Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. Bloomberg Tech is a
Speaker 1: live from Coast to coast with Caroline Hyde in New
Speaker 1: York and Eva low In sentrancs go.
Speaker 2: This is Bloomberg Tech coming up. Bloomberg reports that Intel
Speaker 2: approached Apple about a possible investment and talks on the
Speaker 2: two working together more closely.
Speaker 3: We have the latest plus.
Speaker 4: A quantum breakthrough.
Speaker 5: HSBC said it achieved a world first and deploying the
Speaker 5: next frontier computing in financial markets using IBM's Heron processor.
Speaker 2: And Disney gears up for a legal fight with President
Speaker 2: Trump over the reinstatement of Jimmy Kimmel's show.
Speaker 5: At first, we check in on these markets, which if
Speaker 5: you're looking at as that one hundred and we are
Speaker 5: down for a third straight day, but only just We're
Speaker 5: still questioning the.
Speaker 4: Overall picture of valuations.
Speaker 5: We're still questioning what the inflation print on front and
Speaker 5: they will tell us, and we're still questioning more broadly
Speaker 5: how far we've run up in terms of this seismic
Speaker 5: moves on the S and P five frond in the
Speaker 5: NAST one hundred is still close to record highs. I'm
Speaker 5: looking though at crypto that's actually pulling down yet again.
Speaker 5: We've got a key exploration of options tomorrow. We're seeing
Speaker 5: some of those bullish bets coming out of Bitcoin and
Speaker 5: certainly of Eve were down another three point six percent.
Speaker 4: But what are looking at under the hood.
Speaker 3: Yeah, let's go to our top story.
Speaker 2: Shares of Intel markedly higher for most of the session,
Speaker 2: the only name on the Philadelphia Semiconductor Index in the green.
Speaker 2: Apple also higher. Bloomberg reporting Intel has approached Apple about
Speaker 2: the iPhone maker investing in it and held early talks
Speaker 2: on how the US tech firms could work more closely together.
Speaker 2: That's according to sources. Intel, which is now ten percent
Speaker 2: owned by the US government, is looking to make a
Speaker 2: comeback and has already secured investment from Nvidia in soft Bank.
Speaker 3: I want to go out to.
Speaker 2: Bloombo's Ryan Gull, who broke that story with the deal's team.
Speaker 2: Let's get the very specific details that we had from sources.
Speaker 3: These are early talks.
Speaker 2: What was the structure of what they discussed and what
Speaker 2: do we know about the status of those talks.
Speaker 6: Yeah, these are early talks. I would say there are
Speaker 6: still a few unknowns. There's no sense at this point
Speaker 6: what that investment could look like. There's definitely been some
Speaker 6: commentary this morning as people are sort of digesting this news,
Speaker 6: and you can see Intel shares are up some twelve
Speaker 6: percent or so over since yesterday and today as they
Speaker 6: think about what this could mean for both companies. I
Speaker 6: think if your Intel, you're looking at what it means
Speaker 6: to right size a balance sheet and your foundry effort.
Speaker 6: Could this mean Apple comes in and thinks about, you know,
Speaker 6: sending foundry chipwards to the two Intel's foundry potentially? Could
Speaker 6: this be something more on the product side. Could this
Speaker 6: be packaging for of some of Apple's advanced chips. Maybe,
Speaker 6: But these are early talks, and I think this just
Speaker 6: goes to show that Intel is being quite proactive, especially
Speaker 6: since the United States government took a stake of ten
Speaker 6: percent in an unprecedented move a few weeks ago. But
Speaker 6: I think, you know, at this point, I think people
Speaker 6: are looking at the this is a potentially positive move
Speaker 6: for Intel, maybe a little more of a middling slash,
Speaker 6: you know, a known move for Apple.
Speaker 5: Yeah, and that's reflected in the stock move there. We've
Speaker 5: got seventeen billion added in market oup to Intel.
Speaker 4: Less so for.
Speaker 5: Apple because well Apple at the moment designs its own chips,
Speaker 5: but looks towards TSMC for that. How much do we think,
Speaker 5: though the Apple's dialing in on the fact that they
Speaker 5: committed to six hundred billion dollars of investment in the
Speaker 5: United States.
Speaker 6: Listen, I think if you're Tim Cook and you're at
Speaker 6: the White House in front of Donald Trump a few
Speaker 6: weeks ago, saying that you're going to invest six hundred
Speaker 6: billion dollars over the course of a four year period.
Speaker 6: They already announced a two point five billion dollar investment
Speaker 6: package with Corning, which makes Apple's glass for most of
Speaker 6: its iPhones. You know, six hundred billion dollars is a
Speaker 6: lot of money, and you know if you think about
Speaker 6: how that could be deployed in the United States, as
Speaker 6: far as Apple's made in the United States pledge goes,
Speaker 6: this is about onshoring as much as it is about
Speaker 6: anything else. This is about satisfying the White House's plan
Speaker 6: to have American ships made in the United State dates
Speaker 6: and to sort of satisfy some risk as to concentration
Speaker 6: in Taiwan, where Apple in particular manufacturers most of its chips.
Speaker 6: A TSMC.
Speaker 2: For what it's worth, an Intel spokesperson declined to comment
Speaker 2: on our reporting, and Apple didn't respond to our request
Speaker 2: for comment.
Speaker 3: There's a history lesson that's important here.
Speaker 2: Apple, mostly in max but also in phones until twenty
Speaker 2: nineteen had a lot of Intel silicon in it.
Speaker 3: That relationships changed.
Speaker 2: Explain that same with Nvidia, you know, in video and
Speaker 2: Intel had a rivalry history history that's now changed.
Speaker 6: Yeah, I think that is a really important point to underscore.
Speaker 6: About five years ago, Apple decided that it was going
Speaker 6: to transition away from Intel, mostly because it felt that
Speaker 6: Intel's technology, the actual its actual processes to make some
Speaker 6: of these advanced chips wasn't satisfactory enough. So that was
Speaker 6: kind of a painful breakup for those two companies of
Speaker 6: relationsh ship that started as far beck as two thousand
Speaker 6: and five, when then CEO Steve Jobs transitioned away from
Speaker 6: power PC chips toward Intel. I mean, that was kind
Speaker 6: of a rough breakup as far as Intel's chip making
Speaker 6: ambitions in the United States went.
Speaker 5: Ron Gold, it's a great scoop. We thank you for
Speaker 5: breaking it.
Speaker 7: Down for us.
Speaker 4: Let's get an investor perspective here.
Speaker 5: Joanne Poeni's portfolio manager of Advisor's Capital Management.
Speaker 4: You've had a.
