WEBVTT - Google to Release New AI Chips, Challenging Nvidia 0:00:02.520 --> 0:00:13.680 Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive 0:00:13.720 --> 0:00:17.520 from coast to coast with Caroline Hide in New York 0:00:17.840 --> 0:00:19.759 and ever though in San Francisco. 0:00:22.120 --> 0:00:24.919 This is Bloomberg Tech coming up. Google's thinking about the 0:00:25.000 --> 0:00:28.640 next phase of its TPU program and that moves markets 0:00:28.680 --> 0:00:29.880 will have the latest. 0:00:29.720 --> 0:00:33.040 Plus ast space mobile shares plunge after the Blue Origin 0:00:33.120 --> 0:00:36.519 space launch miss over the weekend. We also spoke the 0:00:36.520 --> 0:00:37.760 Blue Origin CEO. 0:00:37.640 --> 0:00:42.280 And IPOs are so back, Sarah brass IPO is back 0:00:42.440 --> 0:00:45.519 on the table months after we're drawing a previous attempt. 0:00:46.120 --> 0:00:48.440 So first we check in on these markets, which are 0:00:48.479 --> 0:00:51.400 dictated by geopolitics once more. And look on the day 0:00:51.479 --> 0:00:53.320 we are down on the Nasdaq one hundred to the 0:00:53.320 --> 0:00:56.040 tune of seven teens percent. We're actually heading session loans. 0:00:56.120 --> 0:00:59.200 Why the latest headlines coming from President Trump that the 0:00:59.280 --> 0:01:02.200 ceasefire that currently is holding the truth that they had 0:01:02.200 --> 0:01:04.959 put in place for two weeks is unlikely to not 0:01:05.120 --> 0:01:08.440 be extended. It's unlikely to be pushed forward, even as 0:01:08.440 --> 0:01:10.759 though we anticipate some talks to kick start once again 0:01:10.800 --> 0:01:14.040 over in Pakistan on Wednesday. Now, there's also concerns really 0:01:14.360 --> 0:01:16.800 about the Horll moves, the straight of horm moves likely 0:01:16.840 --> 0:01:20.000 to remain blocked ed. What this means is that the 0:01:20.040 --> 0:01:23.039 streak of tech stock wins is likely to be coming 0:01:23.040 --> 0:01:24.760 to an end. We're up a eleven point six percent 0:01:24.800 --> 0:01:27.080 of the thirteen days. If it had held for a 0:01:27.200 --> 0:01:30.280 fourteenth day of gains, that would have been the longest 0:01:30.280 --> 0:01:33.160 winning street since before you were born nineteen eighty five, 0:01:33.200 --> 0:01:35.560 according to our own Dan Curtis, and that's the Nasdaq 0:01:35.680 --> 0:01:37.720 and A's at one hundred. What looks like it's not 0:01:37.760 --> 0:01:39.199 going to be a fourteenth day. 0:01:39.120 --> 0:01:41.120 En it would be before I was born. There's a 0:01:41.120 --> 0:01:44.000 big focus right now on Google's TPU program. There's a 0:01:44.040 --> 0:01:48.000 report from the Information that there are talks between Google 0:01:48.040 --> 0:01:52.880 and Marvel about an inferenced specific TPU somewhere in the future. 0:01:52.920 --> 0:01:55.680 By the way, that's a report and story that Google 0:01:56.120 --> 0:01:58.400 is declining to common and full stop, but it's moving 0:01:58.440 --> 0:02:01.200 markets in the sense that Marvell is getting a big 0:02:01.360 --> 0:02:05.000 boost from it. Separate to that, Bloomberg's reporting that Google 0:02:05.040 --> 0:02:08.079 plans to announce its new generation of TPUs at an 0:02:08.080 --> 0:02:11.560 event in Las Vegas this week. Let's get the details 0:02:11.560 --> 0:02:14.800 on that with Bloomberg's AI Infrastructure reporter Dina Bass. So 0:02:14.960 --> 0:02:19.120 much focus on the TPU program, right, Google's own use 0:02:19.160 --> 0:02:22.280 of it and then the expansion of it to third 0:02:22.280 --> 0:02:25.079 party customers andthropics. One that you and I have reported on, right, 0:02:25.480 --> 0:02:27.079 What are they going to tell us in Las Vegas 0:02:27.080 --> 0:02:29.359 this week? What is the future of the TPU program. 0:02:30.400 --> 0:02:34.040 So what we're reporting is they're probably going to announce 0:02:34.919 --> 0:02:38.560 an inference chip, you know, for running AI models after 0:02:38.600 --> 0:02:41.160 they've been trained. Thus far, they've been doing training and 0:02:41.240 --> 0:02:44.480 inference in one chip. You know, we are expecting and 0:02:44.520 --> 0:02:47.160 reporting that they're probably going to announce something separate just 0:02:47.280 --> 0:02:50.200 for inference. At Google chief scientist Jeff Dean told me 0:02:50.200 --> 0:02:53.400 in an interview, Look, you know the way inference demand 0:02:53.480 --> 0:02:56.320 is growing called it now becomes sensible to specialized chips, 0:02:56.320 --> 0:02:58.639 more for training and more for inference workloads, and that 0:02:58.680 --> 0:03:01.560 they're looking at a bunch of things. Their chip chief, 0:03:01.560 --> 0:03:04.560 i mean VIDAT declined to tell me specifically whether they're 0:03:04.560 --> 0:03:06.720 going to announce that this week, but you know said 0:03:06.720 --> 0:03:09.440 we'd be hearing more soon. And this continues sort of 0:03:09.440 --> 0:03:13.720 a trend. You know, in Nvidia announced a fast inference 0:03:13.840 --> 0:03:17.040 chip from what they'd acquired from GROC you mentioned before 0:03:17.080 --> 0:03:20.200 the Cerebrase IPO that's also at this point really a 0:03:20.240 --> 0:03:22.919 lowly in seafast inference play. 0:03:23.400 --> 0:03:27.840 Meanwhile, the play has been extraordinary with TPUs and the 0:03:27.880 --> 0:03:31.800 adoption by many would call even rivals Meta likely wanting 0:03:31.840 --> 0:03:34.760 in on the Google made chips. So how are they 0:03:34.800 --> 0:03:36.720 broadening and where do you think they're going to be 0:03:36.720 --> 0:03:39.000 getting supply from? More broadly, there's a lot of reporting 0:03:39.000 --> 0:03:41.000 in the market, for example, that maybe they turned to 0:03:41.040 --> 0:03:42.240 Marvel versus Broadcom. 0:03:42.480 --> 0:03:43.520 I know you can't coment on that. 0:03:43.400 --> 0:03:46.440 Directly, but how are they thinking about their own supply chain? 0:03:47.000 --> 0:03:49.880 Look, I think for them, supply, excuse me, supply is 0:03:49.920 --> 0:03:52.840 a problem. I was talking to Google Deep my n CEO, 0:03:52.880 --> 0:03:53.560 Demesis Savias. 0:03:53.800 --> 0:03:54.840 He mentioned that as well. 0:03:54.880 --> 0:03:58.480 Look, you have Meta, which signed they told us, a 0:03:58.560 --> 0:04:01.600 multi billion, multi year deal to use TPUs. They're just 0:04:01.600 --> 0:04:03.720 getting their first big tranche of them. They're trying to 0:04:03.720 --> 0:04:06.000 figure out what they're going to do with them. Anthropic 0:04:06.480 --> 0:04:09.320 has a huge deal, Citadel is going to talk about 0:04:09.360 --> 0:04:12.200 how they're using TPUs at the Google Next conference this week. 0:04:12.520 --> 0:04:15.200 And what Demis was telling me was that, uh, you know, 0:04:15.360 --> 0:04:18.800 contrary to what Jensen Wank said last week on the 0:04:18.880 --> 0:04:21.359 Dark Hush Fatal podcast that you know, it's really just 0:04:21.400 --> 0:04:24.680 anthropic that wants them. They actually you know, have a 0:04:24.680 --> 0:04:27.080 lot of people that are interested. They don't have enough supply. 0:04:27.800 --> 0:04:30.000 Uh he was Demis was saying to me, Look, you know, 0:04:30.040 --> 0:04:32.960 what they end up doing is prioritizing the you know, 0:04:33.080 --> 0:04:36.000 top of the line frontier lab customers, because those are 0:04:36.000 --> 0:04:39.760 the customers who are most capable of taking advantage of 0:04:39.800 --> 0:04:41.159 what TPU has to offer. 0:04:41.560 --> 0:04:41.680 You know. 0:04:41.800 --> 0:04:44.240 More broadly, I think the TPU play, and this is 0:04:44.240 --> 0:04:46.840 why it appeals to these big frontier labs, is that 0:04:47.279 --> 0:04:50.839 Google is the only, you know, maker of a large, 0:04:51.320 --> 0:04:53.640 top of the line frontier model, one of the top 0:04:54.200 --> 0:04:57.599 you know models that also makes uh you know, AI 0:04:57.720 --> 0:05:01.080 accelerator chips in a large volume, has said they will 0:05:01.120 --> 0:05:01.560 as well. 0:05:01.920 --> 0:05:04.160 I think that's why it's worth lingering for a minute 0:05:04.520 --> 0:05:08.040 on why the TPU is useful. So you explained really 0:05:08.040 --> 0:05:11.080 well that to this point, the TPU tensor processing unit 0:05:11.320 --> 0:05:15.560 has basically been a general purpose accelerator training or inference. 