WEBVTT - Anthropic to Spend $50 Billion Building US Data Centers 0:00:00.080 --> 0:00:12.879 Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is a 0:00:12.960 --> 0:00:16.720 live from Coast to Coast with Caroline Hyde in New 0:00:16.800 --> 0:00:19.239 York and Vla Loow in sentrancs. Go. 0:00:22.640 --> 0:00:24.440 This is Bloomberg Tech coming up. 0:00:24.480 --> 0:00:27.840 Anthropic plans to spend fifty billion dollars to build AI 0:00:27.960 --> 0:00:29.760 data centers in the US. 0:00:29.920 --> 0:00:32.839 Plus data center demand helps AMD shares jump as it 0:00:32.880 --> 0:00:35.960 predicts accelerating sales growth over the next five years. 0:00:36.440 --> 0:00:39.960 And Woop is considering a potential IPO in the next 0:00:39.960 --> 0:00:44.320 two years, according to its CEO. We'll have the details. Okay, 0:00:44.400 --> 0:00:47.400 let's get onto our top story. Anthropic plans to spend 0:00:47.479 --> 0:00:51.120 fifty billion dollars to build custom data centers for AI 0:00:51.240 --> 0:00:55.400 work in several US locations, including Texas. 0:00:55.000 --> 0:00:55.760 And New York. 0:00:55.880 --> 0:01:00.000 This is the latest expensive pledge for infrastructure to support 0:01:00.280 --> 0:01:04.680 DAI boom. Bloomberg's AI editor Seth Figeman joins us for more. 0:01:05.160 --> 0:01:08.160 There are some details worth understanding and knowing about in 0:01:08.200 --> 0:01:10.960 what Anthropic plans to do with this fifty billion dollars, 0:01:11.240 --> 0:01:12.920 over which timeline and with who. 0:01:13.600 --> 0:01:16.360 But there's also some consideration. 0:01:15.880 --> 0:01:19.000 Around how big this fifty billion dollars is relative to 0:01:19.040 --> 0:01:19.880 the rest of the field. 0:01:20.360 --> 0:01:20.760 That's right. 0:01:20.800 --> 0:01:22.520 You know, I think in one sense of you had 0:01:22.560 --> 0:01:25.199 said a year or two ago that a four year old, 0:01:25.280 --> 0:01:28.160 unprofitable startup was going to commit fifty billion dollars to 0:01:28.720 --> 0:01:31.800 infrastructure project and say that's enormous and possibly insane. But 0:01:31.840 --> 0:01:33.840 when you compare it to the one point four trillion 0:01:33.880 --> 0:01:37.319 that OPI has committed, it feels much more measured. And 0:01:37.360 --> 0:01:39.679 I do think that is very much the subtext of 0:01:39.680 --> 0:01:42.440 a lot of this Anthropic is clearly taking a page 0:01:42.600 --> 0:01:45.720 from Open in terms of the scale of infrastructure required 0:01:45.720 --> 0:01:47.560 to build what it wants to build, but I think 0:01:47.600 --> 0:01:49.600 it also wants to show that it's perhaps a fiscally 0:01:49.720 --> 0:01:52.760 or more fiscally responsible company and doing this in order 0:01:52.760 --> 0:01:53.880 of magnitude less. 0:01:53.920 --> 0:01:57.320 At the moment, they've raised thirteen billion dollars recently, they're 0:01:57.320 --> 0:01:59.600 worth one hundred and eighty three billion dollars, and they've 0:01:59.640 --> 0:02:03.200 been really good track record with business and enterprise sales 0:02:03.240 --> 0:02:06.600 three ondred thousand business customers. But what's interesting is the 0:02:06.600 --> 0:02:08.720 business they're doing with other people. They're using a UK 0:02:08.919 --> 0:02:10.320 company to build out in the US. 0:02:10.360 --> 0:02:11.120 Seth, that's right. 0:02:11.120 --> 0:02:13.720 I mean Fluid Sac is really not a household name here. 0:02:13.760 --> 0:02:16.080 I mean, it's part of that emerging sector of neoclouds, 0:02:16.080 --> 0:02:19.320 but not nearly as well known as Corewave or even Nebuus. 