Speaker 1: Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is alive
Speaker 1: from coast to coast with Caroline Hyde in New York
Speaker 1: and ever though in sent Francisco.
Speaker 2: This is Bloomberg Tech coming up in videos, Next target
Speaker 2: the PC and u AI chip sends and video and
Speaker 2: Friends soaring while rival slide after Jensen Hung's Computech's.
Speaker 3: Keynote, Plus All Eyes on SpaceX will dive into how
Speaker 3: the upcoming Mega Ibo is already reshaping.
Speaker 4: Wall Street and New York.
Speaker 2: Tech Week kicks off today, will be joined by Tech
Speaker 2: NYC CEO Judy Samuels on what to expect.
Speaker 3: First, we check in on how the market is trying
Speaker 3: to digest once again concerns about the Middle East conflict,
Speaker 3: concerns that sees far is getting further away to have
Speaker 3: any sort of long term perspective with the US and
Speaker 3: Iranian talk seeming to break down at this current moment.
Speaker 3: Look we're looking at we're two tens of percent higher
Speaker 3: on the last that one hundred. Big tech is trying
Speaker 3: to shake off the geopolitical risk ed. More broadly, take
Speaker 3: a look.
Speaker 2: At it, yep, Nvidia taking on the PC market for decades.
Speaker 2: You find in Nvidia GPUs in the PC all about
Speaker 2: gaming now.
Speaker 4: It is the CPU.
Speaker 2: It's based on ARM architecture, ARMS up sixteen percent. It
Speaker 2: takes on the traditional market of Intel and AMD. They
Speaker 2: are down significantly in Vidia outline the specs here they.
Speaker 5: Are introducing RTX Spark. Everything we've learned over thirty three
Speaker 5: years distilled into one show Blackwell RTXGPU with six thousand,
Speaker 5: one hundred and forty four couter course, one petaflop of
Speaker 5: AI performance, a custom twenty core Grace CPU built in
Speaker 5: partnership with Media Tech, fused by m vlage one hundred
Speaker 5: and twenty eight gigabytes of unified.
Speaker 2: Member Bloomberg, Zy and King with us leads our courage
Speaker 2: of semiconductors that was classically in video typically Jensen and
Speaker 2: its presentation. What do we need to know about RTX
Speaker 2: Spark super chip.
Speaker 6: Yeah, I mean this has been go rumored for a
Speaker 6: long time that in video would directly get into this
Speaker 6: market with a CPU, and now we've finally seen it.
Speaker 6: And the way he's packaged it is he's saying, look,
Speaker 6: if AI is coming to the laptop, if we're going
Speaker 6: to start talking to our laptops, if we're going to
Speaker 6: start expecting them to think, we'll need a different kind
Speaker 6: of chip. And here's what I prepared earlier.
Speaker 4: And why is.
Speaker 3: It so significant that it's better than XAVY six? Why
Speaker 3: is this such a competitive threat as the market seems
Speaker 3: to think, to the likes of Intel, to the likes
Speaker 3: even of Qualcom.
Speaker 6: Well, we asked them repeatedly, give us a comparison, how
Speaker 6: is it better tell us exactly what it does that
Speaker 6: the others can't. And what they said was wait and see,
Speaker 6: will show you when these devices come out. But the
Speaker 6: market is taking this as Look, there's been lots of
Speaker 6: attempts to get our architecture into the PC market. None
Speaker 6: of them have gone particularly well, apart from arguably Apples.
Speaker 6: But guess what this is in Vidia. This is a
Speaker 6: company with all the resources it needs, with an established
Speaker 6: brand in PCs, and with a you know, a real target,
Speaker 6: and a technology that can differentiate itself with. So that's
Speaker 6: why we're seeing Intel and AMD trading off.
Speaker 1: In Vidia is.
Speaker 2: Holding its gains at four percent. I find that a
Speaker 2: really interesting reaction. If you remember in and I know
Speaker 2: it as a while ago, didn't you and I spend
Speaker 2: a whole month testing aipcs. They're out there, they exists.
Speaker 2: In that case, it was quite commonside. You know, what
Speaker 2: do you make of that? You know, Jensen's kind of
Speaker 2: introducing this as a brand new category, but I thought
Speaker 2: it it is really there.
Speaker 6: No, I mean it isn't. ARM in the PC is
Speaker 6: not there. In VideA itself tried it more than a
Speaker 6: decade ago. It didn't work out. So this isn't a
Speaker 6: revolutionary idea at a fundamental level. But again, this is
Speaker 6: in Vidia, this is the biggest company in the world, and.
Speaker 3: This is media tech, and this is ARM and all
Speaker 3: the other companies are getting a base bit in the
Speaker 3: glory as well. Ian King, is so great to have
Speaker 3: you on the show to start us off. Look and
Speaker 3: video clearly remains at the very center of the AI trade,
Speaker 3: but as the technology matures, investors have been diversifying their bets.
Speaker 3: It's all of the future opportunities. We say, Matt witness
Speaker 3: hither with us all Spring Global Investments portfolio manager. I
Speaker 3: mean we had seen a bit of a well plateauing
Speaker 3: of in videos rise of late, but now it manages
Speaker 3: to rekick start. How much do you still need to
Speaker 3: be in the very infrastructure the bowels of the AI trade.
Speaker 7: Well, it's a great important question right now, and you
Speaker 7: talked a little bit about some of the uncertainty in
Speaker 7: the market. I think it's really forcing investors to remain
Speaker 7: in some of those safe haven names. Ours cap take
Speaker 7: tech makes sense, strong visibility with cash flows and their positioning,
Speaker 7: But we think diversification is going to be important going forward.
Speaker 7: Concentration risk is real, so we're taking a holistic approach
Speaker 7: to tech in the AI ecosystem. As those CAPEX dollars
Speaker 7: started to spread across the AI value chain, so big
Speaker 7: cap tech names like the Mac seven are going to
Speaker 7: play an important part with the evolution of AI, but
Speaker 7: it's it's important to start allocating some of those investment
Speaker 7: dollars to other areas of the market.
Speaker 2: Matt, how seriously are you taking this nvideo entry into
Speaker 2: the PC market with a CPU.
Speaker 4: Well, it's important.
Speaker 7: It's it's gonna that edge kind of compute as as
Speaker 7: that that insatiable demand for more performance kind of extends
Speaker 7: to those end products.
Speaker 8: They're going to have to be more capable.