0:05:16.040 --> 0:05:18.720 But when you put it side by side, as many 0:05:18.720 --> 0:05:21.960 people try to do against Nvidia's latest GPU or other 0:05:22.040 --> 0:05:25.200 inference specific chips, you know what is it about Google 0:05:25.240 --> 0:05:28.760 owning the architecture, about designing it for specifically the inference 0:05:28.839 --> 0:05:31.200 use case that makes it better. Is it money, is 0:05:31.240 --> 0:05:33.360 it power? What do we need to know? 0:05:34.080 --> 0:05:36.920 Well, Google's argument is that it is the fact that 0:05:36.960 --> 0:05:40.360 they know what you need for training and running a 0:05:40.480 --> 0:05:43.920 top of the line model. There are you know, two 0:05:43.960 --> 0:05:45.799 things in the last couple of months that have really 0:05:45.920 --> 0:05:49.920 increased the interest in Google TPU. One is the Anthropic deal, 0:05:50.240 --> 0:05:53.240 which was a validation of the technology. The other was 0:05:53.279 --> 0:05:55.320 sort of the release of the latest version of Gemini, 0:05:55.360 --> 0:05:58.960 which was trained and is running its inference on Google TPU, 0:05:59.400 --> 0:06:02.960 and the you know, strong reviews that it's gotten. Google 0:06:03.160 --> 0:06:07.400 uses data and requests and information from their own AI 0:06:07.520 --> 0:06:10.680 model teams to figure out what they need to prioritize 0:06:10.720 --> 0:06:11.960 and frankly, what they need to. 0:06:11.960 --> 0:06:13.640 Fix in the chip business. 0:06:13.720 --> 0:06:15.880 They you know, they work together to figure out that, 0:06:15.960 --> 0:06:19.720 for example, Google TPU wasn't doing you know, utilization was 0:06:19.760 --> 0:06:21.839 too low on those chips when you were using it 0:06:21.880 --> 0:06:24.920 for reinforcement learning. Demis was telling me they're using it 0:06:25.000 --> 0:06:27.800 to figure out, you know, how precise the chips have 0:06:27.880 --> 0:06:29.960 to be as opposed to where they can save money. 0:06:30.160 --> 0:06:32.320 And that's sort of a set of data that flows 0:06:32.400 --> 0:06:36.080 into the Google TPU design team that other you know, 0:06:36.200 --> 0:06:39.359 other chip makers don't necessarily have. And Vidia does have 0:06:39.440 --> 0:06:43.159 a very you know, solid model team. But you know, 0:06:43.240 --> 0:06:46.919 among the big three anthropic open AI, Google, you know, 0:06:47.000 --> 0:06:49.880 for frontier models, Google is the only one making AI 0:06:49.960 --> 0:06:52.000 accelerator chips at volume right now. 0:06:52.200 --> 0:06:53.799 Databas is a great story. 0:06:54.160 --> 0:06:56.840 Can't wait to see what comes out at the Vegas event. 0:06:56.920 --> 0:06:59.240 We appreciate you joining today. Now let's just dwell a 0:06:59.279 --> 0:07:00.760 little bit more on tech stocks. 0:07:01.040 --> 0:07:02.919 They are taking a pause like the rest of the 0:07:03.000 --> 0:07:05.560 market today from their recent winning streak, and that's as 0:07:05.560 --> 0:07:08.640 investors navigate concerns so peace talks between the US and Iran. 0:07:08.720 --> 0:07:12.040 But let's discuss the tech outlook in particular with Anna Rathman, 0:07:12.360 --> 0:07:16.280 CEO of Grenadilla Advisory, and once again geopolitics comes to 0:07:16.320 --> 0:07:20.800 the forefront. But the fundamentals of tech are they vindicating 0:07:20.800 --> 0:07:22.800 the valuations because boy, if we had a run up of. 0:07:22.840 --> 0:07:27.200 Late yes, I mean, I think it's difficult to value 0:07:27.320 --> 0:07:30.280 tech at this point, especially with AI, just because just 0:07:30.320 --> 0:07:33.360 a few weeks ago, pre war, we were worried about 0:07:33.360 --> 0:07:36.800 the six hundred and fifty billion dollar AI infrastructure spent 0:07:36.880 --> 0:07:40.160 by the hyperscalers, and today we're not really talking about that. 0:07:40.240 --> 0:07:43.640 In fact, we're wondering if we have enough capacity. And 0:07:43.720 --> 0:07:48.480 you know, frankly, the previous reporting about Google's TPUs, I mean, 0:07:48.480 --> 0:07:51.720 we can have all of these deals right looking forward 0:07:51.760 --> 0:07:53.760 to twenty twenty seven, twenty twenty eight. 0:07:53.920 --> 0:07:54.520 At the end of the. 0:07:54.560 --> 0:07:57.200 Day, it really is about shortages, right, And this is 0:07:57.240 --> 0:08:00.440 where the geopolitics really comes in as well well, as 0:08:00.520 --> 0:08:02.880 you know, we're hearing it from the manufacturers and the 0:08:02.960 --> 0:08:07.000 ism manufacturing in disease. So I think that the valuation 0:08:07.240 --> 0:08:11.440 is really difficult for tech because computing computing needs are real, 0:08:11.880 --> 0:08:14.680 but you need to you need real assets in order 0:08:14.760 --> 0:08:17.600 to build real assets, which are the picks and shovels 0:08:17.640 --> 0:08:20.200 of the AI story. So I mean, I think we're 0:08:20.280 --> 0:08:21.520 kind of in a quandary here. 0:08:22.160 --> 0:08:24.440 So does that mean on don't do anything s done 0:08:24.440 --> 0:08:27.200 pat until we get clarity at least on the geopolitical 0:08:27.560 --> 0:08:30.320 side of the equation, which in and of itself affects 0:08:30.520 --> 0:08:33.440 the supply chain of chip manufacturing. For example, helium that 0:08:33.480 --> 0:08:34.800 can't get through will mose right now. 0:08:34.880 --> 0:08:39.120 Yeah, I think AI is one of those stories when 0:08:39.160 --> 0:08:41.360 it takes off. It takes off, and it's going to 0:08:41.360 --> 0:08:45.120 be difficult to catch. So in terms of investing, I 0:08:45.120 --> 0:08:48.840 think you stay invested. If you are invested in hyperscalers, 0:08:48.880 --> 0:08:52.240 you're already exposed to a lot of data centers. Perhaps 0:08:52.320 --> 0:08:56.800 think of some of the adjacent industries of manufacturing and industrials. 0:08:57.160 --> 0:09:00.800 As far as the war is concerned, it's difficult to 0:09:00.840 --> 0:09:03.320 price that in as well. I mean that the story 0:09:03.440 --> 0:09:06.360 is very different today from last week, but I do 0:09:06.400 --> 0:09:09.080 think that the markets have sort of priced in not 0:09:09.240 --> 0:09:12.320 a binary outcome of will we have a deal versus 0:09:12.320 --> 0:09:14.240 will we not have a deal. I think what the 0:09:14.280 --> 0:09:18.080 market is pricing in is this very wobbly, very messy 0:09:18.120 --> 0:09:20.200 ceasefire that might continue. 0:09:19.720 --> 0:09:20.240 For a while. 0:09:20.480 --> 0:09:24.200 So I find this really interesting. We've spent a lot 0:09:24.240 --> 0:09:27.600 of time emphasizing that then as that one hundred had 0:09:27.600 --> 0:09:30.800 this amazing thirteen days streak, and people seem to forget 0:09:31.080 --> 0:09:33.560 that before that thirteen day period there was a big 0:09:33.600 --> 0:09:36.000 sell off in technology shares, and if you look at 0:09:36.000 --> 0:09:38.960 like some of the Goldman Prime brokerage data, you know, 0:09:39.200 --> 0:09:42.679 hedge funds were dumping out of US tech stocks software 0:09:42.720 --> 0:09:45.160 in particular. Why is it do you think that the 0:09:45.240 --> 0:09:48.520 investors sort of then felt that the calm to start 0:09:48.559 --> 0:09:52.280 buying almost immediately as the war was taking place. 0:09:53.920 --> 0:09:56.400 Well, you know, I don't think the investors were waiting 0:09:56.400 --> 0:09:59.360 for the calm. I think the investors were waiting for 0:10:00.280 --> 0:10:03.240 some bottom where it felt cheap enough to come in, 0:10:03.559 --> 0:10:06.760 because again, the AI story is a long term story. 0:10:07.040 --> 0:10:08.040 Even software. 0:10:08.720 --> 0:10:11.720 I think it was more of a sledgehammer tool that 0:10:11.760 --> 0:10:15.240 we were using to knock out all of the software indiscriminately. 0:10:15.679 --> 0:10:18.800 And now software is still going to be pressured in 0:10:18.840 --> 0:10:23.880 my opinion because of AI AI native AI stories, but 0:10:24.679 --> 0:10:26.880 I think at this point we may be applying more 0:10:26.920 --> 0:10:29.120 of a scalpel rather than a sledgehammer. 0:10:29.840 --> 0:10:30.439 So from that. 0:10:30.520 --> 0:10:34.280 Perspective, everything was oversald. So I think investors just look 0:10:34.360 --> 0:10:36.760 for a cheaper point to enter the market. 0:10:37.240 --> 0:10:41.200 Technology earnings start big time in Earnest this week in 0:10:41.240 --> 0:10:44.920 some sense. What do you think will happen? What do 0:10:44.960 --> 0:10:47.160 you think what kind of bar do you think is 0:10:47.200 --> 0:10:50.520 set for investors for this tech earning season. 0:10:52.120 --> 0:10:54.880 Well, you know, if we look at some of the 0:10:54.920 --> 0:10:58.240 international tech stocks that we've heard from, such as TSMC 0:10:58.280 --> 0:11:01.480 and ASML, I mean that demanded story. 0:11:01.360 --> 0:11:05.240 Is here and real, and you know in the future 0:11:05.280 --> 0:11:05.760 as well. 0:11:05.880 --> 0:11:09.600 So I do expect a demand story to continue. Whether 0:11:09.720 --> 0:11:13.120 or not the companies are actually poised to capture that 0:11:13.440 --> 0:11:16.800 is another story. That's a corporate story, that's a management story. 