WEBVTT - Wedbush analyst Dan Ives Talks Tesla

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. Joining us now from

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<v Speaker 1>Snowflake Clothing, Dan, i'ves joins us this morning.

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<v Speaker 2>Thank you for toning it down. Dan. I'm apoplectic this morning.

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<v Speaker 1>Over what I saw is a complete reaffirmation of the

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<v Speaker 1>Google model.

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<v Speaker 2>It's out there. I'm gonna do a major shout out

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<v Speaker 2>to as a fitch over it. Heard in the street

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<v Speaker 2>on the Wall Street Journal, who I think really nailed?

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<v Speaker 2>I was OMG? Was I right to be? Omg? At

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<v Speaker 2>four twenty yesterday afternoon? I mean, look this it.

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<v Speaker 3>I think it's a game changer for the whole story

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<v Speaker 3>because it shows like Google, now there was a view

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<v Speaker 3>they're in the defensive. AI is going to ruin their

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<v Speaker 3>search business now look at look at search, mass advertising, struck, YouTube, cloud,

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<v Speaker 3>better things back and then the best thing by then

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<v Speaker 3>increasing cap bax ten billion. That's then basically beat in

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<v Speaker 3>their chest saying hey in this arm.

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<v Speaker 1>I went and looked at it, folks. You can do

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<v Speaker 1>this with the WACC screen. Good morning, mister Secunda. The

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<v Speaker 1>way did the average cost a capitol screen on the

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<v Speaker 1>Bloomberg an added ten billion of capax for Google is

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<v Speaker 1>basically trying to buy another house out in Menlo Park.

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<v Speaker 2>It's like a rounding error.

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<v Speaker 3>That's it's exactly and look Tom, the last thing that

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<v Speaker 3>they could be is on the outside looking in on

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<v Speaker 3>this AI arms race. And I think the view, look,

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<v Speaker 3>we think on a large cap perspective, this has been

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<v Speaker 3>the most over sold stock relative.

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<v Speaker 2>I'll go with it.

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<v Speaker 3>And again I get like DOJ regulatory, But the view

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<v Speaker 3>that AI is going to ruin Alphabet's business is dramatically flowed.

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<v Speaker 2>Let's go touch a feey concept here, it's away.

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<v Speaker 1>Lisa Rolls, what did we learn yesterday about how we

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<v Speaker 1>use AI.

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<v Speaker 2>With our searches? I think we learned something new yesterday.

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<v Speaker 3>I think what you learn is that you do those searches.

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<v Speaker 3>Google's going to play a huge part. And I think

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<v Speaker 3>if you look at like actual like advertising, you look

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<v Speaker 3>at like search results, you look at all the underlying metrics,

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<v Speaker 3>it shows that it's actually an accelerant for their business.

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<v Speaker 3>That's something that takes away and I think that's the thing.

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<v Speaker 1>Is Paul Dan's code. Okay, for those of you on radio,

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<v Speaker 1>it looks like look at his code. It's like a

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<v Speaker 1>truckboard in a physics lecture.

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<v Speaker 4>It's not kill tech it's very troubling.

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<v Speaker 2>In a Cartesian space.

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<v Speaker 4>Continue, search revenue is number of clicks times revenue per click.

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<v Speaker 4>I'm clicking materially less. How does that not bead for

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<v Speaker 4>their search case?

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<v Speaker 3>So that you can say it's bad now. But the

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<v Speaker 3>view is is that Paul, given what they're doing in

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<v Speaker 3>terms of investments in AI, given where they view ultimately

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<v Speaker 3>the future, that when you're going to come back in

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<v Speaker 3>terms of searching through models, through through actually like LMS,

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<v Speaker 3>Google is going to play a role in monetizing that

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<v Speaker 3>and even on the advertising side. And I think that's

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<v Speaker 3>really the view is that this is not something that's

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<v Speaker 3>structurally gonna be a threat to their business.

