Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is a
Speaker 1: live from coast to coast with Caroline Hide in New
Speaker 1: York and Ed Lovelow in San Francisco.
Speaker 2: This is Bloomberg Tech coming up. Alphabet looking to tap
Speaker 2: the debt markets with fifteen billion dollars in US high
Speaker 2: grade and a super rare one hundred year Sterling denominated note.
Speaker 2: We had the details.
Speaker 3: Plus Bitcoin slips back below seventy thousand dollars after a
Speaker 3: roller coaster ride at the end of last week.
Speaker 4: We'll discuss where it can go.
Speaker 2: From here, and Apple set to debut a slew of
Speaker 2: new products in the coming weeks, including a new iPhone
Speaker 2: seventeen E and updated iPads and max A.
Speaker 3: First, we check in on these markets that bounce back
Speaker 3: for a second day. What a Friday close for the
Speaker 3: last that one hundred, and we build on that two
Speaker 3: and a half percent higher with another six tens percent.
Speaker 4: Rebound as we really try to.
Speaker 3: Digest where the risks are in the tech markets, and
Speaker 3: of course, as we look ahead to some of that
Speaker 3: job's data later in the week. I'm looking at crypto
Speaker 3: though rollercoaster if you were training it this weekend we're
Speaker 3: back below seventy thousand, having eclipsed it for a moment
Speaker 3: on the weekend training End'll dig into that a little
Speaker 3: bit later, But you're looking at the equity side of
Speaker 3: the equation and debt.
Speaker 2: Yeah, Alphabet, but actually I'm going to do something a
Speaker 2: little unusual and go to the corporate debt and bomb market.
Speaker 2: Really interesting Alphabet looking to raise fifteen billion dollars from
Speaker 2: a US high grade dollar bond sale. Bloomberg reporting that
Speaker 2: siting sources, but also going to the banks for a
Speaker 2: mandate maybe to look at Swiss frank denominated and then
Speaker 2: a super rare one hundred year note Sterling denominated British pound.
Speaker 2: We haven't seen a one hundred year note since like
Speaker 2: dot com era late nineties. But the bigger picture is
Speaker 2: pretty clear, right Taro, that we've seen big tech companies
Speaker 2: use debt monket markets to fund what's happening in capital expenditures.
Speaker 4: A lot more to.
Speaker 3: Discuss, and a lot more bond sales probably to be digesting.
Speaker 3: Let's do it all with the Robert Schiffman from Bloomberg Intelligence.
Speaker 3: We knew they had to finance the extraordinary amounts of
Speaker 3: AI capital expenditure Is there enough demand to support these
Speaker 3: mega bond sales?
Speaker 5: Yeah?
Speaker 6: I think listen, let's start from the beginning. Do they
Speaker 6: actually need any money? My injurers know. I think they're
Speaker 6: borrowing money because they can, because it's super cheap, and
Speaker 6: that there's a concept that demand for not just AI
Speaker 6: but bonds are so insatiable that they can go out
Speaker 6: and do one hundred year maturity. So yeah, there's tons
Speaker 6: of demand. If Oracle is able to build one hundred
Speaker 6: and thirty billion dollar book, Google can build whatever book
Speaker 6: it wants.
Speaker 2: This is why going back to basics is probably a
Speaker 2: good place to start.
Speaker 7: I agree with you.
Speaker 2: People would say, well, why is there a good idea?
Speaker 2: You know, they look at some of the mag seven
Speaker 2: names and they be cash on their balance sheet and say,
Speaker 2: you know why is that a useful mechanism for them?
Speaker 8: Yeah?
Speaker 6: This is what they taught me in math camp, the
Speaker 6: way that average cost of debt capital for all these names,
Speaker 6: whether it's Meta Alphabet, Microsoft, Apple, Amazon, is effectively zero.
Speaker 6: You know, why do you have double A and triple
Speaker 6: A balance sheets if you're not going to use them?
Speaker 6: I think this is extraordinarily visionary. You know, these companies
Speaker 6: have been prepping for years for greater investment opportunities, and
Speaker 6: now they finally see it. I think it's just such
Speaker 6: a bullish sign for this market. And from again the
Speaker 6: bondholder perspective, this is not equity holders being wary about multiples.
Speaker 6: Bondholders I don't think are going to be able to
Speaker 6: get enough, and they're going to be able to do
Speaker 6: it along every single part of the curve. And like
Speaker 6: you said, this isn't just going to be dollars. They're
Speaker 6: going to the Swiss frank market, the pound market. I
Speaker 6: wouldn't be shocked if they went back to the euro
Speaker 6: market or even to issue yen. I think there's going
Speaker 6: to be demand all over the globe for high quality
Speaker 6: Mount Rushmore style credits like this.
Speaker 3: I want to go to whatever in math camp you
Speaker 3: were going to where you're talking about Swiss Yen sterling
Speaker 3: denominate corporate debt. But look, the demand's there. We've seen
Speaker 3: in other parts of the AI sector, Infinian in Europe
Speaker 3: tapping the market. It's a chip maker. We've seen IBM
Speaker 3: come to the market. There's four hundred billion dollars that
Speaker 3: could get done in corporate bonds, just the investment grade
Speaker 3: sector alone JP Morgan forecast for this year. How do
Speaker 3: you think steady will be for the year or do
Speaker 3: you think we're going to be frontloading this? Are we
Speaker 3: awaiting Amazon to come straight out the gates given you've
Speaker 3: just powered a note about there really strong fundamentals.
Speaker 6: Yeah, listen, I think this is the tip of the iceberg.
Speaker 6: I actually think in Bloomberg News is underestimating how much
Speaker 6: hyperscaler spending is going to be this year. They put
Speaker 6: on a number of six hundred and fifty billion dollars
Speaker 6: just for this year alone.
Speaker 4: I think just the four.
Speaker 6: Right, I think it's going to be closer to seven
Speaker 6: fifty when you include names like Oracle and Core Week
Speaker 6: And if you think about culatively how much spending has
Speaker 6: gone up. In the beginning of last year, we estimated
Speaker 6: twenty twenty five to twenty through twenty thirty where you're
Speaker 6: going to see two trillion dollars of cumulative spending. We
Speaker 6: rose that, we brought that number to three trillion in
Speaker 6: the all the year, and now we're up above four
Speaker 6: trillion dollars. So these numbers are astronomical. What do you
Speaker 6: do on the back end of that? You're going to
Speaker 6: see a lot of bond deals. Why not borrow when
Speaker 6: your cost of capital is so low. So I think
Speaker 6: you're going to see Amazon, You're going to see Microsoft,
Speaker 6: and even though Apple is not in this hyperscaler game,
Speaker 6: you're going to see them come back as well.
