Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is live
Speaker 1: from coast to coast with Caroline Hide in New York
Speaker 1: and Eva Loo in San Francisco.
Speaker 2: This is Bloomberg Tech coming up.
Speaker 3: All eyes on Nvidia this week as investors anxiously await
Speaker 3: the company's earnings results, plus the AI data center Boom
Speaker 3: triggers the largest power deal in history with next Era
Speaker 3: acquiring Dominion Energy for sixty seven billion dollars, and Elon
Speaker 3: Musk says he's in Texas working on plans for the
Speaker 3: space XIPO.
Speaker 2: The filing come as soon as this week.
Speaker 3: But first we check in on these markets, which again
Speaker 3: are sinking for a second straight day. Like the NASA
Speaker 3: one hundred under pressure on Friday, it was around anxiety
Speaker 3: or underwhelmed between the US China relations. Now it's front
Speaker 3: and center back on geopolitics and the US around conflict.
Speaker 3: We're off by five tenths of a percent as all
Speaker 3: pushes higher, but we're seeing the Semiconductor index once again
Speaker 3: taking a pullback.
Speaker 2: We're down by two point two percent.
Speaker 3: In fact, we've lost about six percent on this index
Speaker 3: in the last two training days as we saw a
Speaker 3: significant sell off on Friday, it ramps up into another day.
Speaker 4: Now.
Speaker 3: All of this is why we still try to digest
Speaker 3: the reality of the AI demand and spend, and all
Speaker 3: eyes are going to be over in Las Vegas on
Speaker 3: Dell World today. This is as we think about how
Speaker 3: Dell is putting on its annual conference with developers, and
Speaker 3: we're trying to understand what new tech, new innovations, what
Speaker 3: new offerings are on board. But there's a very special
Speaker 3: conversation we had a bit later. Ed Ludlow's standing by
Speaker 3: and look, you're going to speaking to the men of
Speaker 3: the moment a little bit later.
Speaker 5: Yeah, And there's a lot that needs to be reconciled.
Speaker 6: Right.
Speaker 5: This is the first time that the Gensen one will
Speaker 5: be speaking, having comeback from China, and what needs to
Speaker 5: be reconciled is that in March, at in Vidia's own conference,
Speaker 5: Gensen one said that they were ramping up their supply
Speaker 5: chain for H two hundred. The US had approved the
Speaker 5: licenses they could do business in that market. The president
Speaker 5: on Friday at board Air Force one said that he
Speaker 5: did discuss H two hundreds was ujingping, but China does
Speaker 5: not want them, and so now we're in this holding
Speaker 5: pattern where we need to explain to the market what's
Speaker 5: going on, because a big part of the trade Friday
Speaker 5: and a little bit into this morning's trade has been
Speaker 5: this idea that nothing concrete came out of President Trump's
Speaker 5: visits to China with a video kind of the center
Speaker 5: of it. But generally speaking, so many supply chain questions
Speaker 5: post melt up in the AI infrastructure trade.
Speaker 3: Yeah, maybe we take a breather in that melt up
Speaker 3: just on the day ed or a second straight day,
Speaker 3: But meanwhile, the enthusiasm doesn't seem to be particularly being
Speaker 3: curbed for in video. If you're looking, some of the
Speaker 3: analysts knows today.
Speaker 5: Yeah, it's fun to just hit fa go on the
Speaker 5: Bloomberg terminal and just go back to basics right when
Speaker 5: they had their print on Wednesday. EPs growth above eighty percent,
Speaker 5: top line growth just below eighty percent. And what's so
Speaker 5: fascinating about being here at Deltagies World is that if
Speaker 5: you cook back at history of how these companies used
Speaker 5: to do business, right, Nvidio never really sort of had
Speaker 5: Gensen one fly around the world and deliver chips directly
Speaker 5: to the end user. Dell was the kind of key
Speaker 5: sales channel and so in the era of more agenta
Speaker 5: KI where more enterprises are investing to have the compute
Speaker 5: capacity they need. It's a really interesting lens. The timing
Speaker 5: is curious, of course, right speaking Monday in video reports
Speaker 5: earnings Wednesday, but they are very key partners in the
Speaker 5: state of play for AI servers what the AI factory
Speaker 5: but data center for running AI workloads. And you know,
Speaker 5: this is kind of his playbook, right Carol, Let's be
Speaker 5: honest about it. You know, Jensen does tend to appear
Speaker 5: alongside his partners often. But I think we'll learn a
Speaker 5: lot today about the state of the world, the demand levers,
Speaker 5: and also the issues with supply.
Speaker 2: So much to learn ed.
Speaker 3: Ludlow is going to be with us a little bit
Speaker 3: later in the show, but tune in later today. It's
Speaker 3: going to be an exclusive intero with the CEOs, as
Speaker 3: he says, of Dell of Nvidia, live from Dell Technologies World.
Speaker 3: That's a two thirty pm Eastern eleven thirty am Pacific time.
Speaker 3: But as we think ahead to Wednesday and videos earnings
Speaker 3: out after the Bell, I want to bring you what
Speaker 3: to expect with Manday seeing Bloomberg Intelligence and Mandy. We
Speaker 3: just heard a little bit about the drivers the trends
Speaker 3: from ED, but get into the nitty gritty on Nvidia.
Speaker 3: Is there as much enthusiasm as to really what the
Speaker 3: CPUs are bringing to bear as well as the GPUs
Speaker 3: and the infrastructure.
Speaker 7: Yeah. Look, I mean when a company is growing top
Speaker 7: line the way in Vidio is growing, and that top
Speaker 7: line growth seems to be accelerating.
Speaker 8: It just there's no doubt that, you know, they are
Speaker 8: capitalizing on the demand and the chips remain in short supply.
Speaker 8: The only thing I would caution on is you know,
Speaker 8: the rising memory prices, so we still have to see
Speaker 8: the impact of that on in videos margins, and they
Speaker 8: have talked about, you know, maintaining those mid seventy percent
Speaker 8: growth margins and the other the thing is there's been
Speaker 8: that big shift from training to more inferencing and reasoning.
Speaker 8: And we know Nvidia almost had a monopoly when it
Speaker 8: comes to training workloads, but when it comes to infrincing
Speaker 8: and now with the rise of Entropic, you know, and
Speaker 8: how much traction Entropic has had with coding agents, it
Speaker 8: remains to be seen if Nvidia still has that bulk
Speaker 8: of the share when it comes to the use of
Speaker 8: their chips, and I think that's something we'll try to
Speaker 8: ascertain with the earnings call.
