Nvidia’s $1 Trillion Slide Sends Valuation to Pre-AI Boom Levels

Summary

Bloomberg Intelligence Podcast

Episode: Nvidia’s $1 Trillion Slide Sends Valuation to Pre-AI Boom Levels

Date: July 8, 2026
Hosts: Paul Sweeney & Scarlet Fu
Guests: Mandeep Singh (Global Tech Research Head), Anurag Rana (Senior Tech Analyst), Rob Schiffman (Senior Tech Credit Analyst)

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Overview

This episode examines the factors behind Nvidia’s dramatic $1 trillion market value loss, its valuation returning to levels before the AI boom, and the broader implications for global tech, chip competition, investor sentiment, debt issuance, and supply chain shifts. Bloomberg Intelligence analysts provide in-depth discussion on competitive dynamics in AI chips, sector rotation, capital markets activity, and strategic moves by major tech players including Nvidia, Amazon, Microsoft, Apple, and Broadcom.

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Key Discussion Points and Insights

1. Nvidia’s Market Slide and AI Chip Competition

[02:07–04:23]

• Nvidia’s Stock Drop: Nvidia has lost roughly $1 trillion in market value over less than two months, with its valuation reverting to pre-AI boom levels.
• Profit-Taking & Anticipation: Mandeep Singh notes much of this is investors taking profits amid rising competition and anticipated future threats to Nvidia’s dominance ("the market is anticipatory in that sense" – Singh, 03:00).
• AI Chip Competition:
  • Hyperscalers like Amazon, Microsoft, Google, and Meta have ramped up efforts on inference chips, while Nvidia still dominates the training chip market.
  • OpenAI and Anthropic are pursuing in-house chips, but new competitive products are 2–3 years away.
  • Google’s TPU Example: "Google has released eight versions of their own chip and the Anthropic models, which are the best in class, were trained on Google TPUs." (Singh, 03:53)
• Barriers: Making new AI chips isn’t easy, which is why timeframes for new entrants are long.
• Market Implication: The expectation of competition is already affecting Nvidia’s valuation.

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2. AI Sector Rotation and Memory Chip Opportunities

[04:23–05:45]

• Investor Rotation: Rising risk aversion and "indiscriminate selling" of AI infrastructure stocks as investors pull funds and seek safer assets.
• Memory Makers' Pricing Power: Despite the sector sell-off, companies like Samsung and Micron are reporting record margins and pricing. "All their earnings... these are companies that have the highest margins they've ever had, shown incredible pricing power" (Singh, 05:02).
• Rational Investing: Singh argues there’s little reason to sell strong memory companies solely due to AI sector volatility.

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3. China’s Nvidia Chip Access and Geopolitical Dynamics

[05:45–07:18]

• China Allows Some Nvidia Chips: Nvidia shares briefly rally on news that China will allow top AI firms to purchase some H200 (lower grade) Nvidia chips.
• Geopolitical Risks: "China can turn on permission and turn off permission like a switch. Right? I mean, that's the risk here." (Host, 06:32)
• Chinese AI Capabilities: Chinese AI models are still lagging 6–9 months behind Western models, partly due to restricted chip access.
• Cloud Circumvention: Chinese firms may access high-end compute resources hosted outside China, blurring lines around regulation.

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4. SK Hynix’s $28 Billion US Equity Offering

[07:18–07:38]

• Equity Offering Outlook: Mandeep Singh anticipates a successful SK Hynix equity raise, especially for investors bullish on the long memory chip cycle.

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5. Tech Company Debt Issuance for AI Capex

[10:08–14:42]

• AI-Driven CapEx: Large tech companies, especially Amazon, are issuing record amounts of investment grade debt to finance their AI buildout.
• Amazon’s Latest Bond Offer: Amazon’s $25B debt issuance was well received, with concessions "a rounding error" compared to the amounts raised (Rob Schiffman, 10:45).
  • Notable Quote: "Amazon could raise as much money as they want whenever they want. They just might have to pay a little bit more." (Schiffman, 10:59)
• Market Capacity: Investors remain eager for high-quality tech debt, though repeated issuance causes slight increases in spreads.
• Global Market Dynamics: Issuing bonds in multiple currencies (outside USD) helps manage market saturation.
• SpaceX Bonds: Seen tight trading ranges and continued strong demand despite periodic "negative headlines" and minor spread movements.
  • Notable Quote: "There's a deep bid for Space X bonds, there's a bid for Oracle Bonds and there's a bid for these double A hyperscaler bonds." (Schiffman, 13:56)