Speaker 2: Robert Schiffman on the credit Corporate Corporate Credit Watch, Mathcamp,
Speaker 2: Bloomberg Intelligence CV love It. Another movie today is Oracle shares.
Speaker 2: We're on a bit of a tear. This comes after
Speaker 2: a tear up nine percent. This comes after DA Davison
Speaker 2: released the note saying improvements from open ai would lift
Speaker 2: the shares of public companies in the chat GPT Baker's Orbit,
Speaker 2: particularly Oracle. Let's bring in DA Davidson Managing director Gil Luria.
Speaker 2: We're just showing the kind of top line of your research,
Speaker 2: and clearly you know that there's some read through right
Speaker 2: in the move we've seen in Oracle this morning. Why
Speaker 2: is Oracle such a key beneficiary if open ai is
Speaker 2: basically able to monetize better, offer more products, and particularly
Speaker 2: strengthen its enterprise business.
Speaker 9: Yeah, most of Oracle's backlog is open ai. So they're
Speaker 9: building up their whole infrastructure now for open ai. And
Speaker 9: the reason the stock has performed so poorly over the
Speaker 9: last few months is that there was a concern that
Speaker 9: open ai wouldn't be able to pay for it, and
Speaker 9: now things have changed. We got to a point last
Speaker 9: week where the market decided that Google was the only
Speaker 9: winner in AI, and you can see that by the
Speaker 9: relative performance of Google versus the open ai complex, which
Speaker 9: is Microsoft and Video, Oracle and core Weave. And it
Speaker 9: got to be too the pendulum swung too far. What's
Speaker 9: happened is open ai has now become more focused on
Speaker 9: chid GPT. It's going to start monetizing more through ads
Speaker 9: within the next couple of weeks. It's going to introduce
Speaker 9: a much better model that will become state of the
Speaker 9: art again, will overtake Google's Gemini and accordantly, because it
Speaker 9: now looks like Google is going to win, that created
Speaker 9: a panic at Microsoft, Amazon and Nvidia, who are now
Speaker 9: going to invest one hundred billion dollars in open Ai
Speaker 9: so they can keep a counterbalance to Google. So with
Speaker 9: that investment, open eye is going to have one hundred,
Speaker 9: one hundred and forty billion dollars of cash. They'll be
Speaker 9: able to pay Microsoft, and then they'll have money to
Speaker 9: pay Oracle which again has the biggest exposure to open Ai.
Speaker 5: That's why we're upgrading today.
Speaker 2: Okay, I appreciate that math on what's changed about the
Speaker 2: situation open ai being good for it? You know that's
Speaker 2: been a question for a long time. You just heard
Speaker 2: bloon Bag Intelligence is Robert Schiffman, Right. Oracle has been
Speaker 2: at the heart of this question on debt versus payoff.
Speaker 2: They've had a lot of demand when they've gone to
Speaker 2: the market, but we are worried. Right they've swung to
Speaker 2: negative free cash flow. They are taking on a lot
Speaker 2: of burden. You seem sang win about that.
Speaker 5: It's still risky.
Speaker 9: To be clear, Oracle really painted themselves in a corner
Speaker 9: when they took on this much business from open Ai,
Speaker 9: and there were two risks.
Speaker 5: One is would Oracle be able to get the capital.
Speaker 9: To start the build out and the second risk was
Speaker 9: would open Ai have the capital and the wherewithal to
Speaker 9: pay Oracle for those services. It now looks like Oracle
Speaker 9: will be successful in the fundrais it'll cause it'll stretch them,
Speaker 9: but it looks like they'll be successful. And now it
Speaker 9: looks like open Ai will also be successful in their
Speaker 9: own fundraise.
Speaker 5: So they'll be able to pay for it.
Speaker 9: So those two risks that we've had up until really
Speaker 9: a few weeks ago, up until a couple of weeks ago,
Speaker 9: really are now looked like they're going to go away,
Speaker 9: and Oracle will be able to build the facilities and
Speaker 9: open ai I will be able to pay for them.
Speaker 4: Who else.
Speaker 3: Benefits in the scenario because I'm saying notes out today
Speaker 3: saying actually, they don't like in video, they don't like AMD,
Speaker 3: I'm talking about link secuities, for example, because they are
Speaker 3: worried that open ai isn't going to be there with
Speaker 3: a better update with enough conviction to be able to
Speaker 3: be perched in the chips that go inside the Oracle
Speaker 3: data sendagil.
Speaker 8: Well.
Speaker 9: So now it looks like open i will remain in
Speaker 9: the race for at least the foreseeable future. And the
Speaker 9: two biggest beneficiars by far are Microsoft and in Vidia. Right,
Speaker 9: Oracle is a marginal play on open AI because of
Speaker 9: how much of it is of their exposure. But really,
Speaker 9: if you look at the stock performance of Google versus
Speaker 9: Nvidia and Microsoft, that diversion over the last few months
Speaker 9: is a result of the market deciding Google's.
Speaker 5: One and open AI is lost. That is not the case.
Speaker 9: The race is still on, which means that that open
Speaker 9: I will spend the two hundred and fifty billion dollars
Speaker 9: on Microsoft, which now has by far the biggest backlog
Speaker 9: in AI compute, and then Microsoft, Amazon, Google and others
Speaker 9: will turn around and spend.
Speaker 5: That on Nvidia chips.
Speaker 9: And so we have Nvidia and Microsoft with the best
Speaker 9: business they've ever had. For Microsoft maybe in twenty five years,
Speaker 9: for Nvidia forever. They're both trading in the low twenties
Speaker 9: on earnings which are historically low multiples. So it's a
Speaker 9: historic opportunity in Nvidia and Microsoft precisely because Opening Eye
Speaker 9: will stay in the race.
Speaker 3: What's interesting is that we've heard a lot about the
Speaker 3: potential of open AI having their own chips. Why not
Speaker 3: more of a broadcom win? Why do they even stay
Speaker 3: with video here?
Speaker 5: Everybody still needs Nvidia.
Speaker 9: All this AI compute will overwhelmingly be built on Nvidia chips.
Speaker 9: There will be some other chips because all these customers
Speaker 9: of Nvidia want desperately to diversify, but they can't do
Speaker 9: it right now because they're building out their capacity so quickly.