0:11:17.080 --> 0:11:19.120 So one in particular that I might be a little 0:11:19.120 --> 0:11:22.600 bit nervous about would be Intel just because of the 0:11:22.640 --> 0:11:26.560 recent history, just because of some of the issues with 0:11:26.640 --> 0:11:30.760 the foundries. Other than that, I'm still pretty constructive on 0:11:30.920 --> 0:11:33.640 Tech and we'll see what they actually report this week. 0:11:34.160 --> 0:11:38.280 Anna Rathbun and Grenadilla Advisory, thank you very much. Now 0:11:38.440 --> 0:11:44.720 coming up, Blue Origins New Glens successfully reuses a booster 0:11:45.320 --> 0:11:48.959 for the first time, but the mission also delivers a 0:11:49.000 --> 0:11:52.679 major setback for the payload that was on board. We're 0:11:52.679 --> 0:11:55.240 going to hear from Blue Origin CEO Dave Limb Next, 0:11:55.880 --> 0:11:56.800 this is Blueberg Tech. 0:12:06.559 --> 0:12:07.040 It was a. 0:12:06.960 --> 0:12:11.679 Story of both success and failure for Blue Origin Space 0:12:11.760 --> 0:12:14.280 launch over the weekend. For the first time, the Jeff 0:12:14.280 --> 0:12:18.320 Bezos company reused a booster for its New Glen rocket 0:12:18.360 --> 0:12:22.720 and landed it successfully, but the satellite it was carrying 0:12:22.720 --> 0:12:26.480 for ast Space Mobile wasn't placed in the correct orbit 0:12:26.559 --> 0:12:30.520 and is quote too low to sustain operations, and. 0:12:30.840 --> 0:12:33.240 It was painful if you own the shares of AST 0:12:33.360 --> 0:12:36.960 Space Mobile. Therefore, look rocketing back down to Earth down 0:12:37.040 --> 0:12:39.360 nine percent for AST's Space Mobile. 0:12:39.360 --> 0:12:40.000 At one point it. 0:12:39.960 --> 0:12:43.679 Was off by fourteen percent. And this off nominal orbit 0:12:44.120 --> 0:12:45.760 means a lot for a company that needs to get 0:12:45.760 --> 0:12:46.880 about fourteen up in this year. 0:12:46.960 --> 0:12:49.840 Yes, you know he is a paying customer of Blue Origin. 0:12:49.880 --> 0:12:51.400 And if you go on social media and you look 0:12:51.440 --> 0:12:53.720 at Jeff Bezos or Dave Limp, the CEO, they were 0:12:53.760 --> 0:12:57.600 celebrating the Blue Origin part that they landed the booster. 0:12:57.720 --> 0:13:00.520 They reused the boosters only the third time New Glens flown. 0:13:01.000 --> 0:13:03.800 But basically the satellite that they were sending into orbit 0:13:03.880 --> 0:13:05.600 was in the wrong place and it doesn't have the 0:13:05.679 --> 0:13:08.360 means in terms of frousters to move itself, so they 0:13:08.400 --> 0:13:11.240 deorbit it and the insurance company actually comes in and 0:13:11.240 --> 0:13:11.760 pays for it. 0:13:11.800 --> 0:13:14.440 And that's what's word about AST Space Mobile sort of 0:13:14.440 --> 0:13:16.400 being the one that bears the brunt here because they 0:13:16.480 --> 0:13:18.600 get the money back from the insurance, but it needs 0:13:18.640 --> 0:13:20.760 to get its satellites back up there to be able 0:13:20.880 --> 0:13:22.679 in a swift succession to allow you and I to 0:13:22.720 --> 0:13:24.760 make the calls that we want to do. Look Scotiabank 0:13:24.760 --> 0:13:28.000 analyst Dress Concelo was sort of saying, look, even though 0:13:28.000 --> 0:13:30.959 the reusable Blustellan is successfully, the mission was a failure, 0:13:30.960 --> 0:13:33.680 and the Bluebirds seven failure highlights the need for well 0:13:33.960 --> 0:13:37.240 more redundancy backup plans right for these failing units. 0:13:37.280 --> 0:13:40.199 For it's a black eye for Blue Origin because they 0:13:40.520 --> 0:13:43.319 part of their business plan is to put satellites into 0:13:43.400 --> 0:13:46.760 orbit for customers. But again, they really needed the rocket 0:13:46.800 --> 0:13:50.640 itself to work, and it did. I spoke to Blue 0:13:50.640 --> 0:13:53.520 Origin CEO Dave Limb, but that was ahead of the launch. 0:13:53.800 --> 0:13:56.559 We talked big picture about the company's future, and this 0:13:56.600 --> 0:13:58.960 is what he had to say about the new GM program. 0:13:59.600 --> 0:14:01.600 I think it'd be a really good year if we 0:14:01.640 --> 0:14:03.880 could do you know, eight to twelve flights this year, 0:14:04.000 --> 0:14:06.080 up from two last year, that would be that, you know, 0:14:06.080 --> 0:14:08.199 that'd be a good cadence for us. I can see 0:14:08.240 --> 0:14:10.280 a path that we have plenty of hardware to do that. 0:14:10.360 --> 0:14:12.240 It really is what we learn from the flights. 0:14:12.679 --> 0:14:16.760 I would tell you that there's there's never been. 0:14:16.600 --> 0:14:19.680 A time where launch is in such demand, and by 0:14:19.680 --> 0:14:21.600 the way, I think the demand's going up with all 0:14:21.640 --> 0:14:26.960 these directed device announcements Amazon made one obviously, other AST 0:14:27.160 --> 0:14:30.520 is doing directed device and these mega constellations. We have 0:14:30.560 --> 0:14:34.440 our own constellation. We announced with Taro Wave that laun 0:14:34.720 --> 0:14:37.280 if I if I could fly a rocket every week 0:14:37.440 --> 0:14:40.640 right now, I would be sold out for the indefinite future. 0:14:40.720 --> 0:14:44.680 And so our job is to get out there, get 0:14:44.720 --> 0:14:47.920 as fast a cadence as we can, as quickly as possible. 0:14:48.200 --> 0:14:50.480 And the foundation of that, again is just to build 0:14:50.520 --> 0:14:53.960 a world class manufacturing business. And you know, that's something 0:14:53.960 --> 0:14:56.160 I've done for a long time, and the team's done 0:14:56.200 --> 0:14:57.560 for a long time, and I think we're on the 0:14:57.600 --> 0:14:59.880 right path. We still have ways to go, but I'm 0:15:00.040 --> 0:15:01.560 I'm excited about the progress. 0:15:01.720 --> 0:15:05.520 The world became familiar with Blue Origin through New Shepherd, 0:15:05.600 --> 0:15:10.320 the smaller form factor launch system, and the first focus 0:15:10.360 --> 0:15:13.880 of that was kind of space tourism, you know, going 0:15:13.960 --> 0:15:18.280 to a pretty low altitude relatively speaking, for a few 0:15:18.320 --> 0:15:20.560 minutes of weightlessness. And you know, of course I was 0:15:20.560 --> 0:15:23.560 in Van Horn, Texas when Jeff Bezos himself went up. 0:15:23.840 --> 0:15:29.040 But you took the decision to halt that program in 0:15:29.200 --> 0:15:35.119 large part to focus on Blues participation in getting America 0:15:35.200 --> 0:15:37.760 back to the Moon. And so you know, in the 0:15:37.800 --> 0:15:41.960 first instance, Dave, what has the result of that decision been. 0:15:42.040 --> 0:15:44.760 Have you been able to accelerate that other program, the 0:15:44.840 --> 0:15:48.840 lunar program? How have you moved and reassigned resource and 0:15:48.920 --> 0:15:51.320 people to fulfill that ambition? 0:15:52.760 --> 0:15:55.640 Yeah, you know, we were able to fly ninety eight 0:15:55.720 --> 0:15:58.400 people above the Carmen line. I've never seen so many 0:15:58.440 --> 0:16:01.240 smiles on every astronaut we were able to do that 0:16:01.280 --> 0:16:03.320 for And I think if you had to make the 0:16:03.400 --> 0:16:06.560 decision to put New Shepherd on pause, we put on 0:16:06.600 --> 0:16:09.640 pause for at least two years. With your heart, it 0:16:09.640 --> 0:16:11.960 would have been a very hard decision because you see that, 0:16:12.080 --> 0:16:15.240 you saw it when you saw Jeff fly. Every customer 0:16:15.360 --> 0:16:18.280 is the happiest customer you've ever seen. But when you 0:16:18.320 --> 0:16:20.760 make it, when you make that decision with your head, 0:16:22.080 --> 0:16:24.800 it was probably one of the simpler business decisions that 0:16:24.880 --> 0:16:29.280 I and Jeff have ever made, because you know, I 0:16:29.320 --> 0:16:31.320 am so passionate about. 0:16:31.000 --> 0:16:34.160 Getting the US back to the Moon, as is Jeff. 0:16:34.400 --> 0:16:38.040 It's you know, I don't think the country wants another 0:16:38.040 --> 0:16:41.120 spot Nik moment. We have been saying it blue for 0:16:41.120 --> 0:16:44.760 twenty plus years that the Moon is this incredible gift 0:16:44.840 --> 0:16:48.240 given to us. You know, it's three days away, It's 0:16:48.360 --> 0:16:51.480 got all the resources that we'll ever need right there 0:16:51.640 --> 0:16:54.800 at least for the foreseeable millennium ahead of us, and. 0:16:56.440 --> 0:16:57.520 We know how to get there. 