Speaker 3: I mean, it may move is moves in inference. I
Speaker 3: think about the acquisition of Grock with a queue not
Speaker 3: like k but Mandie talk to us about what we
Speaker 3: might hear about that partnership, about what they're building to
Speaker 3: serve the inference market.
Speaker 7: Absolutely, and you bring up a very good point that
Speaker 7: they have talked about, you know, Grock being a very
Speaker 7: big driver on the infrincing side to the tune, you know,
Speaker 7: north of twenty billion dollars just from that acquisition. What
Speaker 7: they're doing integrating that acquisition. And look, I mean we
Speaker 7: know Entropic has also partnered with Nvidia now and Anthropic
Speaker 7: is the one that is had the most traction you know,
Speaker 7: this year with coding agents. So from that perspective, some
Speaker 7: of those influencing workloads will be deployed on Brock. And
Speaker 7: to your point, you know, AGENTAI does require a lot
Speaker 7: more CPUs, which is why we've seen you know the
Speaker 7: likes of Intel and AMD do very well. So it
Speaker 7: will be interesting to see how Nvidia is positioned in
Speaker 7: all of this with you know, CPUs also having their
Speaker 7: moment when it comes to the chip DEMND.
Speaker 3: That's looking towards Wednesday, after the bell, all after that
Speaker 3: key conversation that Ed has Later today, blumbg Intelligence is
Speaker 3: man deep saying thank you very much, Elo Musk. He
Speaker 3: says he's back in Texas working on plans for that
Speaker 3: SpaceX ipo as the rocket and AI company prepares what
Speaker 3: could be the largest listing ever. Now Mask made the
Speaker 3: comments virtually the sum International Smart Mobility Summer in Tel Aviv.
Speaker 9: Take listen IPO. You know we've going to get the
Speaker 9: ipo SpaceX ipo going pretty.
Speaker 10: Zoon, I think.
Speaker 3: Meanwhile, SpaceX has notified investors it's executing a five for
Speaker 3: one stock split. It's lowering the per share price for investors.
Speaker 3: In an email, shareholders were told the fair market value
Speaker 3: are of each share was adjusted to about one hundred
Speaker 3: and five dollars roughly five dred and twenty seven dollars
Speaker 3: following the split.
Speaker 2: According to sources.
Speaker 3: Now coming up CME and Silicon Data, they are teaming
Speaker 3: up to create a futures market for computing power, a
Speaker 3: key resource driving the AI boom. Silicon Data CEO Carmen
Speaker 3: Lee is going to be joining us. This is Rumberg Tech.
Speaker 3: Let's take a look at today's big number, sixty seven
Speaker 3: million dollars. This is the largest power deal in history
Speaker 3: triggered by guess what.
Speaker 2: AI data center?
Speaker 3: Boom next Era is acquiring Dominion Energy for sixty seven
Speaker 3: billion dollars in stock forging a giant utility.
Speaker 2: It's going to span from Florida to Virginia's.
Speaker 3: Tech hubs at Bluemmegg's Leanna Baker, who leads the M
Speaker 3: and A team is here with us. Leanna, what is
Speaker 3: it that the driving force here? Is it really all
Speaker 3: about the AI compute?
Speaker 4: Need?
Speaker 11: You said it, and I'm surprised it took this long
Speaker 11: to see a major deal in utility since demand for
Speaker 11: power is at levels not seen since, you know, after
Speaker 11: World War Two. So it was really a matter of
Speaker 11: time for some of these giants to come together in
Speaker 11: utilities because they need to team up to be able
Speaker 11: to pay for the build out that's necessary for AI.
Speaker 3: They say it's about scale, but with scale comes ayes
Speaker 3: of regulators.
Speaker 2: How easy is this going to be to get through?
Speaker 11: From what we're hearing, It's not impossible. Now's the time
Speaker 11: under you know, the Trump administration to go bold and
Speaker 11: go big on deal making. But also where Dominion the
Speaker 11: target is based. It's only in three states apparently. You know,
Speaker 11: Virginia's data center ally is a really key part of this.
Speaker 11: But because only three states might be needed for regulatory approval,
Speaker 11: you know, this could could really happen within a year
Speaker 11: to eighteen months. Of course, there's other regulatory bodies that
Speaker 11: also regulate power, nuclear, et cetera. But it's not an
Speaker 11: uphill battle. Analysts are saying, you know, it's not a
Speaker 11: trivial regulatory review, but looks like it's going to be okay.
Speaker 3: The timing is going to be key though, in terms
Speaker 3: of there's a little of political pressure, a little bit
Speaker 3: political focus on the cost of energy right now in
Speaker 3: large pot because of the AI build out, So how
Speaker 3: is that going to serve a customer base? Do we
Speaker 3: have any idea what impact that happen pricing?
Speaker 11: In the press release, they hit on this idea that
Speaker 11: there's going to be these credits going to Dominion customers.
Speaker 11: So they're very aware that they have to focus on
Speaker 11: this idea of cost and price to make sure that
Speaker 11: consumers don't think their utility bills are going to go
Speaker 11: up because of this deal, so that will be key.
Speaker 11: You're right, and you know time will tell if prices
Speaker 11: will go up.
Speaker 3: Leanna Baker an extraordinary m and a Monday. We thank
Speaker 3: you for talking us through it. Look, we talk about
Speaker 3: the need for energy within AI, but compute, of course
Speaker 3: is officially becoming a financial asset class that we all
Speaker 3: care about too. CME Group, Silicon Data then launching the
Speaker 3: world's first futures market for AI computing power later this
Speaker 3: year Penning regulatory Review now joining us, and please to
Speaker 3: say in the studio is Silicon Data CEO. Commonly you're
Speaker 3: also the CEO of Compute Exchange, So talk to us
Speaker 3: first and foremost what the relationship with CM is going
Speaker 3: to be bringing us. How important is it to have
Speaker 3: a futures market and compute.
Speaker 12: It's incredible important. I'm glad that like came in. This
Speaker 12: week is exciting week for the semi industry as a whole.
Speaker 12: As you mentioned energy spend, we're pubably going to spend
Speaker 12: over ten trillion dollars this year. Think about the SPA market,
Speaker 12: fund energy to call, location, to the server themselves. Everything
Speaker 12: is at a commodity level. You need finance your infrastructure
Speaker 12: to head to manage our risk exposures them While the
Speaker 12: bank right they're underwriting trillion's dollars loans, how they manage
Speaker 12: their exposure? How do they hatch your future volatility as online?
