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Speaker 1: Bloomberg Audio Studios, podcasts, radio news from.

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Speaker 2: The Heart where Innovation, money and power. Collie in Silicon Valley,

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Speaker 2: nbon This is Bloomberg Technology with Caroline Hyde and Ed Ludlove.

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Speaker 3: Live from New York. This is Bloomberg Technology. Coming up.

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Speaker 4: Apple is developing an AI server chip, according to reports,

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Speaker 4: and it's doing it all. Broadcom details this hour, plus

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Speaker 4: the valuation of SpaceX goes to new heights, reaching three

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Speaker 4: hundred and fifty billion dollars after an insider deal, and Nvidia,

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Speaker 4: AMD and Intel invest in a startup bringing light to chips.

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Speaker 4: We sit down with the CEO later this hour, but

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Speaker 4: first that's checking on these markets. And currently we are

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Speaker 4: continuing to see some optimism around the NASA one hundred,

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Speaker 4: one point four percent on the day crypto as well.

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Speaker 4: Once again above the one hundred thousand dollars level one thousand,

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Speaker 4: five hundred and thirty two is where we trade so

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Speaker 4: risk on across the board. We look at some of

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Speaker 4: the points contributors when you look under the hood of

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Speaker 4: the NASDAT one hundred, it's interesting to once again just

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Speaker 4: be seeing some of the key stocks being on the move.

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Speaker 4: Of Apple, which has continued to have a very good

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Speaker 4: November and into December, we see where Apple and Broadcom

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Speaker 4: trade on the back of that report that Apple is

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Speaker 4: indeed looking to be creating its own AI server chips

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Speaker 4: designed especially for artificial intelligence, and it's working with Broadcom.

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Speaker 4: This is all on the chips, networking technology, it's all

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Speaker 4: being reported by the information. Will bring you so much

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Speaker 4: more on that in a moment, but let's get back

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Speaker 4: to the context of the markets, the GUP politics. After

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Speaker 4: that Yellen interview by David Gura, Anna Rathans with US

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Speaker 4: chief investment officer at cib's Investment Advisory Services, and look,

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Speaker 4: we've got a risk on feel we're once again seeing

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Speaker 4: nvideo on the upside, you're seeing Apple on the green

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Speaker 4: alphabet on a tear.

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Speaker 3: Is this the way that we should be trading it?

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Speaker 1: Good morning, There's certainly a lot of excitement and AI

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Speaker 1: has transformed a lot.

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Speaker 3: Now the.

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Speaker 1: Trouble with China and VideA happens to be on the

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Speaker 1: cross here is it's not about Nvidia, it's not even

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Speaker 1: about the US. It's all about China. It's a little

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Speaker 1: bit of a noise. But when I say that AI

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Speaker 1: has transformed, we're talking about Apple and Broadcom, Amazon is

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Speaker 1: also designing its own chips. There's a lot to be

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Speaker 1: excited about. So the excitement over AI is no longer

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Speaker 1: really a dream as it had been twenty twenty three

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Speaker 1: and twenty twenty four. Going into twenty twenty five, I

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Speaker 1: think we have a lot more to look forward to.

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Speaker 4: But when you've had more than one hundred percent gain

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Speaker 4: in a name like in Video over course of twenty

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Speaker 4: twenty four, when you've got record highs on the likes

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Speaker 4: of Google Alphabet the parent company today, can you really

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Speaker 4: be juicing these stocks any further on?

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Speaker 1: Well, you know, so some of this is about the technames,

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Speaker 1: some of it is about relative VALUEUA. Right, So the

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Speaker 1: question really in our minds as asset allocators is where

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Speaker 1: would assets go if we take a look at the

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Speaker 1: global economy and other areas of the global markets as

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Speaker 1: well as some of the old economy stock names here,

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Speaker 1: even the fundamentals don't look as exciting, and they're not

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Speaker 1: the ones that are driving innovation, and so it's hard

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Speaker 1: to get excited about other areas.

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Speaker 2: So it you know, you could see.

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Speaker 1: A lot of US is still driving into tech names.

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Speaker 1: The other thing, one more thing is a lot of

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Speaker 1: the political changes. I mean, Lena Khan, it looks like

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Speaker 1: she is out coming in as Andrew Ferguson. A lot

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Speaker 1: of the hurdles that happened to be there in not

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Speaker 1: only the M and A market, but tech as well,

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Speaker 1: in terms of antitrust, that seems to be removed.

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Speaker 3: So it's not.

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Speaker 1: Necessarily about where the valuations are just for tech. It's

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Speaker 1: relative valuation as well as what will the environment be like.

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Speaker 4: Although the Trump announcement for DOJ has made many people

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Speaker 4: worrying for Alphabet, and yet Alphabet continues to be at

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Speaker 4: a record high. Are you not in any way given

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Speaker 4: pause on the antitrust side of things for that particular

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Speaker 4: name or others?

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Speaker 1: Yeah, that particular name, I think it's well on its way.

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Speaker 1: So I don't think necessarily Alphabet will fit into that film.

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Speaker 5: But I'm talking about the general environment.

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Speaker 1: For M and A and as well as tech. Now,

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Speaker 1: you know, to your point there are it's not all

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Speaker 1: you know roses here. There is this aspect of freedom

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Speaker 1: of speech, and I don't know how that's going to

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Speaker 1: be defined in twenty twenty five for tech, especially for

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Speaker 1: social media platforms, and that remains to be seen. So

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Speaker 1: it's not all roses, but certainly a lot of hurdles

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Speaker 1: have been removed.

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Speaker 4: What about the spreading out from the mag seven and

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Speaker 4: some of these winning trump trades we think are the

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Speaker 4: palanteers and the teslas of this world. Will that broaden out?

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Speaker 4: We keep hearing that it'll broaden out. Is it going

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Speaker 4: into other parts of the AI ecosystem energy for example?

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Speaker 1: Yeah, So I think we have to see AI and

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Speaker 1: other tech you know, advancements actually make it into these

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Speaker 1: old economy names or even other tech names that are

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Speaker 1: a little bit not not so much chip based, right,

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Speaker 1: And I think we'll need to see more innovation on

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Speaker 1: that and really where the rubber hits the road, how

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Speaker 1: AI would actually impact these industries. And until then, it

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Speaker 1: still feels like we're running on fumes here and that's

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Speaker 1: probably why it hasn't broadened out yet. But we'll see

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Speaker 1: in twenty twenty five if there's a difference.

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Speaker 4: Yeah, you were saying that you still had this conversation

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Speaker 4: by saying there's a lot to look forward to in

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Speaker 4: twenty twenty five. We still wring our hands about what

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Speaker 4: the killer application of general to AI is other than

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Speaker 4: Gemini two point zero on my phone or the ability

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Speaker 4: to have basically an analyst next to me every time

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Speaker 4: I want to research. Is that in US in terms

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Speaker 4: of the return on investment.

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Speaker 5: I don't think.

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Speaker 1: So, you know, we got a glimpse of it in

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Speaker 1: twenty twenty four, where you know, all is hype about

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Speaker 1: AI and how these big MAC seven companies are investing

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Speaker 1: in AI. Was simply enough to get the price up.

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Speaker 1: But then we started to look for ROI on them,

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Speaker 1: and I think the market may be looking for a

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Speaker 1: little bit more in twenty twenty five, so we're going

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Speaker 1: to have to see something a little bit more concrete.

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Speaker 1: But that is where I think that these tech companies

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Speaker 1: are running really hard, because this is about market share,

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Speaker 1: and this is about running to see who the first

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Speaker 1: mover is for capturing that first mover advantage, because if

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Speaker 1: they don't, they will lag behind. They know that, and

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Speaker 1: so I'm looking forward to the innovation that is.

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Speaker 4: To come prison's dilemma or indeed innovation focus. Anna Rathman,

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Speaker 4: we thank you Ceva's Investment Advisory Services CIO. Let's just

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Speaker 4: talk about some of those names we just referenced a

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Speaker 4: little bit more, Tesla, Broadcom.

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Speaker 3: But also Nintendo. These are just a few.

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Speaker 4: Of the global stocks to watch in the coming year.

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Speaker 4: It's all according to Bloomberg Busessweek. Analysts at Bloomberg Intelligence

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Speaker 4: track some two thousand companies from a variety of industries,

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Speaker 4: and they've identified fifty that are worth watching closely. Many

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Speaker 4: of them, of course, are tech companies. Let's bring in

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Speaker 4: Bloomberg's Max Chafkin, who's been pouring over all of this.

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Speaker 4: Let's start with the Trump trade. We're just mentioning Palenteer there.

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Speaker 4: It is up three hundred percent. Tesla has been phenomenal

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Speaker 4: growth since Trump came into the administration. One of the

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Speaker 4: analysts thinking.

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Speaker 6: That, yeah, with both of those stocks, you have a

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Speaker 6: Trump trade and sort of a general vibes AI thing

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Speaker 6: going on, and.

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Speaker 2: Those two things feeding into one another.

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Speaker 6: So so Palenteer obviously has some AI connections as well

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Speaker 6: as it's a defense contractor co founded by Peter Teel

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Speaker 6: Trump is going to be president, you know, there's a

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Speaker 6: case there that maybe they'll do better Tesla. Of course,

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Speaker 6: Elon Musk having the ear of the President elect is

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Speaker 6: a good sign. But with both of those stocks, there

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Speaker 6: is a sense that they are very highly valued, perhaps

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Speaker 6: relative to where their actual revenue is and what their

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Speaker 6: business prospects are. You know, Palenteer is not a leading

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Speaker 6: AI company. It isn't It isn't as far ahead as

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Speaker 6: Google or Open Ai or something like that. Tesla talks

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Speaker 6: a lot about self driving cars, but they have not

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Speaker 6: sold a self driving car, so you have some challenges there.

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Speaker 2: So that's the tension there.

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Speaker 4: The interesting shift that we've seen is maybe a slight

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Speaker 4: pullback on chip companies. A lot of the exuberants in

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Speaker 4: twenty twenty three, twenty two, for has been factored in.

