Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and ever though in San Francisco.
Speaker 2: This is Bloomberg Tech coming up. Google's thinking about the
Speaker 2: next phase of its TPU program and that moves markets
Speaker 2: will have the latest.
Speaker 3: Plus ast space mobile shares plunge after the Blue Origin
Speaker 3: space launch miss over the weekend. We also spoke the
Speaker 3: Blue Origin CEO.
Speaker 2: And IPOs are so back, Sarah brass IPO is back
Speaker 2: on the table months after we're drawing a previous attempt.
Speaker 3: So first we check in on these markets, which are
Speaker 3: dictated by geopolitics once more. And look on the day
Speaker 3: we are down on the Nasdaq one hundred to the
Speaker 3: tune of seven teens percent. We're actually heading session loans.
Speaker 3: Why the latest headlines coming from President Trump that the
Speaker 3: ceasefire that currently is holding the truth that they had
Speaker 3: put in place for two weeks is unlikely to not
Speaker 3: be extended. It's unlikely to be pushed forward, even as
Speaker 3: though we anticipate some talks to kick start once again
Speaker 3: over in Pakistan on Wednesday. Now, there's also concerns really
Speaker 3: about the Horll moves, the straight of horm moves likely
Speaker 3: to remain blocked ed. What this means is that the
Speaker 3: streak of tech stock wins is likely to be coming
Speaker 3: to an end. We're up a eleven point six percent
Speaker 3: of the thirteen days. If it had held for a
Speaker 3: fourteenth day of gains, that would have been the longest
Speaker 3: winning street since before you were born nineteen eighty five,
Speaker 3: according to our own Dan Curtis, and that's the Nasdaq
Speaker 3: and A's at one hundred. What looks like it's not
Speaker 3: going to be a fourteenth day.
Speaker 2: En it would be before I was born. There's a
Speaker 2: big focus right now on Google's TPU program. There's a
Speaker 2: report from the Information that there are talks between Google
Speaker 2: and Marvel about an inferenced specific TPU somewhere in the future.
Speaker 2: By the way, that's a report and story that Google
Speaker 2: is declining to common and full stop, but it's moving
Speaker 2: markets in the sense that Marvell is getting a big
Speaker 2: boost from it. Separate to that, Bloomberg's reporting that Google
Speaker 2: plans to announce its new generation of TPUs at an
Speaker 2: event in Las Vegas this week. Let's get the details
Speaker 2: on that with Bloomberg's AI Infrastructure reporter Dina Bass. So
Speaker 2: much focus on the TPU program, right, Google's own use
Speaker 2: of it and then the expansion of it to third
Speaker 2: party customers andthropics. One that you and I have reported on, right,
Speaker 2: What are they going to tell us in Las Vegas
Speaker 2: this week? What is the future of the TPU program.
Speaker 4: So what we're reporting is they're probably going to announce
Speaker 4: an inference chip, you know, for running AI models after
Speaker 4: they've been trained. Thus far, they've been doing training and
Speaker 4: inference in one chip. You know, we are expecting and
Speaker 4: reporting that they're probably going to announce something separate just
Speaker 4: for inference. At Google chief scientist Jeff Dean told me
Speaker 4: in an interview, Look, you know the way inference demand
Speaker 4: is growing called it now becomes sensible to specialized chips,
Speaker 4: more for training and more for inference workloads, and that
Speaker 4: they're looking at a bunch of things. Their chip chief,
Speaker 4: i mean VIDAT declined to tell me specifically whether they're
Speaker 4: going to announce that this week, but you know said
Speaker 4: we'd be hearing more soon. And this continues sort of
Speaker 4: a trend. You know, in Nvidia announced a fast inference
Speaker 4: chip from what they'd acquired from GROC you mentioned before
Speaker 4: the Cerebrase IPO that's also at this point really a
Speaker 4: lowly in seafast inference play.
Speaker 3: Meanwhile, the play has been extraordinary with TPUs and the
Speaker 3: adoption by many would call even rivals Meta likely wanting
Speaker 3: in on the Google made chips. So how are they
Speaker 3: broadening and where do you think they're going to be
Speaker 3: getting supply from? More broadly, there's a lot of reporting
Speaker 3: in the market, for example, that maybe they turned to
Speaker 3: Marvel versus Broadcom.
Speaker 5: I know you can't coment on that.
Speaker 3: Directly, but how are they thinking about their own supply chain?
Speaker 4: Look, I think for them, supply, excuse me, supply is
Speaker 4: a problem. I was talking to Google Deep my n CEO,
Speaker 4: Demesis Savias.
Speaker 6: He mentioned that as well.
Speaker 4: Look, you have Meta, which signed they told us, a
Speaker 4: multi billion, multi year deal to use TPUs. They're just
Speaker 4: getting their first big tranche of them. They're trying to
Speaker 4: figure out what they're going to do with them. Anthropic
Speaker 4: has a huge deal, Citadel is going to talk about
Speaker 4: how they're using TPUs at the Google Next conference this week.
Speaker 4: And what Demis was telling me was that, uh, you know,
Speaker 4: contrary to what Jensen Wank said last week on the
Speaker 4: Dark Hush Fatal podcast that you know, it's really just
Speaker 4: anthropic that wants them. They actually you know, have a
Speaker 4: lot of people that are interested. They don't have enough supply.
Speaker 4: Uh he was Demis was saying to me, Look, you know,
Speaker 4: what they end up doing is prioritizing the you know,
Speaker 4: top of the line frontier lab customers, because those are
Speaker 4: the customers who are most capable of taking advantage of
Speaker 4: what TPU has to offer.
Speaker 7: You know.
Speaker 4: More broadly, I think the TPU play, and this is
Speaker 4: why it appeals to these big frontier labs, is that
Speaker 4: Google is the only, you know, maker of a large,
Speaker 4: top of the line frontier model, one of the top
Speaker 4: you know models that also makes uh you know, AI
Speaker 4: accelerator chips in a large volume, has said they will
Speaker 4: as well.
Speaker 2: I think that's why it's worth lingering for a minute
Speaker 2: on why the TPU is useful. So you explained really
Speaker 2: well that to this point, the TPU tensor processing unit
Speaker 2: has basically been a general purpose accelerator training or inference.
Speaker 2: But when you put it side by side, as many
Speaker 2: people try to do against Nvidia's latest GPU or other
Speaker 2: inference specific chips, you know what is it about Google
Speaker 2: owning the architecture, about designing it for specifically the inference
Speaker 2: use case that makes it better. Is it money, is
Speaker 2: it power? What do we need to know?