0:02:19.320 --> 0:02:21.120 But you know, it's an up and coming company that 0:02:21.160 --> 0:02:24.200 we've previously reporters and talks for a large amount of funding, 0:02:24.240 --> 0:02:26.600 and it's been central to a French effort to build 0:02:26.880 --> 0:02:30.360 a supercomputer over there. But again more untested perhaps than 0:02:30.440 --> 0:02:32.520 some other partners you might announce here. 0:02:33.520 --> 0:02:36.320 It's one of the stories where it's what we do 0:02:36.400 --> 0:02:39.520 not know that's worth consideration. So they're not telling us, 0:02:39.600 --> 0:02:42.040 you know, the total gig and what figure for the 0:02:42.040 --> 0:02:45.360 footprint in the United States. And at the same time, 0:02:45.440 --> 0:02:49.880 you know they're heavily reliant on these hyperscale partners Amazon, 0:02:49.960 --> 0:02:53.440 Aws and Google to give them the compute they need 0:02:53.560 --> 0:02:56.680 away from this this plan to build fifty billion dollars capacity. 0:02:56.919 --> 0:02:58.359 Yeah, and I think again, if you look at their 0:02:58.440 --> 0:03:01.600 nearest rival of Panaya, sort of it takes everything and 0:03:01.639 --> 0:03:04.160 everyone to build what they want to build here. And 0:03:04.200 --> 0:03:06.600 so while they want to potentially have a bit more 0:03:06.600 --> 0:03:08.680 control and ownership over some of the data centers that 0:03:08.680 --> 0:03:10.640 they build in the coming years, they're still going to 0:03:10.639 --> 0:03:13.399 be relying on those big tech partners and the neo 0:03:13.440 --> 0:03:16.160 clouds and pretty much anyone else in this industry to 0:03:16.200 --> 0:03:18.560 meet what they imagine to be a pretty intense amount 0:03:18.560 --> 0:03:19.320 of computing needs. 0:03:19.320 --> 0:03:22.799 Here Blum, meg Seth, Fiegeman is a great breakdown. Thank you. 0:03:22.880 --> 0:03:26.919 Look those intense compute needs, those AI bubble hopes, there's 0:03:26.960 --> 0:03:28.880 still been questioned by the market, at least on the day. 0:03:28.919 --> 0:03:30.720 Let's check in on the nastak. It's unpressureed by three 0:03:30.720 --> 0:03:33.400 tens percent. Even though we've got some significant moves to 0:03:33.480 --> 0:03:35.160 the upside of the chip set to end. You're going 0:03:35.240 --> 0:03:36.960 to get to it. But at the moment, we're still 0:03:36.960 --> 0:03:39.720 trying to digest potential end of the government shutdown. We're 0:03:39.720 --> 0:03:42.440 still trying to digest really where some of the AI 0:03:42.920 --> 0:03:44.800 return on AI is eventually coming from. 0:03:44.880 --> 0:03:49.360 Ed There are some outperformers, and AMD is probably the 0:03:49.400 --> 0:03:53.240 starkest example. Are almost ten percent more than nine percent. 0:03:53.520 --> 0:03:56.160 They had their base of annual Capital Markets Day or 0:03:56.200 --> 0:03:59.200 Investor Day, and what they said is that top line 0:03:59.280 --> 0:04:02.160 revenue growth is going to be annualized thirty five percent 0:04:02.240 --> 0:04:04.280 over the next three to five years. But in that 0:04:04.400 --> 0:04:09.040 key data center category eighty percent KAEGA over the same 0:04:09.080 --> 0:04:11.480 time period, and the question we've asked so many times 0:04:11.520 --> 0:04:14.320 on this program, is is AMD meaningfully going to close 0:04:14.360 --> 0:04:17.440 the gap on Nvidia for AI accelerators or GPUs for 0:04:17.520 --> 0:04:20.679 data center The market really likes what it heard. Global 0:04:20.680 --> 0:04:23.159 Foundaries actually had a really strong earnings beat in the 0:04:23.160 --> 0:04:26.719 third quarter, particularly on the bottom line. Again, another sort 0:04:26.720 --> 0:04:30.280 of smaller scale contract manufacturer chips like TSMC, but the 0:04:30.320 --> 0:04:34.040 stock down three percent all in all. At the index level, 0:04:34.360 --> 0:04:37.359 the Philadelphia Semi Conductor Index or socks up one point 0:04:37.360 --> 0:04:39.599 two percent. But there is like this weird kind of 0:04:39.640 --> 0:04:42.240 treading water right now. Bigger picture because of the government 0:04:42.279 --> 0:04:44.599 shut down and AMD, as you know, carry is probably 0:04:44.600 --> 0:04:45.239 doing a little. 