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Speaker 4: Broadcom today gets a lift higher because we think that

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Speaker 4: it's going to be working for Apple on its server

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Speaker 4: AI chips according to the information. But Broadcon and micro

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Speaker 4: being referenced.

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Speaker 2: Yeah, yeah, Broadcom's interesting.

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Speaker 6: It's one of a handful of companies that can try

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Speaker 6: to compete with Nvidia. It is directly and has directly

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Speaker 6: benefited from this extreme exuberance in AI. Now in the

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Speaker 6: chip world, of course, it has a more direct benefit

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Speaker 6: to AI. I mean they are selling you know, chips

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Speaker 6: or intellectual property that is being used, whether or not

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Speaker 6: chat GBT becomes.

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Speaker 3: A hugely transformative thing or not.

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Speaker 6: Micron's interesting because it's in the memory business, not a

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Speaker 6: not a direct participant in the AI market, although it

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Speaker 6: just signed this deal with the Biden administration to get

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Speaker 6: a huge subsidy for a chips plant, and chip companies

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Speaker 6: in general have done pretty well, so that's another one

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Speaker 6: to keep an eye on.

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Speaker 4: This is a global focus and so we think of

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Speaker 4: content ITV being that looked at in the United Kingdom,

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Speaker 4: Nintendo as well. Where else are we looking in terms

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Speaker 4: of our consumer focus.

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Speaker 6: Yeah, entertainment is interesting. Nin Hendo, the big story there

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Speaker 6: is the switch to that's the new version of their console,

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Speaker 6: which is very popular but is getting long in the tooth.

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Speaker 2: Two other names I want to flag. One is Fox.

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Speaker 6: You know that we've been reading a lot about the

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Speaker 6: Murdoch drama. You know, Fox has actually done okay considering

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Speaker 6: the you know, the general declines in TV consumption, linear

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Speaker 6: TV consumption and so on. And the other one is IMAX.

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Speaker 6: The losser of large screen movie theater format. Again, that's

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Speaker 6: a challenging industry. Movie theaters have are going through transition.

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Speaker 6: On the other hand, these James Cameron movies, the Avatar

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Speaker 6: movies are bought into Imax and have been doing well.

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Speaker 6: So that's something that could work in their favor nice.

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Speaker 4: Chaff can Amazing how you've managed to pour through so

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Speaker 4: many other stocks for us.

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Speaker 3: We love it on those top fifty to.

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Speaker 4: Watch Apple and Broadcom stocks on the move today after

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Speaker 4: we understand that Apple is working with Broadcom to develop

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Speaker 4: its own service it's designed specifically for artificial intelligence. Now,

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Speaker 4: the latest report is coming from the Information Bloomberg's Mark

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Speaker 4: German joins us on, Well, you've been reporting this out

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Speaker 4: for a long time that Apple will be delivering AI

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Speaker 4: chips of its own. The nuance here we're learning exactly

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Speaker 4: who's doing it.

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Speaker 5: Yeah.

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Speaker 7: The interesting thing is this morning Apple announced that iOS

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Speaker 7: eighteen point two, which is the latest version of iOS

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Speaker 7: eighteen and with a lot of the new Apple Intelligence features,

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Speaker 7: is actually going to be available today. I would anticipate

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Speaker 7: it's going to be available for download around one pm

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Speaker 7: Eastern ten am Pacific. And Apple Intelligence is interesting because

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Speaker 7: you have a lot of models that run on the

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Speaker 7: device itself.

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Speaker 5: Right Those capabilities can.

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Speaker 7: Actually be processed on the phone, the iPad, the Mac independently,

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Speaker 7: but in some cases they need to go to the cloud.

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Speaker 7: Things like writing tools, things like summarizing texts in some

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Speaker 7: cases summarizing articles, and for that you need your own

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Speaker 7: server infrastructure, and so for what.

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Speaker 5: Apple has done is they've created tweaked.

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Speaker 7: Versions of the M two ultra chip they shipped a

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Speaker 7: couple of years ago, and the M four chip they've

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Speaker 7: become chipping this year to actually be cloud based servers

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Speaker 7: to do that AI processing. And so what this report

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Speaker 7: today is saying is that there's a new generation version

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Speaker 7: of that chip in development for launch about two years

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Speaker 7: from now, which makes sense. They are continuing that rolled

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Speaker 7: out of different chips. They need specialized chips for training data,

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Speaker 7: for inferring data, for pushing data, and what Broadcom is

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Speaker 7: really good at is bringing that data in and out.

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Speaker 7: Apple and Broadcom have been working together for a number

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Speaker 7: of years. Broadcom makes the combined Wi Fi and Bluetooth

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Speaker 7: chip inside of the iPhone and some of the other

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Speaker 7: Apple devices.

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Speaker 5: Broadcom is continuing.

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Speaker 7: To work with Apple on what are known as radio

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Speaker 7: frequency filters or RAF filters, despite the shift away from

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Speaker 7: paucom modems.

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Speaker 5: So this is just a continuation.

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Speaker 7: Of the Apple modem or the Apple Broadcom partnership, i

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Speaker 7: should say, and new generations of AI servers. It shows

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Speaker 7: Apple's commitment to artificial intelligence and doing as much as

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Speaker 7: possible in house.

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Speaker 4: It's also committed to ensuring that we can get connectivity

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Speaker 4: wherever we might be. And you reported that out in

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Speaker 4: terms of the Apple Watch, right and how you're going

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Speaker 4: to be using satellite going forward.

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Speaker 5: Yeah, this makes sense as well.

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Speaker 7: Back in twenty twenty two with the iplone fourteen, Apple

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Speaker 7: launched a feature called Emergency SOS over Satellite. So what

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Speaker 7: that allows you to do is the first advertisement for

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Speaker 7: that so eloquently showed is if you're injured or trapped

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Speaker 7: on a hike or in a remote area without cellular connectivity,

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Speaker 7: you could tap into a satellite network operated by Global Star. Right,

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Speaker 7: you can send a text message to emergency services or

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Speaker 7: file a sort of a radar or an SOS to

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Speaker 7: emergency services and they'll come find you. They expanded that

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Speaker 7: earlier this year with iosa team to allow text messages

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Speaker 7: over satellite to any I message content.

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Speaker 5: And so if you're a hiker, you need to sort

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Speaker 5: of bring your iPhone with you.

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Speaker 7: But they have this eight hund dollars Apple Watch all

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Speaker 7: trin your towards hikers, and now they're going to update

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Speaker 7: it about a year from now with its own satellite connected.

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Speaker 7: Are you meaning you can leave the phone behind and

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Speaker 7: still have that peace of mind being able to reach

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Speaker 7: emergency services and sort of stay on the grid while

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Speaker 7: you're off the grid, out of cellular range.

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Speaker 4: Few Mark Gllman, great to have some time with you.

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Speaker 4: Thank you, all things Apple. Meanwhile, let's shift to SpaceX

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Speaker 4: and its investors have agreed to purchase a much as

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Speaker 4: one point two five billion dollars of insider shares, founding

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Speaker 4: the company at a cool three hundred and fifty billion dollars. So,

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Speaker 4: according to an email seeing my Bloomberg plumost Katie Ruth

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Speaker 4: joins us, now you've been reporting out this valuation for

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Speaker 4: a while and we get confirmation, and in fact, it

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Speaker 4: seems as though a lot of people didn't really want

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Speaker 4: to be setting up their shares.

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Speaker 3: That's right.

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Speaker 8: Actually Elon Musk even tweeted a confirmation of this. So

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Speaker 8: we had reported last week that you know, they were

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Speaker 8: close to finalizing the three hundred and fifty billion dollars valuation,

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Speaker 8: a world record for a private valuation, that has now

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Speaker 8: been finalized. My colleague Laurin Gresh obtained the document confirming

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Speaker 8: our scoop and yeah, it's one hundred and eighty five

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Speaker 8: a share.

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Speaker 4: Which is a significant optic from one hundred and twelve

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Speaker 4: dollars a share that we were talking about just about

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Speaker 4: a month ago. All of this optimism is allowing people

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Speaker 4: who've been long term holders of SpaceX to cash out.

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Speaker 3: Do we have any idea of who those.

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Speaker 4: People are, because, as you say it, SpaceX has been

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Speaker 4: buying back some of the shares, but not as many

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Speaker 4: as they'd anticipated to be able to.

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Speaker 8: Sure, so you know, it's up one hundred billion. You know,

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Speaker 8: from where they were talking a month ago. There's been

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Speaker 8: a surplus of demand because you know, first of all,

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Speaker 8: Elon's ties to Trump up and you know, Trump's election

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Speaker 8: are seen as valuable to some of these shareholders. And

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Speaker 8: then also SpaceX had a successful rocket launch last month,

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Speaker 8: and so both of these things contributed to the perceived value.

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Speaker 3: A lot of these.

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Speaker 8: Private companies aren't necessarily valued based on clear cut metrics,

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Speaker 8: but just where supply meets demand, and often often it's

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Speaker 8: based on a vision for the future. But yes, it's

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Speaker 8: apparently they had excess. They didn't have enough sellers, and

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Speaker 8: so they had to raise the price to match supply.

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Speaker 4: In the band, the greatest American success is what Jared Eisigman,

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Speaker 4: who's of course the NASA name. This NASA chief pick

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Speaker 4: from Trump is calling SpaceX today, KG Ruth. We so

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Speaker 4: appreciate it, Thank you so much. Coming up, ge even Over,

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Speaker 4: CEO Scott strat Sik is going to be joining us

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Speaker 4: for more on how the company is meeting the power

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Speaker 4: needs required to put AI into action.

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Speaker 3: This is bloembag technology.

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Speaker 4: A looming problem placing the AI boom is how the

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Speaker 4: new technology will be powered, and the race is on

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Speaker 4: to meet that anticipated demand. One of the key players,

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Speaker 4: g even Over, the company's developing new technology to provide reliable, affordable,

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Speaker 4: low carbon electricity that it helps produce the sort of

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Speaker 4: power that can put AI in action. Here to talk

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Speaker 4: about it. Geeve and o A CEO Scots Trasik, thank

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Speaker 4: you so much for being here with Chill and thanks

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Speaker 4: for having me.

