WEBVTT - Nvidia Earnings This Week; Biggest Power Deal in History 0:00:02.520 --> 0:00:13.480 Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live 0:00:13.520 --> 0:00:17.360 from coast to coast with Caroline Hide in New York 0:00:17.600 --> 0:00:19.640 and Eva Loo in San Francisco. 0:00:21.560 --> 0:00:23.239 This is Bloomberg Tech coming up. 0:00:23.280 --> 0:00:26.240 All eyes on Nvidia this week as investors anxiously await 0:00:26.280 --> 0:00:29.880 the company's earnings results, plus the AI data center Boom 0:00:29.920 --> 0:00:33.200 triggers the largest power deal in history with next Era 0:00:33.360 --> 0:00:36.960 acquiring Dominion Energy for sixty seven billion dollars, and Elon 0:00:37.040 --> 0:00:39.559 Musk says he's in Texas working on plans for the 0:00:39.600 --> 0:00:40.760 space XIPO. 0:00:40.920 --> 0:00:43.400 The filing come as soon as this week. 0:00:43.720 --> 0:00:46.720 But first we check in on these markets, which again 0:00:46.920 --> 0:00:48.880 are sinking for a second straight day. Like the NASA 0:00:48.960 --> 0:00:51.800 one hundred under pressure on Friday, it was around anxiety 0:00:51.880 --> 0:00:54.640 or underwhelmed between the US China relations. Now it's front 0:00:54.640 --> 0:00:57.560 and center back on geopolitics and the US around conflict. 0:00:57.560 --> 0:00:59.319 We're off by five tenths of a percent as all 0:00:59.320 --> 0:01:02.440 pushes higher, but we're seeing the Semiconductor index once again 0:01:02.520 --> 0:01:03.360 taking a pullback. 0:01:03.560 --> 0:01:04.880 We're down by two point two percent. 0:01:04.920 --> 0:01:07.520 In fact, we've lost about six percent on this index 0:01:07.640 --> 0:01:09.720 in the last two training days as we saw a 0:01:09.760 --> 0:01:13.160 significant sell off on Friday, it ramps up into another day. 0:01:13.480 --> 0:01:13.640 Now. 0:01:13.680 --> 0:01:15.720 All of this is why we still try to digest 0:01:15.920 --> 0:01:18.720 the reality of the AI demand and spend, and all 0:01:18.800 --> 0:01:21.360 eyes are going to be over in Las Vegas on 0:01:21.480 --> 0:01:24.240 Dell World today. This is as we think about how 0:01:24.319 --> 0:01:27.520 Dell is putting on its annual conference with developers, and 0:01:27.520 --> 0:01:30.040 we're trying to understand what new tech, new innovations, what 0:01:30.120 --> 0:01:32.560 new offerings are on board. But there's a very special 0:01:32.560 --> 0:01:35.240 conversation we had a bit later. Ed Ludlow's standing by 0:01:35.360 --> 0:01:37.400 and look, you're going to speaking to the men of 0:01:37.480 --> 0:01:38.520 the moment a little bit later. 0:01:41.880 --> 0:01:44.080 Yeah, And there's a lot that needs to be reconciled. 0:01:44.160 --> 0:01:44.319 Right. 0:01:44.440 --> 0:01:46.600 This is the first time that the Gensen one will 0:01:46.600 --> 0:01:49.920 be speaking, having comeback from China, and what needs to 0:01:49.920 --> 0:01:53.160 be reconciled is that in March, at in Vidia's own conference, 0:01:53.280 --> 0:01:56.400 Gensen one said that they were ramping up their supply 0:01:56.520 --> 0:01:59.160 chain for H two hundred. The US had approved the 0:01:59.240 --> 0:02:02.920 licenses they could do business in that market. The president 0:02:03.000 --> 0:02:05.200 on Friday at board Air Force one said that he 0:02:05.280 --> 0:02:09.200 did discuss H two hundreds was ujingping, but China does 0:02:09.200 --> 0:02:11.920 not want them, and so now we're in this holding 0:02:11.960 --> 0:02:15.880 pattern where we need to explain to the market what's 0:02:15.919 --> 0:02:17.760 going on, because a big part of the trade Friday 0:02:17.800 --> 0:02:20.359 and a little bit into this morning's trade has been 0:02:20.400 --> 0:02:23.880 this idea that nothing concrete came out of President Trump's 0:02:23.919 --> 0:02:26.200 visits to China with a video kind of the center 0:02:26.240 --> 0:02:28.960 of it. But generally speaking, so many supply chain questions 0:02:29.440 --> 0:02:32.160 post melt up in the AI infrastructure trade. 