0:04:45.040 --> 0:04:46.400 Bit to boost at the index level. 0:04:46.600 --> 0:04:49.159 It is. Let's just get the context of all of 0:04:49.200 --> 0:04:51.160 this and drill down into what has been some cautious 0:04:51.160 --> 0:04:53.680 optimism in tech stocks in an end of course, to 0:04:53.720 --> 0:04:56.320 the US government shut down potentially in sight. Nicolas de 0:04:56.400 --> 0:04:58.280 Danvier is with us here, is the head of North 0:04:58.279 --> 0:05:00.360 American Equities for Columbia Thread Needs. I've got a call 0:05:00.360 --> 0:05:03.280 seven hundred and fourteen billion dollars in as it's under management. 0:05:03.640 --> 0:05:03.800 Nick. 0:05:03.839 --> 0:05:05.320 It's wonderful to have you here in the studio. 0:05:05.440 --> 0:05:07.080 Thank you for having me Caroline, and. 0:05:07.000 --> 0:05:09.440 You've got this great take on what the drivers are 0:05:09.480 --> 0:05:12.200 going forward. You call it tire. But we are still 0:05:12.200 --> 0:05:14.280 trying to digest trade. We are still trying to think 0:05:14.320 --> 0:05:16.440 about interest rates. I think you go into what's happening 0:05:16.440 --> 0:05:20.200 with inflation, but earnings. What are we hearing from earnings 0:05:20.240 --> 0:05:22.480 to vindicate the AI run up that we've had of late? 0:05:22.680 --> 0:05:24.520 Hey looks thus far, right. 0:05:24.560 --> 0:05:27.159 I think it's fair to say that earnings have been really, 0:05:27.240 --> 0:05:29.600 really good. If you look at the performance of the 0:05:29.680 --> 0:05:33.920 hyperscalars in particular this most recent earning season, you are 0:05:33.960 --> 0:05:38.160 seeing a growth and there I say, return on some 0:05:38.200 --> 0:05:39.039 of this capex. 0:05:39.360 --> 0:05:41.239 All you have to do is look at what's happening 0:05:41.240 --> 0:05:42.080 with META. Right. 0:05:42.120 --> 0:05:45.080 When you look under the surface, you are seeing that 0:05:45.200 --> 0:05:50.480 the AI is enabling better ad effectiveness, right, And those 0:05:50.520 --> 0:05:52.479 are some of the early things that we want to 0:05:52.520 --> 0:05:54.960 start to see as investors to validate the spending. 0:05:55.279 --> 0:05:58.760 What's been interesting is investors didn't give much of a 0:05:58.760 --> 0:06:01.440 longer rain to META beaten up in this earning season 0:06:01.480 --> 0:06:04.520 because they'll take on more debt. They're thinking and committing 0:06:04.520 --> 0:06:06.560 to that capital expenditure. What do you want to hear 0:06:06.600 --> 0:06:08.400 from Zuckerberg, do you want to hear that optimism or 0:06:08.440 --> 0:06:09.920 do you want to sometimes hear that he's going to 0:06:10.000 --> 0:06:11.760 be sensible with the money spending too. 0:06:11.920 --> 0:06:16.120 Hey, look, investors are doing exactly what we should be 0:06:16.160 --> 0:06:19.359 doing right now. We're asking questions. And why are we 0:06:19.480 --> 0:06:22.440 asking questions because Caroline, even in the world, with one 0:06:22.480 --> 0:06:26.919 hundred billion dollars is quaint right, We're talking about really 0:06:27.440 --> 0:06:32.680 big numbers here, So investors are rightfully saying, Hey, help 0:06:32.720 --> 0:06:36.400 me understand the pace of the spending. Help me understand 0:06:36.600 --> 0:06:39.520 how do I think about these returns flowing through? 0:06:39.760 --> 0:06:41.080 What's the timeframe on that? 0:06:41.520 --> 0:06:44.680 And Mark, do you really need to spend all of 0:06:44.680 --> 0:06:47.400 this money right now or should you take your time now? 0:06:47.600 --> 0:06:48.799 Zuckerberg would say. 0:06:48.720 --> 0:06:51.480 We absolutely have to move forward because this is going 0:06:51.560 --> 0:06:53.560 to matter for the future of the company, and if 0:06:53.560 --> 0:06:56.120 we don't do this spending, we're going to fall behind. 