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Speaker 3: On the back of an investment event.

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Speaker 4: And you are outlining really the demand that you're going

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Speaker 4: to be seeing from AI. Can you just put that

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Speaker 4: into context. How much is going to be increasing the load?

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Speaker 9: You bet?

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Speaker 10: I mean, AI is one of manufacturers that's driving to

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Speaker 10: really the first time in twenty five years, certainly in

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Speaker 10: the US we're seeing real load growth. It's AI, it's

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Speaker 10: the electrification of transportation, electrification of homes, but also US

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Speaker 10: manufacturing are all playing roles that are really leading to

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Speaker 10: a substantial increase in load growth right now. That's we're

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Speaker 10: seeing in a number of our businesses. We're seeing it

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Speaker 10: in substantial increase in orders for gas power right now,

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Speaker 10: we're seeing it in grid infrastructure equipment, and then working

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Speaker 10: with the hyperscaler is going back to that question on

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Speaker 10: how we decarbonize this increased load growth that's very clearly

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Speaker 10: coming this decade.

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Speaker 4: So do you decarbonize? Is it all about nuclear? Is

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Speaker 4: it about innovations? There you set aside what five billion

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Speaker 4: dollars in terms of R and D, you bet it's.

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Speaker 9: Really going to be a little bit of all the above.

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Speaker 10: I mean, there's going to be a lot of decarbonization

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Speaker 10: of gas over the course of the next decade. That's

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Speaker 10: with hydrogen, that's with carbon capture. As an example, we

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Speaker 10: have a running direct air capture plant right now that

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Speaker 10: we'll be able to parlay similar technology on our gas

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Speaker 10: turbines over time.

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Speaker 9: Nuclear is definitely important.

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Speaker 10: We have sixty five nuclear plants with our technology running

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Speaker 10: today in the US, we can operate those plants in

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Speaker 10: provide more electrons this decade. We also have what will

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Speaker 10: be the first small modular reactor that'll get commissioned this

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Speaker 10: decade in twenty twenty nine. That will become a bigger

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Speaker 10: part of the hyperscale or demand cycle into the twenty thirties,

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Speaker 10: and we're.

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Speaker 9: Excited about that. So there's a lot of plays here.

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Speaker 4: It's interesting people have been handwringing about in the last

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Speaker 4: decade how much China has invested in nuclear and how

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Speaker 4: the US ultimately hasn't. Yeah, have you been talking about

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Speaker 4: this for a while, and now everyone's come to the

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Speaker 4: same realization.

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Speaker 10: All Certainly, the activities tolerated considerably in the last call

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Speaker 10: it twenty four months. I mean, I remember sitting in

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Speaker 10: the room at COP twenty eight in Dubai with over

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Speaker 10: twenty heads of states saying we need to triple the

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Speaker 10: nuclear capacity in the world between now and twenty fifty.

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Speaker 10: In the sentiment towards nuclears certainly coming that way, both

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Speaker 10: whether it be with business or with government. It seems

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Speaker 10: like this is going to be our time for nuclear

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Speaker 10: and we're excited about what we can do to help

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Speaker 10: make that a reality.

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Speaker 4: Is there an opportunity cost that where are people not looking?

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Speaker 4: It's interesting that there's perhaps some weakness in the wind

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Speaker 4: area of your business that analysts are calling out.

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Speaker 10: Why that, Well, I think the wind industry at large

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Speaker 10: is one that's still going through more of a maturation

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Speaker 10: process in industrializing the product at scale relative to gas, relative

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Speaker 10: to nuclear that just have longer legacies, stronger supply chains,

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Speaker 10: stronger safety and quality cultures in those supply chains, and totality.

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Speaker 9: But the reality is when you talk about.

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Speaker 10: These different power generation technologies and what people are missing, frankly,

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Speaker 10: it comes back to the grid because regardless of which

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Speaker 10: technologies are going to power this load growth, we need

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Speaker 10: to make a massive investment in the grid in the

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Speaker 10: years to follow. And that's both the physical grid and

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Speaker 10: how the grid thinks and works and grid software, and

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Speaker 10: those are big parts of what we're investing into right now.

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Speaker 4: Is that you is that alongside the government, does this

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Speaker 4: have to be public private partnerships.

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Speaker 10: We do stand for public private partnerships for sure. I

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Speaker 10: mean these are big electrical equipment systems that have been

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Speaker 10: built over one hundred years with public private partnerships playing

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Speaker 10: important roles and that will continue, but a lot of

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Speaker 10: the innovation needs to come from us, so we can't

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Speaker 10: wait for the government. So we're investing considerably and grid

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Speaker 10: software as an example.

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Speaker 9: I mean, does.

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Speaker 4: That impact profitability the long term? The investors, the analysts

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Speaker 4: that you're invested in, were loving the long term future

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Speaker 4: for margin growth, yes, but they were in the near

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Speaker 4: term a little bit worried about the narrowing of the

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Speaker 4: margin target is that because you are having to put

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Speaker 4: money into.

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Speaker 11: R and D.

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Speaker 9: We are investing.

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Speaker 10: We're going to grow our research and development twenty percent

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Speaker 10: in twenty twenty five, and we're doing that because the

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Speaker 10: market's telling us that there's real opportunity to yield a

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Speaker 10: return on that investment over time. The amount of electricity

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Speaker 10: that's going to be needed in the next two decades

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Speaker 10: probably can only be compared to the period of time

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Speaker 10: after World War Two.

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Speaker 9: It's substantial.

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Speaker 10: It's important for both economic growth and frankly, it's important.

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Speaker 9: For stability in the world.

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Speaker 10: So, yeah, we're investing into the future, but we're doing

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Speaker 10: it with high confidence that we're going to yield and

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Speaker 10: return on that investment.

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Speaker 4: You generate about twenty five percent of the world's electricity

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Speaker 4: what does the US look like compared to everywhere else

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Speaker 4: where in the US.

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Speaker 3: Are you having to really focus in on.

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Speaker 9: It? Really isn't all the above theme right now.

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Speaker 10: I mean, we're building out our manufacturing facility for gas

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Speaker 10: turbines in Greenville, South Carolina. We're investing into our nuclear

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Speaker 10: facility in Wilmington, North Carolina. We're also building the largest

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Speaker 10: onshore wind turbine the cell and upstate New York.

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Speaker 9: So really throughout the US, we're.

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Speaker 10: Building stronger local manufacturing to serve a growing market, not

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Speaker 10: just for the US, but candidly so that as we

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Speaker 10: make these innovative investments, we can also export that technology

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Speaker 10: for the world, both for economic development there but also

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00:21:07,480 --> 00:21:07,960
Speaker 10: for peace.

443
00:21:08,960 --> 00:21:12,320
Speaker 4: Wow, big thoughts, Jie Vanhova, CEO, Scott Strazik.

444
00:21:12,600 --> 00:21:13,399
Speaker 3: Really great to have you in.

445
00:21:14,000 --> 00:21:14,679
Speaker 9: Thanks for having me.

446
00:21:15,320 --> 00:21:16,720
Speaker 3: Now it's time for talking tech.

447
00:21:16,760 --> 00:21:20,080
Speaker 4: First up, the chip that powers Huawei's latest flagship smartphone

448
00:21:20,240 --> 00:21:22,760
Speaker 4: is not so different from the one that set off alarm.

449
00:21:22,480 --> 00:21:23,760
Speaker 3: Bells in Washington a year ago.

450
00:21:23,840 --> 00:21:26,359
Speaker 4: According to a device teardown done by Tech Insights and

451
00:21:26,440 --> 00:21:29,880
Speaker 4: Discovery suggests Huawei is still about five years behind industry

452
00:21:29,960 --> 00:21:34,159
Speaker 4: leader TSMC in terms of technology plus Swedish payments group Karnabank,

453
00:21:34,400 --> 00:21:36,919
Speaker 4: has been fined forty five million dollars by the nation's

454
00:21:36,920 --> 00:21:40,080
Speaker 4: financial watchdog for failing to follow anti money laundering rules,

455
00:21:40,119 --> 00:21:43,320
Speaker 4: and the authority found quote significant deficiencies at the company,

456
00:21:43,359 --> 00:21:45,560
Speaker 4: but Karna points out that this was routine review and

457
00:21:45,680 --> 00:21:48,879
Speaker 4: was not related to actual cases of money laundering. And

458
00:21:49,000 --> 00:21:52,639
Speaker 4: China's Top Markets watchdog summoned PDD executives to order the

459
00:21:52,640 --> 00:21:55,960
Speaker 4: company to fix its refunds first policy, which actually allows

460
00:21:55,960 --> 00:21:58,000
Speaker 4: customers to claim refunds without returning their goods.

461
00:21:58,080 --> 00:21:59,840
Speaker 3: The decision comes as a growing number.

462
00:21:59,640 --> 00:22:07,040
Speaker 4: Of small merchants argue the practice really hurts their bottom line.

463
00:22:12,040 --> 00:22:14,000
Speaker 4: I'll come back to Blue Meg Technology and Caroline Hide

464
00:22:14,000 --> 00:22:15,240
Speaker 4: in New York. Let's get you in a quick check

465
00:22:15,240 --> 00:22:17,240
Speaker 4: on these markets because the NASZAQ, which is higher risk

466
00:22:17,280 --> 00:22:20,000
Speaker 4: assets go higher as we get that inflationary pressure coming

467
00:22:20,000 --> 00:22:22,800
Speaker 4: in as anticipated zero point three percent on the CPI

468
00:22:22,880 --> 00:22:25,080
Speaker 4: print month of the month, we are currently up one

469
00:22:25,240 --> 00:22:27,640
Speaker 4: point six percent, and really some of the big tech

470
00:22:27,680 --> 00:22:29,440
Speaker 4: Magnificent seven names lead us higher.

471
00:22:29,480 --> 00:22:30,840
Speaker 3: Go into the individual movers.

