Bloomberg Tech – Episode Summary

Podcast: Bloomberg Tech
Episode: Dell Raises AI Server Sales Outlook While HP Cuts Jobs
Date: November 26, 2025

Episode Overview

This episode centers on several key developments in the technology and business landscape:

• Dell’s raised outlook and growing profit focus for AI server shipments,
• HP’s announcement of significant job cuts amidst increased AI adoption,
• Threats to Nvidia’s AI chip dominance from Alphabet/Google and custom silicon,
• Tech market trends, valuations, and the alleged "AI bubble,"
• Looming threats to the US power grid due to AI-driven energy demand,
• Regulatory and business shakeups in music AI and media/streaming,
• The rise of AI use in food safety and allergy tracking in restaurants.

Key Discussion Points and Insights

1. Dell, HP, and the AI Server Market

Guests: Dina Bass (Bloomberg), host Jim Sandback

• HP Job Cuts and AI Integration
  • HP to cut 4,000-6,000 jobs by FY2028 (~10% workforce): The reductions will roll out gradually.
  • Job losses are tied closely to using AI for product development, customer service, and sales.
  • HP has done similar "efficiency plans" previously; this version is more explicitly AI-focused.
  • Despite cuts, HP's profit guidance came in below expectations, due to rising memory prices—not directly the job cuts.
  • Quote: “They are going to use AI tools and models… and that's where you're getting these job cuts.” (Dina Bass, 05:20)
• Dell’s AI Server Business
  • Dell raised its annual outlook for server shipments, fueled by data center demand for GPU-based (AI) servers.
  • Dell’s challenge is balancing strong demand with rising deployment costs, which have pressured profit margins.
  • Recent improvement came from serving a more diverse (and higher-margin) customer set.
• Industry Implications:
  • Rising operating costs for both HP and Dell.
  • The recurring theme: AI drives both demand (Dell) and efficiency/cost-cutting (HP).

2. Nvidia vs. Alphabet/Google: AI Chip Wars

Guests: Ryan Vistellike (Bloomberg), Tim Den (host), Nancy Tangler (Laffer Tangler Investments), Carmen Reinecke (Bloomberg), Angelo Zino (CFRA)

• Nvidia Under Pressure

  • Nvidia’s stock dipped (~3%) on news Google’s TPUs (custom chips for AI) compete with Nvidia’s GPUs.
  • Google's chips, though focused on cloud AI workloads, present a credible challenge, as seen in recent partnerships (e.g., with Anthropic and Meta).
  • The potential for Alphabet to sell these chips more broadly could threaten Nvidia’s dominant market share.
  • Quote: “People are reassessing what our market share is going to look like over the coming years.” (Ryan Vistellike, 18:10)

• Analyst Perspective

  • Most analysts remain bullish on Nvidia; only Jay Goldberg (Seaport) maintains a sell rating and is now "more negative… than a couple of weeks ago."
  • Concerns about sustainability of AI capex, competitive pressure from custom silicon, and long-term chip margins.

• Longer-Term Competition

  • Custom silicon gaining share was expected—"a slow roll," says Zino (01:40:10).
  • Nvidia still predicted to remain dominant, especially with forthcoming GPUs (Rubin, Blackwell).
  • Broadcom also named as a potentially significant beneficiary as custom silicon market expands.

• Nvidia's Moat: Software (CUDA)

  • Nancy Tangler likens CUDA to Apple’s App Store—an ecosystem advantage ensuring stickiness.

  • Losing 1-2% market share won’t undermine massive earnings growth.

    “It's just like Apple and the App Store… If they go from 80% to 79% market share, I can live with that.”
    — Nancy Tangler (28:45)

• Bubble Talk and Comparison to the Dot-Com Era

  • Growth stocks in the 1990s had rising valuations but falling earnings; today's tech giants see earnings grow ~20% per year.
  • Many companies, like Walmart and Raytheon, are successfully integrating AI to drive real productivity and margin expansion.
  • Valuations self-corrected after the October highs; current multiples are more reasonable.

3. US Power Grid Under Strain from AI Data Centers

Guest: Alastair Marsh (Bloomberg ESG reporter)

• Crisis Looms:
  • US power demand was flat for decades, but sudden AI/data center buildouts trigger a surge.
  • Prediction: By 2028, supply may not meet demand, risking use of emergency reserves or vulnerabilities to blackouts.
  • The grid’s aging infrastructure and decade-long upgrade timelines mean crisis can’t be quickly averted.
  • Quote: "You can't fix this in the three year period… [AI] is driving a crunch point." (Alastair Marsh, 01:13:42)
• Comparative Advantage:
  • China may have an edge due to cheaper, more abundant power, impacting US technological competitiveness.
  • Grid enhancement via battery storage, microgrids, etc., suggested as mitigation.