Speaker 5: Long history of studying semiconductors as well. At what point
Speaker 5: does Intel become interesting as an investment opportunity when the
Speaker 5: government seems to be backing.
Speaker 7: It so hard.
Speaker 8: Well, clearly the government is changing the game for Intel,
Speaker 8: but their challenges remain, and their challenges are on the
Speaker 8: innovation side. Their design plus manufacturing has run into trouble
Speaker 8: over the past few years, so much so that they've
Speaker 8: lost a lot of market share to A and B,
Speaker 8: and they failed to become a player in the AI
Speaker 8: advanced chips. No amount of government investment is going to
Speaker 8: make their engineer smarter or necessarily speed up innovation. Not
Speaker 8: throwing money at innovation means they can hire better people,
Speaker 8: so there might be some room to believe that their
Speaker 8: piece of innovation could improve from here, but they seem
Speaker 8: to have a long way to go. Having potential customers
Speaker 8: on the sidelines, whether that's a Nvidia or an Apple
Speaker 8: or others, will certainly encourage investors to take a harder look.
Speaker 8: But right now, an awful lot of assumed outcomes are
Speaker 8: built into the price of the stock, So it's not
Speaker 8: something more enthusiastic about.
Speaker 2: Joanne, You know this industry, you have deep history of
Speaker 2: covering semiconductors. You also know the names and the players
Speaker 2: behind the scenes. Right when this story broke. What was
Speaker 2: your interpretation, This is Intel going out there and shopping
Speaker 2: itself to try and save itself, or this is some
Speaker 2: kind of savvy and smart strategic play by lit bou
Speaker 2: tan Well.
Speaker 8: I think Intel has for a while been trying to
Speaker 8: find customers for its foundry plant, and we saw Pat
Speaker 8: Gelsinger do that earlier, and he was trying to build
Speaker 8: the fabs ahead of having customers. Libutan obviously is taking
Speaker 8: a more cost as approach, which I think investors welcome.
Speaker 8: The government money will help them maybe bridge the gap
Speaker 8: between getting those fabs up and running and having customers.
Speaker 7: I think it's smart.
Speaker 8: They should be talking to everybody that wants to diversify
Speaker 8: away from TSMC. For a long time, the geopolitical situation
Speaker 8: was fairly stable. I think now there are greater risks
Speaker 8: to that political situation and relying just on TSMC, even
Speaker 8: if it does have some manufacturing here in the United States.
Speaker 5: Leb Bhutan's real words were I'm not gonna build it
Speaker 5: and then wait for them to come. They've got to come,
Speaker 5: and then I'm going to build it, So there is,
Speaker 5: and then the White House jumped in. It is so
Speaker 5: much the national security focus, not only because of course
Speaker 5: one of the key plants that Intel was originally going
Speaker 5: to be focusing in on was in Ohio, and you
Speaker 5: know who's really rather focused on Ohio to the VP
Speaker 5: all of this though, do you think US can become
Speaker 5: a domestic chip making champion without TSMC without some sum.
Speaker 8: You know, Caroline, that's yet to be determined. Intel was
Speaker 8: a US manufacturing champion until they sort of went off
Speaker 8: the rails with some poor decisions on which direction to
Speaker 8: focus for chip manufacturing recipe development. They went down one path,
Speaker 8: TSMC went down another. TSMC was right, Intel was wrong,
Speaker 8: and now they're trying to make up.
Speaker 7: For that, and it's going to take time.
Speaker 8: And I think it's appropriate for potential customers to take
Speaker 8: a look at Intel, even if it's not this year
Speaker 8: or next year that they can be used, but even
Speaker 8: if it's five years from now. In chip design, you
Speaker 8: have to work with your manufacturer because the design details
Speaker 8: depend on the manufacturing recipe.
Speaker 7: So they need to start.
Speaker 8: Working together now, even if it's for manufacturing five years
Speaker 8: from now. So there's hope for Intel, but it's a
Speaker 8: little early, I think to be assuming that they're going
Speaker 8: to be.
Speaker 7: Successful in this.
Speaker 2: Joanne, I think I want to talk a little bit
Speaker 2: about the Apple side of this situation.
Speaker 3: Correct me if I'm wrong.
Speaker 2: I think Advisors Capital has like, let's say, a million
Speaker 2: shares of Apple across its different funds, right, and the
Speaker 2: reporting was really clear. This is Intel going to Apple,
Speaker 2: who bought the modem business from Intel in twenty nineteen anyway,
Speaker 2: and saying to them like you want to invest, like
Speaker 2: help us out. But Apple does so much of its
Speaker 2: own work in silicon Like do you see a rational
Speaker 2: for Apple to be like, yeah, you know what, let's
Speaker 2: do this.
Speaker 7: Yeah.
Speaker 8: Yeah, we have on Apple for a long time for
Speaker 8: our clients across various strategies. Some conservatives are more aggressive,
Speaker 8: but Apple is doing the smart thing here. And first
Speaker 8: of all, we don't know if this is these talks
Speaker 8: are actually happening.
Speaker 7: We don't know if they're going for advance.
Speaker 8: But you know, from Apple's perspective, it's no longer about
Speaker 8: the design of components for its iPhones and its max
Speaker 8: I would expect that this to be more about manufacturing.
Speaker 8: This potentially is a move for Apple to become diversified
Speaker 8: away from entire reliance on Taiwan semiconductor and to have
Speaker 8: a second manufacturer.
Speaker 7: They love to have second suppliers.
Speaker 8: They haven't been able to because Intel has been so
Speaker 8: far behind. If the belief now is that with government
Speaker 8: subsidies and government investments that Intel will have the time
Speaker 8: it takes to modify their manufacturing recipe and be able
Speaker 8: to roll out at capacity, you know, product for Apple
Speaker 8: n video you know who knows it?
Speaker 7: Who else? That would be very appealing, I would think
Speaker 7: to add Apple.
Speaker 2: Intel was founded in the sixties, right, and we're in
Speaker 2: a very different situation today. In nineteen ninety seven, Microsoft
Speaker 2: bailed out Apple. Funny things happen in technology in your career,
Speaker 2: This in video announcement with Intel, and now the reporting
Speaker 2: on Apple, these things that you see coming.
Speaker 8: Well, you know, we already saw that Intel had received
Speaker 8: a massive subsidy under the previous administration's Chip Act, so
Speaker 8: we knew Intel was getting this money.
Speaker 7: What's different now.