472
00:22:30,960 --> 00:22:33,320
Speaker 4: We have got some record highs out there across the board,

473
00:22:33,600 --> 00:22:35,920
Speaker 4: and a large part that is on Alphabet once again

474
00:22:36,040 --> 00:22:39,040
Speaker 4: four straight days and gains the biggest winning four day

475
00:22:39,080 --> 00:22:41,640
Speaker 4: street that we've seen since back to March twenty twenty three.

476
00:22:42,000 --> 00:22:43,200
Speaker 3: Enthusiasm around the.

477
00:22:43,200 --> 00:22:46,560
Speaker 4: Quantum innovation being seen with the Willow quantum chip, but

478
00:22:46,600 --> 00:22:49,919
Speaker 4: add on to that Gemini two point zero being released today,

479
00:22:50,200 --> 00:22:53,000
Speaker 4: innovations in AI, all of this seems very much a

480
00:22:53,080 --> 00:22:55,960
Speaker 4: virtuous circle, despite those antitrust overhangs. So we're hire on

481
00:22:56,000 --> 00:22:58,240
Speaker 4: Alphabet move into some of the individual stories as well

482
00:22:58,240 --> 00:22:59,679
Speaker 4: on the day, and we've been looking a lot at

483
00:22:59,720 --> 00:23:01,520
Speaker 4: the chip makers in the news coming out of the

484
00:23:01,520 --> 00:23:04,080
Speaker 4: information really just iterating a little bit ab mock. German

485
00:23:04,119 --> 00:23:06,800
Speaker 4: had already been reporting that yes, Apple is looking at

486
00:23:06,920 --> 00:23:10,399
Speaker 4: AI focused server chips, and who do they turn to, Well,

487
00:23:10,640 --> 00:23:13,560
Speaker 4: longtime partner Broadcom. We're up some six point three percent

488
00:23:13,760 --> 00:23:15,720
Speaker 4: on the back of Broadcom. And lastly, I'm just looking

489
00:23:15,760 --> 00:23:18,920
Speaker 4: at super Micro, the volatility remaining around that particular name.

490
00:23:18,960 --> 00:23:21,080
Speaker 4: After of course, they did get that extension to be

491
00:23:21,200 --> 00:23:24,600
Speaker 4: giving their financials to the Nasdaq by February. Let's just

492
00:23:24,600 --> 00:23:26,520
Speaker 4: talk a little bit more about on the private side

493
00:23:26,560 --> 00:23:29,480
Speaker 4: and the chip question a little bit more as well.

494
00:23:29,720 --> 00:23:31,920
Speaker 4: Io Labs has just raised one hundred and fifty five

495
00:23:31,960 --> 00:23:35,560
Speaker 4: million dollars in its latest funding round, the likes of Nvidia,

496
00:23:35,840 --> 00:23:39,760
Speaker 4: AMD Ventures, Intel Capital, the three big chip companies basically

497
00:23:40,520 --> 00:23:44,560
Speaker 4: using what is their next technology specializing in using light

498
00:23:44,920 --> 00:23:47,879
Speaker 4: to transfer data between chips, reducing bottlenecks is hoped in

499
00:23:47,960 --> 00:23:51,439
Speaker 4: AI chip technology I A Lab CEO, Mark Wade joins us.

500
00:23:51,440 --> 00:23:54,120
Speaker 4: Now I just want to get the context for our viewers.

501
00:23:54,320 --> 00:23:58,000
Speaker 4: What exactly is going on here? How does photons how

502
00:23:58,040 --> 00:24:02,719
Speaker 4: does ultimately light help reduce the bottlenecks in chips at

503
00:24:02,720 --> 00:24:03,080
Speaker 4: the moment.

504
00:24:04,119 --> 00:24:06,240
Speaker 12: Yeah, well, first, Caroline, thanks for having us here. I'm

505
00:24:06,280 --> 00:24:08,680
Speaker 12: excited to be here and talking with you. I think

506
00:24:08,760 --> 00:24:11,480
Speaker 12: the way to think about this is everyone's familiar with

507
00:24:11,560 --> 00:24:13,800
Speaker 12: and I've been tracking all the innovations coming out and

508
00:24:13,800 --> 00:24:17,960
Speaker 12: exciting applications happening in AI. But the AI application has

509
00:24:18,000 --> 00:24:21,080
Speaker 12: really broken the back of existing computing infrastructure. And we've

510
00:24:21,119 --> 00:24:23,440
Speaker 12: seen a lot of innovation happening on the compute side.

511
00:24:23,480 --> 00:24:26,280
Speaker 12: So people like in video building GPUs, and we've seen

512
00:24:26,280 --> 00:24:30,879
Speaker 12: how these GPUs get deployed in huge AI data center deployments,

513
00:24:30,920 --> 00:24:34,520
Speaker 12: So thousands, tens of thousands of GPUs, but you have

514
00:24:34,560 --> 00:24:37,600
Speaker 12: to connect all of those GPUs together. So now we're

515
00:24:37,600 --> 00:24:40,199
Speaker 12: at a point to where the bottlenecks are happening, and

516
00:24:40,240 --> 00:24:42,800
Speaker 12: how you connect these GPUs together and start to drive

517
00:24:42,840 --> 00:24:49,080
Speaker 12: to higher performance overall systems, driving model growth more interactive

518
00:24:49,160 --> 00:24:53,080
Speaker 12: AI models, And these bottlenecks right now show up as

519
00:24:53,240 --> 00:24:56,520
Speaker 12: lower performance, higher costs, and drive a lot of cost

520
00:24:56,520 --> 00:25:00,240
Speaker 12: pressure in the AI application and the software level that's

521
00:25:00,240 --> 00:25:02,280
Speaker 12: built on top of it. So we're really looking to

522
00:25:02,280 --> 00:25:05,480
Speaker 12: bring the optical innovation to solve that interconnect bottleneck.

523
00:25:05,800 --> 00:25:09,200
Speaker 4: How quickly are we talking about hearing in the next

524
00:25:09,200 --> 00:25:10,520
Speaker 4: couple of years mass production?

525
00:25:11,960 --> 00:25:12,200
Speaker 5: Yeah?

526
00:25:12,320 --> 00:25:13,240
Speaker 2: I think you know.

527
00:25:13,680 --> 00:25:17,440
Speaker 12: We're bringing a low level innovation to the high volume

528
00:25:17,440 --> 00:25:21,240
Speaker 12: semiconductor world, and products in this space always take a

529
00:25:21,280 --> 00:25:23,760
Speaker 12: few years to get to high volume. In the product

530
00:25:23,840 --> 00:25:26,159
Speaker 12: cycles are a few years long. So the way to

531
00:25:26,160 --> 00:25:28,480
Speaker 12: think about where we're at right now and what differentiates

532
00:25:28,560 --> 00:25:30,280
Speaker 12: us is we have a chip that we ship today.

533
00:25:30,640 --> 00:25:33,200
Speaker 12: So it's an optical chip. It's got one hundred million

534
00:25:33,240 --> 00:25:35,960
Speaker 12: transistors on it, it's got thousands of optical devices. Now

535
00:25:36,000 --> 00:25:38,640
Speaker 12: we've really brought a level of integration and performance that's

536
00:25:38,680 --> 00:25:41,440
Speaker 12: never been seen before. But we're shipping in the tens

537
00:25:41,480 --> 00:25:44,359
Speaker 12: of thousands of units whereas the market demand is tens

538
00:25:44,359 --> 00:25:46,560
Speaker 12: of millions. So the work that we still have to

539
00:25:46,600 --> 00:25:48,760
Speaker 12: do over the next few years, along with our partners

540
00:25:49,200 --> 00:25:52,520
Speaker 12: in our strategic investors, so in Nvidia, AMD, Intel, but

541
00:25:52,560 --> 00:25:58,080
Speaker 12: also very importantly the high volume simas manufacturers, Global Foundries, TSMC,

542
00:25:58,760 --> 00:26:02,560
Speaker 12: Intel Foundry working on bringing this forward and scaling it

543
00:26:02,640 --> 00:26:04,600
Speaker 12: a thousand x in the next few years. So think

544
00:26:04,600 --> 00:26:06,240
Speaker 12: of this as still a couple of years away.

545
00:26:06,520 --> 00:26:08,680
Speaker 3: Mark, who are you currently shipping to? In what form?

546
00:26:08,760 --> 00:26:09,760
Speaker 3: Is it already been used?

547
00:26:10,600 --> 00:26:13,359
Speaker 12: Yeah, so we're shipping across a number of the customers

548
00:26:13,640 --> 00:26:17,840
Speaker 12: that we strategically work with, and how they're using it

549
00:26:17,920 --> 00:26:21,159
Speaker 12: right now is one making sure that the core technology works.

550
00:26:21,600 --> 00:26:25,240
Speaker 12: So we've invented a new technology, and so before you

551
00:26:25,320 --> 00:26:27,520
Speaker 12: commit to deploying that in high volume, you have to

552
00:26:27,600 --> 00:26:30,280
Speaker 12: kick the tires and say, okay, there's some new elements here,

553
00:26:30,320 --> 00:26:33,080
Speaker 12: there's innovation that we've done. Does it actually work, how's

554
00:26:33,119 --> 00:26:36,760
Speaker 12: it yielding, how's it behaving in terms of reliability? And

555
00:26:36,800 --> 00:26:39,040
Speaker 12: so a lot of our customers are consuming these thousands

556
00:26:39,040 --> 00:26:41,920
Speaker 12: and tens of thousands of parts to really prove out

557
00:26:41,960 --> 00:26:45,520
Speaker 12: that this technology is poised to scale into the millions.

558
00:26:45,720 --> 00:26:47,240
Speaker 2: So that's how people are using it today.

559
00:26:47,480 --> 00:26:52,040
Speaker 4: When you think about Nvidia, AMD, Intel, all of them

560
00:26:52,119 --> 00:26:56,080
Speaker 4: fierce frenemies in some ways work with each other, but

561
00:26:56,119 --> 00:26:59,400
Speaker 4: in many ways work to compete. They're willing to all

562
00:26:59,480 --> 00:27:03,239
Speaker 4: work very equally to get access to your technology.