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<v Speaker 2>It's actually the opposite.

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<v Speaker 3>They're gonna turn it into what I view.

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<v Speaker 2>As a towel.

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<v Speaker 3>And I think that's what Tom's talking about. That's what

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<v Speaker 3>came out last night, is that this is not a

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<v Speaker 3>company on the defensive.

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<v Speaker 2>This is coming on the offense.

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<v Speaker 4>Okay, all right, So, and we're seeing that in this

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<v Speaker 4>in the stock the stocks up three point six percent

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<v Speaker 4>here today, although it's flat for the year, so it's

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<v Speaker 4>there's definitely concern out there in the marketplace about this story.

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<v Speaker 4>Here more concern is with Tesla. I don't know, man,

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<v Speaker 4>My hat's off to you hanging with this dude, But

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<v Speaker 4>making cars is not a good business for anybody. It's

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<v Speaker 4>never has been. So he's trying to redirect us to

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<v Speaker 4>all this other stuff, which fine, you know, a lot

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<v Speaker 4>of people will bank on this guy. Where should we

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<v Speaker 4>be focusing our attention on the Tesla story because I

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<v Speaker 4>don't want to be bending metal here.

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<v Speaker 3>Look but me, we've talked about for years, like I

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<v Speaker 3>don't view this as a car company, and you never

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<v Speaker 3>have right nowlogies. But to me, the future is about AI.

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<v Speaker 3>It's about physical AI in terms of autonomous robotics. No

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<v Speaker 3>this quarter, in the next few quarters, there is nothing

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<v Speaker 3>right at home about right in terms of actual deliveries, demand,

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<v Speaker 3>gross margins EPs. But if you look at the story

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<v Speaker 3>over the long term, I believe ninety percent of the

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<v Speaker 3>future value is about robotaxis autonomous. Eventually, it's going to

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<v Speaker 3>be optimist that when it comes to physical AI, and

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<v Speaker 3>Jensen talks about this all the time, the two best

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<v Speaker 3>physical AI plays are Tesla in the video.

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<v Speaker 4>Okay, that I mean, that's obviously the future here. Give

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<v Speaker 4>us that the mile post. We should be if we're

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<v Speaker 4>taking our attention away from the car business, what are

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<v Speaker 4>some of the mile posts for these other businesses shoulday

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<v Speaker 4>attention to.

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<v Speaker 3>So well, first off, from a robotaxic perspective, you're looking

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<v Speaker 3>to be in twenty.

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<v Speaker 2>Five cities in the next year. Okay.

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<v Speaker 3>So our team was in Austin. We saw Robotaxi front center.

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<v Speaker 3>So you're seeing that expansing diffinitely in Austin. California's next,

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<v Speaker 3>then Florida and bunch other Okay, you know, see, look,

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<v Speaker 3>and I believe one of the big mile posts that

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<v Speaker 3>everyone's looking for is, you know, at some point, probably

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<v Speaker 3>early twenty six, when Keyn's in a robo taxi and

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<v Speaker 3>the thing is, I do think that I do think

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<v Speaker 3>that that will happen.

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<v Speaker 2>Okay, Yeah, it's interesting.

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<v Speaker 4>I mean Tom, when Tom's in a roto taxi, Yeah,

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<v Speaker 4>I might be mine.

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<v Speaker 2>Good look for that.

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<v Speaker 1>Dan Ives is here in your commune across the nation,

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<v Speaker 1>particularly good early early morning in the sixteen miles between

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<v Speaker 1>Menlo Park and Coopertino.

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<v Speaker 2>How did Coopertino digest the Google earnings yesterday?

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<v Speaker 1>You know, the basic you know, I can just see

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<v Speaker 1>the leadership of Google and Apple taking a breakfast or

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<v Speaker 1>lunch at Mademoiselle Collette, you know, some fancy place out

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<v Speaker 1>there where everybody eats herbal And the answer is, how

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<v Speaker 1>does Apple take this?