0:02:32.360 --> 0:02:35.079 Yeah, maybe we take a breather in that melt up 0:02:35.240 --> 0:02:37.200 just on the day ed or a second straight day, 0:02:37.520 --> 0:02:40.160 But meanwhile, the enthusiasm doesn't seem to be particularly being 0:02:40.240 --> 0:02:41.919 curbed for in video. If you're looking, some of the 0:02:41.960 --> 0:02:43.040 analysts knows today. 0:02:46.080 --> 0:02:48.120 Yeah, it's fun to just hit fa go on the 0:02:48.120 --> 0:02:50.639 Bloomberg terminal and just go back to basics right when 0:02:50.680 --> 0:02:55.080 they had their print on Wednesday. EPs growth above eighty percent, 0:02:55.160 --> 0:02:58.080 top line growth just below eighty percent. And what's so 0:02:58.120 --> 0:03:01.919 fascinating about being here at Deltagies World is that if 0:03:01.919 --> 0:03:04.200 you cook back at history of how these companies used 0:03:04.200 --> 0:03:07.200 to do business, right, Nvidio never really sort of had 0:03:07.280 --> 0:03:10.440 Gensen one fly around the world and deliver chips directly 0:03:10.480 --> 0:03:13.760 to the end user. Dell was the kind of key 0:03:13.960 --> 0:03:17.400 sales channel and so in the era of more agenta 0:03:17.480 --> 0:03:21.600 KI where more enterprises are investing to have the compute 0:03:21.600 --> 0:03:26.080 capacity they need. It's a really interesting lens. The timing 0:03:26.160 --> 0:03:29.320 is curious, of course, right speaking Monday in video reports 0:03:29.360 --> 0:03:33.520 earnings Wednesday, but they are very key partners in the 0:03:33.560 --> 0:03:36.720 state of play for AI servers what the AI factory 0:03:36.760 --> 0:03:40.560 but data center for running AI workloads. And you know, 0:03:41.360 --> 0:03:43.840 this is kind of his playbook, right Carol, Let's be 0:03:43.840 --> 0:03:46.200 honest about it. You know, Jensen does tend to appear 0:03:46.280 --> 0:03:49.120 alongside his partners often. But I think we'll learn a 0:03:49.160 --> 0:03:51.840 lot today about the state of the world, the demand levers, 0:03:51.840 --> 0:03:53.200 and also the issues with supply. 0:03:53.600 --> 0:03:54.880 So much to learn ed. 0:03:54.960 --> 0:03:56.640 Ludlow is going to be with us a little bit 0:03:56.720 --> 0:03:58.960 later in the show, but tune in later today. It's 0:03:58.960 --> 0:04:01.120 going to be an exclusive intero with the CEOs, as 0:04:01.120 --> 0:04:05.080 he says, of Dell of Nvidia, live from Dell Technologies World. 0:04:05.280 --> 0:04:08.240 That's a two thirty pm Eastern eleven thirty am Pacific time. 0:04:08.600 --> 0:04:11.040 But as we think ahead to Wednesday and videos earnings 0:04:11.080 --> 0:04:12.920 out after the Bell, I want to bring you what 0:04:12.960 --> 0:04:15.840 to expect with Manday seeing Bloomberg Intelligence and Mandy. We 0:04:15.920 --> 0:04:18.240 just heard a little bit about the drivers the trends 0:04:18.320 --> 0:04:21.000 from ED, but get into the nitty gritty on Nvidia. 0:04:21.320 --> 0:04:24.280 Is there as much enthusiasm as to really what the 0:04:24.279 --> 0:04:26.600 CPUs are bringing to bear as well as the GPUs 0:04:26.640 --> 0:04:27.440 and the infrastructure. 0:04:28.839 --> 0:04:31.559 Yeah. Look, I mean when a company is growing top 0:04:31.600 --> 0:04:33.880 line the way in Vidio is growing, and that top 0:04:33.880 --> 0:04:36.000 line growth seems to be accelerating. 0:04:36.880 --> 0:04:39.480 It just there's no doubt that, you know, they are 0:04:39.520 --> 0:04:44.440 capitalizing on the demand and the chips remain in short supply. 0:04:45.000 --> 0:04:48.160 The only thing I would caution on is you know, 0:04:48.240 --> 0:04:52.080 the rising memory prices, so we still have to see 0:04:52.120 --> 0:04:55.280 the impact of that on in videos margins, and they 0:04:55.279 --> 0:04:57.919 have talked about, you know, maintaining those mid seventy percent 0:04:57.960 --> 0:05:01.040 growth margins and the other the thing is there's been 0:05:01.120 --> 0:05:06.120 that big shift from training to more inferencing and reasoning. 