563
00:27:04,160 --> 00:27:05,800
Speaker 2: Yeah, I think the way to think about.

564
00:27:05,520 --> 00:27:10,440
Speaker 12: This is everyone's realizing that a transition towards a new

565
00:27:10,480 --> 00:27:14,480
Speaker 12: scale of optical technologies and optical products, it's very important

566
00:27:14,480 --> 00:27:19,359
Speaker 12: for all of their future deployments in products. So we've

567
00:27:19,359 --> 00:27:22,520
Speaker 12: always viewed this and what we're doing as a broadly

568
00:27:22,560 --> 00:27:24,800
Speaker 12: deployed and ubiquitous technology.

569
00:27:25,240 --> 00:27:27,320
Speaker 2: So, yes, you're right.

570
00:27:27,320 --> 00:27:30,720
Speaker 12: This mac conductor world is notorious for frenemy engagements. You know,

571
00:27:30,880 --> 00:27:33,919
Speaker 12: your suppliers, your partners. Sometimes you're competing. I think that's

572
00:27:34,000 --> 00:27:37,840
Speaker 12: just how this world works, and ultimately it rewards those

573
00:27:37,840 --> 00:27:41,720
Speaker 12: who innovate generation after generation. And we're on the forefront

574
00:27:41,760 --> 00:27:45,120
Speaker 12: of bringing optical innovation and optical products to the broad market.

575
00:27:45,320 --> 00:27:46,800
Speaker 12: So that's how we view it, and we see our

576
00:27:46,840 --> 00:27:49,879
Speaker 12: partners really working closely and well with us to realize

577
00:27:49,880 --> 00:27:50,320
Speaker 12: that vision.

578
00:27:50,520 --> 00:27:52,680
Speaker 3: It came out of academia. MIT Lab was where a

579
00:27:52,720 --> 00:27:53,520
Speaker 3: lot of this was born.

580
00:27:53,640 --> 00:27:56,480
Speaker 4: Mark, what about the profitability the business model for you

581
00:27:56,720 --> 00:27:58,399
Speaker 4: and what layer are you getting paid?

582
00:28:00,080 --> 00:28:00,639
Speaker 5: Great question.

583
00:28:01,000 --> 00:28:03,240
Speaker 12: Part of the innovation here is that we're bringing the

584
00:28:03,280 --> 00:28:07,160
Speaker 12: power of fabulous semiconductor design, which has done phenomenally well

585
00:28:07,400 --> 00:28:11,440
Speaker 12: in the world of SEAMAS and Electronics and companies Liken, Vidia, AMD,

586
00:28:11,960 --> 00:28:14,760
Speaker 12: but we're bringing a photonic element to that. So we

587
00:28:14,800 --> 00:28:16,879
Speaker 12: get paid at the chip level. So we ship a

588
00:28:17,000 --> 00:28:20,080
Speaker 12: known good optical IoT chiplet so it's a silicon ship

589
00:28:20,119 --> 00:28:22,199
Speaker 12: that we ship to our customers and they integrate that

590
00:28:22,280 --> 00:28:26,000
Speaker 12: chip into their multi chip packages GPUs, CPUs in the

591
00:28:26,040 --> 00:28:30,400
Speaker 12: future switches memory interfaces. So this really becomes a ubiquitous,

592
00:28:30,480 --> 00:28:33,840
Speaker 12: largely deployed kind of proliferation of optical technologies, and we.

593
00:28:33,760 --> 00:28:37,160
Speaker 4: Sell it chip At the moment, who makes those chips

594
00:28:37,200 --> 00:28:40,680
Speaker 4: is Global Foundries, Intel, and you're talking to TSMC.

595
00:28:41,680 --> 00:28:44,240
Speaker 3: Will we just see all of those.

596
00:28:44,000 --> 00:28:46,160
Speaker 4: Three be the ones that bring you to mass production

597
00:28:46,280 --> 00:28:47,280
Speaker 4: by twenty twenty six.

598
00:28:48,360 --> 00:28:48,760
Speaker 2: That's right.

599
00:28:48,920 --> 00:28:51,160
Speaker 12: I think the other thing to latch onto here is

600
00:28:51,200 --> 00:28:56,320
Speaker 12: that the high volume, leading edge foundries are getting involved.

601
00:28:56,400 --> 00:29:01,080
Speaker 12: So Global Foundries, Intel, Foundries, TSMC, they've all made public

602
00:29:01,120 --> 00:29:03,760
Speaker 12: statements about what they're doing in photonics, and we're working

603
00:29:03,760 --> 00:29:06,280
Speaker 12: closely with all of them, and we're excited about how

604
00:29:06,320 --> 00:29:09,240
Speaker 12: this is coming together. And yes, we need that scale

605
00:29:09,640 --> 00:29:12,040
Speaker 12: of manufacturing to deliver to the tens and hundreds of

606
00:29:12,040 --> 00:29:14,880
Speaker 12: millions of units that the market is demanding a few

607
00:29:14,960 --> 00:29:15,680
Speaker 12: years in the future.

608
00:29:16,080 --> 00:29:19,840
Speaker 4: I allowed CEO Mark Wade, really appreciate your time on

609
00:29:19,880 --> 00:29:22,920
Speaker 4: the funding round. Meanwhile, just shift our attention to GM

610
00:29:23,400 --> 00:29:27,440
Speaker 4: shutting down its Cruise Robotaxi division, setting high development costs

611
00:29:27,440 --> 00:29:31,360
Speaker 4: and reputational risks. GM will merge crews into its operations,

612
00:29:31,360 --> 00:29:35,000
Speaker 4: focusing on developing advanced safety systems and offering autonomous driving

613
00:29:35,040 --> 00:29:35,280
Speaker 4: as a.

614
00:29:35,280 --> 00:29:37,000
Speaker 3: Feature of future models.

615
00:29:37,200 --> 00:29:39,720
Speaker 4: The company says the decision will save the company over

616
00:29:39,720 --> 00:29:43,560
Speaker 4: a billion dollars in annual costs coming up was in

617
00:29:43,640 --> 00:29:45,760
Speaker 4: store for the ibo market heading into twenty twenty five?

618
00:29:45,760 --> 00:29:47,840
Speaker 4: Wesley Chants with US co founder and managing partner at

619
00:29:47,920 --> 00:29:49,480
Speaker 4: FPV Ventures.

620
00:29:50,080 --> 00:29:51,240
Speaker 3: This is Bloomberg Technology.

621
00:30:01,240 --> 00:30:04,880
Speaker 4: After potential IPO filings from companies like Klana, like Service Titan,

622
00:30:05,280 --> 00:30:07,680
Speaker 4: what's the outlook for tech IPOs heading into the next year.

623
00:30:07,880 --> 00:30:11,400
Speaker 4: How long will these AI valuations remain so heavy? Wesley

624
00:30:11,480 --> 00:30:13,200
Speaker 4: chan is with US co founder and managing partner at

625
00:30:13,240 --> 00:30:15,520
Speaker 4: fpvv Eventures. We've got a lot of thoughts on both

626
00:30:15,560 --> 00:30:18,520
Speaker 4: sides of the equation. We are getting excited for potentially

627
00:30:18,560 --> 00:30:21,200
Speaker 4: IPOs to reopen, particularly as we see a new administration.

628
00:30:21,200 --> 00:30:23,560
Speaker 3: Everyone's talking about more pro business. Is that going to happen?

629
00:30:23,920 --> 00:30:24,440
Speaker 2: I think so.

630
00:30:24,600 --> 00:30:27,000
Speaker 13: I mean, everybody's very excited about twenty twenty five, especially

631
00:30:27,000 --> 00:30:29,680
Speaker 13: going to twenty twenty six. If more interest rates fall,

632
00:30:29,720 --> 00:30:31,160
Speaker 13: you'll see a lot of people pump more money in

633
00:30:31,200 --> 00:30:34,640
Speaker 13: the markets and you might have a wonderful season of IPOs.

634
00:30:34,840 --> 00:30:36,880
Speaker 13: We're still waiting it out right now. It hasn't happened.

635
00:30:36,920 --> 00:30:39,480
Speaker 13: You know, Service Titan has filed. We're hoping in fingers crossed,

636
00:30:39,480 --> 00:30:41,080
Speaker 13: so that does really well, and you know, I think that

637
00:30:41,120 --> 00:30:43,320
Speaker 13: will open up the doors for more people to want

638
00:30:43,360 --> 00:30:44,560
Speaker 13: to come out into the market.

639
00:30:44,840 --> 00:30:47,520
Speaker 4: There's been some bit of pills to swallow on the progress.

640
00:30:47,520 --> 00:30:49,440
Speaker 4: For example, a Klana in the heady days of twenty

641
00:30:49,480 --> 00:30:51,560
Speaker 4: twenty one, the valuation is much different, but it has

642
00:30:51,600 --> 00:30:54,960
Speaker 4: improved from recent years. What does that speak to in

643
00:30:55,040 --> 00:30:57,280
Speaker 4: terms of where the valuations will lie when we come

644
00:30:57,320 --> 00:30:58,040
Speaker 4: to the public market.

645
00:30:58,080 --> 00:31:00,000
Speaker 2: They'll still be down from the last couple of years.

646
00:31:00,000 --> 00:31:01,960
Speaker 13: So you have to remember that we had zero interest rates,

647
00:31:02,000 --> 00:31:04,640
Speaker 13: so people had an outrageous amount of money in the markets.

648
00:31:04,680 --> 00:31:07,120
Speaker 13: With the pandemic and the stimulus, people just pumped money

649
00:31:07,240 --> 00:31:08,240
Speaker 13: in the IPOs as.

650
00:31:08,080 --> 00:31:09,600
Speaker 2: If it was everything was great.