Speaker 8: Is the this administration has decided to turn the subsidy
Speaker 8: into an ownership stake, you know, which brings some returns
Speaker 8: back to the taxpayer. But also I think the second
Speaker 8: shoe to draw potentially our incentive's four potential customers of
Speaker 8: Intel to help Intel get to that point where they
Speaker 8: have manufacturing that's competitive with Taiwan's semiconductor. That's what's really
Speaker 8: changed today is the incentives circling around the whole industry
Speaker 8: to try to build up that domestic manufacturing.
Speaker 7: And that's a big change.
Speaker 5: I have to say as an investor, you look at
Speaker 5: what happened with Lithium America's yesterday, US reported to be
Speaker 5: looking at a stake in that company.
Speaker 4: The shares rocket ninety percent.
Speaker 5: The fact that they take a ten percent stake in
Speaker 5: Intel and suddenly the shares just go up into the right,
Speaker 5: Does it have to become part of your fundamental research
Speaker 5: that when the US government gets involved, it's very hard
Speaker 5: to bet against that stock or not be involved in it.
Speaker 7: Yeah.
Speaker 8: Fortunately, calling we're able to pick and choose stocks. We own,
Speaker 8: you know, forty to fifty equity positions in the different strategies,
Speaker 8: so we can choose not to be involved in companies
Speaker 8: for which you know, we think there's significant risk of
Speaker 8: government involvement because you just don't know which way it's
Speaker 8: going to go, and you know, some of these announcements
Speaker 8: have been pretty unpredictable. So fortunately there are plenty of
Speaker 8: places to invest where you don't have to be directly
Speaker 8: exposed to government risk. You know, we've owned Broadcom for
Speaker 8: a long time, you know, since since I joined the
Speaker 8: firm back in twenty fifteen, and they're doing just fine
Speaker 8: without any government involvement, and they are playing a bigger
Speaker 8: and bigger role in.
Speaker 7: The AI rollout.
Speaker 5: And let's just talk therefore about the context of the
Speaker 5: AI circularity that people have been worrying about, or just
Speaker 5: more broadly, the valuations.
Speaker 4: However, we are seeing bigger and bigger numbers.
Speaker 5: Yesterday was Ali Baba saying we think it's gonna be
Speaker 5: four trillion by twenty thirteen thirty. That goes into the
Speaker 5: need for AI compute.
Speaker 4: We do see a space where.
Speaker 5: Nvidia can win, maybe even md can win. Where we
Speaker 5: see custom asis win as well. Do you put your
Speaker 5: bets into all of these so do you have to
Speaker 5: focus in on the key win that thus far has
Speaker 5: been a video?
Speaker 8: Yeah, you know, I think carollin the way to play
Speaker 8: this is to recognize that this is a pie that's
Speaker 8: growing and that there'll be more and more players that
Speaker 8: take little slices here and there, and there may be
Speaker 8: some market share change. Right in, Nvidia is bound to
Speaker 8: lose some market share, not bound to grow less quickly necessarily,
Speaker 8: but bound to lose some market share. We know A
Speaker 8: and B has some good processors out there for AI workloads.
Speaker 8: We know that Broadcom is co developing with the likes
Speaker 8: of Google other ASK based processors. So I think there's
Speaker 8: room for a lot of players to participate. I think
Speaker 8: the wise investor will be a bit diversified. Don't just
Speaker 8: pick one, you know, pick a handful. There are startup
Speaker 8: companies that aren't available to us as public equity investors,
Speaker 8: but those are worth watching because they could become competition
Speaker 8: along the line.
Speaker 7: That wows, yeah, exactly.
Speaker 8: I think we have some years to go while this
Speaker 8: pie continues to expand. At least that's the information we
Speaker 8: have now, you know. Unfortunately, we don't have great information
Speaker 8: on how well the applications are turning out, how much
Speaker 8: money is being made, and that ultimately could sustain data
Speaker 8: center development in the future. But in the meantime, we
Speaker 8: also have sovereign wealth funds investing in building out data centers.
Speaker 7: So there's a lot for global growth here, Joanne.
Speaker 2: There are hundreds of billions of dollars committed to build
Speaker 2: data centers, and we know where the chips are coming from,
Speaker 2: and we know who's going to lease the capacity, but
Speaker 2: there are still so many missing pieces. Electricity the main one.
Speaker 2: I just don't understand if this is like people writing
Speaker 2: checks they can't cash, you know, in the future, because
Speaker 2: all the other pieces won't be there.
Speaker 3: Yeah.
Speaker 8: No, that's a really good point. And you know they're
Speaker 8: writing checks that nobody will take because there isn't the
Speaker 8: energy potentially to power the data centers.
Speaker 7: And that's why I like so much.
Speaker 8: The global spread of this, of this buildout. You know, Yes,
Speaker 8: in the US, right, we need we need to build
Speaker 8: more facilities for powering these and we're seeing the companies
Speaker 8: themselves get involved and that might very well be the
Speaker 8: solution in the US, but we're going.
Speaker 7: To get an awful lot more investment.
Speaker 8: And that's, by the way, why the AI so called
Speaker 8: investment team has spread beyond technology, it's into utilities, it's into.
Speaker 7: Even pipeline companies.
Speaker 8: Right, where is the demand spreading in addition to the
Speaker 8: applications and the global footprint will I think be fungible
Speaker 8: enough to allow the data centers to go where the
Speaker 8: power and the land is available. And so that's a
Speaker 8: way also to avoid those bottlenecks too.
Speaker 2: And Feeniev Advisors Capital Management robust, deep conversation. We appreciate
Speaker 2: it very much. Okay, we're going to get out. So
Speaker 2: conversation now with former New York Governor Andrew Cuomo on
Speaker 2: the state of New York City's mayor or race, and
Speaker 2: he is speaking to Bloomberg's David.
Speaker 9: Gura him up twenty five points to you. Of course,
Speaker 9: it's a four candidate race. How do you see the
Speaker 9: path forward here given the polling and where things stand.
Speaker 9: I should note that the polling hasn't changed a tremendous
Speaker 9: amount in recent weeks.
Speaker 10: Yeah, it will change dramatically. What you see in the
Speaker 10: polls is Mam Dami is always about forty percent.
Speaker 11: That leaves sixty percent.
Speaker 10: As you accurately pointed out, you have a multi candidate field,
Speaker 10: so four people or three people who are breaking up
Speaker 10: that sixty percent. I don't think you're going to wind
Speaker 10: up ultimately with that larger field.
Speaker 11: I think the field is going to collapse.
Speaker 10: I think it's going to come down to me versus
Speaker 10: mister Mammdanni. And as I said, Mamdanni has forty percent
Speaker 10: his very radical ideas which are exciting to one group
Speaker 10: of the population, especially young people, but are polarizing to
Speaker 10: many other people. And I think it's going to come
Speaker 10: down to a one on one and then it is
Speaker 10: a totally different race.