Speaker 4: Well, Google's argument is that it is the fact that
Speaker 4: they know what you need for training and running a
Speaker 4: top of the line model. There are you know, two
Speaker 4: things in the last couple of months that have really
Speaker 4: increased the interest in Google TPU. One is the Anthropic deal,
Speaker 4: which was a validation of the technology. The other was
Speaker 4: sort of the release of the latest version of Gemini,
Speaker 4: which was trained and is running its inference on Google TPU,
Speaker 4: and the you know, strong reviews that it's gotten. Google
Speaker 4: uses data and requests and information from their own AI
Speaker 4: model teams to figure out what they need to prioritize
Speaker 4: and frankly, what they need to.
Speaker 6: Fix in the chip business.
Speaker 4: They you know, they work together to figure out that,
Speaker 4: for example, Google TPU wasn't doing you know, utilization was
Speaker 4: too low on those chips when you were using it
Speaker 4: for reinforcement learning. Demis was telling me they're using it
Speaker 4: to figure out, you know, how precise the chips have
Speaker 4: to be as opposed to where they can save money.
Speaker 4: And that's sort of a set of data that flows
Speaker 4: into the Google TPU design team that other you know,
Speaker 4: other chip makers don't necessarily have. And Vidia does have
Speaker 4: a very you know, solid model team. But you know,
Speaker 4: among the big three anthropic open AI, Google, you know,
Speaker 4: for frontier models, Google is the only one making AI
Speaker 4: accelerator chips at volume right now.
Speaker 5: Databas is a great story.
Speaker 3: Can't wait to see what comes out at the Vegas event.
Speaker 5: We appreciate you joining today. Now let's just dwell a
Speaker 5: little bit more on tech stocks.
Speaker 3: They are taking a pause like the rest of the
Speaker 3: market today from their recent winning streak, and that's as
Speaker 3: investors navigate concerns so peace talks between the US and Iran.
Speaker 3: But let's discuss the tech outlook in particular with Anna Rathman,
Speaker 3: CEO of Grenadilla Advisory, and once again geopolitics comes to
Speaker 3: the forefront. But the fundamentals of tech are they vindicating
Speaker 3: the valuations because boy, if we had a run up of.
Speaker 7: Late yes, I mean, I think it's difficult to value
Speaker 7: tech at this point, especially with AI, just because just
Speaker 7: a few weeks ago, pre war, we were worried about
Speaker 7: the six hundred and fifty billion dollar AI infrastructure spent
Speaker 7: by the hyperscalers, and today we're not really talking about that.
Speaker 7: In fact, we're wondering if we have enough capacity. And
Speaker 7: you know, frankly, the previous reporting about Google's TPUs, I mean,
Speaker 7: we can have all of these deals right looking forward
Speaker 7: to twenty twenty seven, twenty twenty eight.
Speaker 2: At the end of the.
Speaker 7: Day, it really is about shortages, right, And this is
Speaker 7: where the geopolitics really comes in as well well, as
Speaker 7: you know, we're hearing it from the manufacturers and the
Speaker 7: ism manufacturing in disease. So I think that the valuation
Speaker 7: is really difficult for tech because computing computing needs are real,
Speaker 7: but you need to you need real assets in order
Speaker 7: to build real assets, which are the picks and shovels
Speaker 7: of the AI story. So I mean, I think we're
Speaker 7: kind of in a quandary here.
Speaker 3: So does that mean on don't do anything s done
Speaker 3: pat until we get clarity at least on the geopolitical
Speaker 3: side of the equation, which in and of itself affects
Speaker 3: the supply chain of chip manufacturing. For example, helium that
Speaker 3: can't get through will mose right now.
Speaker 7: Yeah, I think AI is one of those stories when
Speaker 7: it takes off. It takes off, and it's going to
Speaker 7: be difficult to catch. So in terms of investing, I
Speaker 7: think you stay invested. If you are invested in hyperscalers,
Speaker 7: you're already exposed to a lot of data centers. Perhaps
Speaker 7: think of some of the adjacent industries of manufacturing and industrials.
Speaker 7: As far as the war is concerned, it's difficult to
Speaker 7: price that in as well. I mean that the story
Speaker 7: is very different today from last week, but I do
Speaker 7: think that the markets have sort of priced in not
Speaker 7: a binary outcome of will we have a deal versus
Speaker 7: will we not have a deal. I think what the
Speaker 7: market is pricing in is this very wobbly, very messy
Speaker 7: ceasefire that might continue.
Speaker 4: For a while.
Speaker 2: So I find this really interesting. We've spent a lot
Speaker 2: of time emphasizing that then as that one hundred had
Speaker 2: this amazing thirteen days streak, and people seem to forget
Speaker 2: that before that thirteen day period there was a big
Speaker 2: sell off in technology shares, and if you look at
Speaker 2: like some of the Goldman Prime brokerage data, you know,
Speaker 2: hedge funds were dumping out of US tech stocks software
Speaker 2: in particular. Why is it do you think that the
Speaker 2: investors sort of then felt that the calm to start
Speaker 2: buying almost immediately as the war was taking place.
Speaker 7: Well, you know, I don't think the investors were waiting
Speaker 7: for the calm. I think the investors were waiting for
Speaker 7: some bottom where it felt cheap enough to come in,
Speaker 7: because again, the AI story is a long term story.
Speaker 6: Even software.
Speaker 7: I think it was more of a sledgehammer tool that
Speaker 7: we were using to knock out all of the software indiscriminately.
Speaker 7: And now software is still going to be pressured in
Speaker 7: my opinion because of AI AI native AI stories, but
Speaker 7: I think at this point we may be applying more
Speaker 7: of a scalpel rather than a sledgehammer.
Speaker 6: So from that.
Speaker 7: Perspective, everything was oversald. So I think investors just look
Speaker 7: for a cheaper point to enter the market.
Speaker 2: Technology earnings start big time in Earnest this week in
Speaker 2: some sense. What do you think will happen? What do
Speaker 2: you think what kind of bar do you think is
Speaker 2: set for investors for this tech earning season.
Speaker 7: Well, you know, if we look at some of the
Speaker 7: international tech stocks that we've heard from, such as TSMC
Speaker 7: and ASML, I mean that demanded story.
Speaker 6: Is here and real, and you know in the future
Speaker 6: as well.
Speaker 7: So I do expect a demand story to continue. Whether
Speaker 7: or not the companies are actually poised to capture that
Speaker 7: is another story. That's a corporate story, that's a management story.