Speaker 12: So from a commodity point of view, think about how
Speaker 12: oil futures the wonderful job for people hatching oil fluctuation,
Speaker 12: especially during the round wartime. So it's incredibly important to
Speaker 12: have futures.
Speaker 3: You mentioned the banks, but who else would be the
Speaker 3: players involved in such a market that need to be
Speaker 3: hatching right now?
Speaker 12: So think about people who naturally long GPUs, so they
Speaker 12: listen to themselves, new clouds, design houses, fabs, Everyone long
Speaker 12: gp exposure. They want a way to hatch it through
Speaker 12: short futures or produptions whoever needs compute just like you
Speaker 12: and me, Like astartups, they spend billions of dollars on GPUs.
Speaker 12: They need to hatch their costs as a complete component
Speaker 12: to a line item. Traditionally, sales companies they do not
Speaker 12: really have a cost line item, as I found people
Speaker 12: now they do either found GPU level or token level
Speaker 12: and it's a big line item coming up.
Speaker 3: So the whole push is about transparency and an ability
Speaker 3: to be able to put these sorts of assets on your.
Speaker 2: Overall balance sheet.
Speaker 3: But then when it comes transparency just about the cost
Speaker 3: of compute, you've already been doing that with the computer exchange.
Speaker 2: What is it thing you built there and who's using that?
Speaker 12: It's great question. So compute changes farm market for GPO resources.
Speaker 12: So we do four contracts as well as reserve contracts
Speaker 12: for GPUs resources. So a lot of participants. I would
Speaker 12: say all participants so far are the underlying consumption layer,
Speaker 12: so AI startups all the way to the neon clouds,
Speaker 12: so two really big sides of companies.
Speaker 2: We work with European Neo.
Speaker 12: Clouds, American New Clouds Sales Eastern Union Clouds. On flip side,
Speaker 12: we have startups and enterprises globally. It's really fascinating you
Speaker 12: see how people try to do longer term contracts because
Speaker 12: they want to lock here in the rate. They don't
Speaker 12: want the forty percent daily volatility comes on demand GPO pricing.
Speaker 12: There's other way to hadg that fuel futureon options. So
Speaker 12: we want to make sure we have the right venue
Speaker 12: for the right use space. If you want to reserve GPUs,
Speaker 12: you want to face called deliveries go to comput Change.
Speaker 12: You want to hedge financial exposures, go to CME in
Speaker 12: the future.
Speaker 3: Tell us about what sparked this whole idea, I mean
Speaker 3: for full transparency for audience. You used to be part
Speaker 3: of the Bloomberg team, you used to work in this
Speaker 3: very building. What was it that you felt was missing
Speaker 3: in the market, Whether it was there literally no transparency
Speaker 3: around around access to compute from one AWS versus a
Speaker 3: Microsoft offering or a neocloud offering from Corway for example.
Speaker 12: I won't say it's no transparency, but very little. So
Speaker 12: unless you're in the ecosystem, you're actually in the neocloud transactions.
Speaker 12: You prop do not know what's a resource price of
Speaker 12: paying people paying for longer term contracts. The about term
Speaker 12: structure risk today and I thinking about this lack of
Speaker 12: visibility on demand pricing all the way to reserve which
Speaker 12: is three years, five yearson deal. And also GPU is
Speaker 12: not homogenius products. You need to normalize that. You can
Speaker 12: just say, hey, I'm paying the HIT one hundred with
Speaker 12: certain HVM, You're paying different HVM devents your location.
Speaker 2: We can just do a simple average.
Speaker 12: You need indices to normalize the online assets. So producers
Speaker 12: as a data that's trackable a representative to the price
Speaker 12: we are paying today.
Speaker 3: You know, we're just talking to man thing of BlueBag inteligence,
Speaker 3: who are saying that we need to get to the
Speaker 3: bottom of invidious numbers that come after the bell on
Speaker 3: Wednesday about how much HBM or memory costs really starting
Speaker 3: to impact their margin. What is it you're saying in
Speaker 3: your data about just the cost of computer at the.
Speaker 12: Moment with the price that going up, the price going
Speaker 12: up since December last year, it was pretty interesting last
Speaker 12: year everyone's talking about, Hey, shouldn't the computer price always
Speaker 12: come down and come down to zero by a year
Speaker 12: A It's not really happening, supplied. The man shift every
Speaker 12: single day, the term structure to forward pattern shift every
Speaker 12: single day because people have these expectations, they do different
Speaker 12: bournets come out all the time. You stood at last week.
Speaker 12: Last year is a fab and this year is memory
Speaker 12: and going forward maybe you call location space. So every
Speaker 12: time it's different.
Speaker 2: So pricing pressure is there for you.
Speaker 3: The pressure is on to get this deal solidified with
Speaker 3: the CME.
Speaker 2: You've announced it, but we didn't say there's regulatory oversight.
Speaker 2: What sort of he do you need to go through
Speaker 2: what sort of questions we asked.
Speaker 12: So we are actively working with CME and then review
Speaker 12: with CFTC and other regulatory bodies.
Speaker 2: It is a very.
Speaker 12: Traditional data future products. We're not talking anything that's exotic, right.
Speaker 12: We have done that for oil, for gas, for any
Speaker 12: other as a classes, so I really don't see a
Speaker 12: major concern farm for anyone.
Speaker 3: And going global, how global is the offering that you
Speaker 3: currently have with CME or indeed the compute exchange. Where
Speaker 3: else do you likely to push in two more broad
Speaker 3: offerings worldwide?
Speaker 12: So we launched GPU Industries at Bloomberg Terminal last year,
Speaker 12: the world's first GPU indices. We cover all prices x China,
Speaker 12: so think about the European from the US. We normalize
Speaker 12: it your location to win data points, so anything x
Speaker 12: China is capture our indices. So ideally around the world
Speaker 12: you can hatch that you're exposure with our indices.
Speaker 3: Well, have to see how this progresses come back on.
Speaker 3: I hope Silicon Data CEO commonly there on all things
Speaker 3: futures market for compute becoming up. We're talking Apple's revamped Siri,
Speaker 3: but it was expected to introduce a new privacy focused
Speaker 3: features aimed at selling it apart from rival chatbelts or
Speaker 3: on that. Next, this is Blueberg Tech time now for
Speaker 3: Talking tech and first up by Jus. One percent drop
Speaker 3: in sales was less than analysts had expected, void by
Speaker 3: its new AI businesses, but the tech giant in China
Speaker 3: is making a strategic pivot, shifting towards automated agents and
Speaker 3: aipower cloud.
