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You have invested in artificial intelligence. Maybe you have pilots or even proofs of concepts that show real promise. The next opportunity is scaling that success across the business. At EY Consulting, we help organizations redesign how work gets done so innovation can move beyond the nascent stage. By addressing architecture, operating models and governance, we help AI deliver real, lasting value at scale. When AI fits how you actually work, that is EY Consulting.
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of the cost and a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy. Bloomberg audio studios podcasts radio news. Bloomberg Tech is live from coast to coast with Caroline Hyde in New York and Ed Ludlow in San Francisco. This is Bloomberg Tech Coming up, all eyes on Apple Developer conference as the iPhone maker is set to unveil a revamped Siri will be live from Cupertino plus Nvidia and SK Hynix. They partner up on next generation AI memory chips with a multi year deal and Space X gets ready to go public. We'll discuss what to expect from this week's record breaking ipo. But at the moment we turn our attention to what the markets are up to and look a reprieve from the sell off we saw on Friday. Now we're having the best day in about a month for the NASDAQ 100. But remember Friday we had the worst day in a year for this benchmark as technology just saw a real sell off anxiety that maybe would run too far too fast, particularly in the world of hardware and chips. Well today we bounce back on the stocks up 6.4%, but that's just clawing back some of the losses we saw on Friday after its benchmark had its worst day since 2020. So maybe we get a little bit more positive momentum, particularly as Nvidia has been talking about this buying opportunity. But also we get intricate news look at Intel. This is a report coming from the information that maybe Google and others are turning to different makers, manufacturers of their chip, not just tsmc. Could we get a big healthy order coming through from Google for TPU's from Intel? We charge up 12% on that particular reporting from the information. But look at what's happening in terms of Apple. Look all eyes on what we're going to get in terms of Siri, what it's going to signal to the developers. We're currently up stealthily, maybe 15, 16% year to date is the second best Magnificent Seven performance throughout all of those stocks on the year because it even manages to do well when we've got anxiety around AI. So let's talk about what we therefore could see in terms of a refueling on this stock when they start to infuse a little bit better. Bloomberg, Apple and of course Consumer tech managing editor Mark Gurman is alongside our own Ed Ludlow. Now Ed's over in Cupertino. We're luckily to going to L A for our man of the moment when it comes to all Apple reporting as well. Mark Gurman, we start with you. Look, you've been reporting intricately on what we're going to be getting in terms of Siri. Is it going to live up to the hype?
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D
I think if you look at the features from AI standpoint on Apple devices right now you basically have two subsets of features. You have Apple Intelligence, which are the on device models, the cloud models, things like writing tools, things like more advanced notifications. And then you have Siri. I would say both of those buckets are subpar compared to the competition. After today you're going from subpar and you're going to be upgrading to pretty adequate, right? And so I think this new Siri will be extremely effective and enjoyable and useful for mass consumers. And I think that will put a little bit of pressure and threat on the ChatGPT, the Geminis, the anthropics of the world. But in terms of game changing, innovation, whiz bang new features, you're not going to see that. You're going to see a breakthrough new Siri interface, a Siri app, Siri evolving into a chatbot. Siri working really affects for the first time in 15 years using those underlying models from Gemini. So I think overall Apple has a very positive story to tell on Siri. And then on the Apple Intelligence front, the non Siri AI features, there's a lot of good stuff, things for photo editing. You're also going to see some improvements across iOS, a new customizable camera app. So I think a lot of nice refinements and then the last thing I'll say, a lot of people have been asking for major performance and quality improvements. Stop throwing a thousand new features at us every year. Take a step back and make sure everything you've done over the last 10 years works well. And so they're doing that this year as well.
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E
The headline Mark is going to be the standalone app, right? Where Siri goes from a place where you have a feature, a single voice command, gives a single result to a multi step task within an app that will follow you from iOS to iOS, etc. Give us the specifics that you've been reporting on how this revamped Siri will work in practice.
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D
Yeah, I mean I think more broadly it's Siri moving from a voice assistant where you can ask IT questions and get an answer to being an always on copilot to help you get things done throughout your day. I could say things like write an email to Ed about my upcoming schedule and bring over the notes that I've taken about our meeting want to discuss at our in person meeting and also search the web for more in depth details on potential TV wardrobes or a specific topic and throw that into the email as well. Summarize those details. So multi step queries, pulling information from across your own data and the web and also using context from what's on your screen, being able to work across your applications, across first party, third party apps and your services and it's going to be pretty broaden its functionality using those Gemini models. The other thing they're doing is they're launching a perplexity competitor ChatGPT web search competitor. So right now when you ask things to Siri, if it doesn't know the answer, it'll throw you to Google search or it'll throw you to a ChatGPT search. Now they have an in house AI powered web search engine within Siri and so basically it's everything they've promised, everything people have asked for and a little bit more on top. So I think this new Siri, if it works, which I think it will for the most part is going to be a success story for them.