Speaker 7: So one in particular that I might be a little
Speaker 7: bit nervous about would be Intel just because of the
Speaker 7: recent history, just because of some of the issues with
Speaker 7: the foundries. Other than that, I'm still pretty constructive on
Speaker 7: Tech and we'll see what they actually report this week.
Speaker 2: Anna Rathbun and Grenadilla Advisory, thank you very much. Now
Speaker 2: coming up, Blue Origins New Glens successfully reuses a booster
Speaker 2: for the first time, but the mission also delivers a
Speaker 2: major setback for the payload that was on board. We're
Speaker 2: going to hear from Blue Origin CEO Dave Limb Next,
Speaker 2: this is Blueberg Tech.
Speaker 4: It was a.
Speaker 2: Story of both success and failure for Blue Origin Space
Speaker 2: launch over the weekend. For the first time, the Jeff
Speaker 2: Bezos company reused a booster for its New Glen rocket
Speaker 2: and landed it successfully, but the satellite it was carrying
Speaker 2: for ast Space Mobile wasn't placed in the correct orbit
Speaker 2: and is quote too low to sustain operations, and.
Speaker 3: It was painful if you own the shares of AST
Speaker 3: Space Mobile. Therefore, look rocketing back down to Earth down
Speaker 3: nine percent for AST's Space Mobile.
Speaker 5: At one point it.
Speaker 3: Was off by fourteen percent. And this off nominal orbit
Speaker 3: means a lot for a company that needs to get
Speaker 3: about fourteen up in this year.
Speaker 2: Yes, you know he is a paying customer of Blue Origin.
Speaker 2: And if you go on social media and you look
Speaker 2: at Jeff Bezos or Dave Limp, the CEO, they were
Speaker 2: celebrating the Blue Origin part that they landed the booster.
Speaker 2: They reused the boosters only the third time New Glens flown.
Speaker 2: But basically the satellite that they were sending into orbit
Speaker 2: was in the wrong place and it doesn't have the
Speaker 2: means in terms of frousters to move itself, so they
Speaker 2: deorbit it and the insurance company actually comes in and
Speaker 2: pays for it.
Speaker 3: And that's what's word about AST Space Mobile sort of
Speaker 3: being the one that bears the brunt here because they
Speaker 3: get the money back from the insurance, but it needs
Speaker 3: to get its satellites back up there to be able
Speaker 3: in a swift succession to allow you and I to
Speaker 3: make the calls that we want to do. Look Scotiabank
Speaker 3: analyst Dress Concelo was sort of saying, look, even though
Speaker 3: the reusable Blustellan is successfully, the mission was a failure,
Speaker 3: and the Bluebirds seven failure highlights the need for well
Speaker 3: more redundancy backup plans right for these failing units.
Speaker 2: For it's a black eye for Blue Origin because they
Speaker 2: part of their business plan is to put satellites into
Speaker 2: orbit for customers. But again, they really needed the rocket
Speaker 2: itself to work, and it did. I spoke to Blue
Speaker 2: Origin CEO Dave Limb, but that was ahead of the launch.
Speaker 2: We talked big picture about the company's future, and this
Speaker 2: is what he had to say about the new GM program.
Speaker 8: I think it'd be a really good year if we
Speaker 8: could do you know, eight to twelve flights this year,
Speaker 8: up from two last year, that would be that, you know,
Speaker 8: that'd be a good cadence for us. I can see
Speaker 8: a path that we have plenty of hardware to do that.
Speaker 8: It really is what we learn from the flights.
Speaker 6: I would tell you that there's there's never been.
Speaker 8: A time where launch is in such demand, and by
Speaker 8: the way, I think the demand's going up with all
Speaker 8: these directed device announcements Amazon made one obviously, other AST
Speaker 8: is doing directed device and these mega constellations. We have
Speaker 8: our own constellation. We announced with Taro Wave that laun
Speaker 8: if I if I could fly a rocket every week
Speaker 8: right now, I would be sold out for the indefinite future.
Speaker 8: And so our job is to get out there, get
Speaker 8: as fast a cadence as we can, as quickly as possible.
Speaker 8: And the foundation of that, again is just to build
Speaker 8: a world class manufacturing business. And you know, that's something
Speaker 8: I've done for a long time, and the team's done
Speaker 8: for a long time, and I think we're on the
Speaker 8: right path. We still have ways to go, but I'm
Speaker 8: I'm excited about the progress.
Speaker 2: The world became familiar with Blue Origin through New Shepherd,
Speaker 2: the smaller form factor launch system, and the first focus
Speaker 2: of that was kind of space tourism, you know, going
Speaker 2: to a pretty low altitude relatively speaking, for a few
Speaker 2: minutes of weightlessness. And you know, of course I was
Speaker 2: in Van Horn, Texas when Jeff Bezos himself went up.
Speaker 2: But you took the decision to halt that program in
Speaker 2: large part to focus on Blues participation in getting America
Speaker 2: back to the Moon. And so you know, in the
Speaker 2: first instance, Dave, what has the result of that decision been.
Speaker 2: Have you been able to accelerate that other program, the
Speaker 2: lunar program? How have you moved and reassigned resource and
Speaker 2: people to fulfill that ambition?
Speaker 8: Yeah, you know, we were able to fly ninety eight
Speaker 8: people above the Carmen line. I've never seen so many
Speaker 8: smiles on every astronaut we were able to do that
Speaker 8: for And I think if you had to make the
Speaker 8: decision to put New Shepherd on pause, we put on
Speaker 8: pause for at least two years. With your heart, it
Speaker 8: would have been a very hard decision because you see that,
Speaker 8: you saw it when you saw Jeff fly. Every customer
Speaker 8: is the happiest customer you've ever seen. But when you
Speaker 8: make it, when you make that decision with your head,
Speaker 8: it was probably one of the simpler business decisions that
Speaker 8: I and Jeff have ever made, because you know, I
Speaker 8: am so passionate about.
Speaker 6: Getting the US back to the Moon, as is Jeff.
Speaker 8: It's you know, I don't think the country wants another
Speaker 8: spot Nik moment. We have been saying it blue for
Speaker 8: twenty plus years that the Moon is this incredible gift
Speaker 8: given to us. You know, it's three days away, It's
Speaker 8: got all the resources that we'll ever need right there
Speaker 8: at least for the foreseeable millennium ahead of us, and.
Speaker 6: We know how to get there.
Speaker 3: Through Origin CEO Dave Lim there speaking with it over
Speaker 3: the course of the weekend. And coming up we are
Speaker 3: talking Apple's revab criy.
Speaker 5: It may have been revealed more on that. Next there's
Speaker 5: a broombag tech.