Speaker 10: In Vidia has the best chip, has the capacity it works.
Speaker 10: It's available, everybody else will start their own chips, but
Speaker 10: the only company that really has made any significant progress
Speaker 10: on their own ships is Google, and that's because they
Speaker 10: started ten years ago. That's how long it takes to
Speaker 10: have a good chip. Ask Amazon, they're five years and
Speaker 10: then their chip is just starting.
Speaker 5: To get good.
Speaker 4: Didn't look too bad at the Meta.
Speaker 9: Microsoft Meta and opening I can start building their own ships,
Speaker 9: but they're very far away from those being any significant
Speaker 9: portion of their compute.
Speaker 5: It's going to be overwhelmingly in video Gilia.
Speaker 3: It's always great to have you on the show. Yay Davison,
Speaker 3: thanks for ringing us the latest on your research. Mean
Speaker 3: while coming up, we're going to discuss bitcoin slump's future
Speaker 3: in the macroeconomic environment. Would you elect Toberputra from Future
Speaker 3: perfect Mentures?
Speaker 4: That's next us is Bloomberg Tech.
Speaker 3: Bitcoin when it's slipped back below seventy thousand, as you
Speaker 3: can see on the day following a pretty rollercoaster ride
Speaker 3: at the end of last week, a slump from a
Speaker 3: peak of one hundred and twenty six thousand dollars in
Speaker 3: October last year, remember, which comes in spite of crypto
Speaker 3: friendly White House surging institutional adoption. Let's just set the
Speaker 3: scene mobly. Most cross asset reporter Isabelle. Often on the
Speaker 3: weekend there's thinner liquidity, so we see bigger moves and it.
Speaker 11: Seemed to be to the upside, it could be too upset,
Speaker 11: but to the downside as well. But now we saw
Speaker 11: bitcoin kind of studying, which is great because it's now
Speaker 11: hovering around sixty nine thousand, which is a big side
Speaker 11: of relief. Last week it did below as much as
Speaker 11: sixty thousand dollars and that's sixteen percent decline was a
Speaker 11: lot because there's a there's a gage of implied volatility index.
Speaker 11: It jumped to ninety seven percent, which is the highest
Speaker 11: since the Sandbagman freed FTX days in twenty twenty two.
Speaker 11: But beyond the price movement, I think it's really just
Speaker 11: about a reckoning.
Speaker 4: What is bitcoin?
Speaker 11: Is it a hedge against inflation, hedge against centralized government,
Speaker 11: against a hedge against a dollar? And I feel like
Speaker 11: a lot of people are feeling confused.
Speaker 2: Is about what's the flows data? The most recent flows
Speaker 2: data telling us.
Speaker 11: We are seeing some inflows, at least with US Bitcoin
Speaker 11: ETF they recorded an inflow of two undred twenty one
Speaker 11: million on February six, So you could think of that
Speaker 11: as maybe optimism again or maybe just dip buying. But
Speaker 11: then still it's really kind of at least to the
Speaker 11: people I talk to, they're like, what is this.
Speaker 4: It's a structural.
Speaker 11: Change, it's a philosophical change. I want to dip more
Speaker 11: into the structural because we know that bitcoin is kind
Speaker 11: of being institutionalized, and this may in itself be the
Speaker 11: problem because on October ten, fondly known as ten ten,
Speaker 11: that's when we saw billions of dollars liquidated because of
Speaker 11: leverage and derivative traits. And last week we also saw
Speaker 11: the same two point five billion dollars in forced liquidations
Speaker 11: according to coin Glass, So maybe bitcoin is also kind
Speaker 11: of possibly becoming a victim of its own success.
Speaker 2: Bloombergs is welly, terrific reporting. Thank you very much. Let's
Speaker 2: keep the discussion going. Which a Lacavamputra founder and managing
Speaker 2: partner of Future Perfect Ventures, early stage VC firm focused
Speaker 2: on cryptocurrency and blockchain technology. Something identified in the Bloomberg
Speaker 2: story that Isabelle was just discussing is that all of
Speaker 2: this has been happening in an environment where we have
Speaker 2: an administration and policy makers who are perceived to be
Speaker 2: more supportive of the underlying technology and the industry than
Speaker 2: prior administrations. Why would this movement and this market action
Speaker 2: happen therefore in that environment.
Speaker 12: Well, isabel pointed to the maturation of bitcoin, and while
Speaker 12: we have a very friendly administration, a lot of that
Speaker 12: was priced into that run up that we saw to
Speaker 12: the one hundred and twenty six thousand, and we're really
Speaker 12: seeing bitcoin act more like a risk asset these days
Speaker 12: rather than that digital goal narrative that we saw in
Speaker 12: the earlier days of bitcoin. And I'd also point to
Speaker 12: there's a market structure bill previously known as a Clarity
Speaker 12: Act that is still under consideration in the Senate, so
Speaker 12: that has not moved as quickly as those of us
Speaker 12: in the industry had, and I think that's causing a
Speaker 12: little uncertainty around what the guardrails around bitcoin and other
Speaker 12: crypto assets are going to be.
Speaker 2: The words that Isabelle Lee just outline are ringing in
Speaker 2: my head. What is this? Is this structural or is
Speaker 2: this philosophical? That is one of the great soundbites. Good
Speaker 2: job as well, but it is a question that comes
Speaker 2: up a lot. Maybe we should phone David Sachs and
Speaker 2: ask him to your point about the progress of this bill.
Speaker 2: But again you mentioned the structural part. What is the
Speaker 2: philosophical part, Isabelle was alluding to.
Speaker 12: Well, the philosophical part, and I've been invested in the
Speaker 12: sector since twenty thirteen is in the early days, you
Speaker 12: had a lot of long term holders, people who believed
Speaker 12: in the self sovereign currency, the self sovereign asset that
Speaker 12: was not controlled by.
Speaker 5: Any government and.
Speaker 12: Was particularly useful to those people in hyperinflationary environment. So
Speaker 12: that's where that digital goal narrative came.
Speaker 5: Where it was.
Speaker 12: And what we've seen now and as Isabelle said, it
Speaker 12: could be a victim of its own success. I don't
Speaker 12: quite say it's a victim quite yet. But we're seeing
Speaker 12: more institutional holding, and so the institutions have determined that
Speaker 12: this will be more of a risk asset. It will
Speaker 12: trade more in tune with assets like the text stocks,
Speaker 12: not commodities, and so that's where that philosophical divide has happened.
