Dan Ives, Global Head of Tech Research at Wedbush Securities, Talks Tech Earnings

Summary

Bloomberg Talks

Episode: Dan Ives, Global Head of Tech Research at Wedbush Securities, Talks Tech Earnings
Date: October 31, 2025

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Episode Overview

In this fast-paced episode, Bloomberg hosts sit down with Dan Ives, Global Head of Tech Research at Wedbush Securities, to break down the tumultuous week in tech earnings. The conversation navigates Apple’s surprising iPhone cycle, AI strategies across Big Tech, Amazon's inflection point in cloud, Meta's aggressive AI spend, and Tesla’s shareholder priorities. Ives also briefly weighs in on the Penn State football coaching search with characteristic enthusiasm.

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Key Discussion Points & Insights

1. Apple’s Surprise Upgrade Cycle and AI Prospects

• Apple’s unexpected iPhone 17 upgrade cycle:

  • "[This is a] surprise upgrade cycle. And I think especially what we're seeing in China. Well, China was a decliner. Now you start to see that increasing year over year..." (Dan Ives, 00:58)
  • Apple’s sales in China are up, reversing earlier declines.

• Apple’s AI strategy:

  • "Today in the AI party that started at 9pm, it's now 10:30pm, that party goes to 4am. Cook and Apple, they're on the outside looking behind the velvet ropes." (Dan Ives, 01:38)
  • Ives suggests Apple is currently lagging but poised for a major move, potentially through a partnership with Google now that legal barriers are dropped:
  • "Once Google won that DOJ suit, that clears the road for them to do a significant Gemini partnership where ultimately the consumer AI revolution goes through Cupertino." (Dan Ives, 01:52)

2. Meta’s “Kitchen Sink” AI Spend

• Meta’s aggressive AI investments draw concern:

  • “They're just throwing the kitchen sink at AI right now. But Wall Street, are they approving of the spending Meta is doing in that space?” (Host 2, 02:06)
  • Ives is supportive:
    • "It's a table pounder when that stock sold off yesterday. Because my whole is. This is an AI arms race. You want companies to spend now..." (Dan Ives, 02:18)
  • He calls the tech boom the "fourth industrial revolution," connecting investment at firms like Meta, Microsoft, Google, and Amazon to big opportunities for chip makers like Nvidia and AMD.

• Valuation confidence in Meta:

  • "I love what Meta's doing. I think it's a four digit stock and I think what you're seeing now it's spreading." (Dan Ives, 02:35)

3. Amazon’s Cloud Turnaround

• Amazon AWS vs. competitors:

  • "If you look at the top of that mountain, it's Microsoft and Nadella, and then of course Google... But if you look at Amazon, outside looking in... really, Anthropic has been the opportunity, underwhelming last night.” (Dan Ives, 03:38)
  • Describes this as "an inflection point quarter for Amazon," predicting the company is ready to rejoin the tech leaders:
  • "This now is going to change the view of Amazon when it comes to the cloud." (Dan Ives, 03:58)

• Valuation math:

  • "Some of the parts, that's how you get to $343 and $50 stock. And this is a very, very important quarter for the 2Mag 7 within Apple and Amazon..." (Dan Ives, 04:07)
  • Apple and Amazon are finally "at the cool table" of tech again after being seated metaphorically "by the kitchen."

4. Tesla and Musk: The AI Chapter

• Tesla’s CEO compensation and AI:
  • Shareholders are expected to approve Musk’s massive compensation.
  • "There's a better chance of me not eating chocolate Sour Patch Kids tonight than this thing actually getting voted down... Musk is Tesla. Tesla is Musk. He's a wartime CEO right now. You need him in his AI chapter." (Dan Ives, 04:40)
  • Ives reframes Tesla as "an autonomous and robotics play," not a car delivery business.

5. Penn State Football Coaching Search (Personal Aside)

• Dan Ives’s sports passion emerges:
  • "I think, especially after the LSU governor's thing, I think it's the number one coaching spot in all of college football, above Florida." (Dan Ives, 05:28)
  • Suggests likely coaching targets with new athletic direction priorities.