Speaker 9: Curtisly with the Republican candidate says he's not dropping out.
Speaker 9: The incumbent mayor Eric Adam says he's not dropping out.
Speaker 9: We've passed the ballot deadline. If we were to have
Speaker 9: a race where it's you against or Mandani, poles still
Speaker 9: show him leading you by a substantial amount. What do
Speaker 9: you see in the electorate that the data aren't shown
Speaker 9: when it comes to that particular configuration.
Speaker 10: Yeah, well, polls are historically wrong, especially this year, especially
Speaker 10: in New York. On your first point, you can stay
Speaker 10: in the race. First of all, technically nobody can get
Speaker 10: off the ballot, right. The question is are you viable
Speaker 10: in the race, And you kind of people who are
Speaker 10: in the race, but the voters just think they're not
Speaker 10: really competitive, they can't win. I'm not going to waste
Speaker 10: my vote, and I think that's what happens here. I
Speaker 10: think it comes down to me and Mamdani. I think
Speaker 10: when people understand what Mamdani stands for, besides what he
Speaker 10: has said on TikTok, you know he's anti police. This
Speaker 10: band the police legalized prostitution, didn't legalize the drug trade,
Speaker 10: abolish jails.
Speaker 11: You know, this would be anarchy in New York.
Speaker 10: Socialism does not work in New York City.
Speaker 11: It's antithetical.
Speaker 10: We're the business capital, right, We're pro business. Business is
Speaker 10: the engine that drives the train. So none of that
Speaker 10: has been communicated yet, and when it does, I can
Speaker 10: tell you the minds will change.
Speaker 9: Is there an effort by you and your campaign to
Speaker 9: try to convince Eric Adams or Curtiously would a drop
Speaker 9: out of this race, or their conversations that are happening
Speaker 9: behind the scenes to make what I imagine you see
Speaker 9: as a compelling case for them to step aside to
Speaker 9: make this more of a one on one race.
Speaker 10: No, I'm sure they're making their own decisions. I've been
Speaker 10: in elections that where I have dropped out because I
Speaker 10: thought it was the right thing to do. They have
Speaker 10: a decision to make. There is no apparent path to
Speaker 10: victory for them, They in essence would act as a spoiler.
Speaker 10: And that's a decision they have to make. They have
Speaker 10: to make it personally, and that's their business. But again,
Speaker 10: I think it's going to come down to a two
Speaker 10: person rais no matter what, because that's what the polls
Speaker 10: are going to say, and that is the choice. I
Speaker 10: am a Democrat, my father was a Democrat. I worked
Speaker 10: for Bill Clinton. Zoran is a socialist they call them
Speaker 10: to democratic socialists, right, didn't support Democrats, that Barack Obama
Speaker 10: was a liar and evil, and didn't support Kamala Harris
Speaker 10: against Trump. Right, So this is a very different This
Speaker 10: is apples and oranges between the two of us.
Speaker 9: I want to ask you about some comments that Curtis
Speaker 9: Lee we made yesterday. I'm sure you heard them. He
Speaker 9: was campaigning and suggested that your affiliates of your campaign
Speaker 9: had reached out to him and offered him money to
Speaker 9: the tune of ten million dollars to drop out of
Speaker 9: this race. And I'm going to quote from what he
Speaker 9: said during that campaign event. He called these classic Andrew
Speaker 9: Cuomo tactics. Why don't you strap up Cuomo to a
Speaker 9: lie detection machine and ask him and we'll all be
Speaker 9: blown to Kingdom.
Speaker 11: Come because he's behind it.
Speaker 9: I don't have a polygraphic machine with me here, But
Speaker 9: how do you respond to what he's alleging in those comments?
Speaker 10: Look, you can't. You have to take sliver with a
Speaker 10: grain of salt. Right. He is a known con man.
Speaker 10: He's lied about being victims of crime before.
Speaker 11: But it's very simple, David.
Speaker 10: When he said that someone should have said who who
Speaker 10: or offered you the money? Let him answer the question
Speaker 10: because it would happen to be a crime, right, who
Speaker 10: or offered you money? He never said who, which sort
Speaker 10: of tells you right that it's all malarkey.
Speaker 11: There was no person who did it. I want to
Speaker 11: ask you.
Speaker 9: Last we've talked about the state of the race, where
Speaker 9: you hope that it's headed, and if we can, I'd
Speaker 9: like to look back to nineteen seventy seven. So ways
Speaker 9: you were nineteen, You were a student at Fordham University.
Speaker 9: Your dad was making a run for mayor and you
Speaker 9: were helping out on the campaign. He didn't win the
Speaker 9: Democratic primary and decided to run on an independent line
Speaker 9: for mayor. He ended up losing that race by nine points.
Speaker 9: They say that history doesn't repeat itself, but it rhymes,
Speaker 9: and I know that you don't want history to repeat
Speaker 9: itself here. You'd like to win this race in the
Speaker 9: way that he wasn't able to back then fifty years ago.
Speaker 9: I'm not the first to point out this historical parallel,
Speaker 9: but I imagine you've thought about it, and I wonder how
Speaker 9: that experience has informed your outlook on this race. There
Speaker 9: was introspection after the primaries. You didn't do as well
Speaker 9: as you wanted to do. You decided to make this run.
Speaker 9: What can you learn about that race that your dad
Speaker 9: waged and how does that inform the way that you're
Speaker 9: running this.
Speaker 10: Yeah, my father was an extraordinary individual on many levels,
Speaker 10: highly principled, frankly a typical for a politician, and he
Speaker 10: did quote unquote the right thing, whatever he thought the
Speaker 10: right thing was for me. I believe in the Democratic Party.
Speaker 10: I believe in what my father stood for, what John F.
Speaker 10: Kennedy stood for, and Robert F. Kennedy stood for, and
Speaker 10: Bill Clinton and what Mandami represents. And this Democratic Socialists
Speaker 10: of America DSA socialists call them whatever you want, is
Speaker 10: repugnant to the Democratic Party, I know, And that's what's
Speaker 10: really going on here. This is a civil war within
Speaker 10: the Democratic Party right where the extreme left is pulling
Speaker 10: the Democratic Party and the moderates are afraid of the
Speaker 10: extreme left.
Speaker 11: It's the inverse of.
Speaker 10: The Republican Party when they had the Tea Party and
Speaker 10: the Tea Party was pulling the Republican moderates too far
Speaker 10: to the right because they were afraid of them in
Speaker 10: a primary. That's what's happening here. It's a battle for
Speaker 10: the soul of the Democratic Party.