0:16:57.960 --> 0:17:00.320 Through Origin CEO Dave Lim there speaking with it over 0:17:00.320 --> 0:17:02.560 the course of the weekend. And coming up we are 0:17:02.680 --> 0:17:04.280 talking Apple's revab criy. 0:17:04.840 --> 0:17:07.520 It may have been revealed more on that. Next there's 0:17:07.520 --> 0:17:08.440 a broombag tech. 0:17:17.320 --> 0:17:19.879 Time now for talking tech and first up, China's IG 0:17:20.480 --> 0:17:23.080 says it expects AI to produce the bulk of its 0:17:23.119 --> 0:17:26.080 film and TV content within five years. Now, the Netflix 0:17:26.119 --> 0:17:29.359 style streaming platform plans to transform its app and website 0:17:29.440 --> 0:17:34.080 into a social media destination centered on AI generated programming. Now, 0:17:34.119 --> 0:17:36.119 as part of that shift, the company unveiled a new 0:17:36.160 --> 0:17:38.800 AI talkit it says can handle nearly every stage of 0:17:38.840 --> 0:17:42.639 the filmmaking process. US regulators across Asia are taking a 0:17:42.680 --> 0:17:45.600 closer look at cybersecurity risks in their financial systems as 0:17:45.640 --> 0:17:48.600 concerns grow over the spread of appropics mythos model. Now 0:17:48.600 --> 0:17:51.879 in Singapore, the financial regulator is urging banks to tighten 0:17:51.960 --> 0:17:55.119 up vulnerabilities, while in South Korea, government agencies have been 0:17:55.160 --> 0:17:58.960 meeting to plan their response, and Huawei has unveiled its 0:17:59.000 --> 0:18:01.720 latest folded phone, the Pure xmax. 0:18:01.920 --> 0:18:02.800 Now the device. 0:18:02.600 --> 0:18:05.159 Unfolds horizontally to rough it the size of a small tablet. 0:18:05.320 --> 0:18:07.959 There's priced around oney six hundred and ten dollars now. 0:18:07.960 --> 0:18:08.880 The launch comes as. 0:18:08.800 --> 0:18:11.600 Competition with Apple heats up, but Apple expected to roll 0:18:11.600 --> 0:18:13.600 out it's own affordable later this year. 0:18:14.000 --> 0:18:17.520 ED Let's stick with Apple, whose upcoming WWDC event is 0:18:17.560 --> 0:18:20.439 set to reveal the future of Siri. But ahead of 0:18:20.440 --> 0:18:24.679 the forum, Apple's teaser may have revealed a glimpse of 0:18:24.720 --> 0:18:27.760 the revamped interface. Let's get to Bloomber's Mark German, who 0:18:27.760 --> 0:18:30.639 covers all things Apple and consumer tech, and this was 0:18:30.680 --> 0:18:33.040 the subject of this weekend's power On. I don't Mark, 0:18:33.080 --> 0:18:36.240 I don't know. Every weekend I repower on. It's usually 0:18:36.280 --> 0:18:39.320 based on who you're talking to, your reporting. This time, 0:18:39.600 --> 0:18:42.080 you're getting your your your microscope out, you're looking at 0:18:42.080 --> 0:18:44.320 the imagery. What are you trying to learn here? 0:18:46.320 --> 0:18:48.840 Well, you know, every time Apple announces an event toor 0:18:48.840 --> 0:18:50.959 they announce in your conference, they put out this teaser, 0:18:50.960 --> 0:18:54.360 graphic or invitation, and from time to time it gives 0:18:54.400 --> 0:18:57.520 you a pretty good indicator of what's to come. But 0:18:57.800 --> 0:19:02.280 usually you only realize what that actually was in hindsight. 0:19:02.800 --> 0:19:04.600 But now I can tell you, you know, several weeks 0:19:04.600 --> 0:19:08.719 ahead of the conference that this WWDC font, this logo, 0:19:09.600 --> 0:19:13.120 this glow, this design they have there actually is representative we're. 0:19:13.000 --> 0:19:14.399 Looking at it now interface. 0:19:14.840 --> 0:19:18.400 Yeah, it's a representative of the new Siri interface. Basically, 0:19:18.400 --> 0:19:21.040 they're moving Siri to a new design. If you're familiar 0:19:21.080 --> 0:19:24.320 with the iPhone Dynamic Island, when you trigger Siri, it'll 0:19:24.400 --> 0:19:27.080 peer up in that little camera area and then it 0:19:27.119 --> 0:19:29.480 has that new font like you have a WWDC logo 0:19:29.640 --> 0:19:32.680 and it has a glowing cursor similar to the glow 0:19:32.720 --> 0:19:34.760 you see around the twenty six and that logo you 0:19:34.760 --> 0:19:35.200 were showing. 0:19:36.080 --> 0:19:41.160 So fold that into what we experience, how that will 0:19:41.200 --> 0:19:44.679 seem what in fact Siri will seem like when we 0:19:44.800 --> 0:19:46.520 finally get it into our hands or our ears or 0:19:46.560 --> 0:19:48.080 our voice, the way we're going to interact with it. 0:19:49.560 --> 0:19:52.480 You know, Siri has looked cool for for for many years, 0:19:52.920 --> 0:19:55.640 but it hasn't worked so cool for for many years. 0:19:55.720 --> 0:19:55.920 Right. 0:19:56.960 --> 0:20:01.600 It's it's in many ways, it's just pushing people to 0:20:01.920 --> 0:20:05.240 the design in order to distract from the functionality. That's 0:20:05.280 --> 0:20:08.399 what we saw from Apple Intelligence. But this time around, 0:20:08.400 --> 0:20:11.240 they think that they have nailed it. They think they're 0:20:11.240 --> 0:20:13.439 going to get Siri to work with the features they 0:20:13.520 --> 0:20:16.960 previously announced, some of the new enhancements that are coming 0:20:16.960 --> 0:20:19.560 that they haven't announced yet, or a Siri app so 0:20:19.640 --> 0:20:22.720 a standalone app, a chat bot like interface for the 0:20:22.720 --> 0:20:27.040 first time to better compete with Gemini and CHACKGPT, and 0:20:27.080 --> 0:20:30.240 then a new feature that they call internally World's Knowledge Answers, 0:20:30.280 --> 0:20:33.840 which is basically a perplexity competitor, so you can search 0:20:33.880 --> 0:20:37.359 the web and get summaries of information without it actually 0:20:37.440 --> 0:20:41.160 pointing you to Google. It'll happen within the Siri interface itself. 0:20:41.240 --> 0:20:43.159 So if this all works, I think they have a 0:20:43.160 --> 0:20:46.320 pretty compelling story to tell for their voice assistant in AI. 0:20:46.480 --> 0:20:49.639 Come jack Mark real quick. It's better to follow this 0:20:49.680 --> 0:20:52.080 story and aggregate over a number of years, Like I 0:20:52.119 --> 0:20:54.840 think back to two or three wwdc's ago and you 0:20:54.960 --> 0:20:58.119 reporting like Siri and Apple Intelligence isn't going to be 0:20:58.160 --> 0:21:01.080 the focus, then looks like it will be the focus. 0:21:01.200 --> 0:21:05.480 Now summarize where Apple was actually landed with Siri, that 0:21:05.600 --> 0:21:07.679 is AI improved. 0:21:09.240 --> 0:21:12.399 Now In terms of the underpinnings of Siri, they're using 0:21:12.520 --> 0:21:15.280 technology from a Gemini model, merging it with their own 0:21:15.320 --> 0:21:18.320 model technology in order to get it work more properly, 0:21:18.440 --> 0:21:20.960 it'll be able to analyze data on your phone to 0:21:21.000 --> 0:21:24.240 help you take action on it. But big picture, this 0:21:24.359 --> 0:21:27.960 year's conference is really all about Siri and AI. They 0:21:28.280 --> 0:21:32.600 basically hit pause on all non AI or serre related features. 0:21:33.080 --> 0:21:36.600 Lots of bug fixes and performance enhancements, but the focus 0:21:36.640 --> 0:21:38.080 is on this voice assistant this year. 0:21:39.080 --> 0:21:41.800 Mark German is always giving us the hints. We so 0:21:41.880 --> 0:21:42.600 appreciate it. 0:21:43.000 --> 0:21:45.919 Let's talk about now humanoid robots for a minute, because 0:21:46.000 --> 0:21:49.399 one has just won a half marathon race for robots 0:21:49.400 --> 0:21:49.840 in Beijing. 0:21:49.920 --> 0:21:54.000 But get this, it ran faster than the human world record. 0:21:54.000 --> 0:21:56.800 The race was held in Beijing over the weekend, showcasing 0:21:56.920 --> 0:22:00.000 China's really rapid advances in robotics and artificial and intelligen 0:22:00.400 --> 0:22:03.480 and the robots strode across the finish line in fifteen 0:22:03.480 --> 0:22:06.760 minutes and twenty six seconds to the state run China Daily. 0:22:06.800 --> 0:22:08.720 That's according to them, and that beat the human world 0:22:08.760 --> 0:22:11.960 record holder Jacob kip Plumo of Uganda, who finished the 0:22:12.000 --> 0:22:14.120 half month and in fifty seven minutes and twenty seconds 0:22:14.400 --> 0:22:18.480 last month in Lisbon. What a stunt, I mean Last 0:22:18.560 --> 0:22:20.240 year it took more than two hours. 0:22:19.920 --> 0:22:20.800 For the robots to win. 0:22:20.960 --> 0:22:23.760 That's the video of robots running in a race. I 0:22:23.760 --> 0:22:26.600 mean that can we let's just literally what is one 0:22:26.680 --> 0:22:30.199 hundred teams? Three hundred robots? The director won't show it, 0:22:30.240 --> 0:22:33.560 but I'm just grinning and laughing because that's a video 0:22:33.640 --> 0:22:34.960 of robots running in a race. 0:22:35.119 --> 0:22:36.160 Karen, what was important? 0:22:36.320 --> 0:22:38.919 Liquid cooling that's going to go on in that Maybe 0:22:38.920 --> 0:22:41.000 that helps us in other parts of window. 