0:06:56.200 --> 0:06:59.680 But investors are going to ask questions, and that's precisely 0:06:59.720 --> 0:07:00.720 what we should be doing. 0:07:02.320 --> 0:07:03.920 Nick, it's great to have you on the program. Let 0:07:03.960 --> 0:07:07.159 me give you some really big numbers. Four point seven 0:07:07.240 --> 0:07:11.720 trillion dollars market cap for Nvidia, top line growth overall 0:07:11.840 --> 0:07:16.240 fifty six fifty seven percent data center, maybe even better 0:07:16.680 --> 0:07:21.280 the E in your acronym. It cannot get any bigger 0:07:21.680 --> 0:07:25.520 the next Wednesday. How should the market brace for that 0:07:25.560 --> 0:07:28.120 in Vidia print either to the upside or to the 0:07:28.160 --> 0:07:29.800 downside in terms of disappointment. 0:07:30.160 --> 0:07:34.160 Look, I know that there is a focus and we 0:07:34.400 --> 0:07:36.800 like to look at these earnings sort of on a 0:07:36.840 --> 0:07:40.040 real time basis, But what the market is really going 0:07:40.120 --> 0:07:44.160 to care about, ed is how is in Nvidia talking 0:07:44.200 --> 0:07:45.280 about the future? 0:07:45.640 --> 0:07:45.840 Right? 0:07:46.080 --> 0:07:48.720 Caroline was just pointing out that we've had lots and 0:07:48.800 --> 0:07:52.040 lots of CAPEX commitments, and what investors want to hear 0:07:52.280 --> 0:07:55.920 is what is the pace of that CAPEX coming through 0:07:56.040 --> 0:07:59.520 their revenues? And Look, I know we're going to focused 0:07:59.600 --> 0:08:02.400 on a backwards looking view in terms of the quarter, 0:08:02.520 --> 0:08:05.920 but what we should be thinking about is is the 0:08:06.000 --> 0:08:09.160 pace of their competitive positioning? Are they going to be 0:08:09.160 --> 0:08:11.200 able to maintain that? Are they going to be able 0:08:11.200 --> 0:08:14.960 to maintain this revenue trajectory that there are and at 0:08:15.040 --> 0:08:17.480 least in a short term, I think they can. 0:08:18.920 --> 0:08:21.720 You're the head of North American equities, right, you probably 0:08:21.760 --> 0:08:25.680 take a much broader macro view, but when you do 0:08:25.840 --> 0:08:29.880 have a company like this who's not just technical waiting 0:08:29.920 --> 0:08:32.640 at the index level is an important consideration, But like 0:08:32.720 --> 0:08:37.360 the psychological weight that the Gensen one puts on the market, 0:08:37.679 --> 0:08:40.199 how do you prepare for that? How do you translate 0:08:40.280 --> 0:08:41.280 that for your clients? 0:08:42.000 --> 0:08:44.679 I think what you have as an investor is focused 0:08:44.760 --> 0:08:47.079 on the things that you can do best right and 0:08:47.520 --> 0:08:51.320 what is our competitive advantage, if you will, from the 0:08:51.360 --> 0:08:54.680 perspective of Columbia Thread Deedal, what we can do is 0:08:55.040 --> 0:08:59.040 study the market, understand the competitive dynamics, and be able 0:08:59.080 --> 0:09:01.319 to weigh through who the winners and the losers are 0:09:01.320 --> 0:09:05.440 going to be. Now is Jensen's commentary? Is that going 0:09:05.480 --> 0:09:08.960 to matter for investor expectations? It will, But to the 0:09:09.000 --> 0:09:11.440 extent it creates noise. I think what we have to 0:09:11.480 --> 0:09:13.560 do is be ready to take advantage of that on 0:09:13.640 --> 0:09:14.920 behalf of our clients. 0:09:15.640 --> 0:09:18.960 And so in this moment, if there is weakness, and 0:09:18.960 --> 0:09:21.840 we have seen some pockets of weakness, look quantums come off. 0:09:21.880 --> 0:09:24.439 We've had some of the more sort of risk prone, 0:09:24.440 --> 0:09:26.760 maybe the unprofitable side of the text been pulling back 0:09:26.760 --> 0:09:30.400 a little bit nuclear maybe we've got less excited about that. 0:09:30.880 --> 0:09:34.720 Are they buying opportunities or are you thinking that you 0:09:34.800 --> 0:09:37.360 actually want a little bit of a healthy correction of 0:09:37.440 --> 0:09:39.480 some of these CEOs of financial companies's been talking about. 