0:05:06.279 --> 0:05:10.640 And we know Nvidia almost had a monopoly when it 0:05:10.680 --> 0:05:14.120 comes to training workloads, but when it comes to infrincing 0:05:14.240 --> 0:05:18.000 and now with the rise of Entropic, you know, and 0:05:18.080 --> 0:05:21.800 how much traction Entropic has had with coding agents, it 0:05:21.920 --> 0:05:25.360 remains to be seen if Nvidia still has that bulk 0:05:25.400 --> 0:05:27.839 of the share when it comes to the use of 0:05:27.880 --> 0:05:30.760 their chips, and I think that's something we'll try to 0:05:30.800 --> 0:05:33.240 ascertain with the earnings call. 0:05:33.400 --> 0:05:36.159 I mean, it may move is moves in inference. I 0:05:36.160 --> 0:05:38.480 think about the acquisition of Grock with a queue not 0:05:38.520 --> 0:05:40.440 like k but Mandie talk to us about what we 0:05:40.520 --> 0:05:42.880 might hear about that partnership, about what they're building to 0:05:43.000 --> 0:05:44.200 serve the inference market. 0:05:45.040 --> 0:05:47.600 Absolutely, and you bring up a very good point that 0:05:47.680 --> 0:05:50.880 they have talked about, you know, Grock being a very 0:05:50.920 --> 0:05:54.320 big driver on the infrincing side to the tune, you know, 0:05:54.440 --> 0:05:59.200 north of twenty billion dollars just from that acquisition. What 0:05:59.240 --> 0:06:03.479 they're doing integrating that acquisition. And look, I mean we 0:06:03.680 --> 0:06:08.359 know Entropic has also partnered with Nvidia now and Anthropic 0:06:08.520 --> 0:06:11.560 is the one that is had the most traction you know, 0:06:11.640 --> 0:06:16.080 this year with coding agents. So from that perspective, some 0:06:16.120 --> 0:06:19.120 of those influencing workloads will be deployed on Brock. And 0:06:19.640 --> 0:06:23.599 to your point, you know, AGENTAI does require a lot 0:06:23.640 --> 0:06:26.120 more CPUs, which is why we've seen you know the 0:06:26.320 --> 0:06:30.280 likes of Intel and AMD do very well. So it 0:06:30.279 --> 0:06:34.040 will be interesting to see how Nvidia is positioned in 0:06:34.200 --> 0:06:37.080 all of this with you know, CPUs also having their 0:06:37.080 --> 0:06:39.320 moment when it comes to the chip DEMND. 0:06:39.680 --> 0:06:42.800 That's looking towards Wednesday, after the bell, all after that 0:06:42.880 --> 0:06:45.719 key conversation that Ed has Later today, blumbg Intelligence is 0:06:45.960 --> 0:06:49.080 man deep saying thank you very much, Elo Musk. He 0:06:49.200 --> 0:06:52.280 says he's back in Texas working on plans for that 0:06:52.480 --> 0:06:55.800 SpaceX ipo as the rocket and AI company prepares what 0:06:55.839 --> 0:06:58.480 could be the largest listing ever. Now Mask made the 0:06:58.480 --> 0:07:01.920 comments virtually the sum International Smart Mobility Summer in Tel Aviv. 0:07:02.000 --> 0:07:05.240 Take listen IPO. You know we've going to get the 0:07:05.320 --> 0:07:07.960 ipo SpaceX ipo going pretty. 0:07:07.760 --> 0:07:08.440 Zoon, I think. 0:07:08.920 --> 0:07:12.280 Meanwhile, SpaceX has notified investors it's executing a five for 0:07:12.440 --> 0:07:16.400 one stock split. It's lowering the per share price for investors. 0:07:16.480 --> 0:07:18.960 In an email, shareholders were told the fair market value 0:07:19.000 --> 0:07:21.280 are of each share was adjusted to about one hundred 0:07:21.280 --> 0:07:24.080 and five dollars roughly five dred and twenty seven dollars 0:07:24.240 --> 0:07:25.520 following the split. 0:07:25.600 --> 0:07:27.040 According to sources. 