Speaker 3: Time now for talking tech and first up, China's IG
Speaker 3: says it expects AI to produce the bulk of its
Speaker 3: film and TV content within five years. Now, the Netflix
Speaker 3: style streaming platform plans to transform its app and website
Speaker 3: into a social media destination centered on AI generated programming. Now,
Speaker 3: as part of that shift, the company unveiled a new
Speaker 3: AI talkit it says can handle nearly every stage of
Speaker 3: the filmmaking process. US regulators across Asia are taking a
Speaker 3: closer look at cybersecurity risks in their financial systems as
Speaker 3: concerns grow over the spread of appropics mythos model. Now
Speaker 3: in Singapore, the financial regulator is urging banks to tighten
Speaker 3: up vulnerabilities, while in South Korea, government agencies have been
Speaker 3: meeting to plan their response, and Huawei has unveiled its
Speaker 3: latest folded phone, the Pure xmax.
Speaker 5: Now the device.
Speaker 3: Unfolds horizontally to rough it the size of a small tablet.
Speaker 3: There's priced around oney six hundred and ten dollars now.
Speaker 5: The launch comes as.
Speaker 3: Competition with Apple heats up, but Apple expected to roll
Speaker 3: out it's own affordable later this year.
Speaker 2: ED Let's stick with Apple, whose upcoming WWDC event is
Speaker 2: set to reveal the future of Siri. But ahead of
Speaker 2: the forum, Apple's teaser may have revealed a glimpse of
Speaker 2: the revamped interface. Let's get to Bloomber's Mark German, who
Speaker 2: covers all things Apple and consumer tech, and this was
Speaker 2: the subject of this weekend's power On. I don't Mark,
Speaker 2: I don't know. Every weekend I repower on. It's usually
Speaker 2: based on who you're talking to, your reporting. This time,
Speaker 2: you're getting your your your microscope out, you're looking at
Speaker 2: the imagery. What are you trying to learn here?
Speaker 9: Well, you know, every time Apple announces an event toor
Speaker 9: they announce in your conference, they put out this teaser,
Speaker 9: graphic or invitation, and from time to time it gives
Speaker 9: you a pretty good indicator of what's to come. But
Speaker 9: usually you only realize what that actually was in hindsight.
Speaker 9: But now I can tell you, you know, several weeks
Speaker 9: ahead of the conference that this WWDC font, this logo,
Speaker 9: this glow, this design they have there actually is representative we're.
Speaker 6: Looking at it now interface.
Speaker 9: Yeah, it's a representative of the new Siri interface. Basically,
Speaker 9: they're moving Siri to a new design. If you're familiar
Speaker 9: with the iPhone Dynamic Island, when you trigger Siri, it'll
Speaker 9: peer up in that little camera area and then it
Speaker 9: has that new font like you have a WWDC logo
Speaker 9: and it has a glowing cursor similar to the glow
Speaker 9: you see around the twenty six and that logo you
Speaker 9: were showing.
Speaker 3: So fold that into what we experience, how that will
Speaker 3: seem what in fact Siri will seem like when we
Speaker 3: finally get it into our hands or our ears or
Speaker 3: our voice, the way we're going to interact with it.
Speaker 9: You know, Siri has looked cool for for for many years,
Speaker 9: but it hasn't worked so cool for for many years.
Speaker 6: Right.
Speaker 9: It's it's in many ways, it's just pushing people to
Speaker 9: the design in order to distract from the functionality. That's
Speaker 9: what we saw from Apple Intelligence. But this time around,
Speaker 9: they think that they have nailed it. They think they're
Speaker 9: going to get Siri to work with the features they
Speaker 9: previously announced, some of the new enhancements that are coming
Speaker 9: that they haven't announced yet, or a Siri app so
Speaker 9: a standalone app, a chat bot like interface for the
Speaker 9: first time to better compete with Gemini and CHACKGPT, and
Speaker 9: then a new feature that they call internally World's Knowledge Answers,
Speaker 9: which is basically a perplexity competitor, so you can search
Speaker 9: the web and get summaries of information without it actually
Speaker 9: pointing you to Google. It'll happen within the Siri interface itself.
Speaker 9: So if this all works, I think they have a
Speaker 9: pretty compelling story to tell for their voice assistant in AI.
Speaker 2: Come jack Mark real quick. It's better to follow this
Speaker 2: story and aggregate over a number of years, Like I
Speaker 2: think back to two or three wwdc's ago and you
Speaker 2: reporting like Siri and Apple Intelligence isn't going to be
Speaker 2: the focus, then looks like it will be the focus.
Speaker 2: Now summarize where Apple was actually landed with Siri, that
Speaker 2: is AI improved.
Speaker 9: Now In terms of the underpinnings of Siri, they're using
Speaker 9: technology from a Gemini model, merging it with their own
Speaker 9: model technology in order to get it work more properly,
Speaker 9: it'll be able to analyze data on your phone to
Speaker 9: help you take action on it. But big picture, this
Speaker 9: year's conference is really all about Siri and AI. They
Speaker 9: basically hit pause on all non AI or serre related features.
Speaker 9: Lots of bug fixes and performance enhancements, but the focus
Speaker 9: is on this voice assistant this year.
Speaker 5: Mark German is always giving us the hints. We so
Speaker 5: appreciate it.
Speaker 3: Let's talk about now humanoid robots for a minute, because
Speaker 3: one has just won a half marathon race for robots
Speaker 3: in Beijing.
Speaker 5: But get this, it ran faster than the human world record.
Speaker 3: The race was held in Beijing over the weekend, showcasing
Speaker 3: China's really rapid advances in robotics and artificial and intelligen
Speaker 3: and the robots strode across the finish line in fifteen
Speaker 3: minutes and twenty six seconds to the state run China Daily.
Speaker 3: That's according to them, and that beat the human world
Speaker 3: record holder Jacob kip Plumo of Uganda, who finished the
Speaker 3: half month and in fifty seven minutes and twenty seconds
Speaker 3: last month in Lisbon. What a stunt, I mean Last
Speaker 3: year it took more than two hours.
Speaker 5: For the robots to win.
Speaker 2: That's the video of robots running in a race. I
Speaker 2: mean that can we let's just literally what is one
Speaker 2: hundred teams? Three hundred robots? The director won't show it,
Speaker 2: but I'm just grinning and laughing because that's a video
Speaker 2: of robots running in a race.
Speaker 5: Karen, what was important?
Speaker 3: Liquid cooling that's going to go on in that Maybe
Speaker 3: that helps us in other parts of window.
Speaker 2: So many DPUs on fire?
Speaker 3: Okay, bloomg Or, welcome back to Bloomberg Tech.
