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Need AI to turn 100 pages of market research into 5 insights with a click. Do that with Acrobat. Need templates for a sales proposal that'll close that deal. Do that with Acrobat. Need an AI specialist to tailor the tone of your market report to sound real smart in real time. Do that with the all new Adobe Acrobat Studio. Learn more@adobe.com do that with Acrobat 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. Welcome to a special edition of Bloomberg Tech live from CES in Las Vegas. We've been bringing you conversations from the biggest names in the industry, and today we have another great lineup coming up. First, we sit down with Jim Johnson of Intel's Client Computing Group to discuss the chip maker's efforts to make its products competitive again. Plus Warner Brothers it rejects an amended takeover offer from Paramount skydots We'll break it all down with Paul Pastor of Quick Play. We'll be joined by Mobilized CEO to discuss the company's acquisition of Israeli startup Menti Robotics in a cash and stock deal valued at $900 million. The deal still getting done, but let's check on these markets, which are being ruled by geopolitics once more. Nasdaq managing to brush that off a little bit more than the S and P. Remember, we're still at record highs in the S and p. We're up another 3.10of a percent on the main benchmark when it comes to the tech names, maybe less affected by what's happening in terms of geopolitics and Russia and the US at the moment out in the seas, but we're currently holding on to gains. Geopolitics is always there. I'm looking at Nvidia. It is the mainstay of this week with Jensen Huang speaking multiple times. The stock is up almost 1 1/2% in the current session. You know, there are headlines out right now from the information that China is asking its tech companies to halt orders of H200 gents. One's been peppered with questions about H200 for the last three days straight. And you can see over three days, this was not the blockbuster that we thought it would be to start the year. Nvidia's up half a percentage point now. The big data point was the forecast for the next few quarters, Blackwell and Rubin. And this is what gentleman had to say about that forecast. Hopper pricing is actually going up in the cloud. Cloud. All of the, all of the hoppers are consumed in cloud. And, and now pricing, spot pricing is starting to go up. And so that tells you about the, the demand that's being generated all over the world. So H200, I think, is going to contribute also to that. And I think, all told, all told, I, I think we should have a very good year. That question was posed to, to gentleman by Bloomberg's Ian King, who's covered semiconductors here since 1998. And is that you said to him in October, you told us, over five fiscal quarters, $500 billion of sales across Blackwell and then Rubin, is it possible that that number could go up? And as we just heard, there are various reasons why Jensen thinks that number could go up. Yeah. I mean, fundamentally here, all our audience care about is are we in a bubble or not? And they just want any piece of information, any hint to explain why we're not. And obviously what he was saying was there's lots of things going on. There's new models, there's new areas of the economy that are coming into AI and all means that demand is actually better than I thought it was. So that number is looking like it's a bit low. So that was good news, but nobody got that excited about it. Where they did get excited is memory storage. Oh, my goodness. SanDisk is up 1,000% from its lows. It's up 50% in the first three trading days of the year. And what are you hearing in terms of this demand for memory and the price point that we're going to see? I mean, as always with the memory chip industry, you either got a feast or a Famine. At the moment we're in a famine. When we're in a famine, the price goes up, right? And that is exactly what's happening right now. And demand is basically teaching us, always has been, they can't build factories fast enough, they can't build production fast enough to meet these short term surges in demand. So right now the price is going up and we're actually talking storage as well, not just the high bandwidth memory that goes around the gpu. A point of discussion on the Internet has been autonomous driving. Once again, Nvidia came out strong with autonomous driving. You and I sat next to each other in the keynote and you can tell us about Nvidia's offering. But it also caught the attention of Elon Musk and Tesla, of course. Yeah, I mean, there was a little bit of a backwards and forwards between Jensen and Elon about, you know, whose system is better, and both of them ending up praising what the other is doing in the end because let's face it, they need each other. But this is the point that we're at. We've been promised cars that are robots that can do their own thing for a very long time. Hasn't happened as fast as we were promised. And what we're being told now is we're at the cusp of this, and this is great. If you're making chips, if you're making the components for these vehicles, cars, robots, seen a lot of them, going to continue to see a lot of them in King, we thank him so much for his decades of work in the chip sector as well. But let's stay with Nvidia because of course, Ed, you sat down with Nvidia CEO Jensen Huang and Siemens CEO Ronald Butch to discuss their latest partnership, the expansion of AI efforts. Just take a listen. We're announcing a big partnership between us. We've known each other for a long time, but this partnership we're announcing is really a big deal. One, we're accelerating their EDA software, we're accelerating their simulation software, we're integrating AI technology, physical AI and agent AI into their team center and their factory automation operating system. And so we're working together across this entire