0:07:26.920 --> 0:07:29.960 Now coming up CME and Silicon Data, they are teaming 0:07:30.040 --> 0:07:32.760 up to create a futures market for computing power, a 0:07:32.840 --> 0:07:36.920 key resource driving the AI boom. Silicon Data CEO Carmen 0:07:37.000 --> 0:07:39.320 Lee is going to be joining us. This is Rumberg Tech. 0:07:52.520 --> 0:07:55.160 Let's take a look at today's big number, sixty seven 0:07:55.160 --> 0:07:58.720 million dollars. This is the largest power deal in history 0:07:58.960 --> 0:07:59.920 triggered by guess what. 0:08:00.080 --> 0:08:00.920 AI data center? 0:08:00.960 --> 0:08:04.680 Boom next Era is acquiring Dominion Energy for sixty seven 0:08:04.720 --> 0:08:07.160 billion dollars in stock forging a giant utility. 0:08:07.360 --> 0:08:09.600 It's going to span from Florida to Virginia's. 0:08:09.200 --> 0:08:12.040 Tech hubs at Bluemmegg's Leanna Baker, who leads the M 0:08:12.080 --> 0:08:15.280 and A team is here with us. Leanna, what is 0:08:15.320 --> 0:08:17.680 it that the driving force here? Is it really all 0:08:17.720 --> 0:08:18.880 about the AI compute? 0:08:18.920 --> 0:08:19.120 Need? 0:08:19.520 --> 0:08:21.560 You said it, and I'm surprised it took this long 0:08:21.640 --> 0:08:25.200 to see a major deal in utility since demand for 0:08:25.400 --> 0:08:28.520 power is at levels not seen since, you know, after 0:08:28.600 --> 0:08:30.520 World War Two. So it was really a matter of 0:08:30.560 --> 0:08:33.040 time for some of these giants to come together in 0:08:33.160 --> 0:08:36.040 utilities because they need to team up to be able 0:08:36.040 --> 0:08:38.760 to pay for the build out that's necessary for AI. 0:08:39.559 --> 0:08:43.480 They say it's about scale, but with scale comes ayes 0:08:43.520 --> 0:08:44.280 of regulators. 0:08:44.280 --> 0:08:45.920 How easy is this going to be to get through? 0:08:46.440 --> 0:08:49.400 From what we're hearing, It's not impossible. Now's the time 0:08:49.480 --> 0:08:52.000 under you know, the Trump administration to go bold and 0:08:52.000 --> 0:08:56.120 go big on deal making. But also where Dominion the 0:08:56.160 --> 0:09:00.240 target is based. It's only in three states apparently. You know, 0:09:00.360 --> 0:09:04.240 Virginia's data center ally is a really key part of this. 0:09:04.520 --> 0:09:08.280 But because only three states might be needed for regulatory approval, 0:09:08.800 --> 0:09:11.520 you know, this could could really happen within a year 0:09:11.559 --> 0:09:14.640 to eighteen months. Of course, there's other regulatory bodies that 0:09:14.800 --> 0:09:19.040 also regulate power, nuclear, et cetera. But it's not an 0:09:19.120 --> 0:09:21.240 uphill battle. Analysts are saying, you know, it's not a 0:09:21.320 --> 0:09:25.520 trivial regulatory review, but looks like it's going to be okay. 0:09:25.840 --> 0:09:28.640 The timing is going to be key though, in terms 0:09:28.640 --> 0:09:30.920 of there's a little of political pressure, a little bit 0:09:31.000 --> 0:09:34.040 political focus on the cost of energy right now in 0:09:34.160 --> 0:09:36.319 large pot because of the AI build out, So how 0:09:36.400 --> 0:09:38.160 is that going to serve a customer base? Do we 0:09:38.160 --> 0:09:39.960 have any idea what impact that happen pricing? 0:09:40.440 --> 0:09:43.520 In the press release, they hit on this idea that 0:09:43.559 --> 0:09:46.560 there's going to be these credits going to Dominion customers. 0:09:46.559 --> 0:09:49.880 So they're very aware that they have to focus on 0:09:49.960 --> 0:09:52.840 this idea of cost and price to make sure that 0:09:52.920 --> 0:09:55.839 consumers don't think their utility bills are going to go 0:09:55.960 --> 0:09:58.000 up because of this deal, so that will be key. 0:09:58.400 --> 0:10:01.280 You're right, and you know time will tell if prices 0:10:01.320 --> 0:10:01.880 will go up. 0:10:02.120 --> 0:10:05.400 Leanna Baker an extraordinary m and a Monday. We thank 0:10:05.400 --> 0:10:07.480 you for talking us through it. Look, we talk about 0:10:07.480 --> 0:10:10.600 the need for energy within AI, but compute, of course 0:10:10.840 --> 0:10:13.240 