Speaker 5: We talk about geopolitics. Now.
Speaker 3: President Trump says it's quote highly unlikely and a ceasefire
Speaker 3: whether RON will be extended.
Speaker 5: This is VPJD.
Speaker 3: Vans is set to head to Pakistan for deal discussions. Now,
Speaker 3: Bloomberg's Jeff Mason has just spoken with the president. But
Speaker 3: a few moments ago, you join us now, Jeff, and
Speaker 3: this tone seems negative.
Speaker 10: You know, I'm not going to say negative or positive.
Speaker 10: Just what he said, which was a couple of different things.
Speaker 10: He said that he thought talks could work out well
Speaker 10: for all parties. But he also said, as you rightly quoted,
Speaker 10: that he was not intending or it was at least
Speaker 10: highly unlikely that he would extend a ceasefire. He also
Speaker 10: said that the ceasefire ends on Wednesday, which is a
Speaker 10: little bit of news because the two week period that
Speaker 10: most people were assuming goes through tomorrow Tuesday, so that
Speaker 10: was interesting. The President also made a point in our
Speaker 10: phone conversation of saying that he was not in a
Speaker 10: rush to get a deal, and he talked about the
Speaker 10: length of the Iran War. The excuse me, he talked
Speaker 10: about the length of the Vietnam War, the Afghanistan War,
Speaker 10: the Korean War. So he was watching this timeline or
Speaker 10: his own timeline, in the fact that many other wars
Speaker 10: have gone for a long time, and he just said
Speaker 10: he was not in a rush.
Speaker 2: I'm just going over the headlines that were generated from
Speaker 2: the interview, Jeff. There are several of them. I guess operationally,
Speaker 2: what happens next? What did the president tell you about
Speaker 2: what he and his cabinet will do in the coming days.
Speaker 2: We mentioned jd Vance, the Vice president, and what he
Speaker 2: does now plan to do with regards to talks.
Speaker 10: Well, he gave a little bit of detail about when
Speaker 10: the talks are expected to happen. He said that they
Speaker 10: were likely to be on Tuesday night and Wednesday morning,
Speaker 10: and he said that Jade Vance was expected to leave
Speaker 10: later on in the day today Monday, which contradicted what
Speaker 10: he said to another reporter at another news outlet earlier,
Speaker 10: where he suggested that the Vice president was already en route.
Speaker 6: So the next step are these talks.
Speaker 10: I asked him when we spoke about the ceasefire if
Speaker 10: he expected that fighting would resume right after the ceasefire
Speaker 10: concluded if there wasn't a deal, and he said he
Speaker 10: expected so. So to your broad question, it's kind of a
Speaker 10: dual track here. He's expecting talks to take place, and
Speaker 10: he showed some optimism about those talks, but he's also
Speaker 10: clearly holding over the threat of additional attacks to start
Speaker 10: as soon as this week if a deal is not concluded.
Speaker 6: And just for a reality check.
Speaker 10: For our listeners and viewers, remember that the last time
Speaker 10: there was a major piece deal with Iran happened during
Speaker 10: the President Barack Obama's administration.
Speaker 6: That deal took a year and a half to hammer out.
Speaker 10: So timing here is it would be unusual if they're
Speaker 10: able to get a deal as fast as Wednesday evening,
Speaker 10: which is what the President said was the deadline for
Speaker 10: the end of the Seaspire.
Speaker 2: Bloomberg Jeff Mason, who's just off the phone with US
Speaker 2: President Donald Trump, Thank you very much. There's a lot
Speaker 2: going on in markets, much of it relates to the
Speaker 2: headlines about the war in the rom but actually in
Speaker 2: bitcoin's case, so we're around seventy five, six hundred US
Speaker 2: dollars partoken Carrot. I saw the headline that Strategy Michael
Speaker 2: Sailor et cetera brought two point five billion dollars in
Speaker 2: bitcoin in the trailing seven days, and I think that
Speaker 2: that's their biggest buy since the end of twenty twenty
Speaker 2: four something like that. Maybe that's a factor in the market.
Speaker 2: Maybe it's just a risk asset behaving like everything else.
Speaker 3: Who knew that Michael Sailor actually still wants to continue
Speaker 3: to buy bitcoin. I mean, many wouldn't not be surprised
Speaker 3: by that. It's interesting that in the defile space more broadly,
Speaker 3: that's been that we can hack training what was three
Speaker 3: hundred million.
Speaker 2: Dollars, which has helped those consequences. Right, It really.
Speaker 3: Does just negative sentiment around DeFi. But people can separate
Speaker 3: the two. Your bitcoin is not DeFi. DeFi is not Bitcoin.
Speaker 2: Really quick in the technology space on single names, Adobe
Speaker 2: is higher by about one percent. It announced basically a
Speaker 2: broader agentic ecosystem with basically everyone in the world of
Speaker 2: tech aws and thropic, Google Cloud, IBM, Microsoft and video
Speaker 2: and open Ai, and an earlier report on that had
Speaker 2: boosted shares. And then there's the kind of big thing
Speaker 2: that's happening in aggregate. The Nasdaq one hundred is softer
Speaker 2: and actually push to session lows after some of the
Speaker 2: headlines from the President. But the main thing is it
Speaker 2: snapped a thirteen day winning streak, right, Karen, That is
Speaker 2: what we've been talking about in that thirteen day period,
Speaker 2: sort of how tech is unstoppable in the face of
Speaker 2: what is sort of a tense situation in the Gulf
Speaker 2: that speaks of Benberg equities for water Carmen Rhini Key,
Speaker 2: I mean, that's kind of the story, right, Tech has
Speaker 2: cloud on irrespective of those geopolitical overhangs.
Speaker 11: Yeah, we've seen just an incredible rush back into risk
Speaker 11: assets from investors. I mean even today, you know, we
Speaker 11: had this really significant geopolitical news, at least at first
Speaker 11: you said Drum wasn't quite as significant as I might
Speaker 11: have expected. And there are parts of tech that are
Speaker 11: actually still holding up today. So I was writing about
Speaker 11: the IGV the software ETF last week it had its
Speaker 11: best week since two thousand and one, really significant gains there.
Speaker 12: Today it's actually holding up a little bit. It's doing a.
Speaker 11: Little bit better than the hardware sector than the socks.
Speaker 11: At least last that I checked on my terminal, it
Speaker 11: was up a little bit today. Hadn't completely erased doated
Speaker 11: games exactly exactly, and so we are seeing still some
Speaker 11: bright spots here. And I think the names that drove
Speaker 11: the nasdaqs thirteen day streak are really interesting. So we
Speaker 11: definitely had talked about Intel had such an incredible rally that.