spectrum. When we accelerate the software, then we'll get to use it to design our chips and systems. When we accelerate their simulation software, we'll use it in our factories to simulate the thermal properties of our AI factories. When we integrate our automation and agentic systems into their industrial operating system, we can then use it in our factory floors with our partners, for example, Foxconn and so we're working across this entire spectrum together and we're going to put the technology to use basically as soon as we can. What's the net effect for you, Jensen? Is it improves margins, efficient capital allocation. I know that might sound a bit dry, but actually right now that's the answer everyone's searching for. How is this investment in AI and use of the technology actually changed things in the real world for me? Well, we announced yesterday Vera Rubin. It takes six different chips to integrate into this incredible system called Vera Rubin. And when you're done, each one of these Varirubin GPUs is 240,000 watts. And it is 10 times more energy efficient than the last generation. It is 10 times more cost efficient than the last generation. But it's still. The technology is insane, insanely complicated. 15,000 engineering years came together to build this system. And so when we accelerate EDA tools, when we accelerate simulation tools, and when we can eventually, and I'm hoping very soon, design entire Vera Rubin systems inside a Siemens digital twin, the chance, the ability for us to create much, much more complex systems will scale, will do it much more efficiently. And so this is really about being able to do the impossible and being able to do it impossible, the impossible right the first time. And once we be that, realize that AI creates real world impact, this is where it really deploys the full power and also the economic power. It's not only in the data centers or any factories which we see, but also on the edge. Because once you start inferencing with low latency, you bring this technology to the edge. There's a huge potential for our customers too to deploy this technology. And this includes of course, it's hardware. Where we come from, from the jets, it goes into the controllers, some of our controllers run on GPUs and then it goes all the way to the industrial PC. Exactly, yeah. And we envision now these industrial PCs are AI industrial. We supercharge it and they can now run algorithms trained in the cloud. They can run it on the shop floor and do all that trick what we talked about it in real time optimization and running in a plant. And that makes a huge difference. Nvidia CEO Jensen Huang and Siemens CEO Roland Busch, they're starting their own industrial revolution is how they put it. Coming up, intel looks to gain a competitive edge with new computers and redesign processors. We speak with Jim Johnson, Intel Client Computing Group SVP and General Manager. That's coming up next. This is Bloomberg Tech. Intel is here at CES with A slew of new products from laptops to newly designed chips. And it's part of an effort to be more competitive across its product lineup. Joining us now, Jim Johnson, Intel Client Computing Group SVP and General manager. And the way you would describe it is the vibes are good, like people are feeling positive about what you're unveiling. Yes, it's been a long journey to get here. And finally launching, you know what we think is the most powerful mobile processor for mobile computing with our new process node 18A is something the industry has been waiting for and wondering if we would pull off. Okay, for those that aren't deeply within the industry and coming to your foundry and understanding what's going into this new processor, the core Ultra Series 3, what makes them different? We took our most powerful mobile processor from last year and built it on the most power efficient mobile processor from last year, combining those two capabilities. And so we run workloads from last year at 40% lower power this year on this processor. And it's. I asked, I've been asking, knowing I've been coming here, I've been asking our customers, what would you say? They'd say super powerful, surprisingly power efficient. That's what they told me last night. So here's the thing, Jim, and with respect, AMD and Qualcomm's customers would say the same thing. You know, AMD and Qualcomm have already been out there this week saying that their process processors and parts, best battery life, best performance, and they both argue that they're taking share. Right. What data points can you point me to that would evidence Intel's back in the lead in that market based on this technology? I get asked quite often, what's the killer app for an apc? And up until this part I didn't have an answer. But if you're into mobile gaming, we built a GPU in Series three with an AI capability called multi frame generation. So you would typically render a frame and then render a frame in between. You can now use AI to do multi frame generation. It's quadrupling the frame rate and super smooth play. So I will take that system up against any of our competitors. If you're into mobile games, is intel in the lead? I believe so, yes. 2026 is fascinating. Bigger picture, you have some forecasters, forecasters, I think IDC saying that the market will shrink 9% this year. You have others saying it will grow literally because of apc. What is your kind of forecast? And you know, it comes back to the same question we've had at CES for a couple of years now is does the PC resonate with anyone at the corporate level or at the consumer level? So a couple of things. So that is part of the conversation we're having this week. But the feedback I keep getting from our customers is keep ramping supply of these new processors because they believe they're going to win with them. Right. And from an AI standpoint, another thing that's happened, because we've been deploying APCs now for