4. Holiday Shopping, Online Scams, and AI

Guest: Theresa Payton (CEO, Fortalist Solutions; former White House CIO)

• Rising Online Frauds:
  • Scams spike during holiday sales as shoppers seek deals and are distracted.
  • AI in Fraud: Scammers use AI to create imposter websites, fake social media accounts, and generate glowing fake reviews.
  • Red Flags for Shoppers:
    • Only accepting non-credit card (e.g., Venmo, Zelle, gift cards) payments.
    • Deals "too good to be true" or unfamiliar URLs.
  • Tools and Defense:
    • Use online site reputation checkers like [Scam Advisor, URLVoid, Trustpilot], and VirusTotal for URLs.
    • Credit cards provide more protection than other payment forms.
    • If scammed, contact your bank, report to FBI and FTC, and use resources like the Identity Theft Resource Center.
  • Quote: “Fraudsters now have AI as a tool at their fingertips… It’s making it very cost effective for them to target you…” (Theresa Payton, 01:08:45)

5. AI and the Future of Work

McKinsey: Recently cut about 200 global tech jobs, analyzing how AI can automate positions, with more cuts possible as adoption rises — reflecting a wider industry trend.

6. Music Copyright, AI, and Industry Partnerships

Guest: Ashley Carmen (Bloomberg)

• Warner Music vs. Suno Settlement:
  • Warner Music settled a copyright case with Suno (AI music generator) and will partner with them.
  • Shift from antagonism to collaboration amid fears of another "Napster moment," as both artists and music companies aim to participate in AI’s opportunities.
  • Artists use AI as a tool, but remain wary of purely machine-generated works taking market share.
  • Streaming’s democratization of distribution means artists must diversify income (touring, merch, superfans), not just rely on recordings.
  • Quote: "This deal is kind of a landmark moment in that entire dialogue." (Ashley Carmen, 01:39:13)

7. Media Industry Consolidation & Antitrust

Guest: Hannah Miller (Bloomberg)

• Warner Bros. Discovery Sale:
  • Bidders: Paramount (wants all assets including cable), Comcast and Netflix (focus on studios/streaming).
  • Regulatory concerns: Combining giants (e.g. Max with Netflix) may raise antitrust issues.
  • CEO David Zaslav’s future role is a question for potential acquirers.

8. AI in Food Safety: Foodini Case Study

Guest: Dylan McDonnell (CEO, Foodini)

• Personal Story Drives Innovation:
  • McDonnell, with celiac disease, founded Foodini to address information gaps and food allergy risks when eating out.
• How AI Assists:
  • Analyzes restaurant menus/recipes, tags for 150+ dietary/allergenic needs, delivers personalized safe menu options for diners.
  • Uses large language models; human dietician QA for edge cases, zero guesses/hallucinations allowed.
• Regulatory Tailwind:
  • California SB68 mandates major chains provide allergen info by July 2026, driving adoption.
• Quote:

  “54% of all allergic reactions in restaurants occur after the staff have been notified… [Current] word of mouth isn’t working.” (Dylan McDonnell, 01:53:30)

Notable Quotes & Timestamps

• Dina Bass on HP and AI Job Cuts: (05:20)
  "They're going to use AI tools and models… and that's where you're getting these job cuts."
• Ryan Vistellike on Nvidia/Alphabet Competition: (18:10)
  “People are reassessing what our market share is going to look like over the coming years.”
• Nancy Tangler on Nvidia’s Moat: (28:45)
  "It's just like Apple and the App Store… If they go from 80% to 79% market share, I can live with that."
• Alastair Marsh on Grid Strain: (01:13:42)
  "You can't fix this in the three year period… [AI] is driving a crunch point."
• Theresa Payton on AI-Driven Scams: (01:08:45)
  “Fraudsters now have AI as a tool at their fingertips… It’s making it very cost effective for them to target you…”
• Ashley Carmen on Music AI: (01:39:13)
  "This deal is kind of a landmark moment in that entire dialogue.”
• Dylan McDonnell on Restaurant Allergy Risks: (01:53:30)
  “54% of all allergic reactions in restaurants occur after the staff have been notified… [Current] word of mouth isn’t working.”

Important Segment Timestamps

| Topic | Time (MM:SS) | |---------------------------------------------|------------------| | HP and Dell earnings & AI job cuts | 05:00–12:00 | | Nvidia, Alphabet & custom chips, analyst view| 13:00–31:00 | | Broader market trends, bubble talk, Walmart | 27:00–38:00 | | US power crisis & AI data center demand | 01:13:00–01:18:00| | Online holiday scams & protection tips | 01:08:00–01:12:00| | Music AI: Warner settles with Suno | 01:39:00–01:42:00| | Warner Bros Discovery asset sale | 01:43:00–01:47:00| | AI and food safety in restaurants | 01:52:00–01:58:00|

Episode Tone and Style

The conversation is fast-paced and direct, with data-driven guests and practical investment analysis. Some sections—especially those summarizing guest opinions (Nancy Tangler, Angelo Zino)—are conversational, blending market expertise with plain-English explanations. When discussing scams or food safety, the tone is accessible and advocates for consumer empowerment.

For Listeners: Key Takeaways

• AI is both a growth and disruption engine across hardware, labor, energy, and consumer fronts.
• Nvidia faces new—but manageable—challenges as custom silicon rises, but its software ecosystem is seen as a strong defense.
• Power infrastructure limitations may become a bottleneck for the next wave of the AI revolution in the US.
• Tech valuations have corrected from frothier levels and are now considered more attractive by some analysts.
• AI enables both new risks (scam sophistication, job losses) and solutions (restaurant safety, business efficiency).
• The music business is adapting to AI not with antagonism but through cautious collaboration.