Speaker 11: And the Democratic.
Speaker 10: Party is not anti business, it's not anti police.
Speaker 11: That's not who we are.
Speaker 10: We're not about redistributing income as a policy. Right, you
Speaker 10: tax to provide a service. You don't tax to take
Speaker 10: money from the rich to give it to the poor.
Speaker 12: Right.
Speaker 11: That's why Donald Trump cos him a communist.
Speaker 10: So this is not the Democratic Party that I believe
Speaker 10: I represent and traditionally has served this nation well. He
Speaker 10: is zero experience in the position, never managed anything five employees,
Speaker 10: never had a real job. And when you when you're
Speaker 10: willing to consider chief executive New York City, no management experience,
Speaker 10: run five people. Now, who's going to run three hundred
Speaker 10: thousand employees one hundred and fifteen billion dollar budget.
Speaker 11: You wake up any morning.
Speaker 10: You could have a terrorist attack, you could have another COVID.
Speaker 10: It just the means government and the means public service
Speaker 10: in a way that I just find important, and I'm
Speaker 10: going to do everything I can to stop it.
Speaker 12: Got a quota.
Speaker 11: Thank you very much, appreciate it. Thank you. I'll send
Speaker 11: it back to you.
Speaker 5: Oh thanks to Bloomberg's David Gera. There and a reminder
Speaker 5: that Michael Bloomberg, the founder and majority owner of Bloomberg
Speaker 5: News parent Bloombag LP, has endorsed Cuomo in the primary
Speaker 5: and contributed to his pack ed.
Speaker 2: Okay, we have some breaking news crossing the Bloomberg Amazon
Speaker 2: has agreed to pay two point five billion dollars in
Speaker 2: penalties and refunds and to change its pro sess for
Speaker 2: how you cancel Prime subscription subscriptions. This is in the
Speaker 2: FTC case against it, So the split is that the
Speaker 2: company will pay one billion dollar in civil penalties and
Speaker 2: refund one point five billion dollars to customers. The accusation
Speaker 2: that the FTC had made was that Amazon was misleading
Speaker 2: millions of customers into signing up for Prime, but then
Speaker 2: making it intentionally difficult to cancel. They will now change
Speaker 2: that process overall. When the news broke, there was a
Speaker 2: brief spike into positive territory, but was still down two
Speaker 2: tens of one percent. The extraordinary thing, Carrow is, remember
Speaker 2: that the trial in this case with jury selection was
Speaker 2: only three days ago, and they've reached a settlement two
Speaker 2: point five billion dollars in just three days.
Speaker 3: Let's get to another story out.
Speaker 2: Of the UK AI data center to developer n Scale has
Speaker 2: just raised one point one billion dollars just one week
Speaker 2: after announcing its partnership with Nvidia and open Ai in
Speaker 2: the UK.
Speaker 3: Let's get more from Bloomberg's Mark Bergen.
Speaker 2: A lot of focus at the moment on the Neo cloud,
Speaker 2: and n Scale kind of fits into that. What are
Speaker 2: the details from this story?
Speaker 13: We know a lot more than what you said. This
Speaker 13: is one point one billion. They've described it as one
Speaker 13: of the largest. Actually they said it's the largest Series
Speaker 13: B round in Europe. You know, it's really fascinating to
Speaker 13: see the scale though we have some in our story
Speaker 13: in the Bloomberg today, but this might be just the
Speaker 13: amount of money they need to purchase just one of
Speaker 13: their data centers they have had planned to build in
Speaker 13: the UK, and I think you know, they are claiming
Speaker 13: to go out and purchase deploy three hundred thousand in
Speaker 13: Nvidia GPUs, so they're going to need a lot more money.
Speaker 13: We're not sure if this is just equity or equity
Speaker 13: in debt, but they're likely to be raising probably both
Speaker 13: of more and very soon.
Speaker 5: And your investigations before showing the n scale very briefly,
Speaker 5: Mark has never built a data center before.
Speaker 12: Yeah, I mean, what do you need experience?
Speaker 13: To be fair that they spun out of a crypto
Speaker 13: mining operation similar to what Core Reeve did. They have
Speaker 13: hired senior executives that have a lot of experience, but
Speaker 13: the company itself hasn't.
Speaker 5: Bloomberg's Matt bag and short and sweet and we so
Speaker 5: appreciate it, Thank you very much. Coming up, the wave
Speaker 5: of AI data center announcements keeps on going. We talk
Speaker 5: to Berkley's next. Welcome back to Bloomberg Tech. I quick
Speaker 5: check are some key names that move this market today. Look,
Speaker 5: we are just questioning some of the valuations within the
Speaker 5: S and P five hundred, within the NASTAG. We're on
Speaker 5: paus ahead of those big inflation numbers tomorrow. But I
Speaker 5: dig into individual names that continue to push higher core
Speaker 5: we've turned around or it was training lower and then
Speaker 5: it goes into the grain by one point five percent.
Speaker 5: Why they've got yet further commitments coming from open Ai
Speaker 5: to continue to build out their data center needs. They'relping
Speaker 5: it by another six and a half billion dollars to
Speaker 5: more than twenty two billion in commitments. That's important because
Speaker 5: we'd worried about perhaps the focus on Microsoft.
Speaker 4: As a key client for coreweave.
Speaker 5: Now the neocloud really pushing in to other areas of growth.
Speaker 5: We're also looking at in video up seven tens and percent.
Speaker 5: This is we just digest there's a phenomenal scale of
Speaker 5: investment coming from this company, whether it's backing Intel last
Speaker 5: week to five billion, whether it's one hundred billion dollars
Speaker 5: in terms of equity going into open Ai. No matter what,
Speaker 5: when they commit to increase their AI spend, the market
Speaker 5: rewards them. Ed and interesting notes coming out in this
Speaker 5: company today as well.
Speaker 2: Yeah, I think in Vidia's worth lingering on. Barkley is
Speaker 2: out with a new note raising its price target from
Speaker 2: two hundred dollars to two hundred and forty dollars, maintaining
Speaker 2: an overweight status on the stock Barklay's research analyst Tomamalley
Speaker 2: joins us, the author of that note, you are in
Speaker 2: the camp of people that listen to Gentsen one when
Speaker 2: he said this is going to be a one trillion
Speaker 2: dollar opportunity or industry, and then very recently said actually
Speaker 2: it's going to be a three or four trillion dollar opportunity.
Speaker 2: And now you, like many, say it's a bit more
Speaker 2: believable to us.
Speaker 3: Just explain your thesis.
Speaker 12: Perfect and thanks for having me on the show.