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E
My interactions with Bloomberg's Mark Gurman are about to get a whole more exciting digitally speaking. Bloomberg's Mark Gurman leads our coverage of Apple and also consumer technology. Let's go deeper. Let's ask what happens next with Carolina Milanese, President Principal Analyst for Creative Strategies and let's See, start with the idea that if we get this, the standalone Siri app that Mark's reported on is whether it's as. It's as simple as displacing an iOS user's use of chat, GPT or Claude as an app within their phone. You see that happening, you think is
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F
all about the value that is pertinent to me as a consumer. And so I think what the app does as Apple is so focused on devices, allow me to take the experience I have with Siri across the multiple devices that I have. And Apple is quite unique because at the end of the day, they are the manufacturer that has consumers that own so many different devices. So they must be catering very carefully to that. I don't want to feel like I'm getting a different experience depending on which Apple device I'm on. But I do think that what Mark was saying about where Apple intelligence is today also matters a lot for Apple and is different than what Claude or. Or GPD are doing today because is it really embedded in the devices? And we need to remember what Apple sells is devices.
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E
I wrote about that today in the Tech in Depth about this idea that whatever's going on with the smartphone market, even if Apple absolutely nails this, it won't change the situation this year. Memory pricing is basically Android that's weighing on the smartphone market anyway. But there is this idea that, that the next phase of Siri follows me in the installed device space from my iOS to my Mac OS. How important is that?
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F
Is very important because I think that is what is going to basically lock customers in. And I know that there's always a bit of a cringe when we say lock because of when we think about regulators. And so will be interesting to see what happens to Siri in Europe as a, as a point, as a fool. But I do think that having the ability to have my experience carry across all my devices is what consumers at the end of the day one, because that's the true value.
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E
The next phase of Siri, also longer term, either does or doesn't drive switches. So one thing that people keep saying to me is there's a lack of education about how an everyday person might use Siri anyway. You know, they might be an Android user and say, okay, wow, I like the look of Siri, but what do you see out in the world?
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F
I really struggle to think of AI as a switcher mechanism because people are still locked into an ecosystem. And I think that if you're looking at the models one week, one is ahead and the Other one the following week week is it's pretty much parity and it will boil down to how does it show up within the device. Apple has always been really careful of putting attention where a mass market and consumer understand it. So Mark mentioned camera. Absolutely. I'm expecting intelligence to continue to show up in a way that makes a difference to a consumer. Just wants to take a great picture it simple but it delivers versus trying to be too focused on the productivity side of things and the enterprise.
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Apple shares up 2 1/2% in the moment and are very close to overtaking Alphabet. The parent of Google is the best performing Magic 7 stock this year. The company's been given sort of the benefit of the doubt being called adjacent given a lot of credit for not spending tens of billions of dollars dollars on developing AI. But from your perspective and Creative Strategies perspective how much pressure is there on Apple that Siri has to be right this time around?
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F
You know last year, this time last year we were talking about the fact that consumers are not walking into a store to asking for AI. I think it's still like that but consumers are already placing their preference in what chat, bot agent, whatever you want to call it they use every day. So there's definitely more pressure on Apple or to deliver something that is comparable to chat, CBT or cloud.
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And in a year's time you and I can sit down again and ask whether a multistep task version of Siri that has a gentic capability moves the needle. Carolina Mason principal analyst president of Creative Strategies has such grasp on what's happening in consumer technology car she so does
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the perfect person to have out with you and Cupertino. Meanwhile we've got so much more to come on the show and in video it is backing SK Hynix his next chapter two companies strike a multi year deal to build the future of AI memory More on that next more on these markets are up to look Jensen Huang himself saying maybe you should start buying the dip. Well we're up 2 1/2% as people buy the dip in the NASDAQ 100 we sold off hard the worst day in a year on Friday today the best day in a month. This is Bloomberg Tech. Nvidia and SK Hynix. They are partnering on next generation AI memory chips that deepening ties that's as the South Korean chip maker really is battling with well Samsung in its home market in this booming memory focus now the companies have signed a multi year deal spanning chip design and manufacturing. For more magazine King who covers all things Semiconductors joins us and it was just a few days ago that we know that. Well Micron alongside Samsung and SK Hynix are going to be there for Vera Rubin. But what is this deepening relationship with SK Hynix mean?