0:22:41.160 --> 0:22:42.560 So many DPUs on fire? 0:22:42.680 --> 0:22:55.000 Okay, bloomg Or, welcome back to Bloomberg Tech. 0:22:55.119 --> 0:22:56.800 We talk about geopolitics. Now. 0:22:56.800 --> 0:23:00.640 President Trump says it's quote highly unlikely and a ceasefire 0:23:00.640 --> 0:23:02.000 whether RON will be extended. 0:23:02.200 --> 0:23:03.080 This is VPJD. 0:23:03.240 --> 0:23:06.240 Vans is set to head to Pakistan for deal discussions. Now, 0:23:06.280 --> 0:23:09.199 Bloomberg's Jeff Mason has just spoken with the president. But 0:23:09.240 --> 0:23:12.080 a few moments ago, you join us now, Jeff, and 0:23:12.119 --> 0:23:14.240 this tone seems negative. 0:23:16.240 --> 0:23:18.600 You know, I'm not going to say negative or positive. 0:23:18.800 --> 0:23:21.760 Just what he said, which was a couple of different things. 0:23:21.760 --> 0:23:24.000 He said that he thought talks could work out well 0:23:23.720 --> 0:23:27.120 for all parties. But he also said, as you rightly quoted, 0:23:27.240 --> 0:23:30.080 that he was not intending or it was at least 0:23:30.160 --> 0:23:33.240 highly unlikely that he would extend a ceasefire. He also 0:23:33.359 --> 0:23:36.959 said that the ceasefire ends on Wednesday, which is a 0:23:36.960 --> 0:23:40.639 little bit of news because the two week period that 0:23:40.800 --> 0:23:44.760 most people were assuming goes through tomorrow Tuesday, so that 0:23:44.880 --> 0:23:47.920 was interesting. The President also made a point in our 0:23:47.960 --> 0:23:50.280 phone conversation of saying that he was not in a 0:23:50.359 --> 0:23:52.440 rush to get a deal, and he talked about the 0:23:52.520 --> 0:23:55.080 length of the Iran War. The excuse me, he talked 0:23:55.080 --> 0:23:57.600 about the length of the Vietnam War, the Afghanistan War, 0:23:57.680 --> 0:24:02.080 the Korean War. So he was watching this timeline or 0:24:02.080 --> 0:24:04.760 his own timeline, in the fact that many other wars 0:24:04.760 --> 0:24:06.840 have gone for a long time, and he just said 0:24:06.840 --> 0:24:07.960 he was not in a rush. 0:24:08.359 --> 0:24:10.680 I'm just going over the headlines that were generated from 0:24:10.680 --> 0:24:14.640 the interview, Jeff. There are several of them. I guess operationally, 0:24:15.000 --> 0:24:18.080 what happens next? What did the president tell you about 0:24:18.280 --> 0:24:20.679 what he and his cabinet will do in the coming days. 0:24:20.840 --> 0:24:24.000 We mentioned jd Vance, the Vice president, and what he 0:24:24.040 --> 0:24:26.840 does now plan to do with regards to talks. 0:24:27.440 --> 0:24:29.600 Well, he gave a little bit of detail about when 0:24:29.600 --> 0:24:31.479 the talks are expected to happen. He said that they 0:24:31.520 --> 0:24:34.080 were likely to be on Tuesday night and Wednesday morning, 0:24:34.920 --> 0:24:38.040 and he said that Jade Vance was expected to leave 0:24:38.119 --> 0:24:42.119 later on in the day today Monday, which contradicted what 0:24:42.200 --> 0:24:45.000 he said to another reporter at another news outlet earlier, 0:24:45.320 --> 0:24:48.280 where he suggested that the Vice president was already en route. 0:24:48.400 --> 0:24:50.119 So the next step are these talks. 0:24:50.680 --> 0:24:54.280 I asked him when we spoke about the ceasefire if 0:24:54.280 --> 0:24:57.399 he expected that fighting would resume right after the ceasefire 0:24:57.480 --> 0:24:59.560 concluded if there wasn't a deal, and he said he 0:24:59.600 --> 0:25:03.880 expected so. So to your broad question, it's kind of a 0:25:04.040 --> 0:25:07.679 dual track here. He's expecting talks to take place, and 0:25:07.720 --> 0:25:10.800 he showed some optimism about those talks, but he's also 0:25:11.359 --> 0:25:15.320 clearly holding over the threat of additional attacks to start 0:25:15.359 --> 0:25:18.280 as soon as this week if a deal is not concluded. 0:25:18.359 --> 0:25:20.240 And just for a reality check. 0:25:20.160 --> 0:25:23.480 For our listeners and viewers, remember that the last time 0:25:23.520 --> 0:25:27.200 there was a major piece deal with Iran happened during 0:25:27.240 --> 0:25:29.800 the President Barack Obama's administration. 0:25:30.160 --> 0:25:33.040 That deal took a year and a half to hammer out. 0:25:33.520 --> 0:25:38.560 So timing here is it would be unusual if they're 0:25:38.600 --> 0:25:41.320 able to get a deal as fast as Wednesday evening, 0:25:41.480 --> 0:25:44.960 which is what the President said was the deadline for 0:25:45.200 --> 0:25:46.640 the end of the Seaspire. 0:25:46.280 --> 0:25:48.640 Bloomberg Jeff Mason, who's just off the phone with US 0:25:48.680 --> 0:25:51.200 President Donald Trump, Thank you very much. There's a lot 0:25:51.240 --> 0:25:53.800 going on in markets, much of it relates to the 0:25:53.800 --> 0:25:55.520 headlines about the war in the rom but actually in 0:25:55.560 --> 0:25:58.840 bitcoin's case, so we're around seventy five, six hundred US 0:25:58.880 --> 0:26:03.119 dollars partoken Carrot. I saw the headline that Strategy Michael 0:26:03.160 --> 0:26:05.399 Sailor et cetera brought two point five billion dollars in 0:26:05.440 --> 0:26:08.800 bitcoin in the trailing seven days, and I think that 0:26:08.800 --> 0:26:11.720 that's their biggest buy since the end of twenty twenty 0:26:11.720 --> 0:26:14.480 four something like that. Maybe that's a factor in the market. 0:26:14.480 --> 0:26:17.160 Maybe it's just a risk asset behaving like everything else. 0:26:17.240 --> 0:26:19.679 Who knew that Michael Sailor actually still wants to continue 0:26:19.720 --> 0:26:22.080 to buy bitcoin. I mean, many wouldn't not be surprised 0:26:22.080 --> 0:26:24.960 by that. It's interesting that in the defile space more broadly, 0:26:25.040 --> 0:26:27.520 that's been that we can hack training what was three 0:26:27.600 --> 0:26:28.280 hundred million. 0:26:28.119 --> 0:26:31.119 Dollars, which has helped those consequences. Right, It really. 0:26:30.880 --> 0:26:33.840 Does just negative sentiment around DeFi. But people can separate 0:26:33.840 --> 0:26:36.520 the two. Your bitcoin is not DeFi. DeFi is not Bitcoin. 0:26:36.680 --> 0:26:39.440 Really quick in the technology space on single names, Adobe 0:26:39.480 --> 0:26:42.480 is higher by about one percent. It announced basically a 0:26:42.480 --> 0:26:46.159 broader agentic ecosystem with basically everyone in the world of 0:26:46.200 --> 0:26:49.280 tech aws and thropic, Google Cloud, IBM, Microsoft and video 0:26:49.359 --> 0:26:52.000 and open Ai, and an earlier report on that had 0:26:52.040 --> 0:26:53.919 boosted shares. And then there's the kind of big thing 0:26:53.920 --> 0:26:57.000 that's happening in aggregate. The Nasdaq one hundred is softer 0:26:57.840 --> 0:27:00.080 and actually push to session lows after some of the 0:27:00.080 --> 0:27:02.399 headlines from the President. But the main thing is it 0:27:02.520 --> 0:27:05.440 snapped a thirteen day winning streak, right, Karen, That is 0:27:05.480 --> 0:27:08.080 what we've been talking about in that thirteen day period, 0:27:08.160 --> 0:27:11.000 sort of how tech is unstoppable in the face of 0:27:11.040 --> 0:27:13.480 what is sort of a tense situation in the Gulf 0:27:13.640 --> 0:27:15.879 that speaks of Benberg equities for water Carmen Rhini Key, 0:27:16.119 --> 0:27:18.400 I mean, that's kind of the story, right, Tech has 0:27:18.640 --> 0:27:21.520 cloud on irrespective of those geopolitical overhangs. 0:27:21.720 --> 0:27:24.680 Yeah, we've seen just an incredible rush back into risk 0:27:24.800 --> 0:27:27.439 assets from investors. I mean even today, you know, we 0:27:27.520 --> 0:27:30.680 had this really significant geopolitical news, at least at first 0:27:30.800 --> 0:27:33.320 you said Drum wasn't quite as significant as I might 0:27:33.359 --> 0:27:35.199 have expected. And there are parts of tech that are 0:27:35.200 --> 0:27:37.680 actually still holding up today. So I was writing about 0:27:37.680 --> 0:27:40.560 the IGV the software ETF last week it had its 0:27:40.600 --> 0:27:44.080 best week since two thousand and one, really significant gains there. 0:27:44.920 --> 0:27:47.000 Today it's actually holding up a little bit. It's doing a. 0:27:46.960 --> 0:27:49.280 Little bit better than the hardware sector than the socks. 0:27:49.640 --> 0:27:51.359 At least last that I checked on my terminal, it 0:27:51.440 --> 0:27:55.080 was up a little bit today. Hadn't completely erased doated 0:27:55.240 --> 0:27:58.560 games exactly exactly, and so we are seeing still some 0:27:58.840 --> 0:28:02.840 bright spots here. And I think the names that drove 0:28:03.119 --> 0:28:05.960 the nasdaqs thirteen day streak are really interesting. So we 0:28:06.040 --> 0:28:09.480 definitely had talked about Intel had such an incredible rally that. 0:28:09.480 --> 0:28:11.160 Was the top of the charts there. 