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6. Apple–Broadcom Deal and US Supply Chain Shifts

[17:48–19:29]

• $30B Apple/Broadcom Deal: Apple’s new deal is more about US chip manufacturing and less about new product types.
  • "The big portion is they are being built in the US or being manufactured in US And I think that's really the big difference here." (Anurag Rana, 18:12)
• Strategic Significance: The arrangement fulfills commitments to increase US supply chain presence—important under political pressures.
• Stock Impact: Broadcom shares surge as deal reassures continuity of relationship and US-based production.

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7. Apple’s Supply Chain Strategy and CEO Tim Cook’s Political Role

[19:29–21:12]

• Selective Localization: Apple localizes high-value chip manufacturing in the US, keeping lower-cost assembly in Asia—a cost-efficient approach supported by government funding and scaling.
• Tim Cook’s Focus: Increasing emphasis on government relations, seen as essential under current US administration.
  • "He's going to be making sure taking care of some of the government affairs, which to me means means attending dinners both in China and in the US..." (Rana, 20:39)

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8. Microsoft’s Capex & The AI Chip War

[21:12–23:14]

• CapEx Concerns: Market is wary; Microsoft is spending massively (projected $190B by 2026, about 54% of revenue) to compete in AI infrastructure.
  • "You really need to spend that much money down the road. Especially when you have a very profitable software business." (Rana, 21:55)
• Comparisons to Peers: Google and Amazon have their own chips—Microsoft lags behind, still heavily dependent on Nvidia, limiting its ability to reduce costs.
• Internal Chips: Microsoft’s own chip exists but lacks broad customer adoption.

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Notable Quotes & Memorable Moments

• On Nvidia’s Competition:
  "Everyone is looking to build their own chips is a sign that there will be more competition for Nvidia down the line."
  — Mandeep Singh, 02:58

• On Memory Sector Resilience:
  "[Memory] companies... have the highest margins they’ve ever had, shown incredible pricing power"
  — Mandeep Singh, 05:02

• On Geopolitical Risks:
  "China can turn on permission and turn off permission like a switch. Right? I mean, that's the risk here."
  — Host, 06:32

• On Amazon’s Debt Issuance:
  "Amazon could raise as much money as they want whenever they want. They just might have to pay a little bit more."
  — Rob Schiffman, 10:59

• On Tech Debt Market:
  "There's a deep bid for Space X bonds, there's a bid for Oracle Bonds and there's a bid for these double A hyperscaler bonds."
  — Rob Schiffman, 13:56

• On Apple’s Supply Chain:
  "The big portion is they are being built in the US or being manufactured in US And I think that's really the big difference here."
  — Anurag Rana, 18:12

• On Microsoft’s AI Spend:
  "You really need to spend that much money down the road. Especially when you have a very profitable software business."
  — Anurag Rana, 21:55

---

Timestamps for Key Segments

• Nvidia’s Valuation & AI Chip Market: 02:07–04:23
• Asian Rotation & Memory Segment: 04:23–05:45
• China–Nvidia Geopolitics: 05:45–07:18
• SK Hynix Equity Offering: 07:18–07:38
• Amazon & Tech Debt Issuance: 10:08–14:42
• Apple–Broadcom US Chip Deal: 17:48–19:29
• Apple’s Supply Chain & Tim Cook: 19:29–21:12
• Microsoft CapEx Debate: 21:12–23:14

---

Conclusion

The episode delivers a comprehensive look at the shifting foundations in tech, chips, and financial markets as AI’s first-mover advantage fades and competition heats up. As Nvidia’s once-unshakeable supremacy faces challenges, investors are reminded that tomorrow’s AI leaders and profit-makers may still be emerging—and that politics, geopolitics, and supply chain realignments remain central to tech sector fortunes.

For investors and tech industry watchers, the message is clear: Strategic adaptation—not just strong products—will determine who thrives in the next phase of tech.