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G
Yeah, I mean from a technical perspective the way that memory interacts with these processors that Nvidia makes is becoming increasingly important. If you want performance to improve then that interface, that way that, that inter information gets conveyed, has to get better at the rate at which the processor gets better. So it makes sense that they'll start talking to each other at an early point on the technical side of things. And that's what we think is going on in terms of the technology. There's also strategic moves and tactical moves going on with the companies.
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C
Tactical moves. Now there's moves in the market more broadly when you look at the run up that we saw after a sell off on Friday. But in particular I'm looking at intel today and now seems as though there's a reporting coming out the information that maybe intel could be a manufacturer of choice going forward for TPU's for Alphabet chips. How much are we seeing these companies just having to rely on other manufacturing partners in tsmc?
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G
Yeah, I mean as we reported last week, you'll remember Debbie's story that you know, TSMC is doing its best to add as much capacity as it possibly can but really isn't keeping up with that booming demand on the leading edge. So of course if you're Google, if you anybody, you're, you're looking at potential alternatives. Intel has said, hey, we're going to be great again, we're going to have manufacturing capacity for everybody. We haven't seen anybody actually commit to using it yet but clearly you're going to look at Samsung and you're going to look at intel as your next best choices after tsmc. Those two companies really have to step up. Intel has said look, as this year goes on you'll see start to see customers emerge, you'll start to see that business pick up. So far though, it's really struggling.
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Take us back to Samsung. How much of is a headache if it feels as though Jensen is sort of anointing S.K. hynix in this way?
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G
Well, there are a couple of things. I mean Samsung is the largest memory chip maker. They've always dominated this market, they have the largest capacity. But SK Hynix was smart in terms of their early shift towards focusing on this market, on AI basically related memory. And so therefore it makes sense for Jensen to kind of bat his eyelids at to get them to continue to sort of advance the art and to force Samsung to, to respond to that and to bring in that capacity. So for him having these guys competing with each other to, to sort of keep him happy is a really good way to sort of move the market forward and keep everybody focused on the capabilities that his chips can bring.
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Batting his eyelids, you've always got the best terms of phrase. Ian King, thank you so much. Meanwhile, let's stay in South Korea and turn to today's big number. It's more than $350 billion. That's how much market value was actually wiped out from the Cosby over in South Korea amid a brutal sell off. Investors already on edge ahead of South Korea's Monday open. But the scale of that sell off that we've just seen shocked many. Cosby plunged nearly 9% within minutes. It triggered circuit breakers, volatility surged across the market. All of that after, of course, Friday's tech rout in the US and a 42% collapse and a triple leveraged Korean ETF. Fears of a deeper downturn, they were spreading fast. We'll return to that story in a moment. But another story we're watching is Sam Bankman fried. He's taking his bid for freedom directly to the White House. You remember him. The FCX co founder formally applied for a presidential pardon more than two years after being convicted in a multibillion dollar collapse of his crypto empire. For more Bloomberg's Ava Benny Morrison joins us now. He's meant to be in prison for a long time.
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H
Yes, he was sentenced to 25 years in prison. But over the past 18 months or so, we've seen him launch this pretty aggressive campaign to reshape his public image and to get in the good graces of the president. He's been using a social media platform, interviews with conservative media outlets to really push his arguments for why he deserves clemency and say things that are favorable to the president.
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C
Okay, what therefore could be landing, if at all? We've heard any discussion around the White House administration that they might be allowing SBF to do that.
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H
Well, it's quite the opposite. The president said in an interview with the New York Times in January that he had no plans to pardon sbf, yet. SBF is submitted an application anyway. And I think a lot of people are getting inspiration from Trump's embrace of his clemency authority. So he's issued more than 1600 grants of clemency since the start of his second term. And 1600 that's right. And many of those are white collar defendants and figures in the crypto industry like Sam Bankman Fried. And some of those are going through the formal channels through the Department of Justice, but others are going through less traditional channels, hiring lawyers and lobbyists and consultants who have ties to Trump's inner circle to try and get their cases heard and in front of the White House. So what we're seeing with Sam is he's making these arguments, pointing out the sense of injustice he feels, but also trying to, you know, remake his public image a little bit.
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We'll see how this one rings out in the White House today. We thank you very much indeed. Bloomberg's Abra Benny Morrison on all things Sam Bankman Fried. Look, aside from rtx, let's look at what shares of Bitcoin are up to at the moment because crypto has been in the eye of the storm in terms of the sell off look, risk aversion pervaded it back at the end of last week. There was also for selling pressure that was perhaps being built by Michael Saylor and of course the fact that his own focus had perhaps been to start selling Bitcoin. Many had always thought that his, his dad, his digital asset treasury would keep on buying Bitcoin, but they are back buying today and that's giving some confidence back to the market. We're up three and a half percent as we see strategy that is formerly known as microstrategy back buying now coming up, we'll discuss what we expect from Space X's astronomical IPO later this week. This is Bloomberg Tech.