Speaker 7: And so as we move to inference and AGENTIC AI
Speaker 7: and physical AI, we're going to see different parts of
Speaker 7: the market with different requirements and eventually new winners. So
Speaker 7: I think it's important to have opportunities in different solutions
Speaker 7: sets to handle that. And I think in Vidia coming
Speaker 7: into the market there's going to play an important role.
Speaker 3: We've seen entire adjacent industries take off that are at
Speaker 3: the heart of the bottlenecks. We think of the energy
Speaker 3: trade that has picked up, even nuclear companies. We've seen
Speaker 3: the focus on new types of when it comes to
Speaker 3: photonics map. But where are the opportunities that haven't already
Speaker 3: been ridden in this wave?
Speaker 7: Yeah, and you know, we're focusing a lot of our
Speaker 7: time on the application layer right now. Look, we kind
Speaker 7: of look and view as that the AI value chain
Speaker 7: is having kind of five important layers. You've got energy
Speaker 7: and power like you talked about you talked about the
Speaker 7: infrastructure with Chips, computing infrastructure. You've got the hyperscalers, You've
Speaker 7: got those AI models, and then on top of that
Speaker 7: is the application layers. Those are those those adopters and
Speaker 7: the abilities for industries where they're going to be able
Speaker 7: to drive automation, decision support and kind of productivity gains.
Speaker 7: They're going to need software to do a lot of
Speaker 7: that for them, and that's where we've been spending a
Speaker 7: lot of our time and focus from an investment perspective.
Speaker 3: Oh, I don't want to front run and where ED
Speaker 3: is going to take this conversation just after this map.
Speaker 3: But software has been getting a bid today, So are
Speaker 3: you a believer that there are going to be ultimate
Speaker 3: winners out of us going to get more detailed on
Speaker 3: the application there for us?
Speaker 4: Well? I think so.
Speaker 7: I mean, I think companies are starting to focus on
Speaker 7: how important it is to have that AI is going
Speaker 7: to be an important driver of what they're going to
Speaker 7: be able to do, and they're going to need software
Speaker 7: to come along with them along that journey. And so
Speaker 7: those companies that have robust access to that data, that
Speaker 7: have the operational scale and are fully embedded within their
Speaker 7: customer suites, I think are going to be important to
Speaker 7: have that ecosystem help get them to where they're going
Speaker 7: to be going when it comes to productivity, enhancement or
Speaker 7: whatever they're going to use AI for.
Speaker 2: It's a very difficult morning to make sense of what's
Speaker 2: going on in the world. I've got some d ram
Speaker 2: and nan flash data we kind of breather in May
Speaker 2: pricing slowed down flat on land. There is still an
Speaker 2: ongoing situation in the Middle East. IDC has this forecast
Speaker 2: for the PC market that the PC market overall is
Speaker 2: going to decline eleven percent in calendar twenty six. When
Speaker 2: you have a big moment like computechs and Jensen Wong,
Speaker 2: probably the most important person in the world of technology
Speaker 2: is on stage and the market reacts like it does,
Speaker 2: do you actually learn anything useful from that map?
Speaker 7: Well, I think it just gets back to the diversification
Speaker 7: points that we want to make sure that our clients
Speaker 7: are paying attention to. You need to have a holistic
Speaker 7: approach to whatever you're doing from an investment perspective, whether
Speaker 7: it be across all ten sectors. But I also think
Speaker 7: it's important just within the AI ecosystem itself to make
Speaker 7: sure you're spreading your bets across to all those layers,
Speaker 7: to make sure when there are big moves, when there
Speaker 7: are those bottlenecks that are going to force pricing up
Speaker 7: and really force the agenda, I think you need to
Speaker 7: make sure that you have exposure to all five layers
Speaker 7: to make sure that you don't lose out on any
Speaker 7: opportunities that are out there.
Speaker 3: And Matt, we become very myopic sat in the United
Speaker 3: States with the biggest winners being US names. But this
Speaker 3: is a global supply chain and with some huge wins
Speaker 3: in South Korea, over in Japan and Europe. Where are
Speaker 3: you thinking geographically, Well.
Speaker 7: I think it starts here, primarily here in the US,
Speaker 7: but I think there are some names outside of the
Speaker 7: US ASML I think is a great example of that.
Speaker 7: That's going to play an important part of the build
Speaker 7: out and their ability to help provide with these these
Speaker 7: big customers need to drive those product sets in the
Speaker 7: right direction.
Speaker 4: Matt, just really really quick.
Speaker 2: You don't stay up at night worried about memory bottlenecks
Speaker 2: or you do lose a lot of sleep because of that.
Speaker 4: I do, I absolutely do.
Speaker 7: I think it's you know, these cycles are probably the
Speaker 7: duration of these cycles are going to continue to evolve
Speaker 7: and move out further down the timeline, and I think
Speaker 7: a lot of that has to do with the fact
Speaker 7: that these clean rooms are are are are There's only
Speaker 7: a few of them out there, and they're they're.
Speaker 4: Taking up time.
Speaker 7: These green fields are going to take two to three
Speaker 7: years before they come online. So I think the memory
Speaker 7: names are going to continue to to to drive pricing
Speaker 7: in the direction that they needed to do for the
Speaker 7: stocks to work.
Speaker 2: Matt Weimer of all Spring. Great to have you back
Speaker 2: on the show, Thank you very much. Coming up, we're
Speaker 2: going to discuss how the SpaceX I p O is
Speaker 2: already changing the world of finance.
Speaker 4: Details.
Speaker 2: Next, the other big story out of copy techs and
Speaker 2: in the markets is software. Look at the gains for
Speaker 2: example on service now in Adobe very simply put Gensen
Speaker 2: one arguing that the biggest users of software will be
Speaker 2: AI agents.
Speaker 4: Later in the show, will dig in. This is Bloomberg Tech.
Speaker 3: Even before it begins trading. SpaceX is reshaping Wall Street.
Speaker 3: Elon Musk is pitching investors on a company that combines
Speaker 3: rockets and AI with a claimed market opportunity twenty eight
Speaker 3: and a half trillion dollars. That is today's big number.
Speaker 3: That scale is challenging long held assumptions about how companies
Speaker 3: are valued, who ultimately drives stock market demand. Bloomberg's tech
Speaker 3: equity reporter Isabeli is one of the team on today's
Speaker 3: big take all about how already SpaceX is just so large,
Speaker 3: so consequential that benchmark's having to tear up the rule
Speaker 3: books as to how they let them start trading.
Speaker 9: I couldn't have put it better tearing up the rule
Speaker 9: book or read buysing if you want to be more diplomat.