Speaker 2: Units and away from search plus.
Speaker 3: Publicis is acquiring online data broker live Ramp for about
Speaker 3: two point five billion.
Speaker 2: Dollars in cash.
Speaker 3: Says it's a paying a thirty percent premium per share
Speaker 3: to supercharge its data assets and accelerate its AI driven
Speaker 3: marketing capabilities and.
Speaker 2: Shares of Japanese chip maker Kyosha.
Speaker 3: They were flooded with by orders after forecasting a massive
Speaker 3: eight point two billion dollar quarterly operating report profit. It
Speaker 3: is latest sign of meteoric demand hardware for AI services
Speaker 3: and the resulting shortage and conventional memory chips. Let's talk
Speaker 3: elsewhere in the world of AI, because Apple is set
Speaker 3: to debut is iOS twenty seven and this year is WWDC,
Speaker 3: featuring a revamped Siri experience.
Speaker 7: Now.
Speaker 3: The update is expected to introduce new privacy focus features.
Speaker 2: That could help.
Speaker 3: Differentiate SyRI in the crowded chatbots space. For more, Bloomberg
Speaker 3: Apple and Consumer Tech Managing editor Mark gum And brings
Speaker 3: us what is always the bread and butter you bring
Speaker 3: us to scoops and push us towards For many reasons,
Speaker 3: Apple wants to lean in on its privacy advantages. That
Speaker 3: what is going to make it distinct versus the other
Speaker 3: offerings already out there.
Speaker 13: Yeah, for Apple, privacy has been a differentiator now for
Speaker 13: going over a decade. They talk about privacy when they
Speaker 13: release any new product, or any new operating system or
Speaker 13: any new software service feature. For them, it's, you know,
Speaker 13: their north star that they like to say, everything is
Speaker 13: built in from that perspective, and they release see it
Speaker 13: is a selling point that people want devices that have
Speaker 13: better encryption, better security, better privacy than the competition. And
Speaker 13: obviously this is really important for everything you're doing on
Speaker 13: Apple devices. You have your financial data on there, your communications,
Speaker 13: you have your smart home information, all sorts of different features.
Speaker 13: You want the key private and that's going to extend
Speaker 13: to the new SERI. We're in an age right now
Speaker 13: where everyone's got a chatbot, everyone's got AI features, and
Speaker 13: just like you've seen Apple do with features and comparing
Speaker 13: themselves to Meta and Google and whatnot. You'll see them
Speaker 13: do that with this chatbot that they're going to announce
Speaker 13: on June eighth and developer conference, talking about THEIRS retaining
Speaker 13: less information and less so called memory than other chatbots.
Speaker 13: And one feature that a report over the weekend that
Speaker 13: they're planning for this is the auto deletion of chatbot conversation.
Speaker 13: So you can set your chats just like you can
Speaker 13: with the Messages app, to save in your phone and
Speaker 13: your iCloud forever, or you can have them auto delete
Speaker 13: after a year, or you can have them auto delete
Speaker 13: after thirty days.
Speaker 9: So that's going to be a bit of a unique feature.
Speaker 13: Other chatbots have what they call on incognito mode, which
Speaker 13: is basically, you know, private browsing mode and a web browser,
Speaker 13: but private chatting in your chatbot.
Speaker 9: But this is going to be a little different.
Speaker 3: Talk us about just how technologically that makes it stand out.
Speaker 3: If I have an auto delete for thirty days, what
Speaker 3: does that actually mean to the memory that than me
Speaker 3: having had that discussion with the chatbot and it being
Speaker 3: useful going forward.
Speaker 9: Yeah, Well, it's two separate things.
Speaker 8: Right.
Speaker 13: The auto delete of conversations means that that conversation, that
Speaker 13: chat that's just gone forever. In terms of memory, right,
Speaker 13: you have chatbots that keep your memory forever, keep your
Speaker 13: memory for a finite amount of time. Apple is going
Speaker 13: to retain memory a shorter amount of time than a
Speaker 13: lot of the competition, which may make it useful in
Speaker 13: the short term less useful in the long term. They're
Speaker 13: using techniques. There's one technique they have called differential privacy
Speaker 13: to be able to retain some memory but have it
Speaker 13: glued exactly to the user, right, And when it's stored,
Speaker 13: not glued towards the user, but you're able to stort
Speaker 13: on device, so it's able to come back and tell
Speaker 13: you what you've talked about or give you that context.
Speaker 9: So I think it is going to work fairly well.
Speaker 13: It is going to be fairly competitive, but Apple really
Speaker 13: going to market it around privacy and security.
Speaker 3: As always A muster read with power on Bloombo's Mark German,
Speaker 3: Thank you very much. Indeed, let's talk about Miami International
Speaker 3: Holdings or MIAX. It has seen tremendous growth since it
Speaker 3: was founded over a decade ago, operating eight exchanges, cross options,
Speaker 3: Secretaries and futures for disclosure purposes as part of a
Speaker 3: collaboration with Bloomberg and MIAX have launch pad Futures and Options,
Speaker 3: and Bloomberg has a dedicated studio on the exchange floor
Speaker 3: where Bloomberg's Norah Melinda is joining us. Now, heart off
Speaker 3: your interview with MIAX CEO Tom Nus Gallaghan. Talk to
Speaker 3: us about what you've been discussing over there.
Speaker 14: Well, Carolina, have the opportunity to chat with Tom Gallagher
Speaker 14: earlier this morning. Of course, we're here celebrating the launch
Speaker 14: the Bloomberg one hundred equity Index Futures. Now, this is
Speaker 14: a product that the company is launching, hopefully geared at
Speaker 14: retail traders. We've been seeing an emphasis on a lot
Speaker 14: of companies, a lot of brokerages really being interested in
Speaker 14: bringing in the retail participation. This company offering the opportunity
Speaker 14: of commission free for retail traders as they are launching
Speaker 14: this product, the first of a series of products to
Speaker 14: also come. But what was really interesting from my conversation
Speaker 14: earlier with Tom was the idea of Miami as the
Speaker 14: Wall Street South. We've been seeing so many big business leaders,
Speaker 14: Ken Griffin, a number of other names talking about the
Speaker 14: tax environment being more favorable in states like Florida, southern states,
Speaker 14: and so you're certainly seeing my EX really leveraging that
Speaker 14: coming to Miami. They're headquarters, funnily enough, were actually in Princeton,
Speaker 14: New Jersey, but the trading floor just behind me. So
Speaker 14: a lot of activity here in some of these southern states,
Speaker 14: and certainly my AX looking toward further growth and development here.