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You have invested in artificial intelligence. Maybe you have pilots or even proofs of concepts that show real promise. The next opportunity is scaling that success across the business. At EY Consulting, we help organizations redesign how work gets done so innovation can move beyond the nascent stage. By addressing architecture, operating models and governance, we help AI deliver real lasting value at scale. When AI fits how you actually work, that is EY Consulting. Any team that's tested AI tools for data has seen the pattern already. AI gives a different number than your BI tool. Metrics don't match across teams and inevitably users lose trust. It turns out turning on AI is easy, but making it work on data is not. Hex AI was built to solve this. The key is nailing context. Hex is built to unify and curate your data context for agents. Data teams can observe, govern and continuously improve every AI answer so answers get smarter. The more your team asks the result, your entire organization asks data questions in natural language and trusts the answers. Not because the AI got lucky, because it knows your business and its data. Because that's what an AI analytics platform should do. Join data teams from Cursor, Lovable, Ramp, aws and over 2,000 more at Hex
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See complete disclosures@public.com Disclosures.
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Elon Musk wants to build the infrastructure for AI in space and he's asking investors to help pay for it. The rocket, satellite and now AI company wants to raise around $75 billion in what will be the largest IPO in history. SpaceX is our is probably our greatest
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commercial space company hands down.
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It will enable the next iteration of what we want to see as the space industry continues to grow.
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This isn't just a space story anymore. After folding in Musk's AI startup X AI earlier this year, investors buying into Space X are also buying into the future potential of Grok AI models and Musk's vision for massive computing infrastructure. That ambition comes with a hefty price tag, new filing show. SpaceX's AI business, as in X AI, lost nearly $6 billion last year and billions at the start of this year as money poured into computing power and infrastructure to compete with OpenAI and Anthropic. Still, SpaceX has major advantages. Starlink has become a powerful cash generator through its satellite Internet business, while the company's launch operations continue to secure billions in government and private contracts.
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What people need to realize about this
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company is it's the but it isn't
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just a little bit ahead of the entire launch industry on planet Earth. It's orders of magnitude ahead.
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And now Wall Street. Once in Goldman Sachs, Morgan Stanley and JP Morgan leading more than 20 banks working on the offering. And Musk negotiated record low fees. But the IPO also raises big questions, like whether investors are comfortable betting not just on Musk's original vision, but making humanity a multi planetary species and getting to Mars, but on a future combining rockets, AI and social media into one sprawling empire. And so what we're buying is the
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next, you know, the global economy 2.0 and 3.0 as we look at buying into into Space X.
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If that happens, Space X could redefine what the modern public company looks like on Earth and in space.
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Let's get more on what to expect this week with Bloomberg's IPO reporter Bailey Lipschultz, who might already feel a bit exhausted. Exhausted to be honest. Thursday is sort of when we understand it's technically going to price. Friday is when it's going to trade. Is there a sense of the amount of demand for this right now?
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I
We already reported on Friday it was oversubscribed. What that really just means is they've already corralled more than $75 billion of orders. So kind of mixed feelings. I talk to some people and they say, well that's obvious. These normally this is a deal that kind of comes together quite quickly. Skeptics are like, well why isn't it three or four times oversubscribe already? That's where a normal deal would be. You got to keep in mind it's a $75 billion deal. So the fact that right now there's well north of $75 billion of orders from institutions at least gives you some sense of kind of what the next few days will look like. Obviously big IPO orders can come in in the final days, final hours. And that's totally separate, at least according to our understanding of the retail component, which we know bankers at least had been kind of setting aside about 30%.
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Let's talk about what the decision was to fast track for some Nasdaq Russell, not for the s and P500. And does that impact the level of demand in any way?
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I think it impacts the expectation. The big thing we reported and kind of broke out on Friday in the wake of that S and P news was not only does this mean the time frame will not be truncated to 6 months vs 12 months as of now, the S&P 500 is holding kind of pat on the company needing to be net income come positive. What that really does mean is at least according to these sell side notes we've been able to get our hands on, that's something that might not take place until 2028. So now you're talking about a similar situation that we saw with Tesla, similar, similar situation we saw with Amazon and Uber where this is a company that fits into the NASDAQ 100 but isn't eligible for the S&P 500 for quite some time. And the kind of those dynamics and what it means towards either chasing ETFs or being kind of benchmark against the S&P 500, which really is the only index that truly matters to most people.