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Notable Quotes & Memorable Moments

• On Apple’s AI status:

  • "Cook and Apple, they're on the outside looking behind the velvet ropes. They're looking through the party, through the window." (Dan Ives, 01:38)

• On the AI arms race:

  • "This is a fourth industrial revolution and you want all these companies from Microsoft to Google to Meta to what we see with Amazon. But guess what? They're fueling the AI revolution." (Dan Ives, 02:24)

• On Amazon and the tech leaders' table:

  • "Apple and Amazon both sort of like they're sitting at the table by the kitchen like at the wedding with the random friends... Now they're there [at the cool table]." (Dan Ives, 04:18)

• On Tesla’s shareholder vote:

  • "There's a better chance of me not eating chocolate Sour Patch Kids tonight than this thing actually getting voted down." (Dan Ives, 04:40)

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Key Timestamps

• Apple’s iPhone 17 and AI future: 00:58–02:06
• Meta’s AI spend and Wall Street sentiment: 02:06–03:04
• Amazon’s cloud business and inflection point: 03:22–04:27
• Tesla’s CEO comp and the AI chapter: 04:27–05:16
• Penn State coaching search (personal aside): 05:16–06:17

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Tone & Style

The tone is energetic, informal, and occasionally humorous, mixing market analysis (“table pounder,” “AI party”) with light banter and offbeat sports talk. Ives’s optimism for tech’s future and tendency for vivid metaphors keep the conversation lively.

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Summary Takeaways

• Apple’s surprising iPhone 17 cycle and a future Gemini AI partnership could spark big changes.
• Meta’s aggressive AI investment is seen as positive—Wall Street should want this level of ambition during the ongoing tech revolution.
• Amazon is staging a cloud comeback to rival Microsoft and Google, marking an inflection point for the company.
• Tesla remains firmly tied to Musk and its AI/robotics vision—not just cars.
• Dan Ives’s passion for tech is matched only by his enthusiasm for Penn State football.

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Recommended for listeners interested in timely tech sector analysis, strategic thinking on AI, and a dose of Wall Street swagger.

Transcript

[Indiana University Narrator]

Indiana University is shaping the future of healthcare. Advancing discoveries that become treatments for Alzheimer's, obesity, cancer and rare diseases. And training the providers trusted to deliver them from the lab to the clinic. IU powers medical breakthroughs and the talent behind them. See how IU solves What's next? Iu. Edu Impact.

[Dan Ives]

Bloomberg Audio Studios Podcasts, radio news.

[Podcast Host 1]

This is how you roll when you're a gentleman of a certain age on Wall Street Friday. Blue jeans, proper shirt, blue blazer, solid.

[Podcast Host 2]

I love it.

[Podcast Host 1]

It's class. This guy comes in and blows up the entire studio. I mean, we're clashing in so many different directions, I don't even know where to go. But Dan Ives is here. He does all the tech stuff for Wedbush Securities. Dan, you've been busy this week. We've had a ton of tech earnings. I. I just want to start with Apple last night. The iPhone 17 is a thing, isn't it?

[Dan Ives]

Look, it's a surprise upgrade cycle. I mean, that's the reality for so long. We've always talked about these upgrade cycles. A potential super cycle. And this is a surprise upgrade cycle. And I think especially what we're seeing in China. Well, China was a decliner. Now you start to see that increasing year over year. That's something. Streets coming up in terms of numbers. The New York City cab drivers embarrassing Apple last six, nine months. So this is a bullish scenario, especially leading into what I believe now will be the year of AI ultimately, Google partnership for Apple, 75 to 100 hours.

[Podcast Host 1]

Let's go back to that. What is Apple's AI strategy going to be or should be, do you think?

[Dan Ives]

Today it's invisible, right? Today in the AI party that started at 9pm, it's now 10:30pm that party goes to 4am Cook and Apple, they're on the outside looking behind the velvet ropes. They're looking through the party, through the window. But what I believe they're going to do now, once Google won that DOJ suit, that clears the road for them to do a significant Gemini partnership where ultimately the consumer AI revolution goes through Cupertino.

[Podcast Host 2]

Well, look, we're talking AI spend. We've got to talk meta because they're the complete opposite of Apple, right? They're just throwing the kitchen sink at AI right now. But Wall street, are they approving of the spending Meta is doing in that space?