is officially becoming a financial asset class that we all 0:10:13.240 --> 0:10:16.560 care about too. CME Group, Silicon Data then launching the 0:10:16.559 --> 0:10:20.120 world's first futures market for AI computing power later this 0:10:20.200 --> 0:10:22.719 year Penning regulatory Review now joining us, and please to 0:10:22.720 --> 0:10:25.480 say in the studio is Silicon Data CEO. Commonly you're 0:10:25.559 --> 0:10:29.120 also the CEO of Compute Exchange, So talk to us 0:10:29.120 --> 0:10:31.280 first and foremost what the relationship with CM is going 0:10:31.320 --> 0:10:33.840 to be bringing us. How important is it to have 0:10:34.320 --> 0:10:35.880 a futures market and compute. 0:10:36.040 --> 0:10:39.280 It's incredible important. I'm glad that like came in. This 0:10:39.360 --> 0:10:42.839 week is exciting week for the semi industry as a whole. 0:10:43.120 --> 0:10:46.000 As you mentioned energy spend, we're pubably going to spend 0:10:46.000 --> 0:10:49.640 over ten trillion dollars this year. Think about the SPA market, 0:10:49.880 --> 0:10:53.680 fund energy to call, location, to the server themselves. Everything 0:10:53.960 --> 0:10:57.400 is at a commodity level. You need finance your infrastructure 0:10:57.440 --> 0:10:59.760 to head to manage our risk exposures them While the 0:10:59.760 --> 0:11:04.040 bank right they're underwriting trillion's dollars loans, how they manage 0:11:04.040 --> 0:11:09.079 their exposure? How do they hatch your future volatility as online? 0:11:09.360 --> 0:11:12.280 So from a commodity point of view, think about how 0:11:12.720 --> 0:11:16.839 oil futures the wonderful job for people hatching oil fluctuation, 0:11:17.320 --> 0:11:20.600 especially during the round wartime. So it's incredibly important to 0:11:20.600 --> 0:11:21.319 have futures. 0:11:21.440 --> 0:11:23.920 You mentioned the banks, but who else would be the 0:11:23.960 --> 0:11:26.000 players involved in such a market that need to be 0:11:26.040 --> 0:11:26.880 hatching right now? 0:11:27.240 --> 0:11:30.439 So think about people who naturally long GPUs, so they 0:11:30.440 --> 0:11:34.800 listen to themselves, new clouds, design houses, fabs, Everyone long 0:11:34.880 --> 0:11:37.400 gp exposure. They want a way to hatch it through 0:11:37.440 --> 0:11:41.040 short futures or produptions whoever needs compute just like you 0:11:41.120 --> 0:11:45.319 and me, Like astartups, they spend billions of dollars on GPUs. 0:11:45.640 --> 0:11:48.520 They need to hatch their costs as a complete component 0:11:48.559 --> 0:11:51.920 to a line item. Traditionally, sales companies they do not 0:11:52.040 --> 0:11:54.400 really have a cost line item, as I found people 0:11:54.720 --> 0:11:57.320 now they do either found GPU level or token level 0:11:57.520 --> 0:11:59.800 and it's a big line item coming up. 0:12:00.280 --> 0:12:03.640 So the whole push is about transparency and an ability 0:12:03.720 --> 0:12:07.240 to be able to put these sorts of assets on your. 0:12:07.960 --> 0:12:08.920 Overall balance sheet. 0:12:09.000 --> 0:12:11.640 But then when it comes transparency just about the cost 0:12:11.679 --> 0:12:14.120 of compute, you've already been doing that with the computer exchange. 0:12:14.160 --> 0:12:16.040 What is it thing you built there and who's using that? 0:12:16.320 --> 0:12:19.920 It's great question. So compute changes farm market for GPO resources. 0:12:20.000 --> 0:12:22.720 So we do four contracts as well as reserve contracts 0:12:22.760 --> 0:12:26.120 for GPUs resources. So a lot of participants. I would 0:12:26.120 --> 0:12:29.400 say all participants so far are the underlying consumption layer, 0:12:29.480 --> 0:12:31.680 so AI startups all the way to the neon clouds, 0:12:31.800 --> 0:12:34.359 so two really big sides of companies. 