Speaker 2: Fantastic.
Speaker 3: Thanks for bringing us and insights from your conversation. We
Speaker 3: appreciate it. Coming up, well, we've got plenty to be
Speaker 3: discussing with a recursive CEO, Richard Soshia. It's an AI
Speaker 3: company coming out of Stealth and already he's been running
Speaker 3: you dot com as the CEO. He's already also got
Speaker 3: AIX which is a venture fund, but now he's starting
Speaker 3: yet a new company all around the issues of AI
Speaker 3: and where we take large language model creation in the
Speaker 3: lab and the frontier lab lab area. We're looking though
Speaker 3: right now as AI not being the savior to these markets.
Speaker 3: Now's that one hundred off by seven ten percent. Look,
Speaker 3: it's a second straight day of losses. We've seen the
Speaker 3: semiconductor index as well, off by two point four percent.
Speaker 3: That brings its losses in the last couple of days
Speaker 3: to more than six percent. Of course, got a lot
Speaker 3: of the eyes on a video for later this week Wednesday,
Speaker 3: after the bell we get their numbers. We're off five
Speaker 3: percentage point for the world's most valuable company. This is
Speaker 3: Bloomberg Tech. Welcome back to Bloomberg Tech. We got a
Speaker 3: little bit of risk aversion creeping into the market, and
Speaker 3: it's largely geopolitically focused. We're worried once again about the
Speaker 3: conflict to US Iran, and we're seeing all prices on
Speaker 3: the rise. That is seeing yet a second day of pullback,
Speaker 3: particularly on an ADSDAK one hundred or off by eight
Speaker 3: nine ten percent, let's call it. We're seeing the chip
Speaker 3: stocks under pressure and a particular Micron and the like
Speaker 3: really dragging in points perspective. But I'm also looking what's
Speaker 3: happening in Crippo. Look risk assets in general taking a
Speaker 3: bit of a hammering. We're seeing down two point eight percent,
Speaker 3: but we're sub seventy seven thousand now it's seventy six
Speaker 3: thousand for bitcoin, and there's been about seventy million in
Speaker 3: terms of the actual bearish bets coming back into the market,
Speaker 3: bullish bets are being taken off. We've seen seven hundred
Speaker 3: million dollars worth of those bullish bets being taken off
Speaker 3: in the last twenty four hours alone, according to coin Glass.
Speaker 3: So just keep an eye on risk sentiment. But look,
Speaker 3: if we look across the Asia, not always bearish. I'm
Speaker 3: looking at Samsung shares in South Korea up nearly we
Speaker 3: call it three percent. Investors were actually encouraged by signs
Speaker 3: at the company's union it's open to some negotiations, while
Speaker 3: at local court moved to limit the threat of strike remotes.
Speaker 3: Global Tech editor Peter Elstrom joins and just remind us
Speaker 3: of the context here. This is Samsung that has done
Speaker 3: phenomenally well in terms of share price, in terms of profitability,
Speaker 3: and now labor wants to see some upside from it.
Speaker 15: Yeah, these are very tense times in South Korea, make
Speaker 15: no mistake about it. Samsung is squaring off against its union.
Speaker 15: The union has said it may go on strike as
Speaker 15: soon as Thursday for eighteen days. That's a big deal
Speaker 15: for the company because, as you say, they're in the
Speaker 15: middle of this boom and memory chip prices, which has
Speaker 15: been great for their profits. They made a ton of
Speaker 15: money because of that. The whole AI industry needs more
Speaker 15: of the memory, both from Samsung and from s K
Speaker 15: Heinez at this point, but this labor disruption threatens to
Speaker 15: throw a wrench into that whole dynamic. And just to
Speaker 15: set the scene, it is quite unusual for Samsung to
Speaker 15: have this kind of conflict with their union. For decades,
Speaker 15: they never had any conflict at all, and then just
Speaker 15: a couple of years ago they had a small strike,
Speaker 15: but it wasn't that serious. So this is unusual for
Speaker 15: them to come this far. As you say, they've agreed
Speaker 15: to go back to the table after setting this possible
Speaker 15: strike date. They are talking again, but they haven't reached
Speaker 15: a resolution yet. The court took a little bit of
Speaker 15: the damage, the potential damage off the table by saying
Speaker 15: there are some limitations about what the union can do
Speaker 15: at this point, but there's still this possibility of a
Speaker 15: strike coming up later on this week, which would affect
Speaker 15: not just Samsung and the South Korean companies, but the
Speaker 15: AI industry more broadly.
Speaker 3: Yeah, everyone waiting with bated breath as we worry about
Speaker 3: memory prices yet further if there's less of supply. But
Speaker 3: Peter I mean, it was just last week that we
Speaker 3: saw the South Korean market lose billions, hundreds of billions
Speaker 3: of dollars in just ninety minutes, as people wondered how
Speaker 3: politically speaking, we might see AI profits be shared with
Speaker 3: a nation writ large. We've always seen s k Heinez
Speaker 3: have to offer more of its profits to its workers.
Speaker 3: Just remind us of the tensions there and if they'll
Speaker 3: also spill out globally.
Speaker 15: Yeah, the Korean society right now is having this debate
Speaker 15: about what are you going to do with these enormous
Speaker 15: profits coming out of AI? And also the government is
Speaker 15: beginning to ask this very important question, how should governments
Speaker 15: prepare for this world that's coming at us with AI,
Speaker 15: with all these AI improvements, where perhaps you're not going
Speaker 15: to have the same kind of jobs that you had
Speaker 15: in the past. So, as you're referring to, one of
Speaker 15: the policy advisors to the president posted something on his
Speaker 15: Facebook page where he talked about the possibility of a
Speaker 15: citizen dividend where they would take some of the profits
Speaker 15: from these big companies and use those to establish a
Speaker 15: more stable foundation for the society that could involve retraining.
Speaker 15: He said it could involve support for people who want
Speaker 15: to startup companies. It could involve a number of different things,
Speaker 15: but his goal was really to kick off this conversation
Speaker 15: and try to ask the question, how do we as
Speaker 15: a government proactively start to think about these big issues
Speaker 15: and if we're going to get this windfall of profits
Speaker 15: because these companies are making so much money, how do
Speaker 15: we use that cash to the best advantage for what's
Speaker 15: ahead of us?
Speaker 3: Thinks Peter Elstrom. Fascinating what's happening in Asia. We appreciate it.
Speaker 3: Let's look at what's happening with Google's leadership in AI
Speaker 3: right now has made computing power a really prized resources
Speaker 3: inside the company, with priority increasingly going two major projects
Speaker 3: like Gemini and paying customers.