Speaker 12: Was the top of the charts there.
Speaker 11: It was the number one performer over those thirteen days,
Speaker 11: and then the memory names were right after it. So Marvel,
Speaker 11: sand Disk, Western Digital.
Speaker 3: Can we go into Marvel a little bit more because
Speaker 3: the hardware story is basically.
Speaker 5: What's been unstoppable.
Speaker 3: Yeah, and Marvel that seems to be reporting out there
Speaker 3: that maybe they're going to be working alongside Google, Google
Speaker 3: broadening out from its TPU broadcom relationship to some of
Speaker 3: the players.
Speaker 5: Yeah.
Speaker 11: Well, and this is one that actually the stock is
Speaker 11: sort of bucking the trend today, at least in the
Speaker 11: inter day, was on track to close at a record high.
Speaker 12: So another record high. Marvel's still looking really strong.
Speaker 11: And yes, so the news today is that there are
Speaker 11: reports that it's in discussions to develop two chips with Google.
Speaker 11: So one is immense memory processing chip and the other
Speaker 11: is a TPU.
Speaker 12: And those are both really significant.
Speaker 11: It's also potentially intox aimed at designing semiconductors exclusively for Google.
Speaker 11: So that's a huge deal for a company like Marvel.
Speaker 11: And again, you know, it's had a really incredible rise.
Speaker 11: So through Friday's close it was up more than sixty
Speaker 11: percent this year. It's just extending those days.
Speaker 2: That game all calms down in the session as well. Right,
Speaker 2: you both got to point out it had an astonishing
Speaker 2: start to April, like every other member of that basket.
Speaker 2: So interesting move.
Speaker 3: Yeah, we've got to keep an eye on the hardware
Speaker 3: and we can dig in a little bit more.
Speaker 5: But common Hinikey.
Speaker 3: Sets it up perfectly, always got her eye on the
Speaker 3: broader moves. Let's dig in a little bit more on
Speaker 3: this Marvel's story. But in my intelligence, senior analyst Con Savanni,
Speaker 3: who has been watching the stock positioning itself for maybe
Speaker 3: taking advantage of custom chip demand. And here we have it,
Speaker 3: maybe some reporting showing that they can be really relied
Speaker 3: upon by the likes of Alphabet's Google chip design. What
Speaker 3: do you make of the reporting coming out of the
Speaker 3: information in this particular instance.
Speaker 13: Yeah, this reporting really validates what we have been talking
Speaker 13: about for the past two quarters that you know, the
Speaker 13: noise prior to six months in Marvel was all about
Speaker 13: Amazon Tradium three. But we think they're really expanding beyond
Speaker 13: just the number one, number two hyperscalers. And what's more
Speaker 13: importantly is here is that MPU which just falls in
Speaker 13: the x few attached portfolio. This is the areas where
Speaker 13: sophisticated hyperscalers like Google, Amazon, Microsoft are now optimizing customs
Speaker 13: chips beyond just the core powerful TPUs or accelerator. So
Speaker 13: this is where we think Marvel can gain significant shell
Speaker 13: and this comes at higher growth margins.
Speaker 2: By the way, Yeah, in inference memory is more of
Speaker 2: a bottleneck, right, and so the MPU just moves data,
Speaker 2: you know, that's its purpose. I think the thing that
Speaker 2: we try and reiterate is that Google owns the design
Speaker 2: and architecture of TPU either way. So in that case,
Speaker 2: what is it that broad Com to this point and
Speaker 2: potentially Marvel actually do conjem. What's the value add of
Speaker 2: partnering with someone like that.
Speaker 13: So when you think about beyond that core digital logic,
Speaker 13: it's the IDP sets surrounding. How do you connect to
Speaker 13: the memory, how do you do your packaging, how do
Speaker 13: you have your intercorrect iOS. This is where these companies
Speaker 13: come in with their own IP portfolio and add value.
Speaker 13: One more thing to add here is the influence hardware
Speaker 13: streck is changing. It's not just one hardware stack fits
Speaker 13: all sides, so we are going to see multiple players.
Speaker 13: There's also talks about media tech also participating in one
Speaker 13: of the Google's sort of keep you versions, So we
Speaker 13: are going to see this diversification when it comes to
Speaker 13: ASIK now.
Speaker 2: And by the way, on the Marvel side of this,
Speaker 2: Google declines to comment to Bloomberg on any of the reporting.
Speaker 2: But it's not Google, it's Broadcom or Marvel that phones
Speaker 2: TSMC and gets those things. Fat Congensabannie from Bloomberg Intelligence
Speaker 2: with the research. Really appreciate it. Now coming up the
Speaker 2: conversation with Greg Martin of Rainmaker Securities, as Markets get
Speaker 2: set for some mega IPOs. This is Blomberg Tech. AI
Speaker 2: shipmaker Cerebra Systems is back in the IPO spotlight. The
Speaker 2: company filed publicly for a US IPO on Friday, just
Speaker 2: six months after pulling its previous attempt, so to say.
Speaker 2: The deal could raise around two billion dollars, testing investor
Speaker 2: appetite for large scale listings. The company's filing shows gross
Speaker 2: margins slipped to thirty nine percent twenty twenty five from
Speaker 2: forty two percent a year earlier, highlighting some of the pressures.
Speaker 2: Even high profile AI named a facing character at LISTA.
Speaker 5: It's not loss making this year for versus last year.
Speaker 5: Let's well, revenue certainly doubled.
Speaker 3: Let's talk a little bit more about the IPO landscape
Speaker 3: and joined with Greg Martin, Managing Partner and Maker Securities,
Speaker 3: and Greg, what is the appetite likely to be?
Speaker 5: Say we go into Cerebraus and.
Speaker 3: We think about how, yes, they've suddenly galvanized revenue growth,
Speaker 3: but the margin has been hit.
Speaker 5: As Ed articulates, are people just going to be.
Speaker 3: Betting still on this desire for AI? Compute the rampant
Speaker 3: bottlenecks that we see in terms of just access for
Speaker 3: AI iterations and innovations.