0:12:34.960 --> 0:12:36.679 We work with European Neo. 0:12:36.520 --> 0:12:40.280 Clouds, American New Clouds Sales Eastern Union Clouds. On flip side, 0:12:40.280 --> 0:12:43.600 we have startups and enterprises globally. It's really fascinating you 0:12:43.640 --> 0:12:46.360 see how people try to do longer term contracts because 0:12:46.360 --> 0:12:48.200 they want to lock here in the rate. They don't 0:12:48.200 --> 0:12:51.840 want the forty percent daily volatility comes on demand GPO pricing. 0:12:51.960 --> 0:12:54.520 There's other way to hadg that fuel futureon options. So 0:12:54.520 --> 0:12:56.240 we want to make sure we have the right venue 0:12:56.480 --> 0:12:59.480 for the right use space. If you want to reserve GPUs, 0:12:59.559 --> 0:13:01.720 you want to face called deliveries go to comput Change. 0:13:01.800 --> 0:13:04.720 You want to hedge financial exposures, go to CME in 0:13:04.760 --> 0:13:05.240 the future. 0:13:06.200 --> 0:13:08.320 Tell us about what sparked this whole idea, I mean 0:13:08.360 --> 0:13:10.440 for full transparency for audience. You used to be part 0:13:10.480 --> 0:13:13.080 of the Bloomberg team, you used to work in this 0:13:13.240 --> 0:13:15.760 very building. What was it that you felt was missing 0:13:15.760 --> 0:13:17.880 in the market, Whether it was there literally no transparency 0:13:17.920 --> 0:13:21.559 around around access to compute from one AWS versus a 0:13:21.600 --> 0:13:25.080 Microsoft offering or a neocloud offering from Corway for example. 0:13:25.360 --> 0:13:28.240 I won't say it's no transparency, but very little. So 0:13:28.360 --> 0:13:32.520 unless you're in the ecosystem, you're actually in the neocloud transactions. 0:13:32.520 --> 0:13:34.480 You prop do not know what's a resource price of 0:13:34.520 --> 0:13:37.600 paying people paying for longer term contracts. The about term 0:13:37.640 --> 0:13:40.480 structure risk today and I thinking about this lack of 0:13:41.000 --> 0:13:43.880 visibility on demand pricing all the way to reserve which 0:13:44.000 --> 0:13:47.280 is three years, five yearson deal. And also GPU is 0:13:47.320 --> 0:13:50.080 not homogenius products. You need to normalize that. You can 0:13:50.200 --> 0:13:52.280 just say, hey, I'm paying the HIT one hundred with 0:13:52.760 --> 0:13:55.680 certain HVM, You're paying different HVM devents your location. 0:13:56.280 --> 0:13:57.640 We can just do a simple average. 0:13:57.800 --> 0:14:01.560 You need indices to normalize the online assets. So producers 0:14:01.559 --> 0:14:04.520 as a data that's trackable a representative to the price 0:14:04.640 --> 0:14:05.520 we are paying today. 0:14:05.600 --> 0:14:07.880 You know, we're just talking to man thing of BlueBag inteligence, 0:14:07.880 --> 0:14:09.400 who are saying that we need to get to the 0:14:09.440 --> 0:14:12.000 bottom of invidious numbers that come after the bell on 0:14:12.040 --> 0:14:16.360 Wednesday about how much HBM or memory costs really starting 0:14:16.360 --> 0:14:18.920 to impact their margin. What is it you're saying in 0:14:18.960 --> 0:14:20.880 your data about just the cost of computer at the. 0:14:20.880 --> 0:14:23.480 Moment with the price that going up, the price going 0:14:23.560 --> 0:14:26.440 up since December last year, it was pretty interesting last 0:14:26.480 --> 0:14:29.560 year everyone's talking about, Hey, shouldn't the computer price always 0:14:29.560 --> 0:14:31.720 come down and come down to zero by a year 0:14:31.760 --> 0:14:35.000 A It's not really happening, supplied. The man shift every 0:14:35.000 --> 0:14:38.560 single day, the term structure to forward pattern shift every 0:14:38.600 --> 0:14:41.600 single day because people have these expectations, they do different 0:14:41.600 --> 0:14:44.280 bournets come out all the time. You stood at last week. 0:14:44.360 --> 0:14:46.560 Last year is a fab and this year is memory 0:14:46.600 --> 0:14:50.920 and going forward maybe you call location space. So every 0:14:50.960 --> 0:14:51.720 time it's different. 