Speaker 2: The bottleneck. It's frustrated to some employees, prompting a number of.
Speaker 3: AI researchers to leave for startups for Morell bloombergs Julia Love,
Speaker 3: who covers Alphabet joins us now and Julia they're going
Speaker 3: and founding their own companies because they can't get what
Speaker 3: they want done internally at Google. How how much of
Speaker 3: a change is that to be struggling to get access
Speaker 3: to computing?
Speaker 6: Yes, so I think it's a you know, just a
Speaker 6: fact of the AI industry that researchers would always like
Speaker 6: more compute, but the shortage has just become more acute
Speaker 6: in this day and age because large language models require
Speaker 6: such vast amounts of computing power. And so traditionally AI
Speaker 6: research at Goodle, especially in Goodle Brain and one of
Speaker 6: the labs, was very idalitarian and researchers not a certain
Speaker 6: amount of computing power and they could team up to
Speaker 6: try to do bigger projects. But now that fool still exists,
Speaker 6: but it contracts in times of high demand, and researchers
Speaker 6: just often can't get meaningful research done with their allotations.
Speaker 6: And so if their work isn't a priority at Google,
Speaker 6: that is the only you know, avenue they can pursue,
Speaker 6: whereas in a startup they have more doors to knock on.
Speaker 3: I mean, let's just talk about Andrew Dye, who've focused
Speaker 3: on in this particular story. You've also focused on a
Speaker 3: female founded company that's gone on to get VC backing
Speaker 3: when they articulated.
Speaker 2: To you what it used to be like what it
Speaker 2: is now in terms of building businesses.
Speaker 3: But is it because Alphabet is too busy selling out
Speaker 3: its compute to its cloud customers or what is it
Speaker 3: that's making it so much more of a tussle.
Speaker 6: Yes, I think there's a few things happening at once.
Speaker 6: One is that generative AI has made you know, Goodle's
Speaker 6: consumer products so popular, and Goodle needs a lot of
Speaker 6: computing power to serve those. And then the cloud business
Speaker 6: is to peking off, so Brutal wants to meet that demand.
Speaker 2: And then at the.
Speaker 6: Same time, AI research is more computing and intensive than
Speaker 6: it once was, and so researchers need more compute to
Speaker 6: do a cutting edge experiment. And so there's a lot
Speaker 6: of mouths to feed. Everyone wants more. And if people
Speaker 6: run up against roadblocks at Google, that, oh.
Speaker 2: What a tech issue.
Speaker 3: On the Tech Show, Dan, we'll get back to Julia
Speaker 3: Love when we can, but we appreciate her insights there. Meanwhile,
Speaker 3: let's talk about where else computer is being used and
Speaker 3: what we're seeing in the Frontier labs. Because Recursive is
Speaker 3: a startup creating AI that conducts experiments on how to
Speaker 3: safely improve.
Speaker 2: Itself and it just came out of stealth. The company is.
Speaker 3: Valued at four point six five billion dollars. Back is
Speaker 3: including Greycroft Video, AMD Ventures and more. CEO Richard Susha
Speaker 3: joins us now for more. Many will recognize you because Richard,
Speaker 3: you've joined on another company that you're also leading, you
Speaker 3: dot Com. You also happen to be busy in venture capital.
Speaker 3: So talk to us about Recursive. What is it that
Speaker 3: you felt needed to be fixed?
Speaker 10: So we want to build recursive self improving superintelligence that
Speaker 10: automates knowledge discovery. You know, AI now is code and
Speaker 10: can code, and so you can have a closed loop
Speaker 10: where you replace human ingenuity and trying to come up
Speaker 10: with ideas, implement those ideas, and validate those ideas, and
Speaker 10: you can actually allow AI to do that on itself.
Speaker 3: The reason you're able to enter out of stealth with
Speaker 3: a four billion dollar market capitalization is because you're a
Speaker 3: pretty well known famed AI researcher, Richard. But there are
Speaker 3: many well, shall we say, there are many very ambitious
Speaker 3: labs out there who also want to reach superintelligence.
Speaker 2: Why aren't they doing it right?
Speaker 3: What is it that you feel Recursive is going to
Speaker 3: gain the edge or rather than helping another lab already
Speaker 3: do what they're doing.
Speaker 10: Yeah, we're we collected a combined an incredible team of
Speaker 10: co founders, folks from Google DeepMind, from open AIE from
Speaker 10: Salesforce Research and many other incredible labs Meta and so on.
Speaker 10: We are focused on open endedness and really have the
Speaker 10: entire company try to allow AI to build the next
Speaker 10: better version of AI. And whenever in AI research we
Speaker 10: replace manual systems with learned systems, we see a massive improvement.
Speaker 10: And then on top of that, we can sit now
Speaker 10: on top of this whole new infrastructure where we built
Speaker 10: a company from the ground up by empowering AI to
Speaker 10: do its own experimentation, whereas most of the other labs
Speaker 10: in the past basically started before that was possible.
Speaker 3: Okay, so you've got this focus from the very birth
Speaker 3: of the business, but you also need a lawful lot
Speaker 3: of money, as we can see there raising for Compute to.
Speaker 2: Take on some of the juggernauts. How much is it
Speaker 2: a costly business?
Speaker 3: How are you thinking of reframing the demand for GPUs
Speaker 3: and the like.
Speaker 4: You're absolutely right.
Speaker 10: A big new scaling law we're trying to prove is
Speaker 10: that the more compute results in more inventions, more improvements,
Speaker 10: and so compute is one of the largest costs for us,
Speaker 10: and that's where we're really excited to have the folks
Speaker 10: like Nvidia and AMD be part of this round.
Speaker 3: Just the open ended nature of driving in endless innovation.
Speaker 3: You say you want to do that safely. What are
Speaker 3: the worries and the limits of it not being done safely?
Speaker 4: You're absolutely right. Safety is a huge concern.
Speaker 10: That's why we have some of our co funders who've
Speaker 10: done research in rainbow teaming, for instance, where I improve
Speaker 10: the safety of large language models like Tim rock Teeschel
Speaker 10: and his collaborators worked on. We think we take safety
Speaker 10: very seriously and we believe though that this is the
Speaker 10: best and fastest way to superintelligence, which will then allow
Speaker 10: humanity to flourish much much more by inventing building ultimately
Speaker 10: a Eureka machine, one that allows us to invent everything
Speaker 10: else thereafter.
Speaker 2: How are you going to divide your time? Richard?