Speaker 9: So the companies behind the most familiar names you can
Speaker 9: think of, like Nasak one hundred and foot Sea Russell,
Speaker 9: they've already changed the rule book from Nasak the seasoning
Speaker 9: period or the call it the waiting period when the
Speaker 9: company debuts they go public, they have to sit there
Speaker 9: for a while before three months before they'll consider you
Speaker 9: to be part of the Nasak one hundred, they've narrowed
Speaker 9: that down to fifteen days. For the foot Seat it's
Speaker 9: five days. The SMPS and consultation from twelve months to
Speaker 9: six months. So of course you have proponents saying, yes,
Speaker 9: this is what we want because it will reflect the market.
Speaker 9: But you have critics saying, but wait, when companies go public,
Speaker 9: they're usually volatile, and don't you want to wait and
Speaker 9: see first, you know, have a normal price discovery. So
Speaker 9: of course, just like with anything, there's critics and there
Speaker 9: are also supporters.
Speaker 3: And the critics a worried perhaps about protections for retail
Speaker 3: investors or new entrants. Meanwhile, SpaceX is all about the
Speaker 3: retail investor. I mean a thirty percent allocation towards them.
Speaker 3: How are we seeing this managing to go into sometimes
Speaker 3: Elo Musk's criticism himself of passive investments exactly.
Speaker 9: So in the tracking fund estimated to buy nearly twenty
Speaker 9: billion dollars worth of SpaceX. That's massive. I don't think
Speaker 9: we've seen that before. And going with retail traders. I
Speaker 9: went on Reddit, which is the most reliable source on Earth.
Speaker 9: That's obviously a joke. I'm smiling if people are just
Speaker 9: listening and some people were like, why will we even
Speaker 9: buy this? It will be in our brokerage, in the
Speaker 9: index funds in just a few months. So there is
Speaker 9: that thinking of like, how will this reshape passive investing?
Speaker 9: Will traditional money managers have to reallocate because they don't
Speaker 9: want to be too overweight on one thing? I mean,
Speaker 9: where is SpaceX going to be categorized under even industrials
Speaker 9: tech or communication? So lots of unknown but definitely consequential.
Speaker 4: As well. Tough decisions need to be made.
Speaker 2: We spent a lot of last week talking about Tesla
Speaker 2: and the idea that SpaceX merges with Tesla in the future.
Speaker 4: You just showed a quote from Scott Sogny.
Speaker 2: One point he makes is that actually Tesla and Bitcoin
Speaker 2: is examples. You know, and I thought about the bitcoin holdings
Speaker 2: at SpaceX last week.
Speaker 4: They might actually get hit by this.
Speaker 9: Why because a play on Tesla and a play on
Speaker 9: SpaceX is really just a belief on Elon. And if
Speaker 9: you're invested in Tesla and SpaceX, are you too over
Speaker 9: concentrated on an Elon?
Speaker 10: Now?
Speaker 9: I know that these are two separate companies, and within
Speaker 9: those two companies are multiple companies, it feels like, and
Speaker 9: they have different valuations, different technicals, but it's all really
Speaker 9: Elon at the end of the day. So that's what
Speaker 9: one analyst was telling me. Also, like, if you're into Tesla,
Speaker 9: would you sell that because you're going to be in
Speaker 9: SpaceX and SpaceX of course it's also in the index.
Speaker 9: So really lots of over concentrated risk. And it's not
Speaker 9: just Tesla. I mean, soon we'll see OpenAI, we'll see Anthropic,
Speaker 9: which the show has covered a lot. What's that going
Speaker 9: to mean for our for your brokerage as an ordinary American?
Speaker 9: I mean, you're going to have such a huge concentration
Speaker 9: of chech and do you want that for your portfolio?
Speaker 2: Blimberg ysabarly tough stuff, Thank you very much. Now, when
Speaker 2: the Apple Watch went on sale in twenty fifteen, it's
Speaker 2: on not just the other high tech wearables but also
Speaker 2: the wider mechanical watch market, and as you can see,
Speaker 2: that meant hit to sales of traditional in that space. Now,
Speaker 2: Apple's aiming to use that playbook in the eyewear market.
Speaker 2: Bloombost Mark German leads our coverage of Apple and that's
Speaker 2: the subject of this weekend's power On.
Speaker 4: We've talked about.
Speaker 2: This before, you know why how Apple and the ewear market.
Speaker 2: But that historic playbook, you broke it down. What do
Speaker 2: we need to know?
Speaker 8: Yeah, it's interesting when the Apple Watch launch, you see
Speaker 8: what you saw. Within a few years the entire mid
Speaker 8: tier mechanical watch industry get completely upended.
Speaker 9: Right.
Speaker 8: There was Movado, there was Fossil, there was Swatch, and
Speaker 8: those companies are still around, but their revenues are considerably
Speaker 8: lower than they were.
Speaker 4: A decade ago.
Speaker 8: The high end of the watch market, companies like Pateech,
Speaker 8: rolex ap all the hot ones right now and the
Speaker 8: Covid luxury boom they did fine and what you're going
Speaker 8: to see is the same thing play out in glasses
Speaker 8: I believe where Apple and therefore other smart glasses makers
Speaker 8: are going to completely disrupt that mid tier market brand.
Speaker 8: It's like ray Ban, Warby Parker, etc. Now you've seen
Speaker 8: ray Ban, Warby Parker Pivot too Smart. So really the
Speaker 8: non smart glasses I think are going to.
Speaker 4: Get wiped out.
Speaker 8: But the very high end Maison Bonet Cardier, et cetera.
Speaker 8: Those guys I think are going.
Speaker 4: To be okay.
Speaker 3: I mean, we really do see how RayBan has positioned
Speaker 3: himself like Zotoca more broadly alongside Meta. But where do
Speaker 3: you think has also managed to start to get in
Speaker 3: ahead of the curve from a digital tech perspective, not
Speaker 3: having to just depend on we'd tie ups like we
Speaker 3: see with APN Swatch for example, which does prove pretty successful.
Speaker 11: Yeah.
Speaker 8: No, I mean Meta has done a great job. Obviously,
Speaker 8: they've pioneered the space there. They're going to be launching
Speaker 8: new smart glasses. I guess it's June first already, so
Speaker 8: later this month. They have partnerships with Exertal Exotica. I
Speaker 8: would expect them to eventually roll out new designs that
Speaker 8: are in house form factors. So certainly it's going to
Speaker 8: be a pretty booming space, and Apple coming into the
Speaker 8: space with an iPhone exclusive pair of smart glasses is
Speaker 8: going to drive interest for the rest the industry, and
Speaker 8: I think Meta has a strong chance for the android
Speaker 8: side of the world.