0:14:52.320 --> 0:14:54.160 So pricing pressure is there for you. 0:14:54.280 --> 0:14:56.200 The pressure is on to get this deal solidified with 0:14:56.200 --> 0:14:56.600 the CME. 0:14:56.640 --> 0:14:59.040 You've announced it, but we didn't say there's regulatory oversight. 0:14:59.400 --> 0:15:01.000 What sort of he do you need to go through 0:15:01.000 --> 0:15:02.840 what sort of questions we asked. 0:15:03.320 --> 0:15:05.800 So we are actively working with CME and then review 0:15:05.840 --> 0:15:08.520 with CFTC and other regulatory bodies. 0:15:08.800 --> 0:15:09.760 It is a very. 0:15:09.640 --> 0:15:14.160 Traditional data future products. We're not talking anything that's exotic, right. 0:15:14.200 --> 0:15:16.240 We have done that for oil, for gas, for any 0:15:16.240 --> 0:15:18.400 other as a classes, so I really don't see a 0:15:18.480 --> 0:15:21.640 major concern farm for anyone. 0:15:21.160 --> 0:15:24.720 And going global, how global is the offering that you 0:15:24.760 --> 0:15:27.840 currently have with CME or indeed the compute exchange. Where 0:15:27.880 --> 0:15:29.960 else do you likely to push in two more broad 0:15:29.960 --> 0:15:31.000 offerings worldwide? 0:15:31.200 --> 0:15:34.480 So we launched GPU Industries at Bloomberg Terminal last year, 0:15:34.520 --> 0:15:38.760 the world's first GPU indices. We cover all prices x China, 0:15:39.240 --> 0:15:42.000 so think about the European from the US. We normalize 0:15:42.000 --> 0:15:44.960 it your location to win data points, so anything x 0:15:45.040 --> 0:15:48.280 China is capture our indices. So ideally around the world 0:15:48.360 --> 0:15:50.800 you can hatch that you're exposure with our indices. 0:15:51.520 --> 0:15:54.240 Well, have to see how this progresses come back on. 0:15:54.320 --> 0:15:57.640 I hope Silicon Data CEO commonly there on all things 0:15:58.000 --> 0:16:01.800 futures market for compute becoming up. We're talking Apple's revamped Siri, 0:16:02.280 --> 0:16:04.640 but it was expected to introduce a new privacy focused 0:16:04.640 --> 0:16:08.080 features aimed at selling it apart from rival chatbelts or 0:16:08.120 --> 0:16:23.240 on that. Next, this is Blueberg Tech time now for 0:16:23.280 --> 0:16:25.400 Talking tech and first up by Jus. One percent drop 0:16:25.400 --> 0:16:28.720 in sales was less than analysts had expected, void by 0:16:28.760 --> 0:16:31.600 its new AI businesses, but the tech giant in China 0:16:31.760 --> 0:16:35.120 is making a strategic pivot, shifting towards automated agents and 0:16:35.160 --> 0:16:36.400 aipower cloud. 0:16:36.160 --> 0:16:38.960 Units and away from search plus. 0:16:39.680 --> 0:16:43.320 Publicis is acquiring online data broker live Ramp for about 0:16:43.320 --> 0:16:44.440 two point five billion. 0:16:44.240 --> 0:16:44.880 Dollars in cash. 0:16:45.440 --> 0:16:47.840 Says it's a paying a thirty percent premium per share 0:16:47.880 --> 0:16:51.680 to supercharge its data assets and accelerate its AI driven 0:16:51.720 --> 0:16:53.680 marketing capabilities and. 0:16:53.600 --> 0:16:55.840 Shares of Japanese chip maker Kyosha. 0:16:56.280 --> 0:16:58.960 They were flooded with by orders after forecasting a massive 0:16:58.960 --> 0:17:02.160 eight point two billion dollar quarterly operating report profit. It 0:17:02.240 --> 0:17:06.600 is latest sign of meteoric demand hardware for AI services 0:17:06.640 --> 0:17:10.840 and the resulting shortage and conventional memory chips. Let's talk 0:17:10.880 --> 0:17:13.120 elsewhere in the world of AI, because Apple is set 0:17:13.119 --> 0:17:16.120 to debut is iOS twenty seven and this year is WWDC, 0:17:16.320 --> 0:17:18.720 featuring a revamped Siri experience. 0:17:18.800 --> 0:17:18.919 Now. 0:17:18.920 --> 0:17:22.280 The update is expected to introduce new privacy focus features. 