Transcript

[IBM Representative]

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[Bloomberg Intelligence Podcast Host]

Bloomberg Audio Studios Podcasts Radio news You're listening to the Bloomberg Intelligence podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Bloomberg Intelligence Host/Interviewer]

Let's talk a little technology. Why not? Mandeep Singh, Global tech research head from Bloomberg Intelligence. He joins us here. Some see this Bloomberg news story. Nvidia stock is at its cheapest it's been since before the AI boom. After news after losing roughly $1 trillion in market value over the less than two months. What's going on there? Taking some profits?

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

What are we doing?

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

Taking profits. And look, I think when it comes to the chip space, we've heard quite a few announcements in the last few months, both from the hyperscalers ramping up their efforts, whether it's Amazon or Microsoft. So it's not just google. TPUs anymore meta. All these hyperscalers are focused more on the inference side of things, which is where you are generating most of your revenue if you're focused on AI and they've left the training market to Nvidia. But when it comes to inferencing specifically, you've got more competition. Even OpenAI and Anthropic are looking to make their own chips. Now the timeline for this is all two, three years out. There will be nothing imminent in terms of something that can compete with Nvidia, but the market is anticipatory in that sense. And the fact that everyone is looking to build their own chips is a sign that there will be more competition for Nvidia down the line.

[Optum/Chase Sapphire Advertiser]

That makes it sound like it's easy for them to make their own chips. They partner up with someone and they just make it. It can't be that easy is.

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

It can't be that easy. Which is why the timelines are already two years out. There is nothing that I could say over the next six months, oh, you know, there will be a competitor to Nvidia or Google TPU's Google TP's. TPU is what is inspiring all these companies to build their own chips because they have seen Google has released eight versions of their own chip and the Anthropic models, which are the best in class models, were trained on Google TPUs and also they use Google TPUs for inferencing for the most part. So now they have started to use Nvidia but your best model out there wasn't using Nvidia. And so from that perspective, there is a case to be made that there could be potentially more competition given what Google has accomplished over the years.

[Bloomberg Intelligence Host/Interviewer]

The rotation trade is gathering pace in Asia as investors pull money from chip makers and hunt for cheaper ways to play the technology boom. What are the cheaper ways to play the technology boom? I just go buy utility company?

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

I don't think so. Look, I think right now we are in that risk off sentiment when it comes to the AI infrastructure trade. People seem to be panicking and whenever something like this happens, there's indiscriminate selling of all AI infrastructure names. People don't try to sort things out of this company like memory, for example. I mean all their earnings, whether it's Samsung or Micron, these are companies that have the highest margins they've ever had, shown incredible pricing power and you know, their customers are looking to lock in the pricing at this point because they don't want to pay higher prices three months from now. So in terms of pricing power, if there's any sector that has the best pricing power right now, it's memory. And so from that perspective, I don't see a reason why you would want to, you know, sell these companies, especially companies with pricing power, with margin expansion, with probably the best margins they ever had, just because you feel, you know, they, they are hitting peak earnings. I don't see that as a reason.

[Optum/Chase Sapphire Advertiser]

We were talking about Nvidia earlier. Nvidia shares have shot up. They're now up about 9, 10 of 1% from being in the red. And this is on a headline from the Information, which is a tech publication saying that China will let its top AI companies buy some Nvidia H200 chips. This is the lower grade Nvidia chips, right?

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

And yes, okay, this is the hopper, the, not the Nerf version, but the version that probably they were allowed to sell in China. And yeah, the US Companies have the better versions available.

[Optum/Chase Sapphire Advertiser]

Okay, so it's a downgraded version from what Nvidia offers to the US customer, but the US government has allowed Nvidia to sell to China. China just didn't allow its own companies to buy these chips up until now.

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

Correct.

[Optum/Chase Sapphire Advertiser]

Easy come, easy go. China can turn on permission and turn off permission like a switch. Right? I mean, that's the risk here.

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

That's the risk. And look, when it comes to the Chinese open source models so far, what we have seen from them is they are probably six or nine months behind when it comes to the capabilities of the models. And even though they didn't have access to the latest Nvidia chips, at the end of the day these chips are deployed on a cloud somewhere. And that cloud may not be in China, but the customers could be these Chinese model companies. So from that perspective, there is that aspect around accessing the compute wherever it's available on the cloud and that may go beyond the geographic boundaries.