Speaker 2: Very very quick, Mark, is there anything that we learn
Speaker 2: from from the vision pro story about how they approach glasses?
Speaker 8: You know, I think that there's really it's really two
Speaker 8: different stories, you know, the vision Pro obviously thirty five dollars,
Speaker 8: very heavy, very tech tour de force on the glasses
Speaker 8: something quite lighter and a lot cheaper. So I think
Speaker 8: they're two distinct categories.
Speaker 3: Really is again one of the most read things over
Speaker 3: the course of the weekend, Bloomberg's Mark Gum and thank
Speaker 3: you very much, all things power on. Next coming up
Speaker 3: from video generation to robotics, Luma Ai CEO and Jane's
Speaker 3: going to be joining us on the next frontier in
Speaker 3: artificial intelligence. This is blombag Tech.
Speaker 2: Another Nvidio message at computext. The next AI race is
Speaker 2: in the physical world. That brings us to Lumerai, which
Speaker 2: is launching an open research lab focused on solving generalization
Speaker 2: in robotics. Joining us now CEO and it Jane. We've
Speaker 2: talked quite a bit on this program about the challenge.
Speaker 2: The challenge is that in the physical world, models need
Speaker 2: to be multimodal. But I think let's start by defining
Speaker 2: the problem generalization. That might be a newer term. What
Speaker 2: are you what are you getting at there?
Speaker 12: Oh?
Speaker 4: Thanks for having me.
Speaker 12: First of all, currently, pretty much all robots are trained
Speaker 12: by showing a few examples of specific tasks, So the
Speaker 12: entire field basically trains one task at a time. If
Speaker 12: you compare that to the world of language models, where
Speaker 12: you know, you train a large model and then it
Speaker 12: is able to handle a wide variety of tasks unseen
Speaker 12: problems as well. So that is an example of generalization.
Speaker 12: And in robotics we are we have this critical gap where,
Speaker 12: like you know, we are just stuck in the value
Speaker 12: of specific tasks in order for robotics to be impactful
Speaker 12: in the world and for us to be able to
Speaker 12: just talk to them and ask them like, hey, okay,
Speaker 12: do this, then like you know, when you're done with that,
Speaker 12: go go take care of that thing.
Speaker 2: Maybe a new scenario being presented for the first time.
Speaker 12: For the first time, So generalization is this problem of
Speaker 12: how do we allow robots to solve generally any.
Speaker 2: Task, even in a world where you have access to
Speaker 2: a lot of synthetic or virtual data. Having a grounding
Speaker 2: in physics the real physics of the world is a
Speaker 2: principle challenge. So why is it that having an open
Speaker 2: science phys quai that have is a solution?
Speaker 4: It sounds somewhat abstract with.
Speaker 12: Respect, right, So I mean there's two aspects to this.
Speaker 12: One that it is open and the second is the
Speaker 12: world that we are specifically doing.
Speaker 4: Just open being open source, you mean open.
Speaker 12: Being open science, open source, both of those aspects. So,
Speaker 12: first of all, what the solution actually looks like from
Speaker 12: our perspective. Currently, the best solution is brute forcing this approach,
Speaker 12: which is gather data on every single task you can
Speaker 12: imagining combination of task everything humans do from picking up
Speaker 12: cups to you know, digging like you know, minds all
Speaker 12: of these things and gather data one piece at a time.
Speaker 12: That's a practically impossible solution. On the other hand, the
Speaker 12: teams at LOOMA, the work we have been doing for
Speaker 12: the past four years is in building out these general
Speaker 12: systems out of multimodeal data Internet scale multimodel data and
Speaker 12: extracting signals from that. That allows control, that allows simulation
Speaker 12: of reality, and that allows physical control. So this lab's
Speaker 12: job is to leverage that skill into physical AI. And
Speaker 12: the second aspect of that this is open and I
Speaker 12: think we would not be doing it any other way.
Speaker 12: And I think this is really really significant. So if
Speaker 12: you think about what physical AI would mean for the world,
Speaker 12: it will be everywhere. It will be in our houses,
Speaker 12: will be these systems. Robots will be manufacturing everything we
Speaker 12: depend upon, everything we eat. There will be in our hospitals,
Speaker 12: they will be in scientific labs, they will be on
Speaker 12: our streets. It's completely it's completely untenable that one or
Speaker 12: two people control this entire stack. So we want to
Speaker 12: live in a world and we want to affect a
Speaker 12: world where a small group of people can, like you know,
Speaker 12: take these technologies and build them into productive systems. And
Speaker 12: that's why it is an open linesation.
Speaker 3: This seems like more of a philosophical push of yours,
Speaker 3: the idea that we shouldn't have so much control. I mean,
Speaker 3: it's almost akin to the encyclical by the Pope. But
Speaker 3: Meta at one point was pushing open source and then
Speaker 3: it moved away from that just the sheer amount of
Speaker 3: money that needs to be made.
Speaker 4: How are you going to fund this?
Speaker 3: How do you commit to open science when everyone's so
Speaker 3: worried about China and geopolitical tensions?
Speaker 12: Right? I think, first of all, it has to be philosophical,
Speaker 12: because it's not just a tool. This is going to
Speaker 12: be technology. I mean, AI already is immensely impactful in
Speaker 12: our world, beyond what anybody imagined even two years ago.
Speaker 12: Physical AI will be deployed even faster because of the
Speaker 12: economic impact it's going to have. So a physical philosophical
Speaker 12: stance is absolutely necessary. But you're absolutely right funding these systems.
Speaker 12: So what we believe actually is that this level of
Speaker 12: control over means of production is actually not a tenable
Speaker 12: economic situation anyway. You know, nations would not be happy
Speaker 12: with one or two companies outside their borders controlling their
Speaker 12: means of production. So we believe, actually this is not
Speaker 12: just a philosophical stance, this is an economically sound stance
Speaker 12: and building an ecosystem where like you know, chip partners,
Speaker 12: the model brain providers like Quma, and deployment partners work
Speaker 12: together to build these out into systems of productive work
Speaker 12: is the right economic path and currently intelligence especially lllms,
Speaker 12: are going on the wrong path here.
Speaker 3: I mean we've got thirty seconds, you've raised nine hundred million. Seriously,
Speaker 3: we're just seeing the output that Luma creates. But why
Speaker 3: are you the right person when you've got world Labs
Speaker 3: for example with faith Ailee.