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C
As I say, racing for this week. Meanwhile, we want to bring you some other breaking news across the Bloomberg terminal at the moment the leader of Israel has been saying he's going to hold a press conference. And here comes some of the news out of it. Israeli Prime Minister Netanyahu saying that Israel is holding fire in Iran for now. But he's told President Trump that Israel has full right to self defense as we currently speak. Look, Iran has ended its current strikes against Israel. We underneath, we understand according to FAZ reporting after both nations earlier traded attacks. We'll keep you abreast of what's happening there. But coming up we return to tech and we're going to be speaking to Paul Hudson, a software developer and creator of hacking with Swift. He's here in Cupertino with us. As all eyes on wwdc, the developers take on the Apple event. What this means for Siri, what this means for foldable phones, what this means for developers and for your use of this technology going forward. This is Bloomberg Tech. With respect to the stock price.
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Everybody should be very excited. They can now buy stock at a cheaper price.
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And, and, and it's absolutely true that
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the future of AI is very bright.
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C
It is completely, it is a foregone conclusion that I will be infrastructure for the world. Jason Wang, CEO of Nvidia, that welcome back to Bloomberg Tech. And of course he was addressing the sell off that we'd seen into Asian trading this morning. He was over in Seoul. But today the bounce back is real. Clearly he says buy the dip and the market listens. We're up 2.1% just off of our previous highs. But the NASDAQ 100 having its best day in over a month. But put that into context and its worst day in a year on Friday, the stocks, the semiconductor index, every single member is in the green. Today it's up 6.5% but on Friday had its worst sell off since the days of COVID since March of 2020. So clearly there is a bit of a clawback. But but not making up yet for Friday anxiety. Let's talk about the anxiety. What's pushing through the market? Semiconductor on infrastructure markets. Bloomberg's run versus joins us now. And look, is this just a typical bounce back after some fears and loathing built in on Friday?
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J
I think there's a good portion of that in today's trading. I saw a lot of people talking about we were really overdue for a pullback, especially in the semiconductor sector which has been so strong this year. I believe at one point it had nearly doubled. Best year since 1999 if I'm not wrong. So I think a lot of people really saying this kind of momentum is really unsustainable. So it's not surprising to see a pullback at least in the short term. The question of course, even with today's rebound, where do things go from here? There continues to be a lot of optimism about AI, about the demand for semiconductors that we're going to see there. And I saw today we had a report out that Nvidia and Alphabet were considering using intel as a backup chip maker for their chips. Another very positive signal, at least for a single company. But one of the ones that has really been one of the notable outperformers this year.
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C
It's notable that actually deals are still coming thick and fast. Look, we're also hearing of moves being made by Amazon, a deal thinking driving up Corning shares up 7% at one point and they've signed them up multi billion billion dollar agreement to supply optical fiber cable connectivity solutions that really this is still a story of picks and shovels of infrastructure the build out.
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K
Right.
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J
And absolutely. And I think most people agree that there's just not enough supply on the market to meet all of this demand, which is something that speaks to the idea that we're going to continue seeing this kind of growth and demand over a longer term period. People are thinking that if you look at some of the memory and storage companies, which are another real momentum area of the market this year, they should continue to see these kinds of tailwinds through 2027. So while there are some concerns about, you know, is growth going to eventually decelerate, are we going to reach some kind of peak in terms of earnings or demand, there's at least a lot of optimism that at least for the remainder of this year and next year that trends remain pretty positive.
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C
Ron Vlstelica, he's always telling us about those trends. We appreciate you setting us right on today. Now let's get back out to Cupertino because all eyes on Apple's developer day. Ed, take it away.
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E
Yeah, Apple's up 2% ahead of WWDC and WWDC is the developers conference. This is a conversation around software. Paul Hudson is a software developer, also the founder and creator of Hacking with Swift would basically is a place where you train people to go and develop apps for the Apple ecosystem. Simple as that. Let's start with this. Does Siri become a platform? Right, discuss.
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L
Well, exactly. I'll take it from here, shall I?
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E
Please.
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L
So ideally what we hope to see today is ways for us to expose so much of our apps data directly to Siri. So rather than saying oh hey Siri, do this behind the scenes for developers. We provided data to Siri and it intelligently. Apple intelligence takes care of four of us and talks to users and handles that integration together for us. That's the kind of dream for today hopefully.
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E
The point from Apple's perspective is that Siri becomes genuinely useful.
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L
Yes, I'll take that even smarter.
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E
You know, it goes from a place where it is a feature, single voice prompt, phone mom, phone man to multi step tasks. When you are building applications for iOS, what are the factors and considerations around how good or not Siri is?