0:09:39.520 --> 0:09:42.760 Hey, look, Caroline, I would segment out the market. I 0:09:42.800 --> 0:09:47.000 think there are places where there is fundamental strength, and 0:09:47.160 --> 0:09:51.000 to the extent you see weakness, it's probably a buying opportunity. 0:09:51.320 --> 0:09:53.920 And I would separate out the places of the market 0:09:54.040 --> 0:09:55.479 where really what we're talking. 0:09:55.240 --> 0:09:57.199 About is speculative appetite. 0:09:57.400 --> 0:10:02.000 Right, the quantum stocks have melted thousands of percents, but 0:10:02.200 --> 0:10:04.400 for most of these companies, they don't even have many 0:10:04.480 --> 0:10:07.440 revenues for a few years running, right, So I would 0:10:07.480 --> 0:10:11.200 not necessarily describe that segment of the market as a 0:10:11.240 --> 0:10:15.680 buying opportunity. But for the healthier places, the places where 0:10:15.679 --> 0:10:19.160 you can model out real revenue growth, you can see 0:10:19.160 --> 0:10:21.679 where the cash flows are going, there's probably going to 0:10:21.760 --> 0:10:24.080 be opportunity as the market continues. 0:10:23.640 --> 0:10:26.679 To be weak, opportunity. And I think the opportunity we 0:10:26.760 --> 0:10:29.080 keep hearing about, the limiting factor we keep hearing about 0:10:29.480 --> 0:10:33.040 is utilities and is energy. But also the key limiting 0:10:33.080 --> 0:10:34.560 factor for many is going to be the place of 0:10:34.600 --> 0:10:35.760 interest rates, and where they go. 0:10:36.080 --> 0:10:39.720 Yes, yes, let's go to interest rates. So in your acronym, 0:10:39.960 --> 0:10:40.959 we've done a lot on the E. 0:10:41.520 --> 0:10:41.760 Right. 0:10:42.240 --> 0:10:44.800 What we always say on this program is that higher 0:10:44.880 --> 0:10:47.960 rates discount the present value of future cash flows, and 0:10:48.000 --> 0:10:50.320 we try and help the audience understand, like, why do 0:10:50.400 --> 0:10:50.959 we track. 0:10:50.800 --> 0:10:52.360 The FED on Bloomberg Tech? 0:10:52.800 --> 0:10:56.480 As an investor who's looking at this technology sector, why 0:10:56.520 --> 0:10:57.520 do you look at the FED? 0:10:57.600 --> 0:10:59.839 Do you care? Help us understand? 0:11:00.280 --> 0:11:03.600 Hey, look, we absolutely care, right, And I'll take you 0:11:03.679 --> 0:11:08.040 back again to these really big numbers, trillions of dollars 0:11:08.080 --> 0:11:11.640 that we're talking about. So the FED matters a lot 0:11:11.720 --> 0:11:14.440 from the perspective of is there going to be liquidity 0:11:14.440 --> 0:11:17.520 in the marketplace? And obviously the FED, in terms of 0:11:17.559 --> 0:11:20.160 the short term interest rates, is going to dictate the 0:11:20.200 --> 0:11:21.680 pricing on that. 0:11:23.160 --> 0:11:25.480 Capital. So yes, the FED matters. 0:11:26.080 --> 0:11:29.200 I would point to the audience that there's been somewhat 0:11:29.200 --> 0:11:30.480 of a pivot four or. 0:11:30.400 --> 0:11:31.240 Five weeks ago. 0:11:31.480 --> 0:11:34.959 I think it was relatively consensus that interest rates were 0:11:35.000 --> 0:11:38.199 heading lower. We're now in somewhat of a data fog, 0:11:38.400 --> 0:11:40.640 but the little bit of data that we've seen. 0:11:40.520 --> 0:11:42.160 Suggests that we might be on hold. 0:11:42.400 --> 0:11:44.520 So in the short term, I think you're going to 0:11:44.559 --> 0:11:48.200 see some countervailing winds, if you will, and the long 0:11:48.280 --> 0:11:51.400 term you would expect interest rates to start to come 0:11:51.440 --> 0:11:54.359 down we're seeing in terms of economic performance. 