Speaker 12: I think the just like lllms were not or language
Speaker 12: models were not solved by linguists, we believe to solve
Speaker 12: physical AI, you need the systems of large scale, multimodel
Speaker 12: data infrastructure. This is what Luma does. This is our
Speaker 12: bread and butter and we have produced some of the
Speaker 12: best models in this space on three D, on images,
Speaker 12: on video, taking raw Internet data. This skill is I
Speaker 12: think what is essential to solving this problem and that's
Speaker 12: why we think we are one of the best suited
Speaker 12: companies in the world to solve it.
Speaker 3: Appreciate you coming on and bring us the news. I'm
Speaker 3: at Jane of Luma AI. Have a great day. Meanwhile,
Speaker 3: coming up, we're going to dive into the impact on
Speaker 3: software and look at the stocks.
Speaker 4: I'm currently seeing.
Speaker 3: After Jensen Wang remarks over at computext, he's talking about
Speaker 3: how software lives on in the age of generative AI,
Speaker 3: and you're just going to be using more of it
Speaker 3: on the Agentic from New York for San Francisco.
Speaker 4: This is a BlueBag.
Speaker 11: Tech Videos CEO Jensen Huang call agentic AI useful AI
Speaker 11: and says it's going to be the next main driver
Speaker 11: of AI adoption and AI investment. He calls it the
Speaker 11: Agentic age. Hwang was in full salesman mode here at
Speaker 11: Copy Text in Taipei. In Nvidia, of course, is a
Speaker 11: dominant player in AI data centers, and Hoong says its
Speaker 11: latest AI supercomputing platform, Vera Rubin, is now in full production,
Speaker 11: Nvidia's most ambitious endeavor to date, he says. Now in
Speaker 11: Nvidia is also launching a reboot into home computers. He
Speaker 11: wants to quote reinvent the PC with its new RTX
Speaker 11: Spark super chip built with Taiwan's media tech that will
Speaker 11: be offered in high end laptops and desktops from the
Speaker 11: likes of Dell and Lenovo this fall. It's in Vidia
Speaker 11: stab at loosening the stranglehold of Intel and move the
Speaker 11: humble home computer into the Agentic AI age. And you
Speaker 11: know all that talk of late about AI eliminating jobs well,
Speaker 11: Jensen Huang calls that notion complete nonsense. He says, a
Speaker 11: gentic AI is going to be a generator of GDP
Speaker 11: and that creates jobs. Stephen Engel Bloomberg News at copytechs
Speaker 11: in Taipei were.
Speaker 3: Welcome you back to bloombag tech and look, Stephen said
Speaker 3: it all in video once again being bullish, and the
Speaker 3: market is bullish in response for more than four percent
Speaker 3: on the name. That's the biggest movement in a couple
Speaker 3: of weeks. We're seeing it back at five point three
Speaker 3: trillion dollars.
Speaker 4: A lot of.
Speaker 3: Analysis out there back of America seeing it is continually strengthening.
Speaker 3: In video's systems mode. We've got City saying as a
Speaker 3: number of positives. But it does have an effect.
Speaker 4: On the rest of the market.
Speaker 2: Yeah, and there is a massive rally in software names,
Speaker 2: as Jensen Wong says, it's an incredible time to be
Speaker 2: a software company. We're going to dig into it in
Speaker 2: detail soon, but basically he's arguing the billions of AI
Speaker 2: agents will be the biggest users of software, and so
Speaker 2: the biggest customers of those companies that you see rallying
Speaker 2: on your screen.
Speaker 4: Let's get more on the.
Speaker 2: Impact of a videos announcement Bloomberg Intelligence highlighting the demand
Speaker 2: in the AIPC category is growing. Bloomberg Intelligence is Mandy,
Speaker 2: you've seeing joins us for more. So interesting because actually,
Speaker 2: like in aggregate, the PC markets under pressure, right, Mandy,
Speaker 2: because of the memory pricing issue, because of the generations
Speaker 2: to generations.
Speaker 4: Of hardware out there.
Speaker 2: Just bring the B thesis on how you respond to
Speaker 2: the Spark super chip and what you think it will
Speaker 2: do for the AIPC category.
Speaker 13: Look, I mean what we have seen with the AI
Speaker 13: server category. You know, server used to be a low
Speaker 13: to mid single digit growth market and look at what
Speaker 13: they have done, you know on the server side and
Speaker 13: the data center side with this AI server category. And
Speaker 13: Vidia is much more of a household name now than
Speaker 13: it was probably a few years back, so it makes
Speaker 13: sense for them to try out, you know, whether they
Speaker 13: can have some traction on the PC side. And the
Speaker 13: specs are you know, way different than the current proper PCs.
Speaker 13: I mean one hundred and thirty two gigabytes of DRAM. Look,
Speaker 13: these are the type of things that they were the
Speaker 13: first ones to build. On the server side, it really
Speaker 13: took off. And with AGAI one thing we know is
Speaker 13: it requires a lot more compute across the board. So
Speaker 13: I think it's an interesting area that they're trying to
Speaker 13: get into. But I think the big picture here is
Speaker 13: they want to address physical AI client PCs and really
Speaker 13: create an ecosystem where they can work across the board, work.
Speaker 3: Across the board, and people then question about the role
Speaker 3: of their own work. Is interesting that well, once again,
Speaker 3: just in one, I'm really trying to outline his view
Speaker 3: that it went would use jobs.
Speaker 1: Just take a listen.
Speaker 14: People talk about AI reducing jobs, complete nonsense. It's causing
Speaker 14: more software engineers to be hired because the output is
Speaker 14: so incredible. People want to hire more soft engineers. This
Speaker 14: is going to show up in our economy somehow soon.
Speaker 14: And so the first thing is useful AI has arrived.
Speaker 3: Mandy, do you align yourself that, yes, more engineers will
Speaker 3: be there, so more software as you So this is
Speaker 3: positive for the software names. So have they just been
Speaker 3: so beaten up ahead of this that people are willing
Speaker 3: to dig their toe? And if Jensen says too, I.
Speaker 13: Mean what we saw this earning season with data dogs, Snowflake,
Speaker 13: Mango dB is you know, it's hard to think of
Speaker 13: a thesis where software gets completely disintermediated and everything is
Speaker 13: built from scratch in terms of agent TAKEAI coming up
Speaker 13: and really doing things. You know, in terms of the
Speaker 13: plumbing work and everything. No, this will be built on
Speaker 13: top of existing software. Yes, the UI will change, it
Speaker 13: will be a lot more conversational natural language, but you know,
Speaker 13: in terms of system of record and you know, things
Speaker 13: that are that have been built over the years, no
Speaker 13: one is talking about that anymore. And that's where you know,
Speaker 13: some of these companies have shown that in their numbers.