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L
Right. So right now, as you'll know, Siri will often say I didn't understand that or could you repeat that or which bedroom lights do you mean? We kind of want to bypass that and get to the things that users care about. But there are 50 different ways users can ask for the same thing. We don't want to worry about that. That's kind of Apple's problem to figure out. And so hopefully they can expose some great APIs. Today we feed with our data feed with our code behind the scenes it ties into a natural language model, handles all the Apple privacy stuff for us and will just work.
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E
Privacy is interesting, right? The Bloomberg reporting is that it is Google's Gemini in part that is the model underpinning this new iteration of Siri. What are the considerations around that for you and your community?
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L
It's obviously critical for us it's Apple's long sight standing branding. Thing is privacy is Apple and we all buy into that too. We're all behind that 100% of the way. Last year's big announcement for AI from Apple was on device fully private AI Epic. We went wild for that. So this year can it be powered by Apple's private cloud Compute, which is genuinely research level breakthrough stuff for handling private AI? Is it that or is it somewhere in Google's headquarters at the Googleplex. We're going to find out you would
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E
Prefer the former 100% why is that better for a developer?
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L
I mean it's not. I don't trust Google but I definitely trust Apple.
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E
I see.
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L
I definitely trust Apple to take care of users privacy first and it doesn't have for years. We all believe into the same thing. That's our first port of call ELU done by them, privately by them, owned by them. Maybe Google's hardware, perhaps Google's Gemini but hosted by Apple would be the the dream.
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E
We're going to find out reading the Bloomberg reporting. The thing that resonates with me is that Siri is across os. So if I, you know we have a standalone Siri app that's one of the headlines. But I start a project right. Not just a single chart a project on my my iPhone it can carry over to the MacBook. Is that a factor in when you are a developer for either iOS or macrosos or now you're more capable of going across the suite.
- [33:42]
L
So from a developer's perspective nearly all the money is still making iPhone apps interesting. And I think Apple would rather see a wider spread macOS, WatchOS, TVS, Vision OS as well. And so if they can blur those lines even more it'd be great. I mean they have these things like the universal control where your iPad and your Mac control by the same mouse cursor. It's done something but we want to see more integration, tighter integration really kind of. Only Apple can do this kind of thing.
- [34:06]
E
You know Paul, you're a software guy.
- [34:08]
L
I am through and through.
- [34:09]
E
What. What do you make of John Turner who is a hardware guy? Historically.
- [34:14]
L
Yeah, yeah. He's already a massive celebrity. People are lining up for their John selfies already.
- [34:19]
E
You mean here in here and now
- [34:21]
L
the last 24 hours already. Yesterday was a Swiss student challenge winners meeting John Turners and they were all super psyched. They've had their John Turner's signatures and their badges and stuff so he's already a superstar. I think it'll be swamped today with more people look easy hardware.
- [34:36]
A
Yes.
- [34:36]
L
Is Apple hardware. Yes. They're a hardware company but they still firmly believe in the full stack at the positioning.
- [34:44]
M
Right.
- [34:44]
E
Let's end with something a little fun. This will be the year where we get the OS year, iOS 27. Right. At OS 27. Is that helpful naming for you?
- [34:54]
L
Oh for sure.
- [34:54]
C
Yeah.
- [34:54]
L
It makes it much easier from our perspective. You can say you want to have OS 20 whatever and it's. It's fine. I do hope though we're going to see a macOS name still like you know, Tahoe right now or Big Sur or similar as rumors it might go away. Everyone enjoys that.
- [35:08]
M
It's fun.
- [35:08]
L
They have the crack marketing team, macOS weed or whatever, right? So hopefully we'll see it carry on.
- [35:13]
E
I guess we'll find out. Paul Hudson Software developer in the Apple ecosystem, but also of course the creator and founder of Hacking with Swift Car.
- [35:21]
C
Great conversation as always. And meanwhile we're taking it up and back to San Francisco. Ed, we've got Kin Adventures coming on. They've just raised $355 million in new funds. Where are they spending it? AI, deep tech? Robotics? So much more. Stick with us. This is Bloomberg Tech.
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- [38:56]
C
San Francisco's Kendan Ventures well, it's raised $355 million in new funding. Latest Deep Tech Robotics focused funds look kindred was early into the market. Remember back in 2020 to a $200 million fund has now become a $1 billion gross fair market value as of June 2026. The fresh capital now is coming as the firm's previous vintage has hit the top 1% of its class. Let's get to San Francisco. Let's get to Kind of Ventures. Managing Partner and founder Steve Zhang Congrats Steve. Let's see, you were an angel in Uber. You're still a man who thinks about being very early in companies. How is that going to look with this new raising of funds? How early do you have to be in this market environment?