Speaker 14: I think in a prior segment you had Joanna on
Speaker 14: talking about how the pie keeps on growing. If you
Speaker 14: look at compute announcements since December of twenty twenty four
Speaker 14: through date, we're looking at over two trillion of announced
Speaker 14: dollars of compute in over forty gigwatts. If you look
Speaker 14: at what Jensen said historically, about sixty five to seventy
Speaker 14: percent of.
Speaker 12: That is related to compute.
Speaker 14: So if you look at what it could mean for
Speaker 14: in Vidia, it's about one point five trillion dollars really
Speaker 14: coming into the pipeline over a very recent period of time.
Speaker 2: Tom, you saw the announcement between open AI and Video
Speaker 2: right from the end of from earlier this week. Yes, okay,
Speaker 2: so on the internet, the analogy or metaphor that people
Speaker 2: are using with that, it's like an extension cable that
Speaker 2: in Vidia is the extension cable. They're unplugging from the
Speaker 2: wall and just plugging back into the cable. Do you
Speaker 2: see what I'm asking about? In Vidia puts one hundred
Speaker 2: billion into open ai in order for open ai to
Speaker 2: take one hundred billion dollars worth of Nvidia gear.
Speaker 3: Absolutely, how do we interpret that?
Speaker 14: I mean, there's two big concerns with the deployments of
Speaker 14: AI right now. It's one power and then to the
Speaker 14: circular reference issue that you see brought up again and again,
Speaker 14: I would say you can flip this argument on its head. Obviously,
Speaker 14: it's early days here and there is reason to be
Speaker 14: careful about circular issues in terms of investment. But I
Speaker 14: would ask where should Nvidia investor money. I think buying
Speaker 14: backstock now would be one option. But Jensen's in founder
Speaker 14: mode here. He's looking to create an ecosystem where you're
Speaker 14: having more and more players actually drive AI further on.
Speaker 12: And I guess the other point would be, this is
Speaker 12: not just Jensen.
Speaker 14: You're seeing investments from AMD and Broadcom, and this is
Speaker 14: going to be something that's driven forward by a group
Speaker 14: of companies, but clearly a concern that many investors bring
Speaker 14: to light. But I do think that there in Video
Speaker 14: is in a unique position where they're taking the capital
Speaker 14: that they've made and they're reinvesting it in their space.
Speaker 12: So can look at that argument both ways.
Speaker 5: I look, they've just deployed in Europe with n scale,
Speaker 5: They've been deployed in neo clouds and care Wey for example.
Speaker 4: Tom.
Speaker 5: What's so interesting is where the house of cards could fall,
Speaker 5: what would limit this up and to the right perspective
Speaker 5: about AI compute needs and that feeding into in Vidia
Speaker 5: and in all of the semiconductors that currently have a
Speaker 5: stake in providing AI accelerators.
Speaker 14: As you mentioned earlier in the show, it's the return
Speaker 14: on investment first and foremost, and I think that what
Speaker 14: we do in the note that we had out today
Speaker 14: is try to show what the investment from a chip
Speaker 14: perspective is looking like versus what the ROI is and
Speaker 14: we do that by looking at hyperscaler RPO. So you
Speaker 14: look at AWS, Azure, GPC, Oracle and over the past
Speaker 14: several years that's been growing out a thirty percent take
Speaker 14: or so essentially hyperscaler backlog that's exploded to over eighty percent,
Speaker 14: and if you look right now, the backlogs at over
Speaker 14: one point one trillion dollars. So what you're seeing first
Speaker 14: and foremost is that you're getting some ROI, you're getting
Speaker 14: some business that's stepping up. That's an area of the
Speaker 14: world that we can do a little more work.
Speaker 12: On.
Speaker 14: The other side, which is less in the semiconductor ecosystem
Speaker 14: is the power side, where if you look at what
Speaker 14: forty gigawatts means, you're talking multi major cities in terms
Speaker 14: of the deployment. So that's really where the investment needs
Speaker 14: to focus on from this point forward, because if you
Speaker 14: don't have a utility bill for someone living in city
Speaker 14: and that's being sucked to another data center, that's a
Speaker 14: serious problem.
Speaker 5: Tom It's interesting that I think Ali Baba chimed in
Speaker 5: the CEO saying four trillion is his number two by
Speaker 5: twenty thirty. But I cast my mind back to March
Speaker 5: when there was a wabble in the market, when we
Speaker 5: did start to question some of the valuations. That was
Speaker 5: because the chairman of Ali Baba had said there was
Speaker 5: a bubble in terms of AI infrastructure investment, particularly in
Speaker 5: the US. So how much of this what alarm bell
Speaker 5: rings for you when we start to get into a
Speaker 5: valuation that screams bubble because you see in video can
Speaker 5: go up another thirty.
Speaker 4: Percent or so.
Speaker 12: Yeah, I think there's two things to look at.
Speaker 14: The first sort of reset in evaluations this year came
Speaker 14: around deep Seek and that was a change in where
Speaker 14: we saw the AI revenue coming from. We've transitioned to
Speaker 14: what was scaling laws in training, so all these guys
Speaker 14: making money on training, and now we're moving more today
Speaker 14: era of inference, which is people actually using these models,
Speaker 14: seeing agents out there actually serving individuals, and so you've
Speaker 14: seen a shift in where compute spend has actually gone.
Speaker 14: So the ROI is helpful and it makes me feel
Speaker 14: a bit better as we go along here, and we'll
Speaker 14: continue to look at open AI and thropic and you'll
Speaker 14: see more fundamentals come out as time goes along. But
Speaker 14: the concern is always these are very large numbers. Where
Speaker 14: did these dollars come from? First step is look at hyperscalers.
Speaker 14: If you look at today the cap X as a
Speaker 14: percent of OP income, it's still around fifty percent. I
Speaker 14: wouldn't start to get worded until you're above one hundred
Speaker 14: percent and getting to a position where you're obviously taking
Speaker 14: on debt to do this. And then secondly, I would
Speaker 14: look at the sovereigns where globally you're starting to see
Speaker 14: countries invest in this, and that's additional dollars that is
Speaker 14: outside of that original pie. And that was always the
Speaker 14: proxy for when are we run out here? When do
Speaker 14: we get to the limit of hyperscaler capex.
Speaker 2: Tom You did not reference Intel in the note you
Speaker 2: published overnight, but you do cover Intel. I just wanted
Speaker 2: to ask for your reaction to the Nvidia equity investment
Speaker 2: in Intel, but actually for me more the partnership on
Speaker 2: X eighty six and also in the piece domain, like
Speaker 2: how do you interpret that?
Speaker 3: Please?