two years, we have the equivalent of 40 data centers worth of compute on the edge. And now we have like Arvind, the CEO of Perplexity came and did a talk with me and he's now figuring out with us how to run portions of his Comet browser directly on the ipc for four reasons. He sees better performance, he sees better security and privacy, better cost, but for more, more importantly, more control. So for business they have more control. So I'm seeing these big AI companies actually start to tap into what can they do more locally. Same with. So I guess another, another thing that's happened is edge computing. I know you've been talking about edge computing between cloud and PC. We used to sell these parts maybe a year or two after we launched them into factories and so forth. But because the Series 3 processor is really good at perceiving the environment with our visual processor and doing motor control of factory equipment and robotics, we have demand on day one for Series three from edge customers. So let's talk about the supply. Because you have got vertical integration, you're actually using your foundries, you are printing the silicon. Yes. And we're building capacity specifically for client. And that's a real value proposition for our customers because they can depend on us to keep supporting our product lines for them. But in a way, you are the client of your own retail foundry. Yes. Why did you go with them, not tsmc? What turned you to think, okay, these are the ones, this is the supplier I need. There's three things that they did with 18A that it's really impressive. They use the latest, latest UV technology. You can buy QSML. Yep, yep, that's right. That's right. And they did two new unique innovations. We call it ribbon FET or gate all around and backside power delivery. So you can separate power from signals. We get 15% better performance per watt and multiply that times 20 or 25 watts in a PC and we have 30% better chip density. And so that allows us to compact our design, which allows our customers to compact their design and put in bigger batteries. And so you get they're now driving all day battery life to multi day battery life. Jim, I think we have to end by talking about pricing. You know, the background is that memory is an issue at the moment. How do you manage it? Do you pass on the cost or do you weather the storm, feast and famine, cyclical memory problems you're used to just you've been around, right? With respect, it's a conversation we're having this week. Conversation or an acknowledgement that it's a problem? Well, it definitely is in issue in the industry. Our customers are struggling on what they're going to do with it and they haven't decided yet. But what they're asking us to do is keep our build plan solid because in 2026 they see a chance to really gain share. On the back of series three, we just have a few seconds. Does the PC market grow, stay flat or shrink in 2026? I think it's going to be plus or minus. Where is that now? Some people are much more dire than that that. But we had the same conversation when tariffs came up and all the predictions, whether really drastic or big pull ins, they kind of didn't come true. There was something more in the middle. So we're planning for more in the middle. But of course we'll react with our customers as we need to. Jim Johnson, Intel Client Computing Group SVP and General Manager. Thank you so much. Coming up, a conversation with Qualcomm CEO Cristiano Amon on why robotics is the next big thing in AI. And they're not alone in that. This is Bloomberg Tech Deck. Every day, millions of customers engage with AI agents like me. We work round the clock and have the facts at our fingertips. We're fast and effective, but incredibly patient. And we're built on Sierra, the leading AI powered customer experience platform. No hold music, just answers and action. Visit Sierra AI to learn more. That's Sierra AI. These days it seems like AI agents are just about everywhere you turn every field and every function. But without identity, you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, with Okta you'll turn risk into opportunity. Secure every agen, secure any agent. Okta secures AI. Small businesses are the pulse of every community. They bring people together, create opportunities and drive growth With a widespread presence in communities across the country. Chase for Business supports small business owners at a local level that makes it possible for you to connect, learn from each other and grow together. There's a real commitment to seeing small businesses succeed. The Chase for Business team has knowledge and expertise that span a wide range of financial areas. They can help you make more informed decisions as you navigate the complexities of running your business. They'll help your business grow with individual guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more@chase.com business chase for business Make More of what's Yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JP Morgan Chase & Co. Robotics is the next big opportunity in AI. That's according to Qualcomm CEO Cristiano Amon. Carrie sat down with him here at CES in Las Vegas yesterday. Listen to this. Yes. Look, we're incredibly excited about this is a new chapter, I think of the Qualcomm expansion and diversification. I think we're going to robotics. We like robotics a lot because by definition is an edge AI problem to solve, no different than what we did in automotive. You cannot put a server in a robot. You need battery life, you need a lot of integration of sensors and physical AI is a massive opportunity and it's an edge opportunity. So as we look at this transition of Qualcomm into new industry, we went to automotive, of to PC to industrial to data center. Now robotics is this next opportunity. We actually have a number of robots here at our booth at CES demonstrating training humanoids industrial. I think we started the