Speaker 14: Well, it's a great question, and clearly this is going
Speaker 14: to lead off, you know, what could be a big
Speaker 14: AI infrastructure year. There's already some public companies like core
Speaker 14: Weave and Nebius who had nice run ups recently, so
Speaker 14: there's clearly demand for AI infrastructure and Cerebrius numbers. They've
Speaker 14: they've grown revenues. I think the biggest question mark with
Speaker 14: Cerebris was customer concentration. Now they've added open Ai, but
Speaker 14: they still have customer concentration, and so it's also a
Speaker 14: very high valuation. The company did five hundred ten million
Speaker 14: of revenue last year. Their last round was at twenty
Speaker 14: three billion, which was just done in February, and so
Speaker 14: it's meantime, the secondary market for Cerebris is actually traded
Speaker 14: down to about ten billion recently, and so there's a
Speaker 14: big question mark of whether they can hit a big
Speaker 14: enough number in the IPO pricing such that their last
Speaker 14: round investors won't have a down round. So I think
Speaker 14: the market we're watching Cerebris closely. It's not the marquee
Speaker 14: name like SpaceX and propic or open Ai, but it'll
Speaker 14: be interesting to see if the market really is open
Speaker 14: again for a company like Cerebris with such customer concentration.
Speaker 3: And this is why we go to greg because we
Speaker 3: think about the quick that you can see, you can
Speaker 3: tell our audience about in the secondary market, just how
Speaker 3: hot is it for the really exciting names like we
Speaker 3: were just reporting Edge and Team about how Anthropic basically
Speaker 3: is turning away more money in terms of a capital
Speaker 3: raise that could drive its valuation up to eight hundred billion.
Speaker 14: Also, yeah, and Thropics one of the hottest companies we've
Speaker 14: ever seen. Unbelievable demand on our platform or Rainmaker. Obviously,
Speaker 14: the company added ten billion of ARR in one month.
Speaker 14: They're now up to about thirty billion of arrs reported publicly.
Speaker 14: So it's just it's people are starting to value Anthropic
Speaker 14: as a share of the economy, not in sort of
Speaker 14: traditional metrics that you might see. And of course their
Speaker 14: growth actually does start to rationalize the valuation that they
Speaker 14: that they've had. We're starting to see them, you know,
Speaker 14: enter into just about every software category. So Anthropic is
Speaker 14: about as hot as companies we've seen. They raise money
Speaker 14: at three hundred and fifty billion just in February. We're
Speaker 14: now seeing potential eight hundred and we're seeing unlimited demand
Speaker 14: on our on our platform. So clearly Anthropic is the
Speaker 14: hottest company we've seen in a long time.
Speaker 2: You know, with those names SpaceX, Open AI, Andthropic, people
Speaker 2: always ask when we report something, you know, how do I,
Speaker 2: as an everyday person invest into those companies? And the
Speaker 2: first thing I say is, we don't do that. I
Speaker 2: don't do financial advice. Just read my reporting. But the
Speaker 2: second thing is I say, oh, but we have reported
Speaker 2: that SpaceX, Open AI, and Anthropic are all likely to
Speaker 2: go public in twenty twenty six. And with that flood
Speaker 2: into the market of three names at that scale, how
Speaker 2: does that translate to activity on the secondary market? Do
Speaker 2: people try and position themselves in anticipation of a big
Speaker 2: listing or public debut moment like that?
Speaker 11: Yeah?
Speaker 14: Absolutely, you know, these three companies in particular, there's they're
Speaker 14: obviously you know, enormous market caps eight hundred billion, two
Speaker 14: trillion potentially for SpaceX. So we're seeing a ton of
Speaker 14: demand pre IPO because people do think that there's going
Speaker 14: to be a run up in the markets. All of
Speaker 14: these companies are oversubscribed in the secondary markets, and as
Speaker 14: companies get closer to IPO, there's a feeling that hey,
Speaker 14: now I'm going to have liquidity, Now I'm going to
Speaker 14: have access to more information. But we've seen in the
Speaker 14: past IPO allocations get cut back substantially, and so if
Speaker 14: you want to get into these companies with any kind
Speaker 14: of scale, you may have to come into the private
Speaker 14: markets and buy it via secondary or primary. So we're
Speaker 14: seeing rabid demand for all three of these companies in
Speaker 14: the secondary market.
Speaker 2: Greg really quick. We had lots of little IPOs last week,
Speaker 2: many of them came on this show. What did that
Speaker 2: signal to you?
Speaker 14: Not a lot, you know, I'm much more focused on
Speaker 14: the bigger IPOs. There's clearly a massive backlog and so companies,
Speaker 14: there are companies that just need to go public. I
Speaker 14: don't think there's a lot to be you know, learned
Speaker 14: from what we saw last week. Listen, we have the
Speaker 14: potential for one of the biggest IPO years in history.
Speaker 14: The three companies you mentioned are going to potentially raise
Speaker 14: up up close to two hundred billion in between them,
Speaker 14: which could suck the entire oxygen out of the market
Speaker 14: for a while. So I think what's really going to
Speaker 14: be interesting is how those three companies, SpaceX and profit
Speaker 14: and open AI perform, And of course it's a function
Speaker 14: of whether the ip OF market's truly opened, because I
Speaker 14: don't think the market's open until the streets and corms
Speaker 14: are open.
Speaker 2: God, if that's what you're banking and waiting on, we'll
Speaker 2: be here a while. Greg Martin of Rainmaker Securities secondary
Speaker 2: market broker who sees what's happening in terms of liquidity
Speaker 2: interests ahead of IPO now coming up. Nick Stronsky, co
Speaker 2: founder and CEO of Revolute, discusses the digital banks future
Speaker 2: plans on this week's David Rubinstein Show. Nick Ronsky built
Speaker 2: Revolute into one of the world's most valuable fintech companies,
Speaker 2: now worth around seventy five billion dollars. The co founder
Speaker 2: and CEO speaks to David Rubinstein about the company's future.
Speaker 15: I think it's obviously much easier for us and giving
Speaker 15: on your administration. Plus we have so many other Manking licenses.
Speaker 15: Plus we have a Manky license you can now, So
Speaker 15: for us it became much easier compared to two years ago.
Speaker 16: So in the United States, what do you hope to
Speaker 16: be able to do with your banking license if.
Speaker 2: You get it?
Speaker 16: What is the market gap that you think you can
Speaker 16: feel that maybe others aren't doing.
Speaker 15: So basically I mentioned a radioh retail business. So it's
Speaker 15: one simple up where you can do everything what you
Speaker 15: need for your financial life. And then second direction, we'll
Speaker 15: also provide the regular business accounts for businesses. And again
Speaker 15: it's end to end services that you need to run
Speaker 15: your business. So payments, banking, credit will come as well,
Speaker 15: wealth management or treasury we call it treasury, and then
Speaker 15: acquiring as well. So for example, right now, if I'm
Speaker 15: an American company, I'll need to stop say Strip for acquiring,
Speaker 15: then Gip Morgan for my business banking. Then you know,
Speaker 15: something else for payouts, something else for payroll. So we
Speaker 15: provide all these services in one product.