Speaker 12: You know, it's great that we have more institutions, we
Speaker 12: have more acceptance of the sector of bitcoin as an
Speaker 12: asset class, but it may not hold as that digital
Speaker 12: goal and narrative or it may hold. Is that narrative
Speaker 12: in emerging markets and not in developed markets?
Speaker 4: Does that matter to your investments?
Speaker 3: Will you building on bitcoin as the OG and as
Speaker 3: rails to future infrastructure? Are you broader thinking, Actually, we
Speaker 3: don't need bitcoin in and of itself to remain a
Speaker 3: buy and hold asset. I'm more interested in the underlying technology.
Speaker 3: To use an overuse phrase, I'm more interested in the
Speaker 3: stable coin side of the equation.
Speaker 12: Right when I first saw bitcoin, I was really interested
Speaker 12: in it as a self sovereign currency, having been raised
Speaker 12: in emerging markets. However, I was even more excited by
Speaker 12: blotching technology. So this concept of having data or assets
Speaker 12: on chain, that could create more efficiency in the trading
Speaker 12: of data. So if you're going to step away and look.
Speaker 7: At AI and we look at AI.
Speaker 12: Agents and for them to communicate and transact with each other,
Speaker 12: it's much more efficient if they can do it in
Speaker 12: an on chain environment. Now that's much further in the future.
Speaker 12: We're starting to see tokenized securities. We're starting to see
Speaker 12: real world assets, so private credit going on chain. We're
Speaker 12: seeing money market funds go on chain, and we're going
Speaker 12: to continue to see already regulated assets moving on chain.
Speaker 12: ICE from the New York Stock Exchange has talked about
Speaker 12: their initiatives around tokenized equities. So that's all happening regardless
Speaker 12: of what happens to the bitcoin price. So we're really
Speaker 12: seeing the financial infrastructure being rebuilt by blockchain technology, which
Speaker 12: also powers bitcoin. I don't think either is going away.
Speaker 12: I think we just have to separate the two and
Speaker 12: of note stable coins which are run on chain. Those
Speaker 12: were regulated by the Genius Act which passed last year,
Speaker 12: and then we've seen a proliferation of activity in that sector.
Speaker 4: So not because of that regulation.
Speaker 3: Do you continue to call yourself crypto first VC briefly
Speaker 3: or do you become an AI VC.
Speaker 12: Well, our thesis has always been around the intersection of blockchain,
Speaker 12: crypto assets, and AI forming the basis of the next Internet.
Speaker 12: We've seen the development of these different areas at different times.
Speaker 12: I think they're all very important to our future. I
Speaker 12: think that cryptoside may take a bit longer to really,
Speaker 12: you know, form or validate itself.
Speaker 13: In that narrative.
Speaker 3: Jilac Jowin Putcher of Future Perfect Ventures, we appreciate it.
Speaker 4: Thank you.
Speaker 3: Now coming up, Apple prepares for an update to its iPhone.
Speaker 4: It's iPads, it's Max. More on that next. This is
Speaker 4: Bloomberg Tech.
Speaker 2: Apple is set to debut a slew of new products
Speaker 2: in the coming weeks, including a new iPhone seventeen E
Speaker 2: and updated iPads and Max. Here with the breakdown Bloomberg's
Speaker 2: Apple and consumer tech editor Mark German the power on
Speaker 2: drop Sunday, and you basically give us the products release
Speaker 2: roadmap for the early part of this year. What do
Speaker 2: we need to know?
Speaker 13: Yes, there's a new eyes some one coming pretty eminently
Speaker 13: in the next few weeks.
Speaker 7: It's the iPhone seventeen E.
Speaker 13: It's a successor to the sixteen E that launched about
Speaker 13: a year ago last year. This new version is going
Speaker 13: to have the same chip as the iPhone seventeen, so
Speaker 13: moving from the A eighteen to the A nineteen. And
Speaker 13: it addresses one of the quirks of the first model,
Speaker 13: which was the lack of MagSafe, which means no magnetic
Speaker 13: wireless charging within Apple's mag Safe ecosystem.
Speaker 7: So that's coming as well.
Speaker 13: Also an updated in housemodem, an updated in house wireless
Speaker 13: chip to match the iPhone Air from September. You're also
Speaker 13: going to see some new iPads in the next month
Speaker 13: or so. That includes a new version of the iPad
Speaker 13: AIR with the M four chip, so a bet if
Speaker 13: the faster processor there, matching the iPad pro sew from
Speaker 13: twenty twenty four. And then you're also going to see
Speaker 13: a new entry level iPad moving to the A eighteen chip.
Speaker 7: Now why is that significant?
Speaker 13: It will be the first iPad from the entry level
Speaker 13: batch to support Apple Intelligence. And you're also going to
Speaker 13: see new high end map book pro and netbook airs
Speaker 13: in the coming month as well, So a lots alike
Speaker 13: if you're into new low end iPhones, iPads as well
Speaker 13: as MacBooks.
Speaker 4: So who's into it? Mark?
Speaker 3: On that note, I can see a lower price point
Speaker 3: being attractive. It's interesting that you are pushing forward the
Speaker 3: view that enterprises might well be interested.
Speaker 13: Yeah, two tent poles this year for Apple Education and enterprise.
Speaker 13: Apple is I would say tripling down on moving units
Speaker 13: into both of those segments. They have a lot of
Speaker 13: the consumers already, they're trying to break into other areas
Speaker 13: that they've struggled to break into in the past, and
Speaker 13: all these products have price points and feature sets that
Speaker 13: are going to be heavily applicable to business use cases
Speaker 13: and bulk purchases. Also, a low cost MacBook with an
Speaker 13: iPhone chip coming as well. This will be sub eight
Speaker 13: hundred dollars, so this is going to be pretty fancy
Speaker 13: and compelling for both those segments as well.
Speaker 2: Mark, I'm running at twenty nineteen twenty twenty macare with
Speaker 2: an m one ship. Just on the macpart update right
Speaker 2: times upgrade you have thirty seconds?
Speaker 13: Why well, because your laptop is seven years old, time
Speaker 13: to get a new one.
Speaker 7: But now in reality is that the chips have the
Speaker 7: chips have gotten much more advanced.
Speaker 13: They have AI capabilities now, oh, better graphics processor. So
Speaker 13: if you're on an m one machine or an Intel machine,
Speaker 13: definitely think about getting something new. I'm going to m
Speaker 13: one myself and I'm looking forward to the touchscreen MacBook
Speaker 13: Pro overhaul coming in the fall, so that'll be pretty
Speaker 13: nifty as well.