0:11:55.320 --> 0:11:57.480 Let's end the conversation by you telling us what's going 0:11:57.559 --> 0:12:00.360 to happen in the balance of twenty twenty five twenty 0:12:00.360 --> 0:12:03.560 twenty six for the technology sector, your crystal ball. 0:12:03.600 --> 0:12:04.560 Please look. 0:12:04.880 --> 0:12:07.719 I think for the next few weeks it's going to 0:12:07.800 --> 0:12:11.280 be all about investors trying to figure out where are 0:12:11.360 --> 0:12:13.280 the returns going to come from. 0:12:13.640 --> 0:12:15.280 Let's look through the tea leaves. 0:12:15.400 --> 0:12:19.200 Let's see the early evidence that this capec is capex 0:12:19.960 --> 0:12:21.000 is going to pay off. 0:12:21.320 --> 0:12:22.720 So I would expect that. 0:12:22.559 --> 0:12:25.800 That's going to drive a lot of the conversation for 0:12:25.880 --> 0:12:28.520 the balance of the year. But I'll fool you forward 0:12:28.679 --> 0:12:34.000 into twenty twenty six. I think an important conversation, and 0:12:34.160 --> 0:12:36.560 one that we haven't spent a lot of time on 0:12:36.600 --> 0:12:40.680 thus far, is are these CAPEX numbers one time in 0:12:40.800 --> 0:12:44.880 nature or are we about to get on a CAPEX treadmill, 0:12:45.280 --> 0:12:49.240 which is akin to telecoms of the nineteen eighties. If 0:12:49.280 --> 0:12:52.600 it's the former, I think the market will do well 0:12:52.640 --> 0:12:55.320 through that. If people start to believe the latter, I 0:12:55.360 --> 0:12:59.080 think you have the real possibility of seeing some nervousness 0:12:59.240 --> 0:12:59.960 from investors. 0:13:01.320 --> 0:13:03.800 Nicholas Choanbier of Columbia, Fred need or great to have 0:13:03.800 --> 0:13:04.680 you on Bloomberg Tech. 0:13:04.800 --> 0:13:05.640 Thank you ver so much. 0:13:05.840 --> 0:13:06.360 Coming up. 0:13:06.720 --> 0:13:11.120 Fitness wearable company says it's looking to potentially IPO within 0:13:11.160 --> 0:13:11.920 the next two years. 0:13:11.960 --> 0:13:13.560 We're going to get that story next Carot. 0:13:13.360 --> 0:13:15.280 What you got in here and now, and we're checking 0:13:15.320 --> 0:13:18.200 out airline stocks because we have heard from Sean Duffy. 0:13:18.240 --> 0:13:21.160 Here's the Transportation Secretary speaking to reporters saying the US 0:13:21.240 --> 0:13:24.720 aims to start lifting flight cuts in a week once 0:13:24.800 --> 0:13:27.840 the government opens. We're up more than two percent across 0:13:27.840 --> 0:13:43.839 the board. This is bloombg Tech way Mo. It's begun 0:13:43.880 --> 0:13:47.280 offering rides that include highways in San Francisco, Los Angeles, 0:13:47.320 --> 0:13:49.880 and Phoenix. The company is also widening at service area 0:13:49.920 --> 0:13:52.360 in the Bay Area in the coming weeks. It's all 0:13:52.400 --> 0:13:55.439 offering rides across Silicon Value more broadly. Bluemost consumer app 0:13:55.480 --> 0:13:59.040 reporter Natalie Land joins US now and why is rides 0:13:59.080 --> 0:14:00.439 on highways such a step. 0:14:01.120 --> 0:14:03.520 It is a big deal because it can cut down 0:14:03.600 --> 0:14:05.200 trip time for a lot of customers. 0:14:05.480 --> 0:14:06.680 Right now, before. 0:14:06.760 --> 0:14:10.560 Freeway access was available, you know, Waymo had to plan 0:14:10.679 --> 0:14:14.080 routes avoiding the highways and you know, navigating the narrow 0:14:14.120 --> 0:14:16.920 city streets and lengthening trip times a lot. 0:14:18.200 --> 0:14:18.520 Naslie. 