Speaker 13: With ARR growth accelerating, and if Jensen is saying you
Speaker 13: would require a lot more software, folks, then probably you
Speaker 13: know it is the right sort of thesis at least
Speaker 13: for now that it will be positive and not as
Speaker 13: disruptive that everyone thought, you know, a few months back.
Speaker 13: When it comes to the software.
Speaker 2: Stocks, Mandy Vinvidio's pitch, if you just boil it down,
Speaker 2: is that if you're a experienced software engineer, you become
Speaker 2: a manager of a team of AI agents. And then
Speaker 2: last night, his further pitch is that those AI agents,
Speaker 2: the billions and billions of them, are users of software.
Speaker 2: The agents become the customers of the software company the
Speaker 2: bi take on that, your take on that.
Speaker 13: I mean there will be a multiplier effect. So when
Speaker 13: you think about, you know, how any technical knowledge worker
Speaker 13: would do their jobs going forward, they will be using
Speaker 13: a lot more of these agents and there will be
Speaker 13: you know, one is two ten or one is two
Speaker 13: hundred in terms of the multiplier effect. So from that perspective,
Speaker 13: you could see a lot more consumption of the software.
Speaker 13: Now what that means in terms of end to end automation,
Speaker 13: that's the part that you know, we still need to
Speaker 13: figure out how it's going to impact the overall employment
Speaker 13: picture because look, the college graduates that are passing out,
Speaker 13: they were trained in a certain way. They moved up,
Speaker 13: you know, in a certain way in terms of their
Speaker 13: skill set. That I think notion in terms of how
Speaker 13: the evolution took place has changed and it will change more.
Speaker 3: With agenty GAI BlueBag Intelligence is Mande saying fascinating, thanks
Speaker 3: for joining us. No Kwang's comments on the job market
Speaker 3: that actually echoed by Nvidia's partner at Media Tech, the
Speaker 3: company which is helping build that new ut X spark
Speaker 3: super chip. Well, it expects it's AI data centership revenue
Speaker 3: to multiply next year, impacting its own headcount. Now Vitz,
Speaker 3: who is the company's corporate senior vice president, spoke to
Speaker 3: Bloomag Stephen Engel over at comfortext.
Speaker 10: So, as Jensen mentioned, AI is not going to kill jobs,
Speaker 10: it's actually going to create jobs. And I think one
Speaker 10: of the things we're seeing is our business is taking
Speaker 10: off on a number of fronts and a number of
Speaker 10: new businesses like automotive, IoT, data center, and wearables. Our
Speaker 10: existing businesses are also increasing in future momentum because of
Speaker 10: the introduction of more AI capabilities to change the user experience.
Speaker 10: So actually we're in a situation where we're not reducing
Speaker 10: the number of engineers, but actually expanding and hiring the
Speaker 10: number of engineers, and we're chasing a lot more opportunity.
Speaker 10: So I see this voting very well for us.
Speaker 11: Do you agree with what Jensen said as well? Today
Speaker 11: he says AI and what they're doing is a GDP generator.
Speaker 11: I think the latest numbers that did come out of
Speaker 11: as the forecast for Taiwan is almost ten percent growth
Speaker 11: this year and GDP on top of seven.
Speaker 10: Percent last year, and now we're going to see potentially
Speaker 10: one tillion dollars in value probably this year or next year,
Speaker 10: and I would say, with annoying the exact data, probably
Speaker 10: Taiwan is experiencing its heyday and unprecedented growth here in technology,
Speaker 10: and it's probably the center of the high tech world
Speaker 10: here now because of the AI revolutions. Most of the
Speaker 10: customers who are working the gate today are tier one hyperscalers,
Speaker 10: and so I feel very good about the fundamentals of
Speaker 10: the business we're pursuing, and I think we're pretty said
Speaker 10: at least through the twenty thirty horizon.
Speaker 2: Those media techs Vince who's thinking with Bloomberg Stephen Angel
Speaker 2: at Computechs coming up. New York Tech Week kicks off today.
Speaker 2: Tech NYCCO Julie Samuels joins us to discuss what happens
Speaker 2: and what's to expect.
Speaker 4: Cary, I'm actually.
Speaker 3: Looking at a New York based company that is running
Speaker 3: pretty hard today, IBM up almost ten percent. But the
Speaker 3: weird thing, ed is it's all based on a nearly
Speaker 3: six month old video it seems O'donald Trump, President Trump
Speaker 3: phraising ibmco that sent the stock surging, and over the
Speaker 3: weekend we saw many accounts, dozens of the one x
Speaker 3: recirculating that video and Plleymarket Money actually wracked up some
Speaker 3: hundred thousand views on it. Why now, Why the win now?
Speaker 3: It seems to be the speculative mania some are talking
Speaker 3: of in our analysis of Blue Beg Tech New York
Speaker 3: Technique officially kicks off today with a record fifteen hundred events,
Speaker 3: gathering thousands of founders, of venture capitalists, innovators across the
Speaker 3: city joining us now to discuss the city is really
Speaker 3: rising status as a global tech hub. Julie Samuel's president
Speaker 3: and CEO of Tech NYC. So, Judy, is it a
Speaker 3: rising status? What data can we look at to feel
Speaker 3: that AI am all the tailwinds are benefiting this city.
Speaker 15: Well, first of all, it is absolutely rising. It's booming.
Speaker 15: It's booming of course in a lot of tech hubs
Speaker 15: right now, but New York is absolutely feeling the benefit
Speaker 15: We've got. We're hiring at twice the rate of San Francisco,
Speaker 15: four times the rate of Boston in our tech sector
Speaker 15: here last count we had over nine thousand startups. We're
Speaker 15: raising venture year over year.
Speaker 4: It's just I think.
Speaker 15: It's doubled, like forty fifty percent. And that's, of course
Speaker 15: against the backdrop of this entire AI boom. That is
Speaker 15: just putting so much oxygen into the tech sector.
Speaker 3: And it's not why New gets that oxygen is because
Speaker 3: if it is financial industries, they're going to be disrupted.
Speaker 3: What do you want to be without industry is if
Speaker 3: it is going to be health how you want to
Speaker 3: be the industry is?
Speaker 15: I think that's a huge piece. There's a couple things happening.
Speaker 15: Number one, of course, is that once the companies are
Speaker 15: building within sectors, they have to be here. Like you
Speaker 15: just said, you need the expertise, you need the smart capital.