Speaker 3: Your CEO of you dot com, and you're also at AIX,
Speaker 3: the venture firm that's just lost its co founder.
Speaker 2: So how do you divv this all up?
Speaker 10: I work all the time and have incredible teams around
Speaker 10: me that enable this of AI agents, also AI agents, yeah,
Speaker 10: but also some really incredible humans.
Speaker 3: Okay, incredible humans cost a lot of money, so were
Speaker 3: they incentivized by equity, by the sheer ambition of the task,
Speaker 3: or how are you going to be hiring yet further
Speaker 3: talent because they're also getting to a significant expense line
Speaker 3: compared to GPUs.
Speaker 10: That's absolutely right. Yeah, I think as a founder these days,
Speaker 10: you want to think more about the overall potential of
Speaker 10: the pie rather than your slice an amount of pie
Speaker 10: that you have as a And we do share equity
Speaker 10: with our employees and everyone, and I think that encourages
Speaker 10: and excites everyone. I think in general, the more you
Speaker 10: have ownership of what you're creating in this AI world,
Speaker 10: the more you love AI, because then you just care
Speaker 10: about the outputs. And so I think it's important to
Speaker 10: share that equity and ultimately grow something amazing together.
Speaker 2: Which is so sure.
Speaker 3: Great to have some time with you, CEO, co founder
Speaker 3: of Recursive, We appreciate your time today. Coming up, we're
Speaker 3: going to go back to Las Vegas is Dell World
Speaker 3: and we're speaking with Daniel Roberts from the AI cloud
Speaker 3: provider Iron.
Speaker 2: That's next.
Speaker 3: That's a pretty big tech Let's get back over to
Speaker 3: Las Vegas. Our own ed Ludlow is standing by with
Speaker 3: Dell Technologies World.
Speaker 4: Event upon you ed, Yeah, we've got a really great
Speaker 4: case study.
Speaker 5: Iron is an AI cloud that is building infrastructure all
Speaker 5: over the world, not just the United States and all
Speaker 5: these geographies.
Speaker 4: Dell is its key server partner.
Speaker 5: Right it wants the Nvidia GPUs. Couldn't think of a
Speaker 5: better conversation to have to kind of kick off the day.
Speaker 5: Dan Roberts, co founder co CEO, you've been busy guy
Speaker 5: as well on the M and A side. You've acquired
Speaker 5: a marketing or creative agency. I mean basically why. But
Speaker 5: there's also this conversation Caroline and I have it all
Speaker 5: the time about the public's perception of what's really happening
Speaker 5: with data center and how it impacts them.
Speaker 13: Yeah.
Speaker 16: Look, brand awareness, we're going global, We're growing our customer base.
Speaker 16: It's really important to us. But that's a small point
Speaker 16: of the grand scheme of things. It's all about power
Speaker 16: and time to compute, and the issue is you can't
Speaker 16: employment a software update to bring on power. The tech
Speaker 16: industry is very brilliant at going really fast, but you
Speaker 16: can't code your way to an AI gig awad of compute.
Speaker 4: And that's what we're focused on.
Speaker 5: In the United States, at least there is some some
Speaker 5: sort of public backlash in zip codes where data center's
Speaker 5: getting built, the public feels the pressure of higher energy process.
Speaker 5: What's that like for iron and what are you confronting
Speaker 5: in that respect?
Speaker 16: Yeah, eight years ago when we started this business, we
Speaker 16: had a differentiated strategy. We never went to metropolitan areas.
Speaker 16: We went to regional communities where there was an abundance
Speaker 16: of renewable energy that creates a cost structural advantage over time.
Speaker 16: And we've reinvigorated local communities across British Columbia, Canada, Texas.
Speaker 16: And it's an advantage for us because we are located
Speaker 16: where people want us.
Speaker 4: To do business.
Speaker 5: Dan, I think I'm saying, just as with everyone else,
Speaker 5: you're in a position where demand for compute, your compute
Speaker 5: is vastly outpacing your ability to supply it. What is
Speaker 5: the biggest barrier to you getting more capacity online, getting
Speaker 5: more stuff built?
Speaker 4: Absolutely? I mean we're still in the dial up era
Speaker 4: of AI.
Speaker 16: When you step back the amount of friction you've got
Speaker 16: waded in for prompts, You've got to craft your prompt
Speaker 16: really carefully. Complex prompts take fifteen to forty seconds to
Speaker 16: actually spit out an adser as. That speeds up demand accelerates,
Speaker 16: which drives more compute and more use cases. And for us,
Speaker 16: it's been a focus on what is the end choke point,
Speaker 16: and that's power, it's feel, it's concrete, it's actually building
Speaker 16: the physical infrastructure.
Speaker 4: That takes years and years.
Speaker 16: If you wanted to start today and build a gigawat
Speaker 16: ai factory, you are looking twenty thirties before you get
Speaker 16: the first compute online.
Speaker 5: Let's get a bit deeper on that. So if you
Speaker 5: wanted to say, in other words, you choose a site,
Speaker 5: you get permissions, You're not going to get it online
Speaker 5: for six years, four years.
Speaker 16: It'll take you eighteen to twenty four months to get
Speaker 16: the attention of a utility to work out whether your
Speaker 16: block of dirt even has power or not.
Speaker 4: That's the starting point. How we're getting to it. What
Speaker 4: are the utilities not doing that you need them to do? Oh, utilities,
Speaker 4: they're doing the best they can.
Speaker 16: Like they're running complex networks with a lot of generation
Speaker 16: on one side, a lot of power demand on the
Speaker 16: other and at the end of the day, when you
Speaker 16: connect to them. This is why grid connected capacity is
Speaker 16: so valuable. When you connect to them, they're underwriting twenty
Speaker 16: four to seven guaranteed power, so they're naturally risk adverse and.
Speaker 4: They're naturally dealing with in the inundation of requests.
Speaker 5: At the moment, I'd love to go back to basis
Speaker 5: for seconds. You build data centers, and those data centers
Speaker 5: have servers inside them, and those servers are for AI workloads.
Speaker 5: What's it like working with a Dell? What is it
Speaker 5: that you rely on Dell four? And how do you
Speaker 5: get hold of in video GPUs?
Speaker 6: Right?
Speaker 5: There is this idea that you can just phone gents
Speaker 5: and one and say hey, I need some of those,
Speaker 5: but in practice it probably doesn't really work like that.
Speaker 14: Yeah.
Speaker 16: Look, we've got great relationship with both Dell and in Video.