Speaker 4: Get on Ed Bloomberg's Markoman, so great to have you on.
Speaker 4: Thank you very much. Adin.
Speaker 3: Now coming up, investors, look beyond the AI data center
Speaker 3: play Apparently Cowash Life of Femo Private Wealth joins us
Speaker 3: see how she's looking past them as a Bloomberg Tech.
Speaker 2: Welcome back, to Bloomberg Tech. I'm zeroed in on the
Speaker 2: chip sector. In the session so far, the Philadelphia Semiconductor
Speaker 2: Index or SOCKS is swung from a decline of about
Speaker 2: one percent at the open to a gain of now
Speaker 2: one point six percent. Really, it's in Vidia as the
Speaker 2: biggest points gainer that's pushing higher, And there was a
Speaker 2: lot over the weekend about how confident in video is
Speaker 2: right now in the infrastructure build out. One of the
Speaker 2: laggards though, is Micron down two point five percent. There
Speaker 2: was a report over the weekend, we'll bring you the
Speaker 2: details later in the show, that Samsung, its rival in
Speaker 2: high bandwidth memory, is going to start shipping Latest Gen
Speaker 2: to in Vidia this month. Our own colleagues at Bloomberg
Speaker 2: Intelligence have weighed in this morning saying that actually what's
Speaker 2: going on with Mike Cron and high bandwidth latest generation
Speaker 2: four is kind of muted, but right now that seems
Speaker 2: to be a story in the market, And again bringing
Speaker 2: those deats a little bit later in the program.
Speaker 3: Current, Yeah, you're looking at the hardware, Let's go more
Speaker 3: broad and look at software and all parts of big tech,
Speaker 3: the movers there in Bloomberg TV Markets correspondent Normlenda's with
Speaker 3: us nor to take us away because it was a
Speaker 3: volatile previous week.
Speaker 4: How this week started last week was quite the week.
Speaker 14: I mean, we're looking at this week, We're seeing the
Speaker 14: Nazeq one hundred rebounding for a second stay in a row.
Speaker 14: Also seeing a lot of those software stocks rebounding. I'm
Speaker 14: taking a look at app Lovin, We've got Palenteer and
Speaker 14: Focus Microsoft. As I'm speaking to my sources, we're hearing
Speaker 14: that people are really trying to buy the dip. They're
Speaker 14: really trying to figure out where the risks are in
Speaker 14: this market and figure out where to best position themselves now.
Speaker 14: So we are seeing app Levin in particular. We did
Speaker 14: see that City did mention that their e commerce clients
Speaker 14: are up about three percent from the prior week, so
Speaker 14: that of course is also boing the shares in particular.
Speaker 14: But we really are seeing these stocks trying to map
Speaker 14: out chart a turnaround story here as a lot of
Speaker 14: people are trying to figure out which stocks maybe perhaps
Speaker 14: have the least exposure to some of these risks that
Speaker 14: we've really been seeing laid out last week. And people
Speaker 14: are really seeing microsoftware instance, and we think about them
Speaker 14: as a potential bell weather in this space. It really
Speaker 14: shows that this rally isn't necessarily just exclusive to software stocks,
Speaker 14: but really just a broad based rebound for all of tech.
Speaker 2: Laura and me, Linda, with the market shrapp Microsoft up
Speaker 2: three percent, I don't know, Like I'm trying to think
Speaker 2: that the anxiety that I was so it in on
Speaker 2: at the end of last week faded with the super Bowl.
Speaker 2: The technology story is broadening, expanding past just AI in
Speaker 2: data centers. In a recent note, Carol Schlife, chief market
Speaker 2: strategists at BEMO Private Wealth, rights that the real focus
Speaker 2: is shifting to who's using the technology and how it's
Speaker 2: being applied. She adds that rising M and A activity,
Speaker 2: IPOs and ongoing innovation could help fuel continued interests and
Speaker 2: momentum in the year ahead. Carol joins us, now, I
Speaker 2: want to start with the shift part and we'll get
Speaker 2: to IPOs, because of course it's been a big story
Speaker 2: for us here on the show.
Speaker 7: What is it that you're.
Speaker 2: Seeing in a shift? You're seeing the psychology of the
Speaker 2: market shift, You're seeing the attention of the market shift,
Speaker 2: or you're seeing people's understanding shift.
Speaker 8: Which is it?
Speaker 15: I think it's it's a piece of all of those things,
Speaker 15: because it's a natural evolution. You know, when we first
Speaker 15: year an innovation, take it back to when chat GPT
Speaker 15: was first announced a couple of years ago, and then
Speaker 15: the deep seek as well convestors figure out what's my
Speaker 15: shorthand way to play this. But it's really more impactful
Speaker 15: from that and getting investors, particularly our longer term oriented clients,
Speaker 15: focused on the issue that we're building infrastructure in the
Speaker 15: United States. It's putting capital investment in which we haven't
Speaker 15: done actually in a big macro way in a very
Speaker 15: long period of time, and it's teeing up all of
Speaker 15: these really important evolutions. And you've got a lot of
Speaker 15: recent examples, for example, in the healthcare industry where you've
Speaker 15: had Newly an Vidia announced a joint venture, you had
Speaker 15: Mayo Clinic and Nvidia announce a joint venture. In terms
Speaker 15: of processing that data and how science will be done
Speaker 15: and how diagnostic imaging will be done, and those use
Speaker 15: cases are getting investors to focus more on those, But
Speaker 15: it's tough from an investor standpoint because they want to
Speaker 15: what can I buy today that's going to be higher
Speaker 15: by the end of the week.
Speaker 2: Carol you heard Bluemstrea of a Linda kind of outline
Speaker 2: the events of the last five days, you know, Friday.
Speaker 2: We always say like one session of market does not
Speaker 2: make but clearly there are some deep rooted concerns that
Speaker 2: corners of the technology industry. I kind of like legacy
Speaker 2: software are at severe risk. Here does your research reflect
Speaker 2: that as well?
Speaker 15: I think the issue is it's also important to remember
Speaker 15: from a use case scenario, it's not like big corporations
Speaker 15: or even medium sized corporations can ditch the software they had.
Speaker 7: People aren't going to give.