0:28:11.200 --> 0:28:13.600 It was the number one performer over those thirteen days, 0:28:13.680 --> 0:28:16.840 and then the memory names were right after it. So Marvel, 0:28:17.359 --> 0:28:18.959 sand Disk, Western Digital. 0:28:19.040 --> 0:28:21.080 Can we go into Marvel a little bit more because 0:28:21.119 --> 0:28:23.240 the hardware story is basically. 0:28:22.880 --> 0:28:24.240 What's been unstoppable. 0:28:24.520 --> 0:28:26.880 Yeah, and Marvel that seems to be reporting out there 0:28:26.880 --> 0:28:29.560 that maybe they're going to be working alongside Google, Google 0:28:29.920 --> 0:28:32.919 broadening out from its TPU broadcom relationship to some of 0:28:32.920 --> 0:28:33.400 the players. 0:28:33.480 --> 0:28:33.720 Yeah. 0:28:33.720 --> 0:28:35.359 Well, and this is one that actually the stock is 0:28:35.400 --> 0:28:37.600 sort of bucking the trend today, at least in the 0:28:37.600 --> 0:28:40.560 inter day, was on track to close at a record high. 0:28:40.600 --> 0:28:42.800 So another record high. Marvel's still looking really strong. 0:28:42.840 --> 0:28:45.200 And yes, so the news today is that there are 0:28:45.240 --> 0:28:49.280 reports that it's in discussions to develop two chips with Google. 0:28:49.320 --> 0:28:52.200 So one is immense memory processing chip and the other 0:28:52.400 --> 0:28:53.680 is a TPU. 0:28:53.480 --> 0:28:54.880 And those are both really significant. 0:28:54.920 --> 0:29:01.120 It's also potentially intox aimed at designing semiconductors exclusively for Google. 0:29:01.320 --> 0:29:03.800 So that's a huge deal for a company like Marvel. 0:29:03.880 --> 0:29:07.080 And again, you know, it's had a really incredible rise. 0:29:07.200 --> 0:29:09.840 So through Friday's close it was up more than sixty 0:29:09.840 --> 0:29:12.360 percent this year. It's just extending those days. 0:29:12.840 --> 0:29:14.840 That game all calms down in the session as well. Right, 0:29:15.000 --> 0:29:16.959 you both got to point out it had an astonishing 0:29:17.040 --> 0:29:19.800 start to April, like every other member of that basket. 0:29:19.960 --> 0:29:21.240 So interesting move. 0:29:21.360 --> 0:29:22.719 Yeah, we've got to keep an eye on the hardware 0:29:22.760 --> 0:29:23.800 and we can dig in a little bit more. 0:29:23.840 --> 0:29:24.880 But common Hinikey. 0:29:24.640 --> 0:29:27.360 Sets it up perfectly, always got her eye on the 0:29:27.360 --> 0:29:29.360 broader moves. Let's dig in a little bit more on 0:29:29.400 --> 0:29:32.640 this Marvel's story. But in my intelligence, senior analyst Con Savanni, 0:29:32.880 --> 0:29:36.760 who has been watching the stock positioning itself for maybe 0:29:36.800 --> 0:29:39.040 taking advantage of custom chip demand. And here we have it, 0:29:39.080 --> 0:29:42.040 maybe some reporting showing that they can be really relied 0:29:42.080 --> 0:29:46.040 upon by the likes of Alphabet's Google chip design. What 0:29:46.040 --> 0:29:48.480 do you make of the reporting coming out of the 0:29:48.480 --> 0:29:50.480 information in this particular instance. 0:29:51.120 --> 0:29:53.560 Yeah, this reporting really validates what we have been talking 0:29:53.600 --> 0:29:55.959 about for the past two quarters that you know, the 0:29:56.000 --> 0:29:59.120 noise prior to six months in Marvel was all about 0:29:59.200 --> 0:30:02.960 Amazon Tradium three. But we think they're really expanding beyond 0:30:03.080 --> 0:30:05.680 just the number one, number two hyperscalers. And what's more 0:30:05.720 --> 0:30:09.000 importantly is here is that MPU which just falls in 0:30:09.080 --> 0:30:12.440 the x few attached portfolio. This is the areas where 0:30:12.440 --> 0:30:17.600 sophisticated hyperscalers like Google, Amazon, Microsoft are now optimizing customs 0:30:17.680 --> 0:30:21.720 chips beyond just the core powerful TPUs or accelerator. So 0:30:21.760 --> 0:30:24.640 this is where we think Marvel can gain significant shell 0:30:25.000 --> 0:30:26.640 and this comes at higher growth margins. 0:30:26.640 --> 0:30:29.480 By the way, Yeah, in inference memory is more of 0:30:29.480 --> 0:30:32.400 a bottleneck, right, and so the MPU just moves data, 0:30:32.840 --> 0:30:35.160 you know, that's its purpose. I think the thing that 0:30:35.160 --> 0:30:37.959 we try and reiterate is that Google owns the design 0:30:38.000 --> 0:30:41.440 and architecture of TPU either way. So in that case, 0:30:41.520 --> 0:30:43.880 what is it that broad Com to this point and 0:30:44.000 --> 0:30:48.360 potentially Marvel actually do conjem. What's the value add of 0:30:48.400 --> 0:30:49.720 partnering with someone like that. 0:30:50.640 --> 0:30:53.240 So when you think about beyond that core digital logic, 0:30:53.440 --> 0:30:56.000 it's the IDP sets surrounding. How do you connect to 0:30:56.040 --> 0:30:58.160 the memory, how do you do your packaging, how do 0:30:58.200 --> 0:31:01.280 you have your intercorrect iOS. This is where these companies 0:31:01.320 --> 0:31:04.360 come in with their own IP portfolio and add value. 0:31:04.480 --> 0:31:07.080 One more thing to add here is the influence hardware 0:31:07.120 --> 0:31:10.920 streck is changing. It's not just one hardware stack fits 0:31:10.960 --> 0:31:13.640 all sides, so we are going to see multiple players. 0:31:13.640 --> 0:31:16.840 There's also talks about media tech also participating in one 0:31:16.840 --> 0:31:18.960 of the Google's sort of keep you versions, So we 0:31:19.000 --> 0:31:21.160 are going to see this diversification when it comes to 0:31:21.200 --> 0:31:21.760 ASIK now. 0:31:22.000 --> 0:31:24.320 And by the way, on the Marvel side of this, 0:31:24.480 --> 0:31:27.480 Google declines to comment to Bloomberg on any of the reporting. 0:31:27.960 --> 0:31:31.880 But it's not Google, it's Broadcom or Marvel that phones 0:31:31.920 --> 0:31:36.120 TSMC and gets those things. Fat Congensabannie from Bloomberg Intelligence 0:31:36.120 --> 0:31:38.720 with the research. Really appreciate it. Now coming up the 0:31:38.760 --> 0:31:43.160 conversation with Greg Martin of Rainmaker Securities, as Markets get 0:31:43.240 --> 0:31:48.760 set for some mega IPOs. This is Blomberg Tech. AI 0:31:48.800 --> 0:31:52.280 shipmaker Cerebra Systems is back in the IPO spotlight. The 0:31:52.320 --> 0:31:56.160 company filed publicly for a US IPO on Friday, just 0:31:56.280 --> 0:31:59.680 six months after pulling its previous attempt, so to say. 0:31:59.800 --> 0:32:03.000 The deal could raise around two billion dollars, testing investor 0:32:03.040 --> 0:32:06.600 appetite for large scale listings. The company's filing shows gross 0:32:06.600 --> 0:32:09.760 margins slipped to thirty nine percent twenty twenty five from 0:32:09.840 --> 0:32:13.280 forty two percent a year earlier, highlighting some of the pressures. 0:32:13.280 --> 0:32:16.920 Even high profile AI named a facing character at LISTA. 0:32:16.920 --> 0:32:20.280 It's not loss making this year for versus last year. 0:32:20.880 --> 0:32:22.520 Let's well, revenue certainly doubled. 0:32:22.600 --> 0:32:24.600 Let's talk a little bit more about the IPO landscape 0:32:24.640 --> 0:32:28.200 and joined with Greg Martin, Managing Partner and Maker Securities, 0:32:28.480 --> 0:32:31.400 and Greg, what is the appetite likely to be? 0:32:31.880 --> 0:32:33.400 Say we go into Cerebraus and. 0:32:33.320 --> 0:32:36.880 We think about how, yes, they've suddenly galvanized revenue growth, 0:32:36.920 --> 0:32:38.160 but the margin has been hit. 0:32:38.160 --> 0:32:40.720 As Ed articulates, are people just going to be. 0:32:40.640 --> 0:32:43.840 Betting still on this desire for AI? Compute the rampant 0:32:43.840 --> 0:32:46.200 bottlenecks that we see in terms of just access for 0:32:46.480 --> 0:32:49.640 AI iterations and innovations. 