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<v Speaker 2>To me, it's a huge deal for Apple weave.

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<v Speaker 3>I think that the view that Google is going to

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<v Speaker 3>become less important Apple is the exact opt.

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<v Speaker 2>An agreement with that talk about. We've said it. It's

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<v Speaker 2>a two part thing.

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<v Speaker 3>I think you need to get a significant sort of

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<v Speaker 3>upping of that partnership with Google because when you look

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<v Speaker 3>at partners that's one that they're going to bet on.

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<v Speaker 3>In terms of Apple, and I continue as I've talked about,

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<v Speaker 3>I think for the first time, they're going to have

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<v Speaker 3>to do an acquisition. Like I told you, I think

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<v Speaker 3>perplexity continues to be the one that they should go after,

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<v Speaker 3>because my whole point is we should Apple should go

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<v Speaker 3>after perplexity.

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<v Speaker 2>And let's let's dig into that time. Full disclosure, folks.

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<v Speaker 1>Mister Secunda, one of the founders of Bloomberg, is hugely

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<v Speaker 1>influential in AI with the Secunda Foundation, and he leads

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<v Speaker 1>with perplexity.

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<v Speaker 2>What is perplexity When.

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<v Speaker 3>You think about models, chat, GPT, you know anyone that

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<v Speaker 3>uses perplexity as you know, I've used probably one of

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<v Speaker 3>the best next gen AI models out there. The reason

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<v Speaker 3>it's so important and some disagree, but Apple needs to

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<v Speaker 3>make an aggressive move. They cannot watch this AI revolution

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<v Speaker 3>and just when it pass by. That's why I think

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<v Speaker 3>what you saw from Alphabet was a stepping up when

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<v Speaker 3>it comes to Apple. You know, if you go back WWDC,

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<v Speaker 3>they really hardly even mentioned AI, and I think the

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<v Speaker 3>time has come for them to make aggressive moves in AI,

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<v Speaker 3>and that will be the big focus next week in

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<v Speaker 3>the conference.

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<v Speaker 1>Lisa, what's the most herbal macha coffee thing in the morning, Like,

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<v Speaker 1>what would be the typical West Coast you know, a

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<v Speaker 1>healthy coffee thing.

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<v Speaker 2>It's called a dirty macha Cooper Tina.

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<v Speaker 1>This morning, the team's having their dirty matchas to get

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<v Speaker 1>the days started again. How does Apple respond to what

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<v Speaker 1>we learned thirteen percent YouTube growth?

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<v Speaker 2>Thank you folks for that. I'm living it every day.

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<v Speaker 1>And the answer is how does Apple respond to perplexity,

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<v Speaker 1>to Gemini and to Google's you know, their embedded relationship Google.

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<v Speaker 3>If you can't beat them, join them, Like they're basically

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<v Speaker 3>going to have to double down on the partnership. Despite

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<v Speaker 3>all the words in terms of d J and everything

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<v Speaker 3>that Google is dealing with. And I think for Apple,

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<v Speaker 3>look this, you have the best global install based in

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<v Speaker 3>the world consumer. You have two point four billion device

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<v Speaker 3>one point five billion iPhones. Now's the time to start

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<v Speaker 3>to monetize AI. But that's not going to happen internally.

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<v Speaker 3>It's not going to happen within the walls of Apple Park.

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<v Speaker 3>It needs to happen through partnerships and what I believe

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<v Speaker 3>ultimately is an acquisition tom.

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<v Speaker 4>This is courtesy of Google AI. A dirty Macha, also

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<v Speaker 4>known as a macha espresso fusion, is a popular beverage

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<v Speaker 4>that combines the earthly flavor of macha tea with the

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<v Speaker 4>bold intensity of a shot or two of espresso.

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<v Speaker 3>Dan.

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<v Speaker 2>In terms of like single, best Buy, web Bush, I

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<v Speaker 2>mean it's great.