651
00:31:09,720 --> 00:31:12,320
Speaker 13: And I think what you'll see in the next couple

652
00:31:12,360 --> 00:31:14,280
Speaker 13: of years is only the best companies will sort of

653
00:31:14,280 --> 00:31:16,360
Speaker 13: come out at the beginning, and that those best companies

654
00:31:16,400 --> 00:31:19,160
Speaker 13: will get valuations that are are reflective of their being

655
00:31:19,240 --> 00:31:20,680
Speaker 13: unique and being exceptional.

656
00:31:20,800 --> 00:31:22,760
Speaker 4: And those best companies always going to have to be

657
00:31:22,880 --> 00:31:26,560
Speaker 4: generative AI adjacent RD you know, I hope.

658
00:31:26,320 --> 00:31:27,480
Speaker 2: Not right Like you know, I think there are a

659
00:31:27,480 --> 00:31:28,640
Speaker 2: lot of great companies that are waiting.

660
00:31:29,040 --> 00:31:32,320
Speaker 13: I'm I've been involved with Canada for almost for almost

661
00:31:32,600 --> 00:31:35,960
Speaker 13: eleven years, and they do use some AI as part

662
00:31:35,960 --> 00:31:38,120
Speaker 13: of their product offering. But you know, Canvas started out

663
00:31:38,160 --> 00:31:40,280
Speaker 13: as a tool for everybody to use to be pro

664
00:31:40,520 --> 00:31:42,959
Speaker 13: to be more productive, and you know, nobody sees them

665
00:31:42,960 --> 00:31:45,400
Speaker 13: as an AI company quite yet. And you know, everybody

666
00:31:45,480 --> 00:31:47,560
Speaker 13: talking about their possibility of IPO in the next couple

667
00:31:47,600 --> 00:31:49,200
Speaker 13: of years. So you'll see a lot of great companies

668
00:31:49,200 --> 00:31:49,560
Speaker 13: come out.

669
00:31:49,600 --> 00:31:51,400
Speaker 4: Will they all come out in the United States? If

670
00:31:51,440 --> 00:31:54,520
Speaker 4: indeed they are that. We're seeing Indian listings, for example,

671
00:31:54,520 --> 00:31:56,600
Speaker 4: pick up for local companies or is it all about

672
00:31:56,600 --> 00:31:57,200
Speaker 4: coming to the US.

673
00:31:57,360 --> 00:31:59,560
Speaker 13: I think if you're a founder, no matter where in

674
00:31:59,560 --> 00:32:00,640
Speaker 13: the world, do you or you know a lot of

675
00:32:00,720 --> 00:32:02,800
Speaker 13: them tell me it's through dream to IPO in the US,

676
00:32:03,120 --> 00:32:04,920
Speaker 13: so you know you'll see the best ones IPO here.

677
00:32:04,960 --> 00:32:07,080
Speaker 13: That's where all the capital is and where people are

678
00:32:07,120 --> 00:32:08,680
Speaker 13: excited about having their listenings.

679
00:32:08,680 --> 00:32:09,520
Speaker 3: People are exuberant.

680
00:32:09,520 --> 00:32:11,680
Speaker 4: They're also about M and A picking up. I mean,

681
00:32:12,000 --> 00:32:14,920
Speaker 4: many would say there's still limitations on the Magnificent seven

682
00:32:15,000 --> 00:32:17,520
Speaker 4: to really make too many acquisitions. But is that going

683
00:32:17,560 --> 00:32:21,200
Speaker 4: to be a more furtive area of exit at least?

684
00:32:21,640 --> 00:32:23,520
Speaker 13: I hope so, but I'm skeptical of it. We have

685
00:32:23,560 --> 00:32:25,480
Speaker 13: a couple issues with M and A. The first being

686
00:32:25,760 --> 00:32:27,600
Speaker 13: that you know, a lot a lot of it was blocked.

687
00:32:27,600 --> 00:32:29,160
Speaker 13: You know you saw this morning. Then we had another

688
00:32:29,200 --> 00:32:32,280
Speaker 13: one that was kind of blocked on this Kroger Albertson's one.

689
00:32:32,560 --> 00:32:34,160
Speaker 13: We might have a new administration, we might have a

690
00:32:34,160 --> 00:32:37,080
Speaker 13: new FTC that will be more more lenient towards allowing

691
00:32:37,120 --> 00:32:39,000
Speaker 13: some of these m and as through, But right now

692
00:32:39,040 --> 00:32:41,200
Speaker 13: it's the M and A market is for most part

693
00:32:41,240 --> 00:32:43,520
Speaker 13: shut down, especially for folks and tech companies.

694
00:32:44,320 --> 00:32:47,080
Speaker 4: So where are you seeing for example, a lot of

695
00:32:47,080 --> 00:32:49,680
Speaker 4: the activity when you're all trying to get into deals,

696
00:32:49,760 --> 00:32:52,320
Speaker 4: is it that you're writing still the initial checks? How

697
00:32:52,400 --> 00:32:54,920
Speaker 4: much you've been tempted by some of these secondary market activities.

698
00:32:54,960 --> 00:32:57,920
Speaker 4: It seemed to be the area of giving certainly investors

699
00:32:57,960 --> 00:32:59,160
Speaker 4: and employees liquidity.

700
00:32:59,440 --> 00:33:01,760
Speaker 13: You know, there's a lot of activity helpening happening there,

701
00:33:01,800 --> 00:33:04,480
Speaker 13: but my taste has always been either first check in

702
00:33:04,600 --> 00:33:07,000
Speaker 13: or on the series A and not doing these secondaries.

703
00:33:07,040 --> 00:33:09,480
Speaker 13: That's where you spot these founders was amazing talent, and

704
00:33:09,720 --> 00:33:12,320
Speaker 13: they'll probably go to IPO if they achieve what they want.

705
00:33:12,320 --> 00:33:13,240
Speaker 2: Google went to IPO.

706
00:33:13,560 --> 00:33:15,440
Speaker 13: I was there as a very early employee, and I

707
00:33:15,480 --> 00:33:17,840
Speaker 13: watched that reopen the public markets in two thousand and four.

708
00:33:18,280 --> 00:33:20,200
Speaker 2: And you know, you have one great or two.

709
00:33:20,000 --> 00:33:22,080
Speaker 13: Great or three great companies IPO and the market will

710
00:33:22,080 --> 00:33:24,000
Speaker 13: start blooming again. We sought first then well Google when

711
00:33:24,040 --> 00:33:25,880
Speaker 13: things were shut down after Enron and after the first

712
00:33:25,920 --> 00:33:26,640
Speaker 13: recession in.

713
00:33:26,640 --> 00:33:27,480
Speaker 2: The dot com bust.

714
00:33:27,680 --> 00:33:30,120
Speaker 13: So you know, the history doesn't quite repeat itself. But

715
00:33:30,120 --> 00:33:32,240
Speaker 13: boy doesn't rhyme a lot does rhyme?

716
00:33:33,120 --> 00:33:37,320
Speaker 4: Does the never ending wall of money going towards general

717
00:33:37,360 --> 00:33:39,560
Speaker 4: to AI startups continue.

718
00:33:39,680 --> 00:33:41,960
Speaker 2: We're already seeing it stop a little bit right.

719
00:33:42,040 --> 00:33:44,040
Speaker 13: You know, there were a lot of it E been

720
00:33:44,160 --> 00:33:46,760
Speaker 13: flows and with a lot of general of AI startups

721
00:33:46,800 --> 00:33:49,160
Speaker 13: that were doing video models or doing you know, the

722
00:33:49,800 --> 00:33:52,320
Speaker 13: first stage. A lot of them can't raise money anymore.

723
00:33:52,360 --> 00:33:54,240
Speaker 13: You know, they're calling companies I can and saying, please

724
00:33:54,240 --> 00:33:54,720
Speaker 13: acquire us.

725
00:33:54,760 --> 00:33:57,000
Speaker 2: We're just out of cash. So I think I think

726
00:33:57,000 --> 00:33:57,400
Speaker 2: you're going.

727
00:33:57,320 --> 00:33:59,280
Speaker 13: To see that first wave start, you know, start start

728
00:33:59,320 --> 00:34:01,160
Speaker 13: seeing their bubble pop, and then you'll see a second

729
00:34:01,160 --> 00:34:04,000
Speaker 13: wave of applications. The ones that are changing how legal

730
00:34:04,080 --> 00:34:06,440
Speaker 13: is done, changing how insurance is done, changing how insurance

731
00:34:06,480 --> 00:34:09,120
Speaker 13: underwriting serve occurs, start to become very popular, and I

732
00:34:09,120 --> 00:34:11,080
Speaker 13: think those will have some value. We saw this in

733
00:34:11,160 --> 00:34:13,240
Speaker 13: mobile firsthand. Like you know, a lot of the companies

734
00:34:13,280 --> 00:34:15,560
Speaker 13: that were doing mobile infrastructure all went could put you know,

735
00:34:15,719 --> 00:34:19,560
Speaker 13: very very quickly, or they got bought as acquisitive M

736
00:34:19,600 --> 00:34:21,799
Speaker 13: and A by Google or Apple. And what you'll see

737
00:34:21,840 --> 00:34:25,000
Speaker 13: is companies like Jena that are the incumbents in jenai,

738
00:34:25,040 --> 00:34:27,680
Speaker 13: whether it's Google or Microsoft or open Ai which is

739
00:34:27,760 --> 00:34:30,439
Speaker 13: entirely almost funded by Microsoft, sort of keep the line

740
00:34:30,440 --> 00:34:32,280
Speaker 13: share because they have access to all the compute power.

741
00:34:32,800 --> 00:34:36,000
Speaker 3: You see, it's got a lot of money, as we said,

742
00:34:36,000 --> 00:34:36,520
Speaker 3: But what you'll.

743
00:34:36,440 --> 00:34:38,080
Speaker 2: See is a lot of the application layers.

744
00:34:38,120 --> 00:34:40,840
Speaker 13: Just like how Uber and Airbnb became the application companies

745
00:34:40,840 --> 00:34:43,680
Speaker 13: for mobile, the application companies for Jenai will start becoming

746
00:34:43,719 --> 00:34:45,319
Speaker 13: very popular and have a lot of value in this

747
00:34:45,360 --> 00:34:46,200
Speaker 13: could put moment.