0:32:50.200 --> 0:32:52.520 Well, it's a great question, and clearly this is going 0:32:52.520 --> 0:32:54.320 to lead off, you know, what could be a big 0:32:54.360 --> 0:32:58.520 AI infrastructure year. There's already some public companies like core 0:32:58.640 --> 0:33:02.080 Weave and Nebius who had nice run ups recently, so 0:33:02.080 --> 0:33:06.320 there's clearly demand for AI infrastructure and Cerebrius numbers. They've 0:33:06.360 --> 0:33:09.240 they've grown revenues. I think the biggest question mark with 0:33:09.240 --> 0:33:13.320 Cerebris was customer concentration. Now they've added open Ai, but 0:33:13.360 --> 0:33:17.760 they still have customer concentration, and so it's also a 0:33:17.880 --> 0:33:21.000 very high valuation. The company did five hundred ten million 0:33:21.000 --> 0:33:23.800 of revenue last year. Their last round was at twenty 0:33:23.800 --> 0:33:27.160 three billion, which was just done in February, and so 0:33:27.480 --> 0:33:32.040 it's meantime, the secondary market for Cerebris is actually traded 0:33:32.160 --> 0:33:35.000 down to about ten billion recently, and so there's a 0:33:35.040 --> 0:33:38.400 big question mark of whether they can hit a big 0:33:38.480 --> 0:33:41.040 enough number in the IPO pricing such that their last 0:33:41.120 --> 0:33:43.720 round investors won't have a down round. So I think 0:33:43.960 --> 0:33:47.240 the market we're watching Cerebris closely. It's not the marquee 0:33:47.400 --> 0:33:50.600 name like SpaceX and propic or open Ai, but it'll 0:33:50.640 --> 0:33:52.920 be interesting to see if the market really is open 0:33:53.280 --> 0:33:56.960 again for a company like Cerebris with such customer concentration. 0:33:57.200 --> 0:33:59.160 And this is why we go to greg because we 0:33:59.200 --> 0:34:01.480 think about the quick that you can see, you can 0:34:01.480 --> 0:34:04.160 tell our audience about in the secondary market, just how 0:34:04.200 --> 0:34:07.040 hot is it for the really exciting names like we 0:34:07.040 --> 0:34:10.760 were just reporting Edge and Team about how Anthropic basically 0:34:10.920 --> 0:34:13.600 is turning away more money in terms of a capital 0:34:13.719 --> 0:34:16.960 raise that could drive its valuation up to eight hundred billion. 0:34:17.040 --> 0:34:20.000 Also, yeah, and Thropics one of the hottest companies we've 0:34:20.040 --> 0:34:25.520 ever seen. Unbelievable demand on our platform or Rainmaker. Obviously, 0:34:25.560 --> 0:34:29.080 the company added ten billion of ARR in one month. 0:34:29.880 --> 0:34:33.200 They're now up to about thirty billion of arrs reported publicly. 0:34:33.680 --> 0:34:36.719 So it's just it's people are starting to value Anthropic 0:34:36.800 --> 0:34:40.719 as a share of the economy, not in sort of 0:34:40.760 --> 0:34:43.000 traditional metrics that you might see. And of course their 0:34:43.040 --> 0:34:46.399 growth actually does start to rationalize the valuation that they 0:34:46.480 --> 0:34:48.640 that they've had. We're starting to see them, you know, 0:34:48.800 --> 0:34:51.799 enter into just about every software category. So Anthropic is 0:34:51.800 --> 0:34:55.359 about as hot as companies we've seen. They raise money 0:34:55.360 --> 0:34:58.160 at three hundred and fifty billion just in February. We're 0:34:58.160 --> 0:35:02.360 now seeing potential eight hundred and we're seeing unlimited demand 0:35:02.400 --> 0:35:05.880 on our on our platform. So clearly Anthropic is the 0:35:05.920 --> 0:35:07.640 hottest company we've seen in a long time. 0:35:08.080 --> 0:35:11.920 You know, with those names SpaceX, Open AI, Andthropic, people 0:35:11.960 --> 0:35:14.480 always ask when we report something, you know, how do I, 0:35:14.520 --> 0:35:17.279 as an everyday person invest into those companies? And the 0:35:17.280 --> 0:35:19.000 first thing I say is, we don't do that. I 0:35:19.000 --> 0:35:22.080 don't do financial advice. Just read my reporting. But the 0:35:22.120 --> 0:35:24.440 second thing is I say, oh, but we have reported 0:35:24.920 --> 0:35:28.040 that SpaceX, Open AI, and Anthropic are all likely to 0:35:28.120 --> 0:35:32.000 go public in twenty twenty six. And with that flood 0:35:32.239 --> 0:35:35.839 into the market of three names at that scale, how 0:35:35.920 --> 0:35:38.759 does that translate to activity on the secondary market? Do 0:35:38.880 --> 0:35:43.160 people try and position themselves in anticipation of a big 0:35:43.239 --> 0:35:45.359 listing or public debut moment like that? 0:35:46.120 --> 0:35:46.319 Yeah? 0:35:46.360 --> 0:35:50.560 Absolutely, you know, these three companies in particular, there's they're 0:35:50.600 --> 0:35:54.399 obviously you know, enormous market caps eight hundred billion, two 0:35:54.440 --> 0:35:58.719 trillion potentially for SpaceX. So we're seeing a ton of 0:35:58.800 --> 0:36:02.440 demand pre IPO because people do think that there's going 0:36:02.480 --> 0:36:04.440 to be a run up in the markets. All of 0:36:04.480 --> 0:36:08.040 these companies are oversubscribed in the secondary markets, and as 0:36:08.120 --> 0:36:11.560 companies get closer to IPO, there's a feeling that hey, 0:36:11.600 --> 0:36:13.719 now I'm going to have liquidity, Now I'm going to 0:36:13.719 --> 0:36:16.440 have access to more information. But we've seen in the 0:36:16.440 --> 0:36:19.560 past IPO allocations get cut back substantially, and so if 0:36:19.600 --> 0:36:22.000 you want to get into these companies with any kind 0:36:22.040 --> 0:36:23.880 of scale, you may have to come into the private 0:36:23.920 --> 0:36:26.480 markets and buy it via secondary or primary. So we're 0:36:26.520 --> 0:36:29.440 seeing rabid demand for all three of these companies in 0:36:29.480 --> 0:36:30.360 the secondary market. 0:36:30.520 --> 0:36:33.239 Greg really quick. We had lots of little IPOs last week, 0:36:33.320 --> 0:36:35.360 many of them came on this show. What did that 0:36:35.400 --> 0:36:36.000 signal to you? 0:36:37.640 --> 0:36:40.640 Not a lot, you know, I'm much more focused on 0:36:40.719 --> 0:36:44.840 the bigger IPOs. There's clearly a massive backlog and so companies, 0:36:44.840 --> 0:36:47.160 there are companies that just need to go public. I 0:36:47.200 --> 0:36:49.280 don't think there's a lot to be you know, learned 0:36:49.320 --> 0:36:52.279 from what we saw last week. Listen, we have the 0:36:52.360 --> 0:36:54.920 potential for one of the biggest IPO years in history. 0:36:55.120 --> 0:36:58.000 The three companies you mentioned are going to potentially raise 0:36:58.160 --> 0:37:00.680 up up close to two hundred billion in between them, 0:37:01.360 --> 0:37:04.160 which could suck the entire oxygen out of the market 0:37:04.200 --> 0:37:07.360 for a while. So I think what's really going to 0:37:07.360 --> 0:37:10.720 be interesting is how those three companies, SpaceX and profit 0:37:10.800 --> 0:37:13.840 and open AI perform, And of course it's a function 0:37:13.880 --> 0:37:16.440 of whether the ip OF market's truly opened, because I 0:37:16.440 --> 0:37:18.880 don't think the market's open until the streets and corms 0:37:18.880 --> 0:37:19.279 are open. 0:37:20.320 --> 0:37:22.440 God, if that's what you're banking and waiting on, we'll 0:37:22.480 --> 0:37:26.040 be here a while. Greg Martin of Rainmaker Securities secondary 0:37:26.080 --> 0:37:29.800 market broker who sees what's happening in terms of liquidity 0:37:29.840 --> 0:37:33.680 interests ahead of IPO now coming up. Nick Stronsky, co 0:37:33.760 --> 0:37:37.640 founder and CEO of Revolute, discusses the digital banks future 0:37:37.640 --> 0:37:45.080 plans on this week's David Rubinstein Show. Nick Ronsky built 0:37:45.120 --> 0:37:48.160 Revolute into one of the world's most valuable fintech companies, 0:37:48.239 --> 0:37:51.040 now worth around seventy five billion dollars. The co founder 0:37:51.040 --> 0:37:54.440 and CEO speaks to David Rubinstein about the company's future. 0:37:55.320 --> 0:37:57.480 I think it's obviously much easier for us and giving 0:37:57.560 --> 0:38:02.160 on your administration. Plus we have so many other Manking licenses. 0:38:02.200 --> 0:38:04.200 Plus we have a Manky license you can now, So 0:38:04.239 --> 0:38:06.919 for us it became much easier compared to two years ago. 0:38:07.719 --> 0:38:09.680 So in the United States, what do you hope to 0:38:09.719 --> 0:38:12.279 be able to do with your banking license if. 0:38:12.160 --> 0:38:12.600 You get it? 0:38:13.200 --> 0:38:16.399 What is the market gap that you think you can 0:38:16.480 --> 0:38:18.200 feel that maybe others aren't doing. 0:38:18.520 --> 0:38:21.279 So basically I mentioned a radioh retail business. So it's 0:38:21.480 --> 0:38:24.880 one simple up where you can do everything what you 0:38:24.880 --> 0:38:27.600 need for your financial life. And then second direction, we'll 0:38:27.600 --> 0:38:30.920 also provide the regular business accounts for businesses. And again 0:38:30.960 --> 0:38:33.120 it's end to end services that you need to run 0:38:33.200 --> 0:38:37.640 your business. So payments, banking, credit will come as well, 0:38:38.600 --> 0:38:41.799 wealth management or treasury we call it treasury, and then 0:38:41.840 --> 0:38:44.040 acquiring as well. So for example, right now, if I'm 0:38:44.080 --> 0:38:47.960 an American company, I'll need to stop say Strip for acquiring, 0:38:48.080 --> 0:38:52.080 then Gip Morgan for my business banking. Then you know, 0:38:52.160 --> 0:38:55.920 something else for payouts, something else for payroll. So we 0:38:56.000 --> 0:38:58.400 provide all these services in one product. 