[Bloomberg Intelligence Host/Interviewer]

30 seconds. SK Hynix. They want to do a $28 billion equity offering here in the US to trade Friday. Is that going to happen?

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

I think so, yes.

[Bloomberg Intelligence Host/Interviewer]

Tape to sell that into.

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

Yeah, but look, I think investors who believe in this memory cycle that it's going to be durable and long, they will want a piece of it.

[Optum/Chase Sapphire Advertiser]

Stay with us. More from Bloomberg Intelligence coming up after this.

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[Bloomberg Intelligence Host/Interviewer]

All rights reserve Support for the show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually sweeping idle cash Putting on a hedge on Public you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English like if the Vix hits 25, buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors, LLC. SEC registered advisor complete disclosures [e-mail] disclosures

[IBM Representative]

the thing about AI for business, it may not automatically fit the way your business works. At IBM we've seen this firsthand, but by embedding AI across hr, IT and procurement processes, we've reduced costs by millions, slash repetitive tasks, and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smarter business. IBM,

[Bloomberg Intelligence Podcast Host]

you're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Bloomberg Intelligence Host/Interviewer]

One of the big stories obviously in capital markets over the last really couple of months has just been the issuance of investment grade debt by technology companies associated with their AI capital spending plans. The most recent deal was Amazon coming with a big deal, $25 billion that's issuing more than $60 billion across currencies. Just recently, Rob Schiffman, he's been on fire on this stuff. Way ahead of it. Senior Tech Credit Analyst for Bloomberg Intelligence Amazon, just talk to us. That's the most recent deal, Rob. Just give us a sense of how that was received in the marketplace and how the market's thinking about some of these Tech players that have really become big issuers.

[Rob Schiffman, Senior Tech Credit Analyst, Bloomberg Intelligence]

Sure. You know, if you read Bloomberg News it reads like it was received terribly. And quite frankly I don't think that was the case. They've actually issued almost $100 billion of debt this year across currencies. When you issue that much paper every time you do a deal, you need to pay a little bit more. So new issue concessions on this were higher than traditionally. That being said, they were probably about 10 or 15 beeps higher. And when you're talking about a company that's raising 30 year money at spreads over treasuries at 110 basis points, quite frankly it's just a rounding error. The ability to raise $25 billion in a couple of hours. I don't care if it's oversubscribed by two times or five times. Amazon could raise as much money as they want whenever they want. They just might have to pay a little bit more.

[Optum/Chase Sapphire Advertiser]

So that paying a little bit more, you're attributing it to the fact that they've already raised quite a bit of money. And I think you're referring to the big bond sale they did in Canada, the loony offering last month. Or is it that maybe sentiment has turned a little bit. I think that's what we're trying to get at yet.

[Rob Schiffman, Senior Tech Credit Analyst, Bloomberg Intelligence]

No, I don't think sentiment has turned. Actually doing alternative currencies, non dollar currencies is actually good from a US dollar trading perspective because for every dollar that they issue, that is in alternative currencies, they don't have to do in US dollars. What starts to happen is large money managers just get full on the name. Amazon has about $200 billion of debt outstanding now and these are large positions. So to incentivize you just have to pay a little bit more. But what I'm saying is the overall cost of borrowing for them from a spread perspective is still somewhat tiny. So yes, sentiment is getting a little bit weaker. That happens when you have record issuance and it's likely to continue. Also, Amazon's not ruling out they're going to be back in the markets later this year. That said, if they did an Alphabet style equity deal and raised 75, $85 billion of equity next month, I think you're going to see spreads tighter. And in fact, you know, with all this Middle east news, it's actually somewhat mildly positive for credit spreads. What happens is yields end up going higher. So the bid from the buy side particularly out the curve goes up. You can basically buy the same Names at the same or tighter spreads, but higher yields. So you're seeing some of that today. So Amazon is tighter today and Even names like SpaceX are trading tighter today. So this concept that the large hyperscalers are not going to be able to raise as much money as we say that they're going to need, I think that's just sort of a misnomer because it cost them a little bit more this time than it did last time.