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<v Speaker 1>I love the snowflake. Look you look like Heinman's Physics

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<v Speaker 1>last years ago when you got that what's the hat?

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<v Speaker 2>Damn it? Yeah, Majorca hat.

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<v Speaker 3>It's a you know, it's from Majorca to one of

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<v Speaker 3>my Orca It's just my Orca hat. And look it's

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<v Speaker 3>it's one where you know this is I mean to

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<v Speaker 3>me when I look at like Webbush, best Buy, the

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<v Speaker 3>best names. I believe it's Microsoft here. This is the

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<v Speaker 3>one that you know because this is the one. It's

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<v Speaker 3>not just about four trillion, it's about as the enterprise

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<v Speaker 3>AI plays out in the backyard of red. It's Nandella

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<v Speaker 3>that's gonna does.

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<v Speaker 2>Think of what Google did yesterday.

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<v Speaker 3>I think what Google did yesterday on Google Cloud, I

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<v Speaker 3>think just speaks further what you're going to see what

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<v Speaker 3>they did on Azure coming next week. But the most

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<v Speaker 3>important thing is that everything that Google's doing, all the investment,

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<v Speaker 3>everything is sand search gets who eventually benefits.

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<v Speaker 2>Because they're the toll.

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<v Speaker 3>Microsoft's the toll collector. It doesn't matter who's there in

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<v Speaker 3>one way or know you're paying them as more and

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<v Speaker 3>more moved to the cloud right and it's AI driven

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<v Speaker 3>that continues.

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<v Speaker 1>One final question, this is so important the gloom crew

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<v Speaker 1>on dan Ives.

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<v Speaker 2>Did you know I understand there's haters out there.

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<v Speaker 3>Now, haters, haters.

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<v Speaker 1>Lisa, and then you know thousands others, the dan Ives haters.

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<v Speaker 1>You have been so right, including pounding the table the

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<v Speaker 1>first week of April. I want you to speak to

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<v Speaker 1>the haters right now about the X axis of the

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<v Speaker 1>ives tech boom.

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<v Speaker 3>Look, I think the haters, you know, and right now

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<v Speaker 3>they're they're in the hibernation mood in those caves. They

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<v Speaker 3>can find AI in the spreadsheets. And I think part

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<v Speaker 3>of the problem is that they're underestimating the Fourth Industrial Revolution.

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<v Speaker 3>And as I've said, what.

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<v Speaker 2>Does that mean?

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<v Speaker 3>Look three millionaire miles.

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<v Speaker 2>Ask walking test speech.

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<v Speaker 3>Look it point is three millionaire miles to last twenty

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<v Speaker 3>five years. It's about seeing what's happening in the world.

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<v Speaker 3>And if you look what's happened in Asia and you

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<v Speaker 3>look at Chipped the man, we are only it is

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<v Speaker 3>fractional where we are relative to the opportunity.

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<v Speaker 2>It's our view.

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<v Speaker 3>It's ten pm in the AI party. It was nine

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<v Speaker 3>pm and the party goes to four am.

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<v Speaker 1>I'm gonna say this is simple as I can.

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<v Speaker 2>We keep tracked.

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<v Speaker 1>We learn from people who are wrong, we learn from

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<v Speaker 1>people who are right. But it's this thematic idea of

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<v Speaker 1>where we are folks right now to me, I said

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<v Speaker 1>this last.

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<v Speaker 2>Night to missus Keane. It's like late nineteen ninety four,

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<v Speaker 2>early nineteen ninety five and Dan.

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<v Speaker 1>Ives was in a bar with a Budweiser in his

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<v Speaker 1>hand saying, Codje Google's.

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<v Speaker 2>Buy a dog file.

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<v Speaker 3>It's nineteen ninety five, not ninety ninety nine.

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<v Speaker 2>Good Jedives, Thank you so much with Medbush