Speaker 15: Up their client service processing or their routines. It takes
Speaker 15: a while to get that stuff iterated in and I
Speaker 15: heard one of our analysts this morning just talking about
Speaker 15: it. It's not like someone sitting at the kitchen table is
Speaker 15: going to replace a lot of that macro software that
Speaker 15: we've been using. But a repricing of a do you
Speaker 15: discount the kinds of growth rates they've seen for thirty
Speaker 15: years or is it five or ten years? That's partly
Speaker 15: what the markets are trying to deal with too, is figuring.
Speaker 13: Out how does this go forward?
Speaker 15: And similar to the first internet build out in ninety
Speaker 15: five to two, thousand. You have the iteration where everyone's
Speaker 15: trying to figure out how to use it, and it's
Speaker 15: those companies, those managements, those industries that can lean into
Speaker 15: the fact that there's a lot of change. How are
Speaker 15: we going to participate in it versus sit back and
Speaker 15: let it be done to them?
Speaker 3: Do you clients want is it back and let it
Speaker 3: be done to them?
Speaker 4: Or do they want to buy?
Speaker 15: I think they're trying to figure out how to participate
Speaker 15: in it. And we've been warning for some period of
Speaker 15: time that you needed to see a broadening in the
Speaker 15: markets because hanging everything on six or seven stocks is
Speaker 15: not healthy in the long run. And we had talked
Speaker 15: about and given them a heads up that some of
Speaker 15: that transition may be volatile. Doesn't mean that people have
Speaker 15: to sell the seven and go buy the four ninety three.
Speaker 15: It can mean the seven broaden out or flatten out,
Speaker 15: if you will, and the others catch up. Do some
Speaker 15: catch up. So we've been warning clients about that volatility,
Speaker 15: and our clients tend to be pretty sanguine, if you will,
Speaker 15: about that in terms of letting us do repositioning as
Speaker 15: prices are up. You know, investing is one of those
Speaker 15: activities where it's more comfortable to run with the crowd,
Speaker 15: which is typically the wrong situation to have from a
Speaker 15: long term standpoint.
Speaker 3: And what we always do is get secked into just
Speaker 3: talking about equities a lot because there real lies the
Speaker 3: price point. But the wall market's exciting as well. We've
Speaker 3: got huge amount on deck. When you think about alf
Speaker 3: of that taping we had Oracle last week, we got plenty.
Speaker 4: More's short to come.
Speaker 3: Is that an area that you're seeing more diversification coming,
Speaker 3: more interesting corporate debt as well.
Speaker 5: Well.
Speaker 15: I think there is the interesting corporate debt, but it's
Speaker 15: also important to remember that technology in general has prided
Speaker 15: themselves on how under levered they've been, so coming up
Speaker 15: to using some of that cash flow or balancing off
Speaker 15: and reserving some cash flow and accessing the debt market
Speaker 15: and its higher quality debt. So there's that piece of
Speaker 15: it too. But there's a lot of different ways to
Speaker 15: play this, and not just the focus on technology itself,
Speaker 15: but who's making the best use cases of it. New
Speaker 15: as the most potential. You're seeing small and mid cap
Speaker 15: stocks really played too, because they don't get all locked
Speaker 15: up in having to approve new software, per se they
Speaker 15: really can lean into leap frogging some of the advances
Speaker 15: that they have access to now.
Speaker 4: Caroash Life keeping US diversified. We appreciate it. BMO Private Wealth.
Speaker 3: Now coming up, tech dominates the Super Bowl ad space.
Speaker 3: Did you notice AHI was definitely in focus that discussion. Next,
Speaker 3: this is bluembg Tech, an Australian AI startup back by
Speaker 3: and Video just secured a ten billion dollar loan from
Speaker 3: a group that includes Blackstone Lead Funds.
Speaker 4: To boost US data center rollout.
Speaker 3: Now is one of the country's largest private credit financings,
Speaker 3: called Firmus Technologies, the startup plans to construct data centers
Speaker 3: with a combined capacity up to one point six gigawads
Speaker 3: across Australia by twenty twenty eight.
Speaker 2: Lead okay to the private markets and Propic is finalizing
Speaker 2: the details of a funding round of more than twenty
Speaker 2: billion dollars, which would nearly double its valuation to three
Speaker 2: hundred and fifty billion dollars. Let's get the details Bloomberg's
Speaker 2: Bench Capital Reporter and Natasha mescarinus here in SF. This
Speaker 2: is something we broke just before the weekend, chased over
Speaker 2: the weekend, and we think it's coming this week, right,
Speaker 2: where are they at?
Speaker 16: Yeah, I mean exactly a month ago, Anthropic came out
Speaker 16: of the gate targeting around ten billion. Now we're seeing
Speaker 16: that amount could go even higher than twenty billion.
Speaker 4: And this is not just a.
Speaker 16: Funding round that's going to include money from Nvidia and Microsoft,
Speaker 16: although they are expecting to put up to fifteen billion
Speaker 16: into the company. This is around where traditional investors are
Speaker 16: actually putting in new money into the deal as well.
Speaker 16: We're thinking Menlo light speed Altimeter Sequoia, it runs the gamut.
Speaker 3: It's interesting that you didn't mention there the typical crossover
Speaker 3: funds as well. Natasha and we are all racing for
Speaker 3: Anthropic and indeed Key Rifle open Ai to be tapping
Speaker 3: the public market at some point.
Speaker 4: This year exactly.
Speaker 16: It's actually a fascinating example of how invest you're thinking
Speaker 16: about a company, two companies really to your point, and
Speaker 16: investing in them before that initial public debut. So this
Speaker 16: time we're also seeing Anthropic line up investors for an
Speaker 16: employee tender, which will give employees a chance to liquidate
Speaker 16: some of their equity holdings and again cash out before
Speaker 16: a future public offering.
Speaker 3: Natasha and Mascarine is is going to be a busy
Speaker 3: week for you. We say appreciate you starting it with us. Meanwhile,
Speaker 3: it was busy with this year's Super Bowl. Ads leaned
Speaker 3: heavily into AI, of course, with tech companies using the
Speaker 3: big stage to showcase their latest tools and ideas. Now,
Speaker 3: according to analytics firm Edo, AI dot Com led the
Speaker 3: pack and consumer engagement, generating roughly nine point one times
Speaker 3: the interaction of a median Super Bowl ad. Joining us
Speaker 3: now to break it all down, as Kevin Crimany's president
Speaker 3: and CEO of Edo, what's more birds eye perspective is
Speaker 3: that tech dominated just the ad spend, the ad that.
Speaker 4: Were out there.