[Bloomberg Intelligence Host/Interviewer]

You mentioned SpaceX and Tom follows those bonds, Tom Keene follows those bonds and he's been noting that they've been trading lower relative. Talk to us about how they've been trading and why.

[Rob Schiffman, Senior Tech Credit Analyst, Bloomberg Intelligence]

Well, it's. The nomenclature is important. So lowers. Are you talking about spreads or are you talking about price? Right, because it's the opposite. So spreads on the break widened 20 to 25 basis points and now they've settled in a nickel or so tighter. So they're in a much more narrow trading range. Again, I think that these basis point moves are reasonably small and they're not telling a story that I think we see across news, which is news knows bad news sells and they put out the sky is falling and quite frankly, it just isn't. There's a deep bid for Space X bonds, there's a bid for Oracle Bonds and there's a bid for these double A hyperscaler bonds. It's just that a little bit of an incremental cost over what historically they had paid. And it makes sense. Part of the SpaceX issue is that they're going to come back and they're going to come back again and again and again. And people just need to position that, you know, if you're, if you're a triple B name, you know, where should you be trading? Well, they're trading inside of where Oracle is. So all of a sudden I think Oracle levels, which are, you know, 30, 40 wider, create a backstop where I think SpaceX might be going.

[Optum/Chase Sapphire Advertiser]

Stay with us. More from Bloomberg Intelligence coming up after this.

[Bloomberg Intelligence Host/Interviewer]

Support for the show comes from public.com. if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually sweeping idle cash, putting on a hedge on public. You can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English, like if the Vix hits 25, buy a put option on the S&P 500. Or if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and Your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors LLC SEC registered advisor complete disclosures [e-mail] disclosures so there's a lot

[IBM Representative]

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[Bloomberg Intelligence Podcast Host]

You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Bloomberg Intelligence Host/Interviewer]

Let's move over to the tech space here. Apple Apple Chip deal with Broadcom expected to exceed $30 billion big move for Broadcom. Big move for Apple. Let's check in with Anuragrana, Senior tech Analyst for Bloomberg Intelligence. Anurag Talk to us about this Apple deal.

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

So when you look at it, you know, at first when we heard about this deal a couple of days ago, you know, we thought this would be something new. But it seems a little bit like, you know, similar smaller chips that they have been buying from Broadcom for a while. But I think the big portion is they are being built in the US or being manufactured in US And I think that's really the big difference here because, you know, as we know, most of these parts do come from Asia. So this is the first part of the commitment Tim Cook has made to President Trump that he's going to be buying more products in the US So I think that's the angle that's more important.

[Bloomberg Intelligence Host/Interviewer]

Now.

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

It is important from Broadcom's point of view because Broadcom did make the modem for the iPhone and Apple's minutes in housing that particular piece. Now that was not good for. It was a big overhang for Broadcom for a while. But this deal for them says Apple still going to them for other chips and other parts. So it's, it's a good deal more so for Broadcom and for Apple, it's basically telling the President Trump that we are buying more products in the US

[Bloomberg Intelligence Host/Interviewer]

and Broadcom stock is up three and a half percent today, up about 11% year to date and over the trailing 12 months, up about 41%. So it's been well received by the marketplace here. So how does Apple think about its supply chain these days? You know, they've been working so hard since the pandemic and then with President Trump's pressures to kind of rejigger its supply chain, where are we in that process now?

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

So I think they are doing the right thing in terms of if you look at bill of materials of any product of any big phone, the chip is a very expensive part of it. You really, I don't think you can logically think about them trying to assemble the phone. You know, that's a very, very low cost product somewhere in the US because it's not mathematically economical for them. You know, let them do that portion somewhere in Asia where they have the scale, low cost labor and the factories are already set up. But the expensive parts can be made in the US if we have funding from the government, if they are bigger factories that do that kind of stuff. So that I think they're going about it the right way. We also heard from Mark Gurman, then there is a possibility that Apple may work with Broadcom to do some AI server chip that's going to be actually a very expensive chip if they, if they actually go out and do that. And that can be done in the US also. So looking at the right part of the supply chain, the more expensive parts being built, I think that's the right way to look at it.

