Host (2:27)

TV show Pluribus, it's a sci fi thing. She's home all alone. Everybody around her is like a droid. She's watching surveillance. It was great. Why don't you get to Nvidia right now, Paul?

Paul Sweeney (2:37)

So Dan, the AI story here took a little bit of a turn over the last couple of days here. Meta placing a big chip order with Google further calling into question the position or the dominance position of Nvidia. Give us your thoughts about that whole thing.

Dan Ives (2:50)

I mean look, Google, TPU and especially with Broadcom and TSMC is the builder and that's been around for over a decade, right? So it's not that it's new per se. I think the issue comes down to demand. Supply for Nvidia chips are 12 to 1. So the reality demand to supply of.

Paul Sweeney (3:09)

Nvidia chips 12 to 1.

Dan Ives (3:10)

So look when you look at Meta, like they're not going to be able to get everything they need from Nvidia so they got to look outside. When you look with Google Ads, I'd say it's really, it's by three to four years behind where Nvidia is. But again on some certain instances it could be good enough. And look, that's where we're going. I mean the reality is when it comes to amd, when it comes to big tech, eventually going to see Apple, you're going to see Meta, you're going to see Microsoft, they'll build their own chips as well. But there is one chip in the world fueling the AI revolution. That's Nvidia.

Paul Sweeney (3:44)

So that's kind of how I thought about it yesterday. I was kind of surprised to see the sell off in Nvidia because my thought was, all I hear from guys like you and technology folks coming in here is that the demand for AI is just, I'm not saying satiable but boy, it's outstripping supply for sure. And you got to get what you can get when you can get it.

Dan Ives (4:01)

Look, just spending three weeks in Asia, I mean we've seen demand accelerate 30% in the last six months for AI. So it comes down to, it's easy to call say AI is a bubble in the spreadsheet on 25th floor of new York City office building. But when you actually see what's happening there, look, only 3% of enterprise in the US have gone down the AI path. None in Europe, Asia, ex China and now you're seeing sovereigns in Middle east and for the first time in 30 years US is headed China. When it comes to your pinata on.

Host (4:34)

Wall street people love to go after you. On Twitter it's the close, it's the act and all that underneath it. We know folks, not only Dan Ives but Wedbush, there's some prodigious tech chips like going to Asia, like actually walking in a factory, find out what's going on. Here's the reality for our listeners, our viewers worldwide. April 3rd a leading newspaper just reporting the news. Apple shells shares fell more than 9% in response to the president's plan for steep tariffs on products made abroad led a sharp selloff in tech stocks which is loaded with technology. OMG, April 3rd sank nearly 6%. Apple is up 65% printing 280 yesterday. How do our listeners and viewers digest the news in the day to day panic and yet stay on board this historic American path?

Dan Ives (5:31)

Look, and we've talked about so much on this show over the years, right? I mean the reality is, is that there's no bigger consumer install base in the world than Apple. 2.4 billion iOS devices, 1.5 billion iPhones and, and it comes down besides just the cash generating machine. Everything we see in services, the when you look at the AI revolution, okay they've looked, they've watched it from the stands so far but now they're about to get into the field and actually do it and monetize the install base. The consumer AI revolution comes through Apple and I think that's something that we're going to see with Google partnership and others. And Tom, I just continue view it as like 75 to 100 hours per share incremental will be added to Apple for AI. And that's my view David. And also look at this iPhone 17. It's been a surprise upgrade cycle that no one expected with with Gemini.

Host (6:24)

Is Apple under less pressure to do something this whole do something, do something.

Dan Ives (6:30)

I'd say more pressure but they couldn't do it till Google ultimately won the DOJ suit. Once they won the DOJ suit that's where the candlelight dinner between Sundar and Cook start and I think that's that ultimately is now where that's tracking to what can be a deal that couldn't have been until they won that deal. And I think that's, that's where they're going to go. They're not buying perplexity. They're going with Google. They're going to go down bet heavily on them.

Host (6:58)

Dan Ives with redbush with us here on a Wednesday before Thanksgiving. As you get ready to travel, the horde comes over to the house. We say good morning. All the different ways you listen to us. Thank you for discovering Bloomberg surveillance in 2025. We'll be here Friday. Paul Sweeney, your people, it was a big argument. I mean sure. People went back and forth.

Paul Sweeney (7:19)

Yes.

Host (7:20)

Yeah, we'll be here Friday after Thanksgiving. Paul.

Paul Sweeney (7:23)

Dan, talk to us about Meta a little bit. I think that's one of the ones the market's unsure of as it relates to the AI play. Their stocks down about 20% from its recent high. So some concerns there. How do you position that?

Dan Ives (7:35)

I think, I mean it's a table pounder buy because the reason that stocks off is because Zuck right now wartime CEO focused on increasing capex over the next year in this arms race and you're and you're seeing obviously pressure in terms of earnings and cash flow but that's, that's what you want to see them do. You were talking about monetizing the AI revolution over the coming years. 3 billion users that they basically have when it comes to their consumer ecosystem. And that's the smart move I think right now investors it's very easy knee jerk with the bury the AI bubble all the worries. The reality is that there's two more years at least left in this tech bull market. You're in year three of an eight to ten year build out. It's truly a fourth industrial revolution. I think Meta is going to be proven that this is the right what.

Host (8:25)

They'Re doing in the zeitgeist this weekend is the partition that yes, we appear to be using AI for search stuff. And Paul Sweeney the other day goes should I go with the ocean spay cranberry or something homemade, you know that kind of stuff or like task driven AI. When do you perceive America makes the shift to a more sophisticated use of AI?