- [39:38]
M
Yes, and thanks for having me back on Bloomberg. Great to see you. You know, early stages is feels sometimes like a dwindling breed in this day and age of huge late stage pre IPO rounds. But we think it's absolutely not only still important, but actually even more important in this day and age of really fast growth and even increased ceilings on valuations. And the reason why is that at the early stage we're able to help accelerate these companies and these founders through these new technology frontiers in a way that later stage funds aren't really well equipped for. And so so we want to continue to focus in on the early stage and help that, help that transition for companies from 0 to 1, 0 to 1.
- [40:25]
C
And now we get the ones, and now we get the hundreds and the billions and the trillions. When we're thinking of Space X, which is also an AI company, when we think of what's coming in terms of anthropic and open AI, what does that mean for some of your portfolio companies, particularly when you've got a perplexity, for example, which admittedly at the beginning we were thinking was, was one of those sorts of light frontier models. But how are they thinking about this moment?
- [40:46]
M
Sure, I think perplexity is Transition is really telling of a lot of other companies in the space, like Cursor. You have Frontier Labs that are slowly moving into the application layer of AI, but also dealing with the compute constraints that they have today. I think on the demand side, which we're seeing booming right now, demand is far outstripping supply on the data center and GPU compute side. And you're seeing that in the, in the stock market. You're seeing that in all of the inference platforms out there, like foul and base 10 and modal, that are seeing phenomenal growth. What is happening is that agents, applications and agents, whether they're embodied agents like robots or virtual agents, like what Perplexity Computer offers are driving this token demand from AI infrastructure today. And so in that way, people are finding their, their layer, their focus. In Perplexity's case, they are building out a harness, that is multimodal agnostic models. And in some cases you see a company like Claude Anthropic with cloud code, which is building out a single model harness. And so what you'll see is a battle and a competition between who is providing the state of the art models, who's providing the state of the art harnesses, and then who is providing the most performant and productive agents, whether those are robots, autonomous vehicles or virtual agents used by knowledge workers.
- [42:09]
C
So I can see where the focus is going because really 2022 is when you went all in on AI. You're continuing to do it this latest round of funding. But it's interesting that I think of you as having success from an IPO perspective, like from angel in Uber to Exit, from Coinbase to Exit when we think of Reddit and others. But also you've had success in every and a. Is that still going to be a playbook when we think of play, for example?
- [42:32]
M
Yes. You know, I think what we're going to see over the next year, year or so is that we're going to have an IPO market with space X and anthropic and open air and databricks really open up. But what we're also going to see is that a lot of these public companies are going to be very acquisitive. Right. And obviously as an early stage investor, we want our companies to go all the way, stay independent, be founder led, ad and eventually go public as a platform globally. Now what the reality is is that there are a lot of companies out there acquiring companies that will help them accelerate. So a lot of the companies of the last cycle that are publicly traded today need to catch up, need to transform into the cycle as well. And so they'll do that through acquisition. And so we're mindful of, of that energy and dynamic happening. And obviously, obviously we continue to guide our companies on both scenarios, but we want them to go public.
- [43:25]
C
You talk a lot about guiding and how you've been doing that for a long time in a lot of these big businesses. Is that what gets you in at the Czech level at the moment? Because it feels as though these mega funds are raising billions, are then coming down to want to pick out at the seed level too. How do you manage to get in and keep the hustle and the muscle?
- [43:44]
M
Sure. You know, we think that early stage investing is very different from all other stages as a group in venture capital. And the reason why is that we're investing in founders first and we're investing in a product vision. They may not even have a product yet when we actually invest. And so we're helping them with product development, technology, roadmap, building a team. All of these things are about getting to that first customer, that first traction and revenue. And so that's just a very different daily weekly exercise of advice and coaching and acceleration that I think a more finance view. Later stage investors kind of get to receive that and then take that and help accelerate their growth from there. And so there's a nice symbiosis between what we do in early stage and what a lot of the industry is doing at the later stage.
- [44:34]
C
Steve, it's great to catch up. Congratulations on the new funds. We're excited to see where you put them to work. Kin Adventures, managing partner and founder there. Now let's talk about the Milan based app giant Bending Spoons. You likely have heard of it by now. It's officially marching towards a US ipo. The parent company of digital applications like Vimeo. Like we transfer, it's commanded a 14 and a half billion dollar valuation in 2025. Now according to its filing Monday, the company banked over 27.5 billion million in net income just for the first quarter. Coming up we're going to go back to Cupertino, discuss with the co founders of Timo, an inclusive planning app on that next. This is Bloomberg Tech.