Speaker 16: We announced a partnership with n Video for five gigawats
Speaker 16: of compute.
Speaker 4: They're also asked Weed in an investment.
Speaker 16: Yes, so they're exposed to upside in US as we
Speaker 16: grow and deploy their GPUs, and we're working on their
Speaker 16: reference architecture for a gigawat factory in Sweetwater. But the
Speaker 16: opportunity with those partners is to work closely and build
Speaker 16: up the whole ecosystem all the way from land Steel
Speaker 16: concrete down to the end us of this compute.
Speaker 5: Is there a geography somewhere in the world that is
Speaker 5: a best place to build a data center right now?
Speaker 16: Look, every geography is slightly different in terms of how
Speaker 16: they handle things. But the majority of our capacities in Texas,
Speaker 16: and they've been pretty good.
Speaker 5: If you could ask mister Wog and mister Dell one
Speaker 5: thing right now, or we ask something of them, what
Speaker 5: would it be.
Speaker 16: Oh, look, I think the whole industry is moving from.
Speaker 16: If silicon is no longer the choke point, how do
Speaker 16: we solve steel? How do we solve concrete? How do
Speaker 16: we solve the killer watts?
Speaker 5: And this president and this administration they have an answer
Speaker 5: for that.
Speaker 4: I think everyone's trying to work it out. It's been an.
Speaker 5: Interesting evolution for your company right now. Public in the
Speaker 5: United States, Sydney, Australia is your home. What's that like,
Speaker 5: trying to work across borders at the moment and trying
Speaker 5: to get projects done at the same time in different jurisdictions.
Speaker 16: Oh, look, the reality is we've got projects in North America,
Speaker 16: We've got projects in Europe, We've got projects in Australia. Yes,
Speaker 16: my family is in Sydney and I get back for
Speaker 16: the weekends. But you know when people ask where I leave,
Speaker 16: plenty bulances on a plane.
Speaker 5: Den Roberts, co founder co CEO of Iron really critical
Speaker 5: AI cloud and like your previous guests, I think everyone's
Speaker 5: just working all the time right now, character.
Speaker 2: Largely on planes ahead. Thanks so much.
Speaker 3: Look tune in later today as ed sits down with
Speaker 3: the CEOs of Dell of Nvidia for an exclusive interview.
Speaker 2: Live from der World.
Speaker 3: You don't want to miss up to thirty pm Eastern
Speaker 3: eleven thirtym Pacific.
Speaker 2: Coming up new thirty F filings.
Speaker 3: They're revealing how hedge funds are repositioning around big tech
Speaker 3: and the AI trade. Will break down the BEGINUS moves next.
Speaker 2: This is blue Beg Tech.
Speaker 3: Fresh regulatory filings known as thirty F filings, giving investors
Speaker 3: a close look at how hedge funds and major money
Speaker 3: managers are positioning around tech and the AI trade. Joining
Speaker 3: US now to break it all down. As Blomberg's Hemma
Speaker 3: Palma is always so much happening each quarter at this time,
Speaker 3: Hama passed through, for example, what's happening with Microsoft, because
Speaker 3: certainly the bill Atman News quarter attention. Where else is
Speaker 3: there been moves in that company?
Speaker 17: Absolutely, Bill Ackman taking a pretty sizeable steak in Microsoft,
Speaker 17: more than two billion dollars worth, making it his fourth
Speaker 17: biggest holding. And this is a stock that fell a
Speaker 17: great deal in the first quarter, So he may have
Speaker 17: been buying up these shares that attractive prices, but he
Speaker 17: believes that Microsoft is stronger and a lot more resilient
Speaker 17: than investors are out there believing. He thinks Microsoft three
Speaker 17: hundred and sixty five suite with Word and Excel or
Speaker 17: two of the most valuable franchises in enterprise tech. So
Speaker 17: really Bill a sentiment from Bill on Microsoft, but that's
Speaker 17: not what everyone's thinking.
Speaker 2: Yeah, is that at odds with some of the others
Speaker 2: the Tiger cubs.
Speaker 17: And that's absolutely So it's really interesting when you see
Speaker 17: these divergences. So Tiger Global and Co. Two slash their
Speaker 17: steak in Microsoft by more than half.
Speaker 2: Wow, Loan Pine got out of it entirely.
Speaker 17: So you see really different moves from these firms that
Speaker 17: really do spend a lot of time investigating these companies. Now,
Speaker 17: this stock fell twenty three percent in the first quarter.
Speaker 17: It has rebounded some of that since.
Speaker 3: What about just in general, whether Microsoft is the old
Speaker 3: one out here in terms of everyone either taking one
Speaker 3: one view or the other, or of the big moves
Speaker 3: in other companies.
Speaker 2: So we did see a.
Speaker 17: Decent amount of selling in the first quarter from across
Speaker 17: the Tiger cubs. We look at them because they tend
Speaker 17: to focus on tech, they tend to be directional and intentional.
Speaker 17: Keep in mind, the first quarter incredibly volatile. This March
Speaker 17: was a wild month. A lot of funds lost a
Speaker 17: lot of money. That could be why we saw some
Speaker 17: firms trying to sell. We don't know when in the
Speaker 17: quarter funds were selling, just because of the nature of
Speaker 17: thirteen f's.
Speaker 2: But we did see some other trends.
Speaker 17: When we look at popular cells Amazon, this is a
Speaker 17: stock that sunk about ten percent in the first quarter.
Speaker 17: Tiger Global trimmed at stake so to cut Amazon by
Speaker 17: about a fifth, and Loan Pine sold out of Amazon entirely.
Speaker 17: Berkshire Hathaway also exited that company too, So you do
Speaker 17: see some big moves in some of these localized companies.
Speaker 3: For sure, I'm fascinating because some of them ever since
Speaker 3: written up higher on the back of that exactly Hemma
Speaker 3: Palmer always breaking it down for us. We so appreciate
Speaker 3: all the moves from the regular refindings. Meanwhile, that does
Speaker 3: it for this edition of Bloemberg Tech. Tune in later
Speaker 3: today again, do not miss this exclusive interview. We can't
Speaker 3: tell you about it enough CEOs of Dell of Nvidia.
Speaker 3: They are live from Dell Worlds at to thirty pm
Speaker 3: Eastern eleven thirty am. If you're over on the Pacific side,
Speaker 3: don't forget to check out the podcast too. You can
Speaker 3: find it on the terminal as well as online on Apple, Spotify.
Speaker 2: And iHeart.
Speaker 3: From New York and from Las Vegas today, this is
Speaker 3: Blueberg Tech