Dan Ives (8:50)

Yeah, it's a great question but today it's enterprise. I mean the reality is the consumer AI revolution hasn't started ChatGPT and we see that but it's all enterprise. I mean the spending we're talking about called next 2 to 3 trillion is just the enterprise. When it talks about consumer it's autonomous humanoid robotics. It's the future, the consumer.

Host (9:12)

I want a goddamn robot to make my cranberry sauce.

Dan Ives (9:15)

Listen, you're again and I continue to make the call. Keane will be in a robotaxi in.

Host (9:23)

New York City the other day into that, I thought it said Ludlow.

Dan Ives (9:28)

And again, you never know, it could be Ludlow.

Paul Sweeney (9:30)

So all right, let's go to that robotics and all that kind of stuff, because that's kind of the story behind Tesla these days. It's not about bending steel and making cars and things like that. So the stock's up 4% year to date, so it's really lagging the market. It's come back from, I guess the biggest concerns where we were several months ago. But when you talk to your institutional investor clients, what are they telling you?

Dan Ives (9:52)

Tesla, it's all about the future. I believe autonomous and ultimately Optimus robot will be the most important chapter ever in Tesla's growth story. And I think now, Musk being wartime CEO, having the comp package, potentially trillion dollar man, this will now def and Tesla. And I also think you're going to see a regulatory roadmap that's going to ease when it comes to autonomous, specifically on the robotaxi build that you're going to have 30, 35 cities and I think Waymo is basically going to be around the error relative to where I see Tesla.

Host (10:27)

Let's go to our three radio stations. Good morning, 99 FM Boston, 99.1fm. Nathan Hager radio in Washington here. Bloomberg 11 3O. How is a robo taxi get across the Charles river right by mit? How does a robot get. Turn left there at sport. How does a robo taxi get around Dupont Circle? How does a Robotaxi get down 5th Avenue right outside the Trump Tower? I don't get it.

Dan Ives (10:55)

Look, I mean if you look, it's, it's data driven. I mean the reality is, is that.

Host (11:00)

Is your proof of concept that they can handle normal urban traffic.

Dan Ives (11:06)

What everything I've seen, and obviously we've been there in Austin, you're going to continue to see it expand, you know, across many cities over the next few months. I believe we're there now. I'm not saying that there's, you're going to see the geofence area continue expand, but it's my view next few years, 20% of cars on the road. When you're, whether it's New York City, whether it's Boston, whether it's Chicago, you're going to look around and, and you're going to, and you're not going to see a driver.

Host (11:34)

Enough chat. What's your single best buy right now? Is it matter or is it something different?

Dan Ives (11:38)

I mean, to me, single best buy right here is Microsoft. Relative to what we See, in terms of the stock, why is it down? Because the view that now Google, now Amazon, others on the hyperscale, are going to sort of eat their lunch. Look what's happened to Oracle as well. It just. Look, New York City Cap Drive was bearish on Alphabet and Google start the year today. They're bearish on Microsoft. And I think that's why that has 100 hour upside.

Host (12:06)

Okay. Microsoft just is one example. Are they open a I. Sam. What's his name? Sam Altman.

Dan Ives (12:14)

Sam Altman, yeah.

Host (12:16)

Are they down because they're affiliated with Sam Altman?

Dan Ives (12:19)

I think just like, just like Oracle. There's that too big to fail concept. Right. Where anyone that touches open AI, that's ultimately been an overhang. But it comes down to like. That would be like me being like, like, okay, if I could have more Peter Luger steak, would I have it or would I rather own White Castle?

Host (12:40)

Wedbush. You got to be going again.

Dan Ives (12:42)

You got good Lugers. But the reality is that open AI, it's the Peter Lugers of technology. You want to be associated with it. Not. Not associated.

Host (12:50)

Those of you on YouTube, the interns are in our ears. We got these holiday interns and Sweeney's intern is from Penn State. I'm shocked.

Dan Ives (12:57)

We are.

Host (12:58)

Nobody cares.

Dan Ives (12:58)

We are.

My Policy Advocate Advertiser (12:59)

Paul.

Host (13:00)

Dan. Penn State. Go Paul.

Paul Sweeney (13:02)

Who's going to be the coach, do you think?

Dan Ives (13:03)

I mean, look, I think we'll see it by Monday.

Paul Sweeney (13:06)

Oh, okay.

Dan Ives (13:07)

That was really that soon? I. I continue to think it's, you know, it's either Chesney from jmu.

Paul Sweeney (13:13)

Yeah.

Dan Ives (13:14)

That, you know. Or there could be a mystery candidate that. We'll see how that emerged over the coming days. So I think. A big 40.

Host (13:21)

A mystery.

Dan Ives (13:22)

A mystery.

Host (13:23)

Chapel Hill.

Dan Ives (13:25)

No, not. No, not that. No, please.

My Policy Advocate Advertiser (13:29)

We.

Dan Ives (13:29)

Better days are ahead for Penn State after a dark year.

Host (13:32)

Okay. All I ask. You're such a hitter and you're so F1. Next time you go to F1, take young John Farrow with you. First of all, I played again.

Dan Ives (13:44)

Viscerally gets the reason I got into F1. It was Netflix and Farah.

Paul Sweeney (13:49)

Yeah, yeah, yeah. It's a thing.

Host (13:51)

I mean he wears. He's like head to toe in Ferrari. Sure. I mean, you know, I mean, you know, he's.

Paul Sweeney (13:57)

That's how you roll the whole sets, the kids.

Host (13:59)

When's your next f. When you're going to.

Dan Ives (14:01)

I mean, I have a few. But a few on the docket. You know, Middle east and some other ones.

Host (14:08)

Dan Ives, thank you to extended a conversation. A lot of good information there with his single best Buy, the gentleman from Microsoft.

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