[Dan Ives]

Look, in my opinion, it's a table pounder when that stock sold off yesterday. Because my whole is. This is an AI arms race. You want companies to spend now, look, free cash Flow earnings obviously gets hit. But the reality is is that this is a fourth industrial revolution and you want all these companies from Microsoft to Google to Meta to what we see with Amazon. But guess what, they're fueling the AI revolution. That's obviously bullish for Nvidia, AMD and others. I love what Meta's doing. I think it's a four digit stock and I think what you're seeing now it's spreading. Look at Amazon. Finally Jassy saying don't forget about us. It just shows in street continues to underestimate the scope and scale of this fourth industrial revolution.

[Podcast Host 1]

So Alexis saw yesterday Meta, the stock did sell off. They went out and they sold $30 billion worth of bonds. They had $125 billion demand one I was doing that business. A five or $10 billion deals were monster, right? 30 billion. And I bet you they made five phone calls last last night and sold that deal.

[Podcast Host 2]

Unbelievable.

[Podcast Host 1]

I bet you that's what happened. Dan, talk to us about AMAZ. The stock's up 12% premarket trading here. Talk to us about where they are with their cloud business vis a vis Microsoft, vis a vis Google. Where's the cloud horizon for Amazon for.

[Dan Ives]

The last few years? Right. If you look at the top of that mountain it's Microsoft and Adela and then of course Google. What they've been done with GCP and that's been huge the rerating that we've seen with Google. But if you look at Amazon outside looking in, right. I mean Jassy, even though he's an AWS guy, really anthropic has been the opportunity underwhelming last night. I think it's an inflection point quarter for Amazon. I think this now is going to change the view of Amazon when it comes to the cloud psycho. Some of the parts that's how you get to $343 and $50 stock. And this is a very, very important quarter for the 2Mag 7 within Apple and Amazon both sort of like they're sitting at the table by the kitchen like at the wedding with the random friends they get put that random table. They want to be at the cool table now they're there.

[Podcast Host 2]

But there's so much to talk about with Dan Ives. Right. Because you just. I just, I want to tick through some of these since we have you here in studio Tesla. Are these shareholders going to vote for this huge compensation package November 6th or Elon Musk?

[Dan Ives]

There's a better chance of me not eating chocolate Sour Patch Kids tonight than this thing actually getting voted down. I mean, the point is this thing is getting 100% getting voted for. The reality is that Musk is Tesla. Tesla is Musk. He's a wartime CEO right now. You need him in his AI chapter. And then also I think they're going to vote for the XAI ownership piece, which speaks to Tesla. Isn't AI in it. It is an autonomous and robotics play. It is not about deliveries, in my opinion. I think that's why this is so important for shareholders when it comes to Musk.

[Podcast Host 1]

All right, we got it. Before we let you go, Happy Valley. Turbulent times in Happy Valley. Penn State. We have. We don't have a coach, but, boy, is that a good seat. What do you think Penn State's going to do in terms of hiring?

[Dan Ives]

Look, in my opinion, it's the number and obviously you could say bias. I think, especially after the LSU governor's thing, I think it's the number one coaching spot in all of college football, above Florida. To me, you know, Pat Kraft, there's no better athletic director, I think, right now in the world than him. And I think they're going to go for Elka at Texas A and M. I think you go for Clark Lee at Vanderbilt, Manny Diad, potentially Brahm and others there. Look, this is. It's obviously been a very, very, you know, disaster year, but it's our view we need the right person to ultimately take us to the next level.

[Podcast Host 1]

There you go. Dan Ives, very. He's a proud Penn State alum, very involved in the athletic department there at Penn State. And I think he also does some tech research on this.

[Podcast Host 2]

And he looks like Florida, the state of Florida, walking today.

[Podcast Host 1]

Badly. Badly.

[Dan Ives]

It's a total side there. Guys like Sweeney, they're the ones that give out the full chocolate bar for Halloween. So that, remember, that continues to be, you know, obviously someone that none of the mini can. We can't do minis. Can't do minis.

[Podcast Host 1]

Dan, thanks so much for joining us. We really appreciate it. Dan Ives, global head of tech research.

[Indiana University Narrator]

At Wedbush Securities Indiana University, is shaping the future of healthcare. Advancing discoveries that become treatments for Alzheimer's, obesity, cancer and other rare and complex diseases. And training the next generation of providers, doctors and nurses trusted to address health challenges with skill, compassion and purpose. From the lab to the clinic, from research teams to patient care, IU talent is driving medical innovation, improving health outcomes and strengthening communities. See how IU solves what's next. Iu. Edu impact.

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