0:38:58.480 --> 0:39:01.040 Well, if you conquer the US the way you've conquered 0:39:01.080 --> 0:39:04.960 the UK and Europe, is China next, or you're not 0:39:05.000 --> 0:39:05.959 going to focus on that. 0:39:05.960 --> 0:39:08.160 Easy way that if you're focusing so spending a lot 0:39:08.160 --> 0:39:11.160 of time or studying Asia and then as a search, 0:39:11.280 --> 0:39:13.440 so we apply it for multiple banking licenses in Asia 0:39:13.440 --> 0:39:14.879 as well, and then some of them but we got 0:39:14.920 --> 0:39:17.839 already and then China is on the list as well. 0:39:17.880 --> 0:39:20.360 You know, one day I hope we can set up 0:39:20.400 --> 0:39:21.000 a business there. 0:39:21.040 --> 0:39:25.959 Now some people have written that your bank Revolute is 0:39:26.000 --> 0:39:29.000 worth seventy five billion dollars. Have you ever thought of 0:39:29.040 --> 0:39:30.400 taking your organization public? 0:39:30.560 --> 0:39:33.520 But the way I think about it, will be ready 0:39:33.520 --> 0:39:38.400 to probably into year's time. But then again depends on 0:39:38.480 --> 0:39:39.480 how good the market is. 0:39:39.840 --> 0:39:42.160 Bench you don't have an IPO, how do people who 0:39:42.200 --> 0:39:45.040 work for you make some money? You make a market 0:39:45.040 --> 0:39:47.600 for people to sell their shares internally. 0:39:47.239 --> 0:39:50.240 Yes, so we do secondaries every one in two years 0:39:50.560 --> 0:39:54.400 when people can sell certain portion of their stocks to 0:39:54.640 --> 0:39:55.480 accel investors. 0:39:55.680 --> 0:39:59.320 So you've done secondary sales for your employees, so employees 0:39:59.360 --> 0:40:02.560 can then some liquidity. Do you expect before you go 0:40:02.640 --> 0:40:04.400 public you'll do any more of those? Or you're just 0:40:04.440 --> 0:40:06.560 going to wait till you go public before you liquify 0:40:06.640 --> 0:40:07.840 any more our stock. 0:40:08.000 --> 0:40:09.960 We all think, so we might do second risk as 0:40:09.960 --> 0:40:12.799 well before we do ip your because we do it 0:40:12.800 --> 0:40:14.840 every one or two years, so we might do a 0:40:14.840 --> 0:40:15.480 second result. 0:40:15.640 --> 0:40:18.000 All right, Well, if anybody wants to sell their shares 0:40:18.000 --> 0:40:20.760 to me, let me know. And have any investment bankers 0:40:20.800 --> 0:40:22.680 told you why they're the best to do the IPO 0:40:22.800 --> 0:40:23.200 for you? 0:40:23.280 --> 0:40:24.959 Yeah, obviously every single one is the best. 0:40:24.960 --> 0:40:27.000 Everyone is the best. You're not in a rush to 0:40:27.000 --> 0:40:27.160 do it. 0:40:27.160 --> 0:40:29.280 You don't need the money, so we're bank. 0:40:30.120 --> 0:40:33.360 And then for the bank, it's super important to have trust. 0:40:34.280 --> 0:40:36.640 And then public companies are trusted and more compared to 0:40:36.719 --> 0:40:37.520 private companies. 0:40:38.000 --> 0:40:40.000 Go see the full interview with the Revolute co founder 0:40:40.080 --> 0:40:43.319 or CEO, Nick Sterronsky. Watch the David Rubinstein Show to 0:40:43.320 --> 0:40:46.040 peer Conversations on Wednesday, April twenty second at nine pm 0:40:46.160 --> 0:40:48.440 in New York and you O'm been about television Now 0:40:48.480 --> 0:40:52.040 more on digital banking JP Morgan City Group. I've taken 0:40:52.080 --> 0:40:55.399 their rivalry onto the blockchain, competing to define the next 0:40:55.440 --> 0:40:57.600 roun tier of global payments. Just take a listen to 0:40:57.640 --> 0:40:59.400 what they told us in a recent joint interview. 0:41:00.120 --> 0:41:02.840 The real client problem that we were looking to solve 0:41:03.280 --> 0:41:06.719 is the ability for large multinationals, big banks and broker 0:41:06.760 --> 0:41:09.560 dealers and FinTechs to be able to move their money 0:41:09.600 --> 0:41:12.040 around make payments seamlessly around the world. 0:41:12.120 --> 0:41:12.719 Twenty four cent. 0:41:12.800 --> 0:41:15.160 We want to keep building on the public chain stuff. 0:41:15.400 --> 0:41:18.760 We have now tokenized money market funds with our asset 0:41:18.760 --> 0:41:22.120 management business through Conneccess. We have tokenized deposit tokens, we 0:41:22.160 --> 0:41:25.440 have a full tokenization engine we have core infrastructure, so 0:41:25.480 --> 0:41:28.400 we basically want to want to battle hard net. 0:41:28.400 --> 0:41:31.440 Rivals on screen, and the two banks of building competing 0:41:31.480 --> 0:41:34.480 systems but takingly different paths. Blue Megs as wellly is 0:41:34.520 --> 0:41:36.080 here with one of the most red stories on the 0:41:36.160 --> 0:41:37.040 terminal today as well. 0:41:37.440 --> 0:41:38.400 How are they doing it differently? 0:41:38.440 --> 0:41:40.960 One like stable coins, one doesn't so much exactly. 0:41:41.000 --> 0:41:43.399 So it's interesting to see Wall Street raised into this space, 0:41:43.440 --> 0:41:45.520 and it's even more interesting to see their approach. So 0:41:45.600 --> 0:41:48.279 for a city, they've signaled an openness to stable coins. 0:41:48.280 --> 0:41:51.280 They've partnered with coinbase to really push into this digital 0:41:51.280 --> 0:41:54.880 asset space and they want tokenized securities. Around five hundred 0:41:54.880 --> 0:41:57.360 clients have been enabled in that platform and they process 0:41:57.440 --> 0:41:59.560 around one billion dollars already. 0:42:00.040 --> 0:42:01.640 The JP Morgan day, isn't it? 0:42:01.719 --> 0:42:02.000 Yes? 0:42:02.320 --> 0:42:05.040 JP Morgan has been a little bit more reticent when 0:42:05.080 --> 0:42:07.440 it comes to stable coins because for them, the KYC 0:42:07.680 --> 0:42:10.160 is a little bit less. What they prefer is to 0:42:10.160 --> 0:42:13.439 build their in house infrastructure. Their in house blockchain called 0:42:13.520 --> 0:42:17.040 kinnexis and Cannexus is really already processing over three trillion 0:42:17.120 --> 0:42:20.759 dollars in volume, with each average daily block being five 0:42:20.800 --> 0:42:24.360 billion dollars. So to be sure, this isn't really grand. 0:42:24.440 --> 0:42:27.040 Yet in the larger scheme of things, they process trillions 0:42:27.040 --> 0:42:30.640 and trillions in their traditional payment system, but it's growing. 0:42:30.360 --> 0:42:34.160 So they're preparing for a world in which everything is tokenized. Right, 0:42:34.239 --> 0:42:36.880 So we're playing up the kind of frenemy I suppose, 0:42:36.920 --> 0:42:39.120 angle of it. But what they are doing is laying 0:42:39.160 --> 0:42:42.320 groundwork for the state of the financial system that doesn't 0:42:42.400 --> 0:42:43.320 quite exist yet. 0:42:43.719 --> 0:42:44.920 That doesn't quite exist yet. 0:42:44.920 --> 0:42:47.080 We have the IMF, I think two weeks ago, warning 0:42:47.120 --> 0:42:49.360 that if we build too much into this space, we 0:42:49.440 --> 0:42:52.680 might see actually a great crash because in theory everything 0:42:52.719 --> 0:42:55.800 works send a token from two AM and Maldives to 0:42:55.840 --> 0:42:58.400 your friend in New York. But in practice it's still 0:42:58.560 --> 0:43:00.560 a little tough, and especially if a lot of these 0:43:00.719 --> 0:43:02.480 from the Nasdaq to the New York Stock Is Chain, 0:43:02.560 --> 0:43:05.480 to JP Morgan to City build their own worlds, it's 0:43:05.520 --> 0:43:08.280 going to be even more fragmented than what we see today. 0:43:08.320 --> 0:43:11.160 So lots two still parse out in this space, but 0:43:11.200 --> 0:43:14.520 it's exciting to see this big big banks really push 0:43:14.600 --> 0:43:18.200 into token is NAFE token ie real world's assets, real 0:43:18.239 --> 0:43:19.279 world Yes. 0:43:19.560 --> 0:43:22.239 Bloombergs Isabelle Lee with the story that JP Morgan and 0:43:22.280 --> 0:43:25.279 City squaring off on the Next Payments Frontier. So that 0:43:25.320 --> 0:43:27.359 does it for this edition of Bloomberg Tech. 0:43:27.480 --> 0:43:29.160 Yeah, don't forget to check out our podcast. 0:43:29.200 --> 0:43:29.560 Why not. 0:43:30.120 --> 0:43:32.160 You can find it on the terminal, if you're on 0:43:32.160 --> 0:43:34.640 a line on Apple and Spotify, on iHeart ed. 0:43:35.320 --> 0:43:38.120 Is here in New York Nantah week Right, Well, lucky. 0:43:37.920 --> 0:43:40.200 Lady, a fifty six minutes into the show, if you've 0:43:40.239 --> 0:43:42.160 just worked that out, congratulations, it. 0:43:42.160 --> 0:43:44.400 Might be a holograss. It's a push into. 0:43:44.200 --> 0:43:46.440 That recap on the pod, and it's nice to be 0:43:46.520 --> 0:43:49.120 here with you in New York City. This is Bloomberg Tech.