Okay, Sam Maltman

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Speaker 1: has pledged to spend you know, one trillion dollars plus

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Speaker 1: all over the place. How much of that is going

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Speaker 1: to materialize? Right? So now Amazon's in a position where they've

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Speaker 1: definitely got a slice of that alongside anthropic spending. So

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Speaker 1: the question is, you know, when does that materialize, Where

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Speaker 1: do you start to put that up on the calendar,

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Speaker 1: and how much of a sure thing does that become.

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Speaker 3: I want to bring back Ron Westfall, Hyperframe Research, Infrastructure Networking,

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Speaker 3: a VPN practice leader. He has been with us for

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Speaker 3: about an hour as the slew of earnings came in

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Speaker 3: at thanks to ED, we know at seventy one seconds

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Speaker 3: for all of these companies to report, we're still you know,

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Speaker 3: breaking our making our way through all of these I

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Speaker 3: weigh in on Amazon, what we've heard from Matt what

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Speaker 3: we've heard from Ed as well, because this is a

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Speaker 3: company where you know, certainly AWS is the star, but

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Speaker 3: it also and that's what moves the needle, but it

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Speaker 3: also gives us a good idea of what Americans are

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Speaker 3: paying and how American consumer spending is holding up, even

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Speaker 3: though that's not really what moves the stock.

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Speaker 7: It's amazing. I think when you're looking at Okay, what

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Speaker 7: is Amazon doing? That is you know, continuing these organizations

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Speaker 7: as well as consumers to you know, use their certainly

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Speaker 7: their services. And I think when he snapshot for example AWS,

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Speaker 7: that is, you know, the enterprises are using Amazon bedrock,

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Speaker 7: and that is underlined by their trainingum to Inferentia chipsets.

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Speaker 7: And if you look at that, that chipset business alone

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Speaker 7: is reached twenty billion dollars in annualize revenue run rate.

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Speaker 7: And so I think this is pointing to that Amazon

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Speaker 7: is making the right bets across its entire portfolio. It's

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Speaker 7: not just about Okay, how can we improve you know,

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Speaker 7: the Amazon experience, but also how can AWS meet business

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Speaker 7: needs on across the board basis. And I think, yeah,

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Speaker 7: when it comes to fundamentals, when we're looking at Amazon,

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Speaker 7: Amazon advertising. He's on track to exceed seventy billion dollars

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Speaker 7: in revenue just this year. And that is, you know,

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Speaker 7: tied to the fact that there's so much high intent

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Speaker 7: purchase data information that they're able to leverage that it's

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Speaker 7: improving their capability. So that is again underlying why AI

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Speaker 7: is making a difference in terms of their business model.

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Speaker 7: And I think it's also reflected in what we talked

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Speaker 7: about in.

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Speaker 2: Terms of the metas.

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Speaker 7: Hey, guys, something I think will improve.

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Speaker 4: No, this is all good stuff, really good stuff. We

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Speaker 4: could go on and on. Hey, we've got about two

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Speaker 4: minutes before we have to wrap up this segment. I'm

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Speaker 4: just curious for each of you, what do you think

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Speaker 4: was kind of the most important headline or narrative from

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Speaker 4: this drop of for results. And Matt, let me start

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Speaker 4: with you. I know Amazon's your jams, so maybe go

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Speaker 4: there or go anywhere there's a good spot.

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Speaker 1: I mean, it's that Amazon's got a seat at the table,

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Speaker 1: right They've got all the big models are on a

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Speaker 1: WS and so now you know, there was a first

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Speaker 1: leg of this AI competition was you know, who's going

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Speaker 1: to add the exclusive tie up? This one looks like

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Speaker 1: you can get most just about anything anywhere. So who's

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Speaker 1: got the better mouse trapping cloud? Looking forward to seeing

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Speaker 1: how that transplarers?

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Speaker 3: All right, Ron, your turn, come on in here. Just

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Speaker 3: the most important bit of info you got from any

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Speaker 3: of these companies that reported after the bell.

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Speaker 4: And you can't say, ah, yeah, I think they both.

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Speaker 7: No, they're demonstrating the runways there that this capex is

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Speaker 7: all justified, and I think we're seeing that it's having

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Speaker 7: an impact already. We're seeing that the companies that have

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Speaker 7: integrated AI to their operations are seeing cash flow margin

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Speaker 7: expansion it roughly twice the global average. So yes, it

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Speaker 7: is now making a difference. The ROI is there and

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Speaker 7: we're seeing the results.

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Speaker 4: All right, good stuff, Ron, Thank you so much. Ed,

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Speaker 4: come on in, same thing for you. I know you

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Speaker 4: kind of love all these It's hard to have a

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Speaker 4: favorite child here. But I'm just curious, as you look

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Speaker 4: at these headlines and you're thinking about your show tomorrow,

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Speaker 4: is there a narrative a headline that really just sticks

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Speaker 4: with you?

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Speaker 2: Yeah, I think you know.

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Speaker 6: Across all four and it includes Meadow, which is a

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Speaker 6: slightly different company. AI demand is running ahead of their

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Speaker 6: ability to supply. That's not a new sentence or idea.

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Speaker 6: People have been saying that for a little while, and

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Speaker 6: so across four it's interesting to see those that they

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Speaker 6: believe and those that they don't. This isn't profound selling

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Speaker 6: in Meta's case or in Amazon's case. It's not severe

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Speaker 6: buying in alphabets are either or you know. So I

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Speaker 6: think the idea is proof points, you know, like tangible

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Speaker 6: new pieces of data. Google gave many of them, and

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Speaker 6: investors have kind of cheered that. But it's about AI

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Speaker 6: in the real world, and that might sound abstract, but

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Speaker 6: that's what the market's been asking for.

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Speaker 3: Okay, well, speaking of AI and the real world, just

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Speaker 3: push us ahead to tomorrow afternoon when we hear from Apple,

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Speaker 3: Tim Cook, John Turnus. What's thirty seconds on what you

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Speaker 3: expect from Apple.

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Speaker 6: This is the first earnings and earnings call since Tim

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Speaker 6: Cook announced he's stepped down September one, and John Turnus

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Speaker 6: becomes CEO September first, and I think whatever Apple says

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Speaker 6: about handsets or software that it will just be about

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Speaker 6: those two people.

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Speaker 4: All right, unbelievable sixty minutes on here on Bloomberg Business Weekday, guys,

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Speaker 4: Thank you so much, so appreciate our own ed Ludlow,

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Speaker 4: co host of Bloomberg Tech. Catch him on TV eleven

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Speaker 4: am to twelve noon Monday through Friday, Wall Street Time,

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Speaker 4: Ron Westfall, thank you so much for all that time

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Speaker 4: Hyperframe Research, Infrastructure, Networking VP and practice leader out there

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Speaker 4: in the Twin Cities, and of course out in Seattle

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Speaker 4: watching Amazon, our own Matt Day, Bloomberg News technology reporter.

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Speaker 2: Incredible stuff.