- [45:26]
E
Live at Apple Park, Cupertino. It is Apple, Apple, WDC and I still want to get more of the developers perspective about what Apple being good at AI means about why a revamped Siri is important. We're going to speak to Timo. In fact we're going to speak to Melissa Ansari, CPO Timo, one of the co founders Ellen Larson, alum co founder and CEO of Timo also iPhone app of the year 2025 great timing to have you here with us. Start on the technology side Helen, what does it matter to the company that that has the title of iPhone app of the year 2025 whether or not Siri is good, whether it's revamped as more of a platform, how will it impact Timo?
- [46:11]
K
I think the way we always look at it is that we really are super excited about what Apple will be launching and announcing because that's that can help us to put our users in what we actually want and what we basically really want to achieve for our users is to take this cognitive load out of planning, make it feel more effortless, make it feel smart. And I believe that a lot of the updates that we are hoping to see could be able to sort of help us achieving that mission.
- [46:37]
E
We can get into some of those very soon. Melissa, let's go over the basics of Timo. What is it for, who is it used by and what I guess is your core competence in building it out.
- [46:48]
K
So we're like visual planning app where we have built AI into the product to support our users in making planning more smart and making it more adjustable to the daily plans in real life.
- [47:00]
E
The way that we have reported about what's coming with Siri, Helen, is it goes from being single voice command with a single response to multi step task, you know, kind of similar to some of the things that the TIMO is already doing. Do you see that as being oh maybe people use Siri instead of Timo or is there a kind of. You talked a second ago about the traffic being driven to Timo. How do you see that happening?
- [47:29]
K
I see that it's a very good like. What we also really like about integrating a lot with Apple technologies is that you can support the user sort of throughout the os. So you don't necessarily have to. To go into the app to get the support you need, but you can actually maybe just speak to Siri, you can use shortcuts, you can use a lot of the. The sort of entire OS to interact with your favorite products and your favorite apps. And that's what we really believe is super strong about building on the Apple technologies, combining with what we also of course design specifically for our user base.
- [47:57]
E
T MO has a very interesting user base. Melissa, how involved are Apple in that, in the idea and talk a little bit as well about within the community of users, how the app is designed for various neurodivergent users.
- [48:15]
K
So how Apple is involved?
- [48:16]
E
Yeah, like what's it like working with Apple?
- [48:19]
K
I mean we love working with Apple. I think Apple's technology is also supporting a lot of like accessibility features throughout the system and that we have also used some of those in our app and yeah, so I think what we also really like is Apple has a strong focus on accessibility and we really try to focus on the more sort of invisible disabilities you can say or some of the things that it's not so clear that for example, you need more organization and structure because your brain works in a different way than the norm you can say. So we also have added a lot of visual support in our app so you can see like the time more tangible like with timers and breaking down subtasks. So you can actually see what, what am I doing, how long time am I doing it? So, so just, yeah, seeing accessibility as something that is more than. Yeah, so it's more like also the invisible part of Helen.
- [49:13]
E
Just really quick, you iPhone app the year 25, a big pitch of the new phase of Siri is It follows you,OS to macOS. Does that open things up for you?
- [49:22]
K
It definitely does. I think it's also very much about reaching the users where they are. If it's on the phone, if it's on your computer, it's about getting the support you need throughout the day where you need it best. And I think Apple has a super strong focus on that as well. So that's super exciting.
- [49:39]
E
What do you want to hear most in this keynote? What is the thing that brings you here today? What do you want to hear?
- [49:45]
K
I think some like super excited about some announcements on Apple Intelligence back to sort of. We really believe there's a strong opportunity there to, to make that sort of smart planning, make it feel super effortless building this little personal assistant basically that we want to build with Timo that just understands everything about you and can support you in the best possible way.
- [50:06]
E
Melissa Vertsari azari Co Founder CPO of Timo Helen Larsenola CEO of the Co Founder Timo 2020 Fine iPhone App of
- [50:16]
C
the Year Car what a great conversation at doing such great work over in Cupertino. We thank you and you got a long day ahead of you with an Apple Announcements but that does it for this edition of Bloomberg Tech and look at of course all eyes are also on the Space X ipo. You know that well and true for this week which we learn is said to be quote, well oversubscribed. Now that that's according to sources who say the company plans on closing IPO books this Wednesday. Post close will keep beating that drum until the IPO day. Of course it starts trading on Friday and keep you posted all the latest as it prices out on Thursday. Now don't forget to check out our podcast. You can find it on the terminal as well as online on Apple, Spotify and Iheart. Let's recheck back on these markets because we are seeing a buy the dip mentality across the NASDAQ 100, across the chips in particular the stocks bouncing back after Friday's really ugly sell off. It was the worst day since March of 2020 for the stocks. Today we are back up 6.8%. We're seeing buying of the Magnificent 7, Apple among them as they have their WWDC the Nasdaq 100 up 2% from New York from Cupertino, this is Bloomberg Tech.
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