Speaker 15: You know, you need not just disrupting those industries. But
Speaker 15: those industries are the clients, they're the customers. They're also
Speaker 15: going to be your mentors. You know, that's how you
Speaker 15: build network. But what we also see at the higher level,
Speaker 15: and we're at this point that we saw in the
Speaker 15: early twenty early two thousands to early twenty tens, when
Speaker 15: the big tech companies and the big platforms build their
Speaker 15: technology on the West Coast, they often come here when
Speaker 15: it's time to figure out how do you monetize it
Speaker 15: and who's going to buy it? How are they going
Speaker 15: to use it? Like those are New York questions to
Speaker 15: get answered, so I feel very great about where New
Speaker 15: York sits right now in the ecosystem.
Speaker 2: Jud I was going to say that, you know, a
Speaker 2: year ago, the headline probably was that, you know, if
Speaker 2: Silicon Valley and SF and the AI era where tech
Speaker 2: companies are born, they go to New York to mature.
Speaker 2: What in the last sort of twelve months of data
Speaker 2: would either reinforce that for you or do you think
Speaker 2: it isn't quite that story yet?
Speaker 15: No, I think that's very true. I think you've got
Speaker 15: two things happening in parallel that underscore that trend. First
Speaker 15: of all, the largest frontier labs are hiring and growing
Speaker 15: in New York, like crazy open AI, anthropic, huge new,
Speaker 15: huge new real estate deals. They're hiring here.
Speaker 4: So you see that.
Speaker 15: And then you also just see the startups just again,
Speaker 15: they're coming here as well. But it's a slightly different
Speaker 15: flavor of startups that you get in San Francisco. And
Speaker 15: I think that's okay. You know, I think that's good
Speaker 15: for the country. In San Francisco you get a lot
Speaker 15: of really really hard tech, and here in New York, again,
Speaker 15: it's slightly more integrated into existing sectors. I feel very
Speaker 15: bullish about that. I think that's long term, incredibly healthy
Speaker 15: place for our city and our state's economy to be.
Speaker 15: We actually see a lot of open source AI happening
Speaker 15: here in New York, which is interesting. We're seeing a
Speaker 15: lot of infrastructure happening here, also interesting. You know, people
Speaker 15: are really excited right now, and people want to be
Speaker 15: in New York City. I guess that is the underlying.
Speaker 2: Well, Julie, let's finish on the experience of the highly
Speaker 2: paid tech employee, software engineer, otherwise, who has options right.
Speaker 2: Part of the story in SF has been the city
Speaker 2: being a place where people want to spend their money
Speaker 2: and live right alongside locality to their employer.
Speaker 4: What's the New York City pitch equivalent?
Speaker 15: Well, New York City does urbanism like no other city
Speaker 15: in the world. Surely in the United States, but I
Speaker 15: would argue the entire world. And I think there's so
Speaker 15: much about the tech sector culture, so many people building
Speaker 15: in tech want to be here. They want to be
Speaker 15: or there's functioning public transit where the density of this
Speaker 15: city lends itself to the kind of creativity and excitement
Speaker 15: and diversity that you really can only get in a
Speaker 15: city as dense as New York and you see that
Speaker 15: like this is as Caroline said, this is the first
Speaker 15: day of tech Week. Our tech week is much much
Speaker 15: bigger than San Francisco's Tech Week. And that's because here
Speaker 15: you can bounce every week.
Speaker 4: Tech Week, I think is the point.
Speaker 15: Yaps perhaps, But you know, I would one quick little
Speaker 15: anecdote that might be a little too cute I have,
Speaker 15: but I think it's very true. When you're in San Francisco,
Speaker 15: you meet people who work in tech, tech people who
Speaker 15: live in San Francisco. When you're in New York, you
Speaker 15: meet New Yorkers who work in tech, and that just
Speaker 15: it's a different it's a different dynamic, and I think
Speaker 15: for our country you need both. I feel really good
Speaker 15: about that. I think New York just is so it
Speaker 15: feels so optimistic right now and there's just so much
Speaker 15: building going on in the tech sector that I feel
Speaker 15: like it's it's great. It's a great time to be
Speaker 15: building in tech.
Speaker 13: In New York.
Speaker 2: Julie Samuel's President CEO of techmyc greats. Have you back
Speaker 2: on the process. I really appreciate it. Thank you, Carol.
Speaker 2: A lot more news out there today.
Speaker 3: It is easy versus West clas you've got to love it,
Speaker 3: but this time it's talking tech and first Up Wise
Speaker 3: shares actually tumbling over in London today, the fintech giant
Speaker 3: confirmed in his answering queries and Belgian prosecutors investigating an
Speaker 3: alleged five hundred and eighteen million dollar money laundering network
Speaker 3: linked to forward and drug trafficking. Why says the requests
Speaker 3: are a routine part of highly regulated operations. Plus midge
Speaker 3: ones quarterly losses. They're shrinking Espajian's regulatory warnings finally cool
Speaker 3: China's brutal e commerce price war, but the food delivery
Speaker 3: platform posted a narrower than expected nine hundred and sixty
Speaker 3: one million dollar operating loss, but that the company remains
Speaker 3: locked in that costly battle with Ali Baba and JD
Speaker 3: dot Com and Uber. Well it's driving deeper into the
Speaker 3: Middle East. The company is paying one hundred million dollars
Speaker 3: in cash for saking Kareem, a regional souper app from
Speaker 3: the Gulf that offers food and grocery delivery and payments.
Speaker 3: That the deal accelerates ubers rapidly common expansion bulits across Europe,
Speaker 3: Middle East and Africa.
Speaker 2: Ed Okay coming out We're going to get back to
Speaker 2: the SpaceX IPO and what to expect that's next.
Speaker 4: The cis Blombog Tech.
Speaker 3: Let's get back to the SpaceX IPO and get down
Speaker 3: into the nittigritty of the numbers. New bloom Mug intelligence
Speaker 3: analysis reveals SpaceX is some of the parts valuation could
Speaker 3: hit nearly two trillion dollars. This is the company marches
Speaker 3: towards its historic Wall Street debut, joining us now to
Speaker 3: break down the framework. Blooemug Intelligences is George Ferguson. George's
Speaker 3: interesting that Ed has been part of that reporting team
Speaker 3: showing that well, maybe they're offering at one point eight
Speaker 3: trillion dollar valuation, role perhaps two trillion, but you think
Speaker 3: really it should add up to two trillion.
Speaker 16: Oh well, so I think you know, what we wrote
Speaker 16: was that we could see the market comparables that could.