year working with some, you know, great companies German Kuka figure AI and I think it's going to be a great opportunity and robotics mix, it's perfect for you to have high performance computing and low power connectivity is an edge AI problem. And I think it's going to be the next big wave of AI, physical AI. How soon is that reality? Already we have robots in manufacturing and industrials, but how soon is it fully autonomous robots? How soon do we start to have the humanoid versions in our houses? Look, I the way the way we think about this is is things that you you didn't were possible to do with a robot. You can do it right now using AI. I think industrial robot is the big largest opportunity that we see in front of us and it's probably starting as early as 2026 when you train, use AI to train a robot on one given task. It's, it's a very well defined problem and you can do this and you put into production consumer robot, the one that is going to be in your house and do everything for you. It's going to take a little bit of time, but it's going to happen and it's going to be a big opportunity. I like to do this parallel with what we saw with automotive. When we start talking about autonomous cars, a lot of companies went in and said, we're just going to get this full autonomous robo taxi. But until you get there, you can do assisted driving to every car on the road, assuming that the driver is there to pick it up. And we've seen ADAS Level 2, Level 3, Highway Autopilot. Highway autopilot. That's what we're doing. I think the same parallel applies to robotics. First, you have a lot of enterprise in the industrial applications. We see companies, for example, in retail at night, robot, go to the aisles of the supermarket and restock the shelves. Something very simple. That opportunity is happening right now. Over time, we're going to have the domestic robot that will do everything for you. Qualcomm CEO Cristiano, I'm on that, trying to be a little bit more realistic about how soon we're going to have humanoid robots in our homes. But robotics is one of the key themes that everywhere here in CBS right now, Bloomberg, Sam Kelly, she's been tracking them on the shop floor, shall we call it? And Sam, I mean, everywhere you look, there's a humanoid. Is that your vibe? And is everyone taking that form factor? Yeah, it's so funny. Yesterday I was walking around, I saw one playing ping pong, one made me a latte. There was a chess robot, you know, and some of them are on the enterprise side too, showing what it could be like on the assembly line. But yeah, humanoids in particular are really big. This year we saw during a keynote, LG had its Cloyd robot come out folding laundry, lots of laundry, folding robots as well. And I think it shows. One thing that's really interesting is before a lot of these were in controlled experiments. Of course that's still happening. But companies are now coming out and doing more live demos, which shows a little bit more confidence, a lot of growth. Also, we've seen some challenges around hand, finger movements. Legs is another challenge. So certainly challenges ahead. Dexterity. I mean, when we were speaking to Jensen Huang yesterday, you know, he labels this the chat GPT moment for robotics. Right. But there are still challenges. Oh yeah. Is there any acknowledgment here on the showroom floor that, that we aren't going to see these robots in our homes tomorrow necessarily? I mean, I think we can see that just by sometimes looking at a demo and it might take a while or even with lg, the robot was doing the laundry, but it took a long time. It was a little painfully slow. So we're certainly not there yet. And also just to have it in the home. You have cluttered homes. Homes are unpredictable. You have to be really careful, especially with humanoids with legs, you don't want them falling. So we are certainly very. This is not happening anytime too soon. And that's what this is about out. This is about pushing forward the innovation, thinking what's coming in the next decade, maybe not the next 10 months. But what are you seeing in terms of health and wellness? Because I'm hearing a lot about robots, perhaps therefore mental health or caring for the elderly. But you're seeing a lot of other areas where health and wellness is. Yeah, exactly. Different form factors. So we're all familiar with the smart watches and the smart rings, of course. But now yesterday I saw a toothbrush that predicts signs of, of longevity. Whether you might be more likely to get a certain type of disease or kidney issues from a toothbrush because of saliva is actually a little bit more of a predictor than just like the skin. Yes. So different form factors like that. I saw a longevity mirror that analyzed my blood flow to predict maybe perhaps signs of either hypertension down the line or other heart health, things like that. Also a smart night guard. So people who grind their teeth at night. In addition, it'll like nudge you so you stop doing that. But it also, again with the saliva, sleep in your sleep. And it'll predict issues, long term issues with your health, but also it'll tell you how well you're sleeping, sleep tracking, sleep apnea, things like that. So different types of health. It's coming into different form factors super quick. You've been to many. Cesar. Yeah, the vibe relative to prior years. Yeah, it feels like exciting, you know, to the point of like a chat GPT moment. People are really excited to be here and show off different new things. And I think there's, you know, who knows what, you know, this is a testing ground. Who knows what really is going to happen. But there's definitely a level of excitement. Check out what Sam's been writing about on bloomberg.com. right. Cara? Yeah. You're going to have a big conversation later. It's all going to be about, about health, wellness, aura, and particularly about what, well, how this goes in sync with the