[Bloomberg Intelligence Host/Interviewer]

What do we know of the role of Tim Cook these days? What is he doing and what's the focus for him going forward, do you think?

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

I think going forward it's, I think very clear in the announcement that is going to make that he's going to be making sure taking care of some of the government affairs, which to me means means attending dinners both in China and in the US with the respective presidents or basically wherever the President wants him to go, he will tag along. I mean, I think that's really something that even in the first three months of President Trump's inauguration, he was not happy that Tim Cook was not in one of the particular functions. But since then he's been seen everywhere. So I think that's going to be his legacy and work going forward.

[Bloomberg Intelligence Host/Interviewer]

And it's hugely valuable, no question about it. That's the way a lot of CEOs have come to the, they've come to the conclusion that's the best way to deal with this administration. Any latest thoughts here on Microsoft? You know, it's, you know, it goes to the whole AI as a competitive threat to software, broadly defined and I can get it for some companies, but boy, it doesn't ring true for Microsoft. They just seem to have too big of a moat. But that's not what the market's saying.

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

I think the market's a little bit worried about Capex. We published a note yesterday thing that maybe they need to lighten up a little bit on that narrative because if you look at the valuation gap now, it's trading at what, less than 20 times earnings and that was not the case. I think the valuation is down almost 39, 40% over the last 12 months. And I think a lot how art has to do with the money they're going to spend. By our calculation they're going to hit closer to 190 billion by calendar 2026. That's about 54% of revenue and that number is going to go up next year. So you have to really think that you really need to spend that much money down the road. Especially when you have a very profitable software business. It's okay to give back on a bit of revenue growth, but boy, you do want to keep that free cash flow going because that's what some of the investors are looking for.

[Bloomberg Intelligence Host/Interviewer]

Yet. You know, we had your credit colleague on earlier today, Rob Schiffman from Bloomberg Intelligence, and he's basically saying, hey, my market's wide open. These guys can keep issuing debt and build as much as they want it.

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

See, the thing is it's okay for Google to do it because they have their own chips. Amazon, it has its own chip. I like that Microsoft is still behind in that chip war. If Microsoft is able to come up with zone chip and create a data center where they don't need to go out and pay the Nvidia tax, it's okay. But right now Microsoft chip is not at that level that customers are running to them and say, well, give me your AI workload but on your chip. So if you have to go buy Nvidia chips, which is sometimes half of the capex goes to Nvidia, then you have to really think about whether. Why do you, why are you doing that?

[Bloomberg Intelligence Host/Interviewer]

30 seconds left. Do they have the ability, do you think they'll get their own chip at any time soon?

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

They have their own chip and it's working, but it's not had doesn't have the same customer preference as that what we saw with Google, TPU's or with Amazon.

[Bloomberg Intelligence Podcast Host]

This is the Bloomberg Intelligence podcast available on Apple, Spotify and anywhere else you get. Your podcasts listen live each weekday 10am to noon Eastern on Bloomberg.com, the iHeartRadio app, TuneIn and the Bloomberg Business app. You can also watch us live Every weekday on YouTube and always on the Bloomberg terminal.

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[IBM Representative]

Who's moving me to the couch with Domino's? Best deal ever since they just added stuffed crust.

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

Any pizza, any toppings? Now with stuffed crust for 9.99.

[IBM Representative]

It's a long term contract with no release clause. Only 9.99?

[Bloomberg Intelligence Host/Interviewer]

Yeah, that sounds like the move. I'm heading straight to Dom.

[Rob Schiffman, Senior Tech Credit Analyst, Bloomberg Intelligence]

Mmm, Minnows.

[Bloomberg Intelligence Host/Interviewer]

Price is higher for some locations.

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

Excludes Excel and Specialty.

[IBM Representative]

Select this offer from 6:15 through 7:26 online only.

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

Size availability varies by crust height max

[IBM Representative]

7 topping 6 for Han and New York style crust.

[Bloomberg Intelligence Host/Interviewer]

Minimum purchase required for delivery prices, participation,

[Anurag Rana, Senior Tech Analyst, Bloomberg Intelligence]

delivery area and charges may vary.

[Mandeep Singh, Global Tech Research Head, Bloomberg Intelligence]

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