Speaker 17: It was the Tech super Bowl and Natasha in Carolina.
Speaker 17: It was absolutely groundbreaking to see more AI product ads
Speaker 17: than there were combined automotive and beer ads, the stalwarts
Speaker 17: of your typical Super Bowl.
Speaker 3: AI dot Com gains traction. Why because no one understands
Speaker 3: what it actually is. I mean, we now will peel
Speaker 3: back the onion and understand it's the guy who made
Speaker 3: his money in crypto dot com has brought this very
Speaker 3: expensive website and now wanting us to all put our
Speaker 3: details into it and have an AI agent of the future.
Speaker 3: But what was the recipe for getting us to convert.
Speaker 17: Well, there's this heated rivalry going on between anthropic and OpenAI,
Speaker 17: and then suddenly this dark Corse AI dot com that
Speaker 17: no one had heard of comes in and is trolling
Speaker 17: both of them, along with Mark Zuckerberg mentioning you all
Speaker 17: these folks by name. And what you've got is that
Speaker 17: perfect formula of introducing something totally new to people, but
Speaker 17: it's completely on trend. This was the AI super Bowl
Speaker 17: and so it surprised people. It cought people I and
Speaker 17: they went. They crashed the website. It was down for
Speaker 17: many minutes after after that ad aired and finally came
Speaker 17: back online. But what I think you saw just writ
Speaker 17: large was two things going on in the Super Bowl.
Speaker 8: And we had idio.
Speaker 17: We're measuring the outcomes generated by these ads, and.
Speaker 8: You saw people either engaging with new.
Speaker 17: Technology that could change their lives, whether it was AI
Speaker 17: or healthcare. There was a lot of pharma and diagnostic
Speaker 17: tests being promoted that all did well, and or you
Speaker 17: saw people going back to the to the triad and
Speaker 17: true nostalgia, heartwarming, celebrity driven pieces.
Speaker 8: Those were the things that worked.
Speaker 2: What's so interesting about The technology piece of this is
Speaker 2: what was being advertised, right, So there's a lot on
Speaker 2: social media about the who's who of tech being in
Speaker 2: attendance of the Super Bowl or talking up their own ads,
Speaker 2: and there were also some fake ads. But my main
Speaker 2: point coming these are like enterprise facing things B to
Speaker 2: B when you measure the engagement or outcomes, like, how
Speaker 2: can we gauge if these were successful pieces of business
Speaker 2: at the enterprise level that those companies put in play.
Speaker 17: Yeah, so what we're measuring a EDOS, We're looking at
Speaker 17: how many people searched for the brand, went to the
Speaker 17: brand's website, used the brand's app in the minutes following
Speaker 17: these ads on TV, and it's highly predictive of very
Speaker 17: correlated with changes in market share, changes in sales enterprise.
Speaker 8: It's an interesting way to market.
Speaker 17: You've got to find needles and haystacks, but this is
Speaker 17: by far the world's biggest haystack. It's the most engaged
Speaker 17: audience you can find. You couldn't replicate this kind of
Speaker 17: audience through targeted digital advertising over a month or many months,
Speaker 17: even if you spent tens of millions of dollars like
Speaker 17: it costs to advertising the Super Bowl. So for those
Speaker 17: folks with an enterprise message, it's still one of the
Speaker 17: best ways, most cost efficient ways, ironically to reach those
Speaker 17: kinds of high end audiences, and the game being, as
Speaker 17: you mentioned in the Bay Area in the home of Tech,
Speaker 17: that much better.
Speaker 2: Kevin, Ai was big, right, but so is Farma big Farma.
Speaker 2: You know, as I sat on my couch well wishing
Speaker 2: that something that struck me, what's the data behind that?
Speaker 8: Please?
Speaker 17: It mattered a lot to the people watching to see
Speaker 17: Nova Noordisk promoting its will go v pill. That was
Speaker 17: one of our top twenty most engaging ads of the game,
Speaker 17: a very big performance for a pharmaceutical brand. You also
Speaker 17: had Hymns and Hers with an edgier message late in
Speaker 17: the game, which was a challenging placement overall, given that
Speaker 17: the game wasn't that competitive at that point, and yet
Speaker 17: Hymns and Hers performed very well and was also one
Speaker 17: of our top twenty most performant ads in the game.
Speaker 17: Obviously they're both in the news today with noven Ardisks
Speaker 17: suing Hymns and Hers.
Speaker 3: It's a hard one, Kevin, But your IDEO is all
Speaker 3: about TV advertising. How much do we think actually is
Speaker 3: just driven onto online. In these moments, you hear that.
Speaker 4: Maybe someone caught an ad and you then go and
Speaker 4: look at it on YouTube.
Speaker 3: How are we being distinct about where they put their
Speaker 3: money to work?
Speaker 8: Right?
Speaker 17: Well, what we're seeing is that the twenty first century
Speaker 17: consumer lives their lives online and so whether they're watching
Speaker 17: traditional TV or streaming television or social video, it triggers
Speaker 17: these online digital behaviors. That is the customer journey in
Speaker 17: the twenty first century. And so by picking up these signals,
Speaker 17: you're able to really predict what's going to happen in
Speaker 17: your business going forward. Now, should marketers be spending more
Speaker 17: or less in TV or social video or other media?
Speaker 17: I mean that is why companies like ours exist is
Speaker 17: to help them find that right balance, the right marketers.
Speaker 17: Though they know that there's moments to get a big
Speaker 17: audience highly engaged, like the super Bowl, and then there's
Speaker 17: moments to go with hyper targeting, and the right balance
Speaker 17: typically is what we see does the best.
Speaker 3: But they also know probably and why we see nostalgia,
Speaker 3: where we see Ben Affleck, where we see the idea
Speaker 3: of gen X millennial viewers, is that basically what the
Speaker 3: Super Bowl is, it's targeting like the forty year olds
Speaker 3: or something.
Speaker 17: What it really shows is that boomers they're out of
Speaker 17: the sweet spot of economic power. It's gen xers and
Speaker 17: gen y, you know, those kind of younger gen xers
Speaker 17: like me, the aging millennials who are right behind me.
Speaker 17: We're in the sweet spot of economic power, and marketers
Speaker 17: know that, and so they're talking to us. The nostalgia
Speaker 17: that was quite effective in this game. It was all
Speaker 17: about late eighties to early two thousands, the Backstreet Boys.
Speaker 17: Twice you had that kind of effect. We had bon
Speaker 17: Jovi several times. Green Day kicked off the game. It
Speaker 17: was targeted at us.