fda. Right. Think about how Tom Hale or a CEO, the ring wearable. I'm not an aura wearer. But you know, right now they have a lot of questions about how they go beyond particularly a female user base. All to come. Bloom Kelly, thank you. Coming up, we've got a big conversation with Mobilize CEO Amnon Shashua of the acquisition of a robotics company, Mentee. It is half time. We are in Las Vegas. This is. Stay with us, this is Bloomberg Tech. Welcome back to Bloomberg Tech, a very special edition live in Las Vegas for cbs. Let's take a look at these markets because look, we are being ruled to a certain extent by fresh geopolitical tension, but not the NASDAQ 100. We remain in gains up a quarter of a percentage point. Yes, there's all eyes on memory makers. Yes, there's all eyes on Nvidia and AMD post some of their announcements. But we want to put all our eyes on one particular stock right now because mobileye yesterday had a pretty key announcement, a new deal, a deal to the tune of $900 million combining cash mobilized shares to buy Mentee Robotics. And the deal is expected to be closing in the first quarter of 2026. We're still in gains up 3, 10% but we're significantly off of our highs. As the market digests what this deal really means. We've got the perfect person to be asking what it means. Amnon Shashu is here with us. Mobileye CEO, it is wonderful to have some time with you, sir. Wonderful to be with you, Caroline and Ed. Why is it right for you to go from autonomous driving into the world of robotics? But mobileye is an AI company in the field of autonomous driving. Driving assist, the full spectrum of computer vision and AI to control cars and humanoid robotics has been recognized in the past two or three years as a complementary domain. And mobileye wants to. It's not only another growth engine, but from a technological point of view, if you are an actor in this area of physical AI, you want to then extend it to the full scope of physically. And I believe that robotics, humanoids, they have a great future. Now, maybe it's a long term play that's not, you know, a year from now, but I believe it has a significant, exciting future. And for Mobileye, there's synergetic areas in, in infrastructure In AI and software, in AI talents. So for mobileye this, this is a great move. I mean of course in many ways people say, you know, think that because you helped found Mentee, your son's work at Mentee help me get comfortable with that because many have thrown such accusations Elon Musk's way sometimes previous acquisitions and not liked it. Well, it's called the related party transaction has been done in the past and will be done in the future. And there are ways to, to handle it like being recused from decision, which I did and so forth. And you know, my son has a 0.00001%. He's just an employee, so it's not a big deal. You know, he graduated from computer science and he wanted to do some, some work and go work for a company that is very, very strong in AI, working on the future of physical AI. So it makes sense. But you know, that is really immaterial. The material part is the scope of AI. You know, physically includes humanoids, includes autonomous driving and it makes a lot, a lot of sense. Mobileye over the years was always looking for a new growth engine, right? For example, take computer vision and apply it maybe to security areas in cameras and so forth. But we never found something that really clicked, found something that has significant moats, that has a significant TAM and and humanoids is becoming that click is becoming this area where you can grow. And I've been talking for years about, you know, mobilize existing footprint and then it's go to market in the future. What's the go to market for Mentee? Well, we see the go to market in two phases. The first phase is structured environments like warehouses, assembly plants, retail, where the number of tasks are finite, are also understood in advance. What are the tasks that the customer is interested? A customer will buy a fleet of robots, not just one robot and you can customize per, per customer. That I think based on PoC is that the mentee has been doing. If you look at the demonstration that I've been showing, like robots picking boxes, moving them from place into place, you essentially just some the hardware a seller robot either sell or LISA robot. We believe that the manufacturing costs in a reasonable volume of tens of thousands of robots would be $20,000. So this gives a lot of flexibility in a business model. So this is phase one. We believe it will start in 2028. Phase two is unstructured environments like home use that is much more complicated because a t tasks are open ended. You need to continuously learn. So it's not that you can prepare yourself to all the possible tasks in a home, in a home use. So you need new technology. So it's not the same technology you use for structured environments. And this is one of the things that I showed in my keynote. A technology that mentee, and this is why mentee is called Mentee from mentoring. The robot is watching, passively watching a human showing a new type of task. And the video goes up to the cloud. In the cloud there's a foundation model that takes the video, moves it into a simulator, trains over the simulator. Today it's few hours. In the future a few minutes goes back to the robot and the robots perform the task. Let's go back to your core business, Amazon. This week Nvidia showed us a full stack solution for autonomous driving. You know, they make arguments that their software and hardware competencies opportunities will make them win. Your evaluation of what they're offering against what you plan to do cost per mile basis, how worried you are. I'm not worried. Competition I believe is always good. It kind of ignites the market. In my keynote I had Christian Zenger, the CEO of Volkswagen Autonomous Cars, chairman of Moya, come to the stage and talk about 100,000 vehicles in the next eight years. 