Speaker 14: Yeah, I think just first and foremost, from a very
Speaker 14: thirty thousand foot view, it's good that Intel is getting
Speaker 14: dollars to bridge the gap here.
Speaker 12: There's obviously been some capital.
Speaker 14: Concerns when it comes to how it moves the technology
Speaker 14: profile forward. We've seen a government investment, we've seen some
Speaker 14: other investors Brookfield and Apollo over the past several years,
Speaker 14: and you haven't seen a big change in the technology profile.
Speaker 14: What I would argue is that this is very favorable
Speaker 14: for in video. You potentially have Intel focusing an AI
Speaker 14: product for x eighty six CPUs in the data center
Speaker 14: that will help with the thirty six and seventy two
Speaker 14: systems that Nvidia has out there today. On the PC side,
Speaker 14: gaming PCs already have a discre GPU and video is
Speaker 14: already there. Maybe you could see some collaboration that helps
Speaker 14: drive forward Intel's push on the AIPC side, but largely
Speaker 14: this seems like a more favorable agreement for Nvidia, and
Speaker 14: funny how times change within video stepping in to rescue
Speaker 14: Intel here.
Speaker 2: Okay, Tom, let's end here. So there's consensus that in
Speaker 2: AI and dat cent at least this will be a
Speaker 2: four trillion dollar industry over varying timeframes or addressable opportunity.
Speaker 2: Have you and your colleagues and peers calculated how much
Speaker 2: of that you expect in video to take and have
Speaker 2: you factored in competition from AMD, GROCK in other CUSTOMASIC
Speaker 2: solutions that are coming out.
Speaker 14: Yeah, so I don't think we've done a full analysis.
Speaker 14: When we get to that Fortrillian boy, that would be
Speaker 14: great if we do, but I would say that right now,
Speaker 14: general purpose silicon still represents greater than ninety percent of
Speaker 14: the market, and that's.
Speaker 12: In video and AMD.
Speaker 14: Broadcom with their announcement, particularly with open AI, is starting
Speaker 14: to take more share if you look at the longer
Speaker 14: term horizon, I still think general purpose silicon makes up
Speaker 14: a majority of the market, say sixty forty, but you
Speaker 14: do see from where we are today, general purpose silicon
Speaker 14: is a much larger piece of the pie. So again,
Speaker 14: as Joanne was saying before, it's smart to be invested
Speaker 14: across these names. If you look at Broadcom, they're just
Speaker 14: growing at a much faster rate than where they are today,
Speaker 14: which makes that story very interesting as well. So I
Speaker 14: guess in summary, just four dollars to Vidia over the
Speaker 14: long term as I look at the market, but a
Speaker 14: faster growth rate from the customs silking guys.
Speaker 2: Tom O Marley from Barge's I think the first time
Speaker 2: on Bloomberg Tech and we've really enjoyed it.
Speaker 3: Thank you very much, carry what you got.
Speaker 4: And it is time now for talking tech.
Speaker 5: And first up, Elon Musk's XAI and the US government
Speaker 5: assign a deal that allows federal agencies to use rock
Speaker 5: Ai chatbot now. The dealer is part of a push
Speaker 5: to speed up adoption of new technologies like oftificial intelligence,
Speaker 5: and in just forty two cents per agency, it's the
Speaker 5: cheapest contract yet and the government's new initiative. Plus, the
Speaker 5: Trump administration has launched investigations into imports of robotics, industrial.
Speaker 4: Machinery, and medical devices.
Speaker 5: The probes set the stage for tariffs, which the President
Speaker 5: is allowed to place on good steamed critical to national security,
Speaker 5: and Apple.
Speaker 4: Is calling on the EU to scrap the Digital Markets
Speaker 4: Act Now.
Speaker 15: The US tech giant argues that the consumer protection law
Speaker 15: worsens user experience, increases privacy risks, and threatens to undermine innovation,
Speaker 15: though the company says it is complyingying with the law
Speaker 15: while it's in the place.
Speaker 3: Ed okay coming up.
Speaker 2: Alexa Moon Tobo of Inspired Capital joins us she'll explain why.
Speaker 2: She says physical ai is reaching an inflection point and
Speaker 2: the impact of quantum on financial services, which today is
Speaker 2: a top story.
Speaker 3: This has been big tech.
Speaker 5: HSBC has achieved a breakthrough in deploying quantum computing in
Speaker 5: financial markets now. Using IBM's Hero and Quantum processor, the
Speaker 5: bank was able to improve bond price predictions. Let's talk
Speaker 5: about the opportunity to invest in this next frontier of computing.
Speaker 5: And Alexa Montovo, founder and managing partner of Inspired Capital,
Speaker 5: previously the founder of fintech style up learn Vest. She's
Speaker 5: sold to Northwestern Mutual back in twenty fifteen. And what
Speaker 5: interests me so much is within your podcast, you've just
Speaker 5: been speaking to a founder, you've backed logical all about
Speaker 5: the future of quantum.
Speaker 4: Ye've been deep diving on this.
Speaker 5: So when you see these sorts of iterations and breakthroughs,
Speaker 5: what do you make of it? Where is the opportunity
Speaker 5: for you in the seed in the series?
Speaker 16: A first of all, great question. As you know, I
Speaker 16: am a long term early stage investor and I like
Speaker 16: to look for companies that could be worth ten twenty
Speaker 16: thirty billion dollars. There's very few of those in the world,
Speaker 16: and I think that led me to quantum now almost
Speaker 16: a year and a half ago, thinking it's sort of
Speaker 16: the next wave of innovation after AI, and the potential
Speaker 16: is profound once and if we build these quantum computers
Speaker 16: and mind you, it's a category where the people have
Speaker 16: been toiling away for thirty years without much success. But
Speaker 16: the best experts in the world believe that in the
Speaker 16: next decade we will begin to see real advancements towards
Speaker 16: building the first scaled quantum computer, and what comes out
Speaker 16: of that is huge advancements in financial services and pharmaceuticals
Speaker 16: and all these other categories that are going to change
Speaker 16: the world in a profound way.
Speaker 5: You think about IBM's role here, and they've come on
Speaker 5: the show and said, by twenty twenty nine, are quantum
Speaker 5: computer is going to be in there in the world
Speaker 5: and achieving real things. Then from the early stage founder,
Speaker 5: how are you seeking them out?
Speaker 4: Where can they add to the quantum process?
Speaker 7: Sure?
Speaker 4: So, I think the big goal.
Speaker 16: Right now is people are trying to get to ten
Speaker 16: thousand cubets so many different hardware types six or seven
Speaker 16: based on how you've cut it, and I think your
Speaker 16: most important researchers and PhDs in the world are trying
Speaker 16: to get to ten thousand, one hundred thousand skilled cubets.