Speaker 16: Well, if you conquer the US the way you've conquered
Speaker 16: the UK and Europe, is China next, or you're not
Speaker 16: going to focus on that.
Speaker 15: Easy way that if you're focusing so spending a lot
Speaker 15: of time or studying Asia and then as a search,
Speaker 15: so we apply it for multiple banking licenses in Asia
Speaker 15: as well, and then some of them but we got
Speaker 15: already and then China is on the list as well.
Speaker 15: You know, one day I hope we can set up
Speaker 15: a business there.
Speaker 16: Now some people have written that your bank Revolute is
Speaker 16: worth seventy five billion dollars. Have you ever thought of
Speaker 16: taking your organization public?
Speaker 15: But the way I think about it, will be ready
Speaker 15: to probably into year's time. But then again depends on
Speaker 15: how good the market is.
Speaker 16: Bench you don't have an IPO, how do people who
Speaker 16: work for you make some money? You make a market
Speaker 16: for people to sell their shares internally.
Speaker 15: Yes, so we do secondaries every one in two years
Speaker 15: when people can sell certain portion of their stocks to
Speaker 15: accel investors.
Speaker 16: So you've done secondary sales for your employees, so employees
Speaker 16: can then some liquidity. Do you expect before you go
Speaker 16: public you'll do any more of those? Or you're just
Speaker 16: going to wait till you go public before you liquify
Speaker 16: any more our stock.
Speaker 15: We all think, so we might do second risk as
Speaker 15: well before we do ip your because we do it
Speaker 15: every one or two years, so we might do a
Speaker 15: second result.
Speaker 16: All right, Well, if anybody wants to sell their shares
Speaker 16: to me, let me know. And have any investment bankers
Speaker 16: told you why they're the best to do the IPO
Speaker 16: for you?
Speaker 15: Yeah, obviously every single one is the best.
Speaker 16: Everyone is the best. You're not in a rush to
Speaker 16: do it.
Speaker 2: You don't need the money, so we're bank.
Speaker 15: And then for the bank, it's super important to have trust.
Speaker 15: And then public companies are trusted and more compared to
Speaker 15: private companies.
Speaker 3: Go see the full interview with the Revolute co founder
Speaker 3: or CEO, Nick Sterronsky. Watch the David Rubinstein Show to
Speaker 3: peer Conversations on Wednesday, April twenty second at nine pm
Speaker 3: in New York and you O'm been about television Now
Speaker 3: more on digital banking JP Morgan City Group. I've taken
Speaker 3: their rivalry onto the blockchain, competing to define the next
Speaker 3: roun tier of global payments. Just take a listen to
Speaker 3: what they told us in a recent joint interview.
Speaker 17: The real client problem that we were looking to solve
Speaker 17: is the ability for large multinationals, big banks and broker
Speaker 17: dealers and FinTechs to be able to move their money
Speaker 17: around make payments seamlessly around the world.
Speaker 2: Twenty four cent.
Speaker 6: We want to keep building on the public chain stuff.
Speaker 18: We have now tokenized money market funds with our asset
Speaker 18: management business through Conneccess. We have tokenized deposit tokens, we
Speaker 18: have a full tokenization engine we have core infrastructure, so
Speaker 18: we basically want to want to battle hard net.
Speaker 3: Rivals on screen, and the two banks of building competing
Speaker 3: systems but takingly different paths. Blue Megs as wellly is
Speaker 3: here with one of the most red stories on the
Speaker 3: terminal today as well.
Speaker 5: How are they doing it differently?
Speaker 3: One like stable coins, one doesn't so much exactly.
Speaker 19: So it's interesting to see Wall Street raised into this space,
Speaker 19: and it's even more interesting to see their approach. So
Speaker 19: for a city, they've signaled an openness to stable coins.
Speaker 19: They've partnered with coinbase to really push into this digital
Speaker 19: asset space and they want tokenized securities. Around five hundred
Speaker 19: clients have been enabled in that platform and they process
Speaker 19: around one billion dollars already.
Speaker 5: The JP Morgan day, isn't it?
Speaker 6: Yes?
Speaker 19: JP Morgan has been a little bit more reticent when
Speaker 19: it comes to stable coins because for them, the KYC
Speaker 19: is a little bit less. What they prefer is to
Speaker 19: build their in house infrastructure. Their in house blockchain called
Speaker 19: kinnexis and Cannexus is really already processing over three trillion
Speaker 19: dollars in volume, with each average daily block being five
Speaker 19: billion dollars. So to be sure, this isn't really grand.
Speaker 19: Yet in the larger scheme of things, they process trillions
Speaker 19: and trillions in their traditional payment system, but it's growing.
Speaker 2: So they're preparing for a world in which everything is tokenized. Right,
Speaker 2: So we're playing up the kind of frenemy I suppose,
Speaker 2: angle of it. But what they are doing is laying
Speaker 2: groundwork for the state of the financial system that doesn't
Speaker 2: quite exist yet.
Speaker 5: That doesn't quite exist yet.
Speaker 19: We have the IMF, I think two weeks ago, warning
Speaker 19: that if we build too much into this space, we
Speaker 19: might see actually a great crash because in theory everything
Speaker 19: works send a token from two AM and Maldives to
Speaker 19: your friend in New York. But in practice it's still
Speaker 19: a little tough, and especially if a lot of these
Speaker 19: from the Nasdaq to the New York Stock Is Chain,
Speaker 19: to JP Morgan to City build their own worlds, it's
Speaker 19: going to be even more fragmented than what we see today.
Speaker 19: So lots two still parse out in this space, but
Speaker 19: it's exciting to see this big big banks really push
Speaker 19: into token is NAFE token ie real world's assets, real
Speaker 19: world Yes.
Speaker 2: Bloombergs Isabelle Lee with the story that JP Morgan and
Speaker 2: City squaring off on the Next Payments Frontier. So that
Speaker 2: does it for this edition of Bloomberg Tech.
Speaker 12: Yeah, don't forget to check out our podcast.
Speaker 5: Why not.
Speaker 3: You can find it on the terminal, if you're on
Speaker 3: a line on Apple and Spotify, on iHeart ed.
Speaker 5: Is here in New York Nantah week Right, Well, lucky.
Speaker 2: Lady, a fifty six minutes into the show, if you've
Speaker 2: just worked that out, congratulations, it.
Speaker 5: Might be a holograss. It's a push into.
Speaker 2: That recap on the pod, and it's nice to be
Speaker 2: here with you in New York City. This is Bloomberg Tech.