100,000 robotaxis in the next eight years. Talked about that. We are almost there in removing the driver. Going driverless in Q3. Yeah, but are they using mobile? Yeah, of course. Ironclad. Ironclad. This is, this is a mobile. There are 100 ID bus vehicles in multiple locales. All of them is mobile. Mobileye stack. And we are really on the way of removing the driver and a very cost effective solution. Our sensor set is, you know, 10, $10,000, $12,000 compute is is very, very cost cost optimized. Mobilized chips are 110 of the cost of competing chips. We developed our imaging radars which are the best on the planet, those imaging radars. So I feel very confident that we are on our way to a new growth engine with the robotaxis. You're striking deals. We understand there's a US automaker that you struck a deal with 9 million cars for safety software. Okay, US automaker, there are three, four now pick one. But, but I think that this 9 million units is, is, is a big news because we're talking about the evolution of a US So ADAS today is a front facing camera. Maybe you have a front facing radar. This 9 million units is called surround ADAS. You are taking a front facing camera for parking cameras, multiple radars, a very strong value Proposition to to the customer and it replaces multiple issues in the car. Replaces the ECU for parking, ECU for driving monitoring system, hands free driving on highways safety functions for the next five years. So this is the evolution of ADAS and it's high volume. We have two customers in the past year, Volkswagen and this U.S. customer. 19 million units. This is big 21. We're hearing that Nvidia, Mr. Huang is quite interested in another one of your companies. He's here this week. What can you tell us about how talks are going? Did you manage to speak to Jensen while he here? You know, the Israeli press is not as tight as the US press. So don't believe anything you read in the Israeli press. And no talks with Nvidia? No, that talks are talks of the video, talks with others. But no, it's nothing even close to talking about it in the press. How do you think mobile investors would feel about an acquisition of AI21 by another player? It has nothing to do. 21 is working on foundation models and you know, agents has nothing to do with activity of mobileye. Activity of mentees. Mobileye is physical AI. You're a busy man. You're a busy man and a busy man. Yeah. For the time here at CBS Las Vegas, Amnon Shashua, mobileye CEO. Thank you very much. Coming up, we have a whole lot more. We speak with the Quick Play CEO Paul Pasta. As Warner Bros. Says, Paramount's amended offer remains quite, quote, inadequate. This is Bloomberg Tech. These days it seems like AI agents are just about everywhere you turn, every field and every function. But without identity, you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, with Okta you'll turn risk into opportunity. Secure every agent. Secure any agent. Okta secures AI. Small businesses are the pulse of every community. They bring people together, create opportunities and drive growth. With a widespread presence in communities across the country, Chase for Business supports small business owners at a local level. That makes it possible for you to connect, learn from each other and grow together. There's a real commitment to seeing small businesses succeed. The Chase for Business team has knowledge and expertise that span a wide range of financial areas. They can help you make more informed decisions as you navigate the complexities of running your business. They'll help your business grow with individual guidance and convenient digital tools. All in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more@chase.com business chase for business make more of what's Yours the Chase Mobile App is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase & Co. This podcast is brought to you by WISE, the app for international people using Money around the globe. When it comes to sending money abroad, many providers claim to offer free fees and competitive rates. But don't be fooled, this can be code for inflated exchange rates. With the WISE account, you can send, spend and receive money in over 40 currencies without ever having to worry about hidden fees. Sending pounds across the pond. Most transfers arrive in 20 seconds or less. Spending reals in Rio. 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There's a lot in the sort of structure of the deal that the the Warner Brothers Discovery Board points out. A lot of it has to do with the debt load of the Paramount deal. Certainly there's something interesting in it that I wanted to pick up out, which is we don't agree how valuable cable networks are. So the street and the investors would say actually they're much more valuable than you're giving them credit for. Paramount Skydance would say in our $30 a share offer, we don't think they're valuable. Therefore the $30 a share offer is a great premium because we want the whole thing. How do we value those networks? Gosh is another great question. I mean, it really is a difficult thing to manage at this moment. We're talking about a really big shift in the ecosystem, right? We've had these traditional channels around broadcast cable that have been almost cash cows for these Businesses for a long time, then the shift of streaming and the ability to build those businesses with lower margins. Right. But now we're seeing with price increases, advertising dollars moving in, that it's actually a great value. And now a huge shift into this creator economy and thinking about shortcore content. And then you have to evaluate those assets again against the. Those big shifts in the ecosystem. They still have value, they still spin off cash, they still can be the home for reach and advertising. But the real value has shifted. The advertising dollars have shifted in a new direction. I'm