0:14:18.559 --> 0:14:20.800 We were talking with the team this morning right about 0:14:21.400 --> 0:14:25.760 is this the first time that a genuine robotaxi service, 0:14:25.840 --> 0:14:29.720 no safety driver is going on a freeway or highway 0:14:30.120 --> 0:14:31.200 and charging af fair. 0:14:31.400 --> 0:14:32.800 The answer is probably yes. 0:14:33.400 --> 0:14:37.960 Just explain that footprint in those markets s FLA and 0:14:38.800 --> 0:14:42.360 Phoenix area against what others have will have not yet done. 0:14:42.760 --> 0:14:46.000 So opening the freeway access would connect some of way 0:14:46.040 --> 0:14:49.600 most existing markets like SF down South down all the 0:14:49.640 --> 0:14:51.840 way to San Jose and even to the airport. And 0:14:51.880 --> 0:14:55.840 so this would make them very competitive against traditional taxis 0:14:55.880 --> 0:14:59.120 and ubers and lyfts and make it, you know, not 0:14:59.560 --> 0:15:04.280 different from regular right hailing and compared with Tesla which 0:15:04.320 --> 0:15:07.280 currently still have safety monitors in the cars, whether it's 0:15:07.320 --> 0:15:11.680 within city trips or freeway trips. So Waimu is really 0:15:11.800 --> 0:15:14.280 the first one that's offering like a fully drive less 0:15:14.320 --> 0:15:15.600 experience for customers. 0:15:16.320 --> 0:15:18.680 So I'm flying into Phoenix. I've got a nice little 0:15:18.720 --> 0:15:21.480 airbnb that I've booked, and I'm taking my way home 0:15:21.560 --> 0:15:23.040 to my airbnb and now I'm gonna be able to 0:15:23.080 --> 0:15:25.560 get instacar ordered there as well, you've been a busy reporter. 0:15:25.640 --> 0:15:27.520 What's happening over at Airbnb with instacart. 0:15:27.600 --> 0:15:31.360 Yes, so Airbnb is piloting this kitchen stocking service with 0:15:31.440 --> 0:15:35.360 Instacart where hosts can receive your instacrat order and then 0:15:35.400 --> 0:15:38.880 pre stock your Airnb and so you can make use 0:15:38.920 --> 0:15:41.320 of that kitchen while you're in a short term rental. 0:15:41.400 --> 0:15:42.160 And so this is a. 0:15:42.120 --> 0:15:45.480 Three month pilot that will start next year, and Airbnb 0:15:45.640 --> 0:15:48.320 is incentivizing hosts to provide the service by giving them 0:15:48.360 --> 0:15:49.080 some cash. 0:15:48.840 --> 0:15:53.280 Incentives both Natalie Lung, thank you very much. Let's get 0:15:53.280 --> 0:15:57.160 to another story. Fitness wearables company Whoop says they're considering 0:15:57.400 --> 0:16:00.000 a potential IPO in the next two years. 0:16:00.320 --> 0:16:02.000 That's according to CEO Will. 0:16:01.840 --> 0:16:05.440 Ahmed, who spoke with Bloomberg Samantha Kelly and Sam joins us. Now, 0:16:05.800 --> 0:16:09.840 we've been tracking closely with you, in particular on this program. 0:16:10.480 --> 0:16:14.840 It's not how should I put this unusual for a 0:16:14.920 --> 0:16:17.320 CEO of a closely followed startup to say, you know, 0:16:17.440 --> 0:16:20.160 we're thinking about an IPO or a listing in the 0:16:20.280 --> 0:16:22.880 not too distant future, but give us some of the 0:16:23.120 --> 0:16:25.760 background context of why that conversation came up. 0:16:27.200 --> 0:16:30.080 Sure, so, This is something that he's kind of hinted 0:16:30.120 --> 0:16:32.360 at before, but this is the first time he's really 0:16:32.560 --> 0:16:35.480 outlined perhaps in the next two years. He pointed to 0:16:35.560 --> 0:16:38.080 the fact that the company is pretty much a standalone 0:16:38.120 --> 0:16:42.920 business at this point, has hardware, software as accessories at peril, 0:16:43.000 --> 0:16:46.400 its own proprietary technology, and he said that it's really 0:16:46.400 --> 0:16:48.480 gotten to a point where they can move forward. 0:16:48.720 --> 0:16:50.800 And you know, you raise the question if you think 0:16:50.840 --> 0:16:51.920 about a big. 0:16:51.760 --> 0:16:56.360 Company that really owned the idea of personalized health at 0:16:56.400 --> 0:16:59.400 the moment in the public space, what comes to mind? 0:16:59.440 --> 0:17:01.680 And he said, well, is the company that he wants 0:17:01.760 --> 0:17:04.080 people to think of when the time comes. 