Speaker 2: The one thing that a lot of people struggle on
Speaker 2: stand is with some of the bigger ads from some
Speaker 2: of the bigger technology companies. A lot of them were
Speaker 2: released in advance of the Super Bowl, right they're posted
Speaker 2: wherever they're posted. What's the strategy behind that.
Speaker 17: There's a lot of debate about what the right release
Speaker 17: strategy is. We find that any one of them can work,
Speaker 17: but surprises tend to do the best. If you're introducing
Speaker 17: a new product teases of a fun idea where you're
Speaker 17: building on the idea on social but leading to a
Speaker 17: real unveil on at the super Bowl.
Speaker 8: That's also quite effective.
Speaker 17: Less effective is just put it all out there a
Speaker 17: week ahead of time and then expect a part of
Speaker 17: the Super Bowl.
Speaker 8: It tends to not work as well that way.
Speaker 2: Kevin Krim, CEO of Edo, and a long time ago, also,
Speaker 2: i should say, was global head of Digital at Bloomberg.
Speaker 7: Thank you very much.
Speaker 2: Now coming up, Workday's co founder comes back for the
Speaker 2: top job at the company. Effective immediately. We'll have that
Speaker 2: surprise news next. This is Bloomberg Tech.
Speaker 4: Time now for talking tech.
Speaker 3: First up, Meta is facing a warning from the EU. Now,
Speaker 3: a social media giant is under scrutiny of a policies
Speaker 3: that restrict the use of rival AI.
Speaker 4: Assistance on WhatsApp.
Speaker 3: Now, the European Commission has issued a statement of objections,
Speaker 3: cautioning that it may step in to prevent when it
Speaker 3: described as serious and irreparable harm to the market. Now
Speaker 3: Bluebogs Francy Lacqua sat down with the European Commission Executive
Speaker 3: VP Teresa Ribera.
Speaker 18: Particularsen I don't know how it may be read by
Speaker 18: any government, but my sense is that this is not
Speaker 18: connected to politics, but connected to well functioning markets.
Speaker 4: And the protection of consumers plus.
Speaker 3: Former Apple design chief Johnny I is unveiled a car
Speaker 3: CO designed with Ferrari called the Ferrari Lucee. It features
Speaker 3: tactile switches, physical controls, aluminium details and steering will and events.
Speaker 4: Now the design is deliberately moving.
Speaker 3: Away from a screen heavy aesthetic, embracing what I've described
Speaker 3: as a more physical world approach and byte dance while
Speaker 3: it's turning heads with this latest AI video model, The
Speaker 3: TikTok Parent just rolled out seed Dance two point zero
Speaker 3: and the quality of the clips has surprised both analysts
Speaker 3: and industry watchers. Now the launch has generated plenty of
Speaker 3: us and help lift shares across China's media and AI
Speaker 3: app space.
Speaker 2: Ed Okay, some news. Workday co founder and current executive
Speaker 2: chair and Neil Bursrie is returning as CEO. He's replacing
Speaker 2: Carl Eschenbach, with the change effective immediately. The news comes
Speaker 2: just days after work Cup. Workday announced it's cutting about
Speaker 2: four hundred jobs. Who's across it, Bloomberg's Brady Ford. It's
Speaker 2: the Monday after the Super Bowl. The phone rings five am.
Speaker 2: The editor is saying, Brody, get to your desk.
Speaker 5: Workday.
Speaker 4: What do we need to know?
Speaker 2: I mean, this is a stock that's reacting negatively to
Speaker 2: the news, but has been on.
Speaker 7: A slide for some months out.
Speaker 5: You need to know.
Speaker 19: It's a really tough time to be an application software company, right.
Speaker 19: I mean, whether you're a Salesforce or Adobe or Workday,
Speaker 19: you can put up pretty good numbers, you can say
Speaker 19: that a lot of people are using your AI tools,
Speaker 19: But right now Wall Street is just not going to
Speaker 19: believe you. And that's what's been happening with Workday. I mean,
Speaker 19: they're down forty percent over the last year before this
Speaker 19: event today, and it seemed they said, we need the
Speaker 19: show and we need to make a step toward a
Speaker 19: more product folks company. Maybe the last guy who we
Speaker 19: thought was going to lead us to a new era
Speaker 19: was seen as to sales. We need somebody who's really
Speaker 19: going to focus on that AI R and D.
Speaker 3: And so is it right to go back to the
Speaker 3: co founder Brody? How does the market interpret that?
Speaker 19: I think no matter who they've picked right now, the
Speaker 19: market wouldn't have loved it right now. I think if
Speaker 19: you do anything that's not exceptionally and unambiguously positive, the
Speaker 19: market wants to sell application software stocks, right, I mean
Speaker 19: the founder's a familiar face. I have seen some questions
Speaker 19: around if you want to lead a company into a
Speaker 19: new AI era, do you want to go back to
Speaker 19: the same person. There's arguments both ways, but clearly investors
Speaker 19: are not stoked.
Speaker 2: The stock trading at its lowest level since November twenty
Speaker 2: twenty two. Quite quite rightly, I'm going to ask you
Speaker 2: what is workday and what does it do?
Speaker 5: Right?
Speaker 19: Well, when you look up your benefits for you know,
Speaker 19: healthcare or vision, you're probably logging into a workday system
Speaker 19: no matter what company you want. So their core application
Speaker 19: is for human resource management, but of course, like everybody else,
Speaker 19: they want to expand in the agents and other parts
Speaker 19: of the software stack.
Speaker 3: And we also know who's expanding into agents and the
Speaker 3: enterprise area.
Speaker 4: Pretty forward. Thank you so much. That does it from
Speaker 4: this edition at Bloomberg Tech. And we've got a big
Speaker 4: week ahead.
Speaker 3: There's yet more earnings, think of fast but the bond
Speaker 3: sales they're going to come to and we did it
Speaker 3: all today.
Speaker 2: Yeah, like big tech has looked to debt to fund
Speaker 2: Capex and is Robert Schiffman outlined and recap it on
Speaker 2: the podcast. It was a good conversation. You know, that's okay.
Speaker 2: It's a good way of managing capital for them. Do
Speaker 2: recap the podcast. You know where to find it. It's
Speaker 2: on the Bloomberg terminal, it's online, it's on Apple, Spotify,
Speaker 2: and iHeart from San Francisco and from New York.
Speaker 5: This is Bloomberg Tech