going to remind our audience of the state of play because in a deal like this, you get some fatigue. But Netflix is basically saying, we want the streaming business in the studios will spin out the legacy networks. Paramount, Skydance wants the whole enchilada in your mind which result would make most sense for the consumer, you know, and what they would actually use those platforms for. Sure. Well, listen, I think that there's absolute value for the consumer and for the shareholders most certainly in a Netflix Warner Brothers combination. Right. You have superior storytelling capabilities coming from the HBO Max and, and the Warner legacy in their and their entire library, coupled with what is superior tech. Netflix has led the industry in personalization, in driving new features. Right. And algorithms. That combination is certainly unique. Now, does that mean that's the best consumer? I don't know. Does the storytelling capabilities that are combined with Paramount coupled with Warner deliver more value into the ecosystem in general and for consumers overall who get great enjoyment out of those stories? That's. That's a difficult equation to value. But I can most certainly see there's value in the greatest tech and greatest storytellers coming together. What perhaps that isn't value for. For consumers right now, now is three companies getting caught up in a lot of admin and fighting and regulatory discussions rather than focusing on the business and innovating. How much is that a risk? This, I think this is the biggest risk of any big transaction in M and A activity. Right. The focus becomes how do these companies potentially come together. Everybody internally thinks about what is my role in this transition. And no one's focused on the fact that they're competing with an ecosystem that is evolving around them. Right. We saw that social media platforms are taking over not only viewership, but total ad dollars. This year there is a huge shift into the creator economy. And if you're just focused on how do we put these two companies together versus the competition that is outpacing you with TikTok and YouTube and others, you're going to Be further behind by the time you complete this transaction. And we haven't even discussed yet. And you think about the big deal that was announced between Sora so Disney and Open Air, the tail end of last year, year. What is my viewing experience going to be like going forward when I turn on Disney plus? What does it look like as a screen? So I think this is going to be the biggest piece of innovation we see in 2026. So AI for the last year has been about doing discrete projects. How do I create a vertical video, how do I think about leveraging it to help improve the algorithm? But what we've really got to be focusing on today, right, Is how do we think about the entire ecosystem system? I'm playing in multiple universes. What is that consumer experience like? I believe this year instead of when you download the app and you hit a wall, it says pay now. You'll see in the future people pushing short form content as a way to discover a way to engage consumers, a new way to engage a conversation. That data from there begins to inform how I get a cold start. So how do I, when I first go into that experience, how is it customized for me? Right. How do I ensure that I'm going to be able to retain that consumer? Then all those interactions over time also become part of this greater ecosystem that says now I know what to serve you, how to engage you, how to retain you and how to reach you on other platforms. And that's really when we begin to think about the value of what I can deliver when it's managed as an ecosystem. We've, we've talked a lot about chips and robots and consumer gadgets. I think it'd be really helpful to give your kind of media and entertainment experience what it's been like. Like it see us very conscious. A lot of the advertisers are here very conscious that actually the mode in which you consume that content is on display. What has it been like for you? Yes, for us, as discussed a little bit earlier, it used to be very discrete investments that we were seeing across the spectrum. I think today people are thinking about how do I look at AI as foundational to the way I operate with my technology and with my consumers. And that's the big shift, I think in the mindset. And now they're coming to us and looking at for solutions that scale at huge enterprise across multiple ecosystems. That's been the big shift for us. We probably should have done this at the start, for which I apologize. But just what is quick play? Yeah, yeah, give Us the Quick Play some. Absolutely. So we are a company that basically builds out white label OTT services. So over the top television services, all the back end, everything from ingest to the time it ends up on your device and where we have pivoted right is how to actually enable that through AI. How do you leverage those AI AI tools to ensure not only can I create short format, a long form, respond to social signals that are happening in the universe to be able to say hey, there's a conversation happening around bad bunny appearing on snl. How do we participate in that conversation with our content to drive new engagement, to drive new retention strategies, to drive new acquisition strategies. But we're also thinking about that entire data fabric to create those experiences that are hyper personalized. Okay. Pasta, great speaking with you Quick Play Chief Business Officer on all things media and tech. But coming up we're going to bring you part of our conversation with the General Catalyst CEO Tanaja and how he sees AI impacting the consumer experience. That's next. This is Bloomberg Tech. Valuations tricky topics. So says General Catalyst CEO Hamilton Asia. That's one way that he put it. We sit down with him here at CBS to discuss his views on valuations and whether it's all hype or not and some