Speaker 16: That is the march that everyone is working towards, and
Speaker 16: we're rooting for them.
Speaker 2: Alex I'm really interested in like the business model, which
Speaker 2: I know is a bit of a dry way of
Speaker 2: looking at it, but when we think about compute for
Speaker 2: data centers in the AI context, people lease that capacity, right.
Speaker 2: I think about the work that Google is doing in quantum.
Speaker 2: It uses it's quantum machines in house for research. So
Speaker 2: with what HSBC did with IBM, and when you're looking
Speaker 2: to invest in the early stages of this field, how
Speaker 2: do quantum computing companies give their services to a financial
Speaker 2: institution like an HSBC.
Speaker 3: What's the model for that?
Speaker 16: That's a great question. So I think we're going to
Speaker 16: see a few things. First of all, right now people
Speaker 16: will rent out their quantum computers. You're seeing prices from
Speaker 16: ten thousand to in different cases fifty thousand dollars per
Speaker 16: per hour, et cetera. So people will rent them out.
Speaker 16: I actually think it could be a profound business model shift,
Speaker 16: which is whatever is created with that quantum computer, whatever IP,
Speaker 16: whatever technology that comes out of using those advancements in compute,
Speaker 16: that you could take a revenue stream forever. So that
Speaker 16: is sort of an interesting shift. Somebody once said to
Speaker 16: me that whoever builds the first quantum computer almost overnight
Speaker 16: could become Pfizer because the compute of what's possible for
Speaker 16: pharmaceuticals could be that profound, So it gives you a
Speaker 16: sense of the shift, which is you could potentially take
Speaker 16: a stream of the IP that comes out of quantum
Speaker 16: computers as a new business model.
Speaker 2: Entirely Alexi, you are one of many I would say
Speaker 2: that is arguing that physical AI is having a chatch
Speaker 2: GPT moment. Physical AI is now a pretty broad category.
Speaker 2: So which vertical within that would you say that is
Speaker 2: most true?
Speaker 16: Of great question? So what I get excited about as
Speaker 16: everyone was running at digital AI, as you've seen the
Speaker 16: dollars pour into the category and inspired our venture fund.
Speaker 16: Early stage venture fund is very thesis driven. So for us,
Speaker 16: what physical AI means is taking big foundational models that
Speaker 16: now exist credibly that can interact with things like sensors
Speaker 16: and robotics and create smart devices everywhere in our physical world.
Speaker 16: If you think about just our infrastructure.
Speaker 4: We all live because.
Speaker 16: Of our infrastructure, our water, our pipeline, our electricity, our roads,
Speaker 16: and we're getting to the point where we can no
Speaker 16: longer be reactive, which is what we are. Almost like
Speaker 16: the Roman times, something breaks, you go and fix it
Speaker 16: to becoming predictive about our ecosystem around us, our world
Speaker 16: and infrastructure around us. And that is what we mean
Speaker 16: by physical AI it inspired. We're really looking for the
Speaker 16: intersection of observability and predictability in the environment around us.
Speaker 5: And looking at your poor photio companies, you've already made
Speaker 5: some key bets. Yes, we're thinking about bright Ai TC Labs.
Speaker 5: What is it that these companies that we see on
Speaker 5: our screen now have offered you from the seed in
Speaker 5: series a area that you feel hasn't been adopted already by
Speaker 5: big industry, by big companies already listed.
Speaker 16: Sure, I'll start with bright Ai. Bright Ai. Alex the
Speaker 16: CEO is an absolute technical genius, the godfather of IoT,
Speaker 16: and he invented a sticker. There's now two hundred and
Speaker 16: fifty thousand already deployed of these stickers, and they can
Speaker 16: go on anything from a utility pole to a water pipeline.
Speaker 16: And here's what it does. It then sends an observability
Speaker 16: layer back to whichever company has bought these stickers and
Speaker 16: can say, now, proactively, the utility pole is twenty five
Speaker 16: degrees slanted, let's go fix it before it falls on
Speaker 16: an electrical wire and takes power grids out. Literally, men
Speaker 16: and women walk up and down utility poles, right now
Speaker 16: and observe them physically and then fix things versus being
Speaker 16: predictive and fixing it. In the water world, will literally
Speaker 16: find inside pipelines the leaks and right now today we
Speaker 16: lose six billion gallons of treated water, which is fifteen
Speaker 16: million homes of water. Think about that every single day
Speaker 16: because of leaks and verse and bright AI is the
Speaker 16: sensors that we'll get ahead of that. SE's BRIGHTAI. A
Speaker 16: company we're really rooting for. Another company, as we said,
Speaker 16: was TC Labs, which is an incredible team out of Google.
Speaker 16: They're trying to save one gigaton of carbon each year
Speaker 16: and what they do is go take the energy we
Speaker 16: already have. So think about this. Because of AI, we
Speaker 16: need wild amounts of energy. There's not enough energy is
Speaker 16: the headline, and so they are going to the infrastructure
Speaker 16: we already have oil refineries and not only helping make
Speaker 16: them be more EFFICI using AI so that they can
Speaker 16: produce more energy, but also more carbon friendly. So that's
Speaker 16: TC Labs. And then finally True Swift is the data
Speaker 16: set of sensors for our forest. The forest are the
Speaker 16: lungs of the planet, and they are measuring them so
Speaker 16: that we can get ahead of forest fires in major
Speaker 16: storms that then take power out. So as you see
Speaker 16: your very forwarde banking and physical AI.
Speaker 2: Alexavon Tobo, co founder managing partner of Inspired Capital, thank
Speaker 2: you very much. South Korea says investment projects in the
Speaker 2: US will remain in limbo until visa issues are resolved.
Speaker 2: In the wake of the Trump administration's immigration raid at
Speaker 2: a Hyundai LG Energy battery plant in Georgia, South Korean
Speaker 2: Prime Minister Kim Minsouk sat down with Bloomberg's scherry On
Speaker 2: in Seoul for an exclusive interview.
Speaker 17: Realistically, without a solution, it's difficult to invest in the
Speaker 17: United States and carry out the various joint projects currently
Speaker 17: planned between South Korea and the US. We absolutely must
Speaker 17: find a solution. Several projects are underway between South Korea
Speaker 17: and the US. Without resolving the visa issue, meaningful progress
Speaker 17: remains virtually impossible.
Speaker 5: Coming up, Disney ready for a legal battle with President
Speaker 5: Trump over Jimmy Kimmel's late night return.
Speaker 4: We're on that. Next. This is Broomback Tech