0:17:04.760 --> 0:17:08.399 I do feel like the health and gadgets in health 0:17:08.640 --> 0:17:11.720 offering is just go ever more competitive though throughout well 0:17:11.720 --> 0:17:15.840 Ahmed's journey talk us through what the product ROMap looks 0:17:15.880 --> 0:17:17.800 like for that couple of years timeframe. 0:17:19.080 --> 0:17:21.560 Absolutely, yeah, to your point, a lot of companies now 0:17:21.640 --> 0:17:23.439 are really stepping it up, doing a lot of the 0:17:23.480 --> 0:17:28.720 same type of type of features and type of results 0:17:28.720 --> 0:17:33.000 and data. But to your point, as far as product 0:17:33.080 --> 0:17:35.359 roadmap goes, one of the areas that a lot of 0:17:35.359 --> 0:17:39.280 companies have yet to master is the idea of continuous 0:17:39.320 --> 0:17:43.399 glucose monitoring. A lot of these devices they monitor your 0:17:43.440 --> 0:17:46.320 goug host levels. A lot of people with diabetes. This 0:17:46.400 --> 0:17:50.080 is something that they need to do, and the technology 0:17:50.119 --> 0:17:52.720 behind it is quite clunky. It's very invasive. It usually 0:17:52.760 --> 0:17:56.080 involves needles and the puncturing the skin. A lot of 0:17:56.119 --> 0:17:59.440 companies want to perhaps change the form factor. Group is 0:17:59.480 --> 0:18:01.920 one of these companies. They say that they are interested 0:18:02.000 --> 0:18:05.719 in not only taking that information and using it as 0:18:05.800 --> 0:18:09.359 part of you know, it's overall dashboard, but also to 0:18:09.359 --> 0:18:11.960 figure out a new form factor that makes it easier, 0:18:12.400 --> 0:18:17.439 more seamless, and is non invasive for users. Another area 0:18:17.720 --> 0:18:23.159 is what he calls a operate health operating system, so 0:18:23.200 --> 0:18:25.200 basically something that you can come to and do a 0:18:25.240 --> 0:18:28.200 little bit of everything. And similar to how an AI 0:18:28.359 --> 0:18:31.840 model perhaps might predict the next word if you're using 0:18:31.960 --> 0:18:34.200 you know, a chat, GPT or something like that, WOP 0:18:34.280 --> 0:18:36.679 has its own AI models and what it wants to 0:18:36.680 --> 0:18:40.920 do is to look at predictive health, so perhaps taking 0:18:40.920 --> 0:18:43.879 all the information and being preventive when it comes to 0:18:44.119 --> 0:18:47.120 heart attacks, strokes and other things down the line. 0:18:47.760 --> 0:18:52.680 Also some ongoing conversations therefore with the us FDAGS, Sam Kelly, 0:18:52.680 --> 0:18:54.800 you always bring US the greatest reporting, Thank you very much. 0:18:54.840 --> 0:19:03.240 In Dean, real quick, I want to go back to 0:19:03.280 --> 0:19:06.120 the story of soft Bank selling out of its Nvidia 0:19:06.200 --> 0:19:09.440 steak entirely five point six billion dollar steak now gone. 0:19:09.640 --> 0:19:13.160 This is SoftBank's US listed shares down almost six percent 0:19:13.520 --> 0:19:16.400 AE what delayed reaction to that news of twenty four 0:19:16.400 --> 0:19:20.320 hours ago, but overnight in Japan in Tokyo those shares 0:19:20.320 --> 0:19:23.200 also dropping. And again we're going back to a story 0:19:23.240 --> 0:19:26.439 we did well yesterday. But this isn't concern about Nvidia. 0:19:26.680 --> 0:19:28.480 It's just more about soft Bank and what. 0:19:28.480 --> 0:19:28.960 It's up to. 0:19:29.359 --> 0:19:32.960 Karen good reminder. And meanwhile, it's talking tech now and 0:19:33.040 --> 0:19:35.560 first Up and video partner on high. But it's offering 0:19:35.600 --> 0:19:38.160 a rosy outlook for twenty twenty six, citing AI as 0:19:38.200 --> 0:19:40.840 its key growth driver that the company reported a better 0:19:40.840 --> 0:19:43.800 than expected seventeen percent jump in net income for the 0:19:43.840 --> 0:19:48.200 September quarter. Gairman Jung Lu struck a tone of cautious optimism, 0:19:48.320 --> 0:19:52.320 saying the company remains very positive about AI. Plus. JD 0:19:52.400 --> 0:19:55.199