potential IPOs down the line. Take a listen. Valuations are a tricky topic and I feel like they always prove to be right. Wrong in hindsight. But if you break down the kinds of companies that get funded today, there's a ton of dollars going into a handful of big research projects there devaluation. Your guess is as good as mine. It really is about, you know, ownership. That's enough to incentivize the teams because the research projects, you don't know when they're going to become businesses or if they're going to become businesses. And then there's companies where their real use cases, applied AI use cases there. The valuations sound extraordinary at the moment, but the progress happens so fast in some of these companies that they grow into in fact fast as well. So I think it's a nuanced dynamic. And what's, what's the thing that is confusing for me a lot of times when I look at these companies that are growing is not about are we pricing it right in the context of their revenue or their revenue growth but much more about are they going to be around are the models going to be smart enough to do a lot of what some of these companies are doing and just do it themselves or are there applied which applied companies will Be durable on top of the LLM innovation that's going on point Anthropic, you're in that. Durable. Yes, yes. Look, first of all, Anthropic is, you know, I have a lot of respect for Daria, what is accomplished and the team there. It's durable. They've built a great set of models. They've been very capital efficient. And the thing that's interesting is they also have an amazing set of use cases on top that are taking hold. So it's not just the model. Companies also apply to AI, right, Claude? It's, it's really redefining the engineering department department. And just think about the size of that market, the amount you spend on tools and engineers to be able to build products and you know, the amount of progress is like Silicon Valley companies now code self rights for most of what they do. I think it's a real transformation with clouds really enabled. I know you're very passionate about the democratization of access to some of these companies. Look, Anthropic might go public. Is that should it be going public sooner? Should the next round be one that comes to the masses rather than perhaps going to let another venture or another crossover round where they remain private? Yeah, look, I think the company has to decide that. But do they have the size and scale to go public in the next 12 to 18 months? I think they certainly can. I think there's going to be a variety of factors they'll have to weigh in to decide, you know, when they think it makes sense to be public, when they're predictable enough. Because so much has changed, changing in the market itself and the dynamics. It's actually hard to predict growth. When we invested in Anthropic, we modeled a certain amount of growth. The company grew three times faster than that. So, you know, we look good in hindsight, but we thought we were just doing a reasonable and in my opinion reasonably expensive pricing for that round. Ended up being, you know, we would look, look great in hindsight. So it's hard to predict, you know, how these companies are going to scale for a little bit longer. That was general catalyst CEO him on teenager. Speaking of IPOs, Discord filed confidentially for an IPO according to our sources, adding to a rapidly growing pipeline of venture capital back tech listings. Carrie, you broke the story with our mate Bailey Lipschultz. The details are important, right? Like Discord, it's a platform that I've used. But what do we need to know? Yeah, because you're a gamer and it started a decade ago and it's really a gaming chat platform that's morphed into much more than that. It's got 200 million users on average on a monthly basis. They have an interesting executive leadership reshuffle of last year. They've now got an Activision Blizzard alumni as the CEO, someone who worked at King, someone who can really steer the monetization part of the business now because as Citroen, the co founder has gone over to the board level. But this really does build to this kind of fire feeling of IPO pipeline. We've got motive waiting in their wings. We understand there's plenty others, the smaller nature. But we're talking about anthropic. We're talking about maybe interesting. They're like, like they have Goldman and JP Morgan working on it. You understand, right? Yeah. But last year was better for IPOs in tech than 2024 was. $15 billion was raised on US exchanges. That was four times the amount that was raised in 2024. So can we still tack into basically a higher valuation point and S&P 500 near a record high. People want to see these companies come, but we've got to work out out what valuations they come out. This is a company that raised at about 15 billion in 2021. 2021 was a very nice year for valuations and a lot of companies are having to swallow some. Think of Figma. In many ways it managed to have a blockbuster ipo, but still it was always being marked into previous rounds versus public. Right. That does it for this edition of Bloomberg Tech. Tomorrow we've got so many other guests coming on cbs. Let's talk about them kin adventures. Joby Aviation is going to be joining us and Jacob Helberg. I course a little bit of government perspective. It's fun to be in Vegas. Recap. There is a lot to recap. Do it on the pod. You know where to find it. We keep going. This is Bloomberg Tech. These days it seems like AI agents are just about everywhere you turn. Every field and every function. But without identity, you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single single user or your entire enterprise, with Okta you'll turn risk into opportunity. Secure every agent, secure any agent. Okta secures AI. Here's a paradox. We buy insurance for peace of mind. 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