748
00:34:47,480 --> 00:34:50,520
Speaker 4: Then there are a lot of zombies out there who

749
00:34:50,560 --> 00:34:53,439
Speaker 4: are still clinging to unicorn valuations, but no one's quite

750
00:34:53,480 --> 00:34:56,680
Speaker 4: ready to rip up the script and mark it down.

751
00:34:57,040 --> 00:34:59,040
Speaker 3: When did these comput moments actually happen?

752
00:34:59,120 --> 00:35:00,759
Speaker 13: When they run out of cat We saw this first

753
00:35:00,840 --> 00:35:03,080
Speaker 13: end of the dot com bust, right, A lot of companies

754
00:35:03,120 --> 00:35:05,680
Speaker 13: had these crazy unicorn valuations because the market was unlimited

755
00:35:05,680 --> 00:35:07,719
Speaker 13: and all of a sudden and one fell swoop after

756
00:35:07,760 --> 00:35:09,920
Speaker 13: there was that big recession, the dot com bust happened,

757
00:35:09,920 --> 00:35:12,120
Speaker 13: and all these companies almost in like a couple month period.

758
00:35:12,120 --> 00:35:14,359
Speaker 13: When when could put overnight? And I think we'll see

759
00:35:14,360 --> 00:35:16,959
Speaker 13: this with some of the Genai companies. The market will

760
00:35:16,960 --> 00:35:18,720
Speaker 13: just say we don't have money for you for funding.

761
00:35:18,760 --> 00:35:20,880
Speaker 13: They won't have a profitable business model, just like how

762
00:35:20,880 --> 00:35:23,080
Speaker 13: although the e commerce companies never made a dime, they

763
00:35:23,120 --> 00:35:24,400
Speaker 13: lost money in every transaction.

764
00:35:24,640 --> 00:35:26,240
Speaker 2: You'll see that business models.

765
00:35:26,440 --> 00:35:28,320
Speaker 13: Risks sort of play out and then all of a sudden,

766
00:35:28,640 --> 00:35:30,239
Speaker 13: with no more cash being able to raise and the

767
00:35:30,280 --> 00:35:31,160
Speaker 13: money being burned, they'll have.

768
00:35:31,200 --> 00:35:31,879
Speaker 2: To close the doors.

769
00:35:31,880 --> 00:35:33,480
Speaker 4: Where in the generator of AI stack are you talking

770
00:35:33,480 --> 00:35:36,640
Speaker 4: about the application layer here rather than the foundational I think.

771
00:35:36,560 --> 00:35:39,840
Speaker 13: It's between the foundational models. Those folks have lots of funding,

772
00:35:39,880 --> 00:35:43,080
Speaker 13: they have incumbents, unlimited compute power. You have the applications

773
00:35:43,080 --> 00:35:47,080
Speaker 13: that are taking advantage of some of the new features

774
00:35:47,400 --> 00:35:49,680
Speaker 13: and the new launches that are happening in the gen model,

775
00:35:49,680 --> 00:35:50,880
Speaker 13: in the foundational models.

776
00:35:50,920 --> 00:35:51,880
Speaker 2: But there are a lot of companies in.

777
00:35:51,880 --> 00:35:53,560
Speaker 13: Between that we're using some of these models to do

778
00:35:53,600 --> 00:35:55,880
Speaker 13: better videos or better writing tools. That's where you're going

779
00:35:55,920 --> 00:35:57,760
Speaker 13: to see a lot of a lot of wreckage.

780
00:35:58,239 --> 00:35:59,960
Speaker 4: Nicely, it's always great to get you straight to a

781
00:36:00,160 --> 00:36:02,040
Speaker 4: on the show. As a chan co founder and managing

782
00:36:02,040 --> 00:36:04,399
Speaker 4: partner at FPV Ventures when they look ahead for twenty

783
00:36:04,440 --> 00:36:05,000
Speaker 4: twenty five.

784
00:36:05,800 --> 00:36:07,160
Speaker 3: Of course, Worsley used to work at Google.

785
00:36:07,239 --> 00:36:09,240
Speaker 4: Let's talk about Google for a moment, because it's debuted

786
00:36:09,239 --> 00:36:12,000
Speaker 4: a new version of its flagship AI model, Gemini two

787
00:36:12,040 --> 00:36:14,399
Speaker 4: point zero, saying it is twice as fast as its

788
00:36:14,400 --> 00:36:17,800
Speaker 4: previous version and will power virtual agents that assist users

789
00:36:18,000 --> 00:36:21,040
Speaker 4: then the new model can generate images and audio across languages,

790
00:36:21,320 --> 00:36:25,920
Speaker 4: can assist during Google searches and coding projects. Meanwhile, Adobe

791
00:36:25,960 --> 00:36:29,560
Speaker 4: also rolling out new features, this one it's Ai video product.

792
00:36:29,719 --> 00:36:32,800
Speaker 4: Much more slowly though than open AI's rival Sara service,

793
00:36:32,960 --> 00:36:33,399
Speaker 4: it's been.

794
00:36:33,280 --> 00:36:35,400
Speaker 3: Fueling concerns that it's falling behind.

795
00:36:35,440 --> 00:36:37,759
Speaker 4: The company announced the tool two months ago and it

796
00:36:37,800 --> 00:36:41,400
Speaker 4: remains in limited testing, only accessible by a handful of creators. Meanwhile,

797
00:36:41,440 --> 00:36:44,600
Speaker 4: Sora made available to a wide audience just this week.

798
00:36:44,680 --> 00:36:55,799
Speaker 4: We await Adobe's numbers after the bout. We have a

799
00:36:55,840 --> 00:36:58,359
Speaker 4: new intra day record being hit for Tesla. Keep an

800
00:36:58,360 --> 00:37:00,319
Speaker 4: eye on the stock. We're currently up to two point

801
00:37:00,360 --> 00:37:02,080
Speaker 4: seven seven percent, but at one point we're gaining three

802
00:37:02,120 --> 00:37:04,680
Speaker 4: and a half percent to hit the first interday record

803
00:37:04,760 --> 00:37:06,200
Speaker 4: since twenty twenty one.

804
00:37:06,560 --> 00:37:09,040
Speaker 3: The enthusiasm around.

805
00:37:08,840 --> 00:37:12,880
Speaker 4: Tesla, of course, since the new President elect Trump was

806
00:37:12,880 --> 00:37:16,720
Speaker 4: announced in early November, being priced in. Meanwhile, let's shift

807
00:37:16,719 --> 00:37:18,799
Speaker 4: our gear is to TikTok, another one to focus in

808
00:37:18,880 --> 00:37:22,040
Speaker 4: the Trump administration. It's currently offering users hundreds of dollars

809
00:37:22,040 --> 00:37:24,600
Speaker 4: to spend time in the app, invite friends to join

810
00:37:24,840 --> 00:37:27,600
Speaker 4: and purchase products on TikTok shop. This is all part

811
00:37:27,600 --> 00:37:29,960
Speaker 4: of an effort to expand the business as quickly as possible,

812
00:37:29,960 --> 00:37:32,280
Speaker 4: ahead of course, a possible ban in the United States.

813
00:37:32,320 --> 00:37:36,520
Speaker 4: Bombergs Alexandra Levine brings us this story quite extraordinary, some

814
00:37:36,560 --> 00:37:38,160
Speaker 4: of the ways they're enticing new users.

815
00:37:39,520 --> 00:37:41,920
Speaker 14: I haven't seen this particular one before, and I think

816
00:37:41,960 --> 00:37:44,120
Speaker 14: what's so interesting is you know they've already have They

817
00:37:44,120 --> 00:37:46,479
Speaker 14: already have one hundred and one hundred and seventy million

818
00:37:46,480 --> 00:37:49,040
Speaker 14: Americans using the app. That is more than half the

819
00:37:49,040 --> 00:37:51,600
Speaker 14: American population. It is more Americans than voted in our

820
00:37:51,680 --> 00:37:54,640
Speaker 14: last election. And this shows that they are still trying

821
00:37:54,680 --> 00:37:57,319
Speaker 14: to get more, as you said, to just really maximize

822
00:37:57,360 --> 00:38:00,560
Speaker 14: before this potential band goes into effect in just over

823
00:38:00,600 --> 00:38:00,919
Speaker 14: a month.

824
00:38:01,000 --> 00:38:02,880
Speaker 3: So what is the idea? More people?

825
00:38:02,960 --> 00:38:05,359
Speaker 4: More the one hundred and seventy million that already use

826
00:38:05,400 --> 00:38:08,200
Speaker 4: it will be a bigger outcry if indeed we are

827
00:38:08,239 --> 00:38:10,239
Speaker 4: going to see it banned or if they choose not

828
00:38:10,280 --> 00:38:11,680
Speaker 4: to divest from White Dance.

829
00:38:12,640 --> 00:38:15,440
Speaker 14: Absolutely, the thought is that it's best to just do

830
00:38:15,560 --> 00:38:17,440
Speaker 14: as much as they can and grab as much as

831
00:38:17,440 --> 00:38:20,480
Speaker 14: they can to both increase the value of the company

832
00:38:20,520 --> 00:38:23,080
Speaker 14: and also to make the app more deeply entrenched in

833
00:38:23,800 --> 00:38:27,320
Speaker 14: the American Americans everyday life than in the American economy

834
00:38:27,440 --> 00:38:30,480
Speaker 14: before this potentially comes to pass. And so what you're

835
00:38:30,520 --> 00:38:32,920
Speaker 14: seeing in this offer now when folks are opening up

836
00:38:32,960 --> 00:38:35,799
Speaker 14: the app is that they are being offered up to

837
00:38:35,880 --> 00:38:38,600
Speaker 14: three hundred and fifty dollars basically to spend in cash

838
00:38:38,640 --> 00:38:41,480
Speaker 14: rewards on TikTok Shop, which is still one of the

839
00:38:41,480 --> 00:38:43,360
Speaker 14: biggest bets for the company and one of the areas

840
00:38:43,400 --> 00:38:44,759
Speaker 14: where they are trying to invest the most.