Speaker 17: Get it close to two trillion. And so today, you know, today,
Speaker 17: I think we were even seeing some of the space
Speaker 17: stocks come down as SpaceX lowered their I don't know their.
Speaker 16: Targets, their guidance, whatever you want to call that, late
Speaker 16: last week. So I mean we see comparables that could
Speaker 16: get it there. I didn't say that was necessarily the
Speaker 16: right price. They seem pretty rich, but there's comparables, a
Speaker 16: lot of it built around the space launch business, which
Speaker 16: we saw a sort of eighty to ninety times revenue.
Speaker 2: You know, I was really surprised by the launch figure
Speaker 2: because Elon Musk himself said repeatedly a number of times
Speaker 2: in the last decade the launch business tops out right,
Speaker 2: there is a limit to how much money you can
Speaker 2: make putting payload into orbit. So why the TAM number
Speaker 2: is literally everything? But that just give me the math
Speaker 2: on how you arrived at the number.
Speaker 16: Yes, I mean again, we looked really up market comparables,
Speaker 16: and so from a space launch perspective, rocket labs in
Speaker 16: the marketplace, and it's about an eighty to ninety times
Speaker 16: revenue number on Rocket Labs valuation. And so we think
Speaker 16: that SpaceX, if you plussed up the revenue inside the
Speaker 16: launch business for the launch they're doing internally because they
Speaker 16: don't book that in the revenue line, it's about eleven
Speaker 16: billion dollars of revenue. And we plug sort of an
Speaker 16: eighty to ninety multiple on that and got about a
Speaker 16: trillion dollars in value out.
Speaker 17: Of launch potentially. And then you know the other businesses
Speaker 17: like Starlink.
Speaker 16: I have colleagues here at Bloomberg Intelligence Intelligence that are
Speaker 16: much smarter at that and did that valuation. But Starlink
Speaker 16: kind of came in thirty to forty times revenue based
Speaker 16: on some of their comparables.
Speaker 17: It's not a lot of the value. It's another sort
Speaker 17: of six hundred billion. And then the AI business came
Speaker 17: in around four hundred billion, and that's man Deep Singh,
Speaker 17: and that's a there's a lot of voodoo. I think
Speaker 17: inside valuing AI companies. There's a lot of loss in there.
Speaker 17: I can't totally figure out how.
Speaker 18: He does that, do George.
Speaker 3: And what's interesting is who's holding say Rocket Labs, and
Speaker 3: how memified they've become, how much their valuations are based
Speaker 3: on retail. The latest is out of our store that
Speaker 3: SpaceX is going to reserve five percent of the shares
Speaker 3: for certain employees and friends and they're not going to
Speaker 3: perhaps be held to a lockup.
Speaker 16: How much of an issue is that, sorry, I cut
Speaker 16: the very tail at the lock up.
Speaker 17: How much of an issue.
Speaker 3: Is well the fact that they're not going to be
Speaker 3: held or bound to a lock up in the same way.
Speaker 17: Briefly, I mean, look, I think there's in any IPO,
Speaker 17: there's always this challenge that as you come out of
Speaker 17: the hype of the i PO, you'll see prices sort
Speaker 17: of fall on it. And yeah, you know, I think
Speaker 17: though there's going to be a lot of hype around SpaceX,
Speaker 17: it doesn't mean I think the shares will hold the
Speaker 17: value that they're coming out of the IPO at. But
Speaker 17: I also think again it's a big enough player. It's
Speaker 17: and it's in AI launch and in connectivity that I
Speaker 17: think you should see maybe maybe some of that hangover
Speaker 17: afterwards being less of an issue, but for sure I
Speaker 17: think you'll you'll run into some challenges.
Speaker 2: They beg Inteins, George Fergs and part of the team
Speaker 2: crunching the numbers.
Speaker 4: Thank you very much.
Speaker 2: Amazon wants your next Prime order to include a banana.
Speaker 2: The company is betting that same day delivery and Whole
Speaker 2: Foods can finally unlock online grocery shopping at scale. Bloomost
Speaker 2: Matt Day joins us with the deep dive. There is
Speaker 2: no visitor more frequent to my front door than Amazon Prime,
Speaker 2: But to this point, a banana is yet to arrive.
Speaker 4: Take us inside your story. What do you get in
Speaker 4: that here.
Speaker 18: So Amazon, I think, maybe uniquely for them and their
Speaker 18: long history, is trying to get groceries to your doorstep.
Speaker 4: They've just started asking, right.
Speaker 18: So if you ed go online today and you place
Speaker 18: the same day order, it's very likely you're going to
Speaker 18: see a little pop up show up near the end, like, hey,
Speaker 18: do you want to add some perishables to this? About
Speaker 18: some lettus have about some blueberries, that kind of thing.
Speaker 18: And so it's that sort of in your face prompting
Speaker 18: combined with some listenatures to come the back end that
Speaker 18: makes Amazon think they can play a bigger part and
Speaker 18: grocery talk us.
Speaker 3: About you've been walking around the store. I mean, your
Speaker 3: whole story is wonderful. It starts with Jason Bruschell. I
Speaker 3: think that's how I'm now emerging from a big walk
Speaker 3: in refrigerator. But how impactful is it that they have
Speaker 3: the logistics down. It has to be the one day
Speaker 3: turnaround that makes it work.
Speaker 18: So it's really gotten them closer to customers in a
Speaker 18: way that they couldn't before. I mean when they started
Speaker 18: Fresh a couple of decades ago, they were doing it
Speaker 18: from the suburbs. You know, a lot of produce was spoiling,
Speaker 18: and stuff wasn't getting the density they needed to make
Speaker 18: the math work. You know, now suddenly, with Amazon coming
Speaker 18: out of the pandemic, with warehouses real close to a
Speaker 18: lot of metros, there's more ability to kind of sprinkle
Speaker 18: these these sort of mini chillers in and make a
Speaker 18: small grocery distribution center perhaps near you.
Speaker 3: And this is where the Amazon Whole Foods thesis bakes
Speaker 3: in Bloomberg's Matt Day. It's a great story. Go read
Speaker 3: it on the terminal our online. But meanwhile, and I'll
Speaker 3: say for this edition of Bloomberg Tech Ed, yeah.
Speaker 4: Don't forget to check out the podcast.
Speaker 2: You can find it on the Bloomberg Terminal and outline,
Speaker 2: on Apples, Spotify, and iHeart It is the very early
Speaker 2: start of what I'm sure is going to be a
Speaker 2: pretty crazy week in the world of technology. A lot
Speaker 2: to recap from New York City and from San Francisco.
Speaker 4: This is Bloomberg Tech