0:17:22.400 --> 0:17:23.080 That could help. 0:17:22.920 --> 0:17:26.320 Differentiate SyRI in the crowded chatbots space. For more, Bloomberg 0:17:26.359 --> 0:17:28.760 Apple and Consumer Tech Managing editor Mark gum And brings 0:17:28.800 --> 0:17:30.840 us what is always the bread and butter you bring 0:17:30.880 --> 0:17:34.080 us to scoops and push us towards For many reasons, 0:17:34.119 --> 0:17:36.920 Apple wants to lean in on its privacy advantages. That 0:17:36.960 --> 0:17:39.200 what is going to make it distinct versus the other 0:17:39.240 --> 0:17:40.280 offerings already out there. 0:17:41.119 --> 0:17:44.679 Yeah, for Apple, privacy has been a differentiator now for 0:17:44.880 --> 0:17:48.520 going over a decade. They talk about privacy when they 0:17:48.560 --> 0:17:51.399 release any new product, or any new operating system or 0:17:51.400 --> 0:17:55.679 any new software service feature. For them, it's, you know, 0:17:55.880 --> 0:17:58.159 their north star that they like to say, everything is 0:17:58.160 --> 0:18:00.200 built in from that perspective, and they release see it 0:18:00.280 --> 0:18:02.600 is a selling point that people want devices that have 0:18:02.640 --> 0:18:06.720 better encryption, better security, better privacy than the competition. And 0:18:06.760 --> 0:18:09.480 obviously this is really important for everything you're doing on 0:18:09.520 --> 0:18:13.400 Apple devices. You have your financial data on there, your communications, 0:18:14.080 --> 0:18:17.800 you have your smart home information, all sorts of different features. 0:18:17.840 --> 0:18:20.440 You want the key private and that's going to extend 0:18:20.680 --> 0:18:22.920 to the new SERI. We're in an age right now 0:18:22.960 --> 0:18:26.280 where everyone's got a chatbot, everyone's got AI features, and 0:18:26.400 --> 0:18:29.920 just like you've seen Apple do with features and comparing 0:18:29.960 --> 0:18:33.280 themselves to Meta and Google and whatnot. You'll see them 0:18:33.320 --> 0:18:35.480 do that with this chatbot that they're going to announce 0:18:35.560 --> 0:18:39.280 on June eighth and developer conference, talking about THEIRS retaining 0:18:39.359 --> 0:18:43.159 less information and less so called memory than other chatbots. 0:18:43.200 --> 0:18:45.480 And one feature that a report over the weekend that 0:18:45.520 --> 0:18:49.399 they're planning for this is the auto deletion of chatbot conversation. 0:18:49.600 --> 0:18:52.000 So you can set your chats just like you can 0:18:52.080 --> 0:18:54.840 with the Messages app, to save in your phone and 0:18:54.880 --> 0:18:57.760 your iCloud forever, or you can have them auto delete 0:18:57.880 --> 0:19:00.560 after a year, or you can have them auto delete 0:19:00.920 --> 0:19:01.960 after thirty days. 0:19:02.040 --> 0:19:03.719 So that's going to be a bit of a unique feature. 0:19:04.320 --> 0:19:07.200 Other chatbots have what they call on incognito mode, which 0:19:07.240 --> 0:19:10.160 is basically, you know, private browsing mode and a web browser, 0:19:10.440 --> 0:19:13.440 but private chatting in your chatbot. 0:19:13.920 --> 0:19:15.280 But this is going to be a little different. 0:19:16.119 --> 0:19:18.880 Talk us about just how technologically that makes it stand out. 0:19:19.280 --> 0:19:21.440 If I have an auto delete for thirty days, what 0:19:21.480 --> 0:19:24.359 does that actually mean to the memory that than me 0:19:24.720 --> 0:19:26.959 having had that discussion with the chatbot and it being 0:19:27.080 --> 0:19:28.040 useful going forward. 0:19:29.080 --> 0:19:30.360 Yeah, Well, it's two separate things. 0:19:30.440 --> 0:19:30.520 Right. 0:19:30.640 --> 0:19:33.800 The auto delete of conversations means that that conversation, that 0:19:34.000 --> 0:19:38.199 chat that's just gone forever. In terms of memory, right, 0:19:38.280 --> 0:19:41.359 you have chatbots that keep your memory forever, keep your 0:19:41.400 --> 0:19:44.800 memory for a finite amount of time. Apple is going 0:19:44.880 --> 0:19:48.560