841
00:38:44,920 --> 00:38:47,440
Speaker 4: And they're expanding in Europe as well, anasms in Spain

842
00:38:47,520 --> 00:38:48,160
Speaker 4: and Ireland.

843
00:38:48,600 --> 00:38:50,480
Speaker 3: But how well is it doing?

844
00:38:50,560 --> 00:38:52,640
Speaker 4: Do we have any sense of how many people have

845
00:38:52,640 --> 00:38:54,560
Speaker 4: been using TikTok Shop in the US.

846
00:38:55,239 --> 00:38:58,719
Speaker 14: So we know that TikTok Shop is why be popular here.

847
00:38:58,840 --> 00:39:01,480
Speaker 14: We know that TikTok or Bye Dance, its parent company,

848
00:39:01,800 --> 00:39:05,239
Speaker 14: had aimed to get users to spend seventeen point five

849
00:39:05,239 --> 00:39:07,279
Speaker 14: billion dollars on the app this year. We know that

850
00:39:07,320 --> 00:39:10,439
Speaker 14: they just had triple the Black Friday sales this year

851
00:39:10,480 --> 00:39:12,759
Speaker 14: that they had last year, So we know that they're

852
00:39:12,800 --> 00:39:15,360
Speaker 14: doing very well as far as outside the US. It

853
00:39:15,440 --> 00:39:18,560
Speaker 14: just launched yesterday in Spain, so it's a little bit newer.

854
00:39:18,760 --> 00:39:20,600
Speaker 14: But I think what we can say looking at the

855
00:39:20,680 --> 00:39:23,399
Speaker 14: US numbers is that all of the regulatory scrutiny really

856
00:39:23,440 --> 00:39:26,360
Speaker 14: hasn't done much to dampen interest in the e commerce

857
00:39:26,440 --> 00:39:27,720
Speaker 14: armer of the platform.

858
00:39:27,440 --> 00:39:31,040
Speaker 4: Throwing everything trying to gain those the US uses Alexandra Levine,

859
00:39:31,040 --> 00:39:31,879
Speaker 4: thank you so much.

860
00:39:32,040 --> 00:39:32,920
Speaker 3: In San Francisco.

861
00:39:33,239 --> 00:39:37,480
Speaker 4: Sticking with shopping paid product reviews online, which merchants can

862
00:39:37,560 --> 00:39:40,400
Speaker 4: use to gain a competitive edge, they're under increasing scrutiny.

863
00:39:40,560 --> 00:39:42,600
Speaker 4: First it was a government camp down by the FTC

864
00:39:42,680 --> 00:39:45,600
Speaker 4: back in August. Now Amazon itself is asking online shoppers

865
00:39:45,600 --> 00:39:48,920
Speaker 4: to provide information about product testimonials that they've posted on

866
00:39:48,960 --> 00:39:52,160
Speaker 4: TikTok or YouTube or Instagram. Pooemberg Spencer SOPA has done

867
00:39:52,160 --> 00:39:54,480
Speaker 4: the deep dive here and what Amazon is basically under

868
00:39:54,520 --> 00:39:58,759
Speaker 4: pressure to really work out who's shouldn't be paying such influence.

869
00:40:00,880 --> 00:40:05,040
Speaker 11: Yeah, the interesting thing here is that they're looking beyond Amazon.

870
00:40:05,120 --> 00:40:07,200
Speaker 11: You know, Amazon for years has tried to clamp down

871
00:40:07,239 --> 00:40:10,600
Speaker 11: on fake reviews. They've looked at scams where people were

872
00:40:10,600 --> 00:40:14,080
Speaker 11: maybe like taking payments on PayPal and exchange for reviews

873
00:40:14,080 --> 00:40:17,680
Speaker 11: on Amazon. And what's happening now is they're actually reaching

874
00:40:17,719 --> 00:40:20,920
Speaker 11: out to people who've posted reviews on Amazon and asking, hey,

875
00:40:20,920 --> 00:40:23,360
Speaker 11: what kind of relationship do you have with this brand

876
00:40:23,480 --> 00:40:26,560
Speaker 11: or this product? What kind of videos are you posting

877
00:40:26,600 --> 00:40:31,000
Speaker 11: on other sites like TikTok and YouTube and Instagram. And

878
00:40:30,520 --> 00:40:34,040
Speaker 11: that's the interesting development here is Amazon looking beyond its

879
00:40:34,080 --> 00:40:38,520
Speaker 11: own platform for signs of this kind of review abuse.

880
00:40:39,280 --> 00:40:42,400
Speaker 4: And what is the come upons from the abuse and

881
00:40:42,440 --> 00:40:43,120
Speaker 4: to whom.

882
00:40:44,160 --> 00:40:45,400
Speaker 2: That's a really good question.

883
00:40:45,520 --> 00:40:47,440
Speaker 11: We know that the FTC is looking to clamp down

884
00:40:47,520 --> 00:40:49,239
Speaker 11: on this, and they're saying they can go, you know,

885
00:40:49,800 --> 00:40:53,960
Speaker 11: pursue civil penalties. That rule just took effect earlier this year.

886
00:40:54,680 --> 00:40:57,480
Speaker 11: And then that's where like Amazon is still unclear exactly

887
00:40:57,920 --> 00:41:00,759
Speaker 11: where it fits in. If they turn a blind eye

888
00:41:00,840 --> 00:41:03,000
Speaker 11: to it, that would be difficult for them. I think

889
00:41:03,000 --> 00:41:04,520
Speaker 11: they have to show that they have some sort of

890
00:41:04,560 --> 00:41:07,440
Speaker 11: proactive mechanisms to try to wead these things out to

891
00:41:07,480 --> 00:41:10,560
Speaker 11: avoid culpability, and then you know, maybe help the FTC

892
00:41:10,719 --> 00:41:13,520
Speaker 11: go to another target, which could be the actual review

893
00:41:13,520 --> 00:41:16,120
Speaker 11: writer and the brand that's in collusion.

894
00:41:16,480 --> 00:41:18,040
Speaker 2: But then the other aspect of.

895
00:41:18,040 --> 00:41:20,279
Speaker 11: This is just that it's reaching beyond its site, is

896
00:41:20,320 --> 00:41:23,040
Speaker 11: just kind of sending a message like be careful about

897
00:41:23,120 --> 00:41:27,040
Speaker 11: those campaigns you run on TikTok or YouTube, trying to

898
00:41:27,080 --> 00:41:30,040
Speaker 11: sell your Amazon products and bring maybe bring some of

899
00:41:30,080 --> 00:41:33,360
Speaker 11: that back to Amazon where they prefer to have it.

900
00:41:33,640 --> 00:41:36,239
Speaker 4: Yeah, because advertising has been a really strong line of

901
00:41:36,280 --> 00:41:37,319
Speaker 4: growth for them.

902
00:41:37,880 --> 00:41:41,160
Speaker 11: Yis exactly, and it's never Amazon has never been very

903
00:41:41,200 --> 00:41:43,480
Speaker 11: good at discovery. So a problem for them has been

904
00:41:43,560 --> 00:41:45,879
Speaker 11: that brands, if they want to be discovered, they try

905
00:41:45,880 --> 00:41:48,959
Speaker 11: to get discovery discovered on TikTok and YouTube where people

906
00:41:49,080 --> 00:41:52,239
Speaker 11: kind of are noodling around. Amazon's always been a place

907
00:41:52,280 --> 00:41:54,920
Speaker 11: to spearfish, and so this is this a way for

908
00:41:55,000 --> 00:41:58,399
Speaker 11: Amazon to maybe send a warning sign against those kind

909
00:41:58,400 --> 00:42:01,400
Speaker 11: of campaigns with influencers on other platforms.

910
00:42:01,160 --> 00:42:03,440
Speaker 4: Spencer SOPA figing in on those influencers.

911
00:42:03,520 --> 00:42:06,520
Speaker 3: We appreciate it. Thanks so much. Now, let's just check

912
00:42:06,520 --> 00:42:06,799
Speaker 3: in on what.

913
00:42:06,840 --> 00:42:08,680
Speaker 4: Has been a key story, a key move in the

914
00:42:08,719 --> 00:42:12,759
Speaker 4: market today Broadcom from a points perspective, really adding to

915
00:42:13,440 --> 00:42:15,640
Speaker 4: the S and P and the Nasdaq one hundred more

916
00:42:15,640 --> 00:42:19,120
Speaker 4: broadly today it's about five point six percent. Why because well,

917
00:42:19,160 --> 00:42:21,919
Speaker 4: the report's coming out of the information which basically build

918
00:42:21,960 --> 00:42:24,520
Speaker 4: on the reporting from our own Mark German that Apple

919
00:42:24,680 --> 00:42:28,200
Speaker 4: is all in on building its own AI specific server chips.

920
00:42:28,239 --> 00:42:30,840
Speaker 3: Who are they using to do that with Broadcom.

921
00:42:30,440 --> 00:42:32,520
Speaker 4: Up five and a half percent, so we see some

922
00:42:32,560 --> 00:42:34,759
Speaker 4: big moves, some record highs across the board as well.

923
00:42:34,840 --> 00:42:36,120
Speaker 3: Keep a close eye on the likes of.

924
00:42:36,080 --> 00:42:38,439
Speaker 4: Google Today, Alphabet the parent company, and a new record

925
00:42:38,520 --> 00:42:41,640
Speaker 4: high so to is Amazon. We're just discussing with Spencer Sopa.

926
00:42:41,760 --> 00:42:44,200
Speaker 4: That does it for this edition of Blueberg Technology. Do

927
00:42:44,239 --> 00:42:46,279
Speaker 4: not forget to check out the podcast. Find it on

928
00:42:46,280 --> 00:42:49,160
Speaker 4: the terminal as well as online on Apple, Spotify, and

929
00:42:49,280 --> 00:42:50,880
Speaker 4: iHeart This is Blueberg