Bloomberg Tech Podcast Summary – September 25, 2025
Episode Title: Intel Approaches Apple About Investment
Hosts: Caroline Hyde (New York) & Ed Ludlow (San Francisco)
Key Guests: Ryan Gold (Bloomberg Deals Team), Joanne Feeney (Advisors Capital Management), Tom O’Malley (Barclays), Alexa von Tobel (Inspired Capital)
Episode Overview
This episode delivers breaking news on Intel's approach to Apple for possible investment and deeper collaboration, explores the massive investments shaping the future of AI chips and data centers, covers a quantum computing breakthrough, and highlights broader geopolitical and regulatory developments impacting tech companies. Listeners also get expert investor perspectives on semiconductor strategies and insights into the evolving AI and quantum computing landscapes.
Key Discussion Points & Insights
1. Intel Seeks Apple Investment and Partnership
Timestamps: 01:43–06:36
- Intel’s Approach: Intel is in early-stage discussions with Apple, exploring investment opportunities and possible closer working relations, especially in chip manufacturing and packaging. (E, 02:42)
- Strategic Context:
- Intel is proactively seeking major customers for its US-based chip foundry business.
- Apple, with its new $600 billion, four-year US investment pledge (including $2.5 billion to Corning), is under pressure to "onshore" its supply chain, especially amid rising US-China geopolitical tensions. (E, 04:45)
- Industry Background:
- The companies have a long, sometimes fraught, history. Apple moved away from Intel silicon in 2019 due to performance concerns.
- US government recently took a 10% stake in Intel, indicative of the national security imperative around domestic chip manufacturing.
Notable Quotes
- “Intel, which is now 10% owned by the US government, is looking to make a comeback... Intel has approached Apple about the iPhone maker investing in it and held early talks on how the US tech firms could work more closely together.” – Ed Ludlow (E) [02:42]
- “Intel is being quite proactive, especially since the United States government took a stake of 10% in an unprecedented move a few weeks ago.” – Ryan Gold (Reporter, paraphrased by E) [03:56]
2. Expert and Investor Perspectives on Semiconductors
Timestamps: 06:36–16:57
Intel’s Prospects and US Chip Policy
- Joanne Feeney (Advisors Capital Management):
- US government support is “changing the game” for Intel, but innovation and engineering execution remain key challenges. (D, 06:53)
- Customer involvement from Apple and Nvidia will drive investor interest, but a lot of optimism is already priced into Intel’s stock.
- Strategic Industry Shifts:
- Geopolitical risk around TSMC (Taiwan) is pushing customers to look for US alternatives, but catching up technologically will take years.
- The new model is “don’t build fabs and wait for customers; bring customers in early and then build.” (A, 08:50)
- AI Chip Landscape:
- The rapid expansion in AI compute needs means Nvidia, AMD, and Broadcom are all well positioned, with potential for market share shifts as investments skyrocket and custom ASICs proliferate.
Notable Quotes
- “No amount of government investment is going to make their engineers smarter... you have to work with your manufacturer, because the design details depend on the manufacturing recipe.” – Joanne Feeney (D) [06:53, 09:23]
3. Nvidia’s Position in AI and Data Center Expansion
Timestamps: 13:55–16:57; 30:43–38:43
- Barclays Analyst Tom O’Malley:
- AI computing investments have reached $2T since late 2024, with Nvidia’s addressable market possibly hitting $1.5T.
- Nvidia’s investments in partners like OpenAI and European startups (N Scale) position it as a continuing ecosystem leader.
- Potential “bubble” signals exist, but returns (ROI) from cloud/hyperscaler projects remain strong.
- General-purpose silicon still dominates, but companies like Broadcom and custom ASIC makers are growing quickly.
Notable Quotes
- “Jensen [Huang, Nvidia CEO] is in founder mode here... creating an ecosystem. Where should Nvidia invest their money? I think buying back stock now would be one option. But Jensen’s looking to create an ecosystem.” – Tom O’Malley (C) [32:24]
- “As Joanne was saying before, it’s smart to be invested across these names... General purpose silicon still represents greater than 90% of the market.” – Tom O’Malley (C) [37:54]
4. Quantum Computing Breakthrough & Investment Opportunities
Timestamps: 41:33–48:27
- Highlight:
- HSBC announces a world-first by using IBM’s Heron quantum processor to improve bond price prediction.
- Venture View (Alexa von Tobel, Inspired Capital):
- Quantum is “the next wave after AI,” with profound implications for finance, pharmaceuticals, and infrastructure.
- Quantum computing business models will likely center on ‘compute leasing’ and potentially sharing IP or revenue streams derived from quantum-enabled breakthroughs.
- Getting to 10,000–100,000 scalable qubits is the industry’s immediate hardware goal.
Notable Quotes
- “The potential is profound. Once and if we build these quantum computers... [they] will change the world.” – Alexa von Tobel (G) [42:13]
- “Whoever builds the first quantum computer almost overnight could become Pfizer, because the compute of what’s possible in pharmaceuticals could be that profound.” – Alexa von Tobel (G) [44:10]
5. Physical AI: The Next Inflection Point
Timestamps: 45:02–48:27
- “Physical AI” is about smart devices interacting with physical infrastructure (e.g., sensor stickers on utility poles/pipelines), moving maintenance from reactive to predictive.
- Von Tobel highlights portfolio companies like Bright Eye (IoT for utilities and water), TC Labs (energy efficiency), and Three Swift (forest health monitoring).
Notable Quotes
- “For us, what physical AI means is taking big foundational models... that can interact with things like sensors and robotics and create smart devices everywhere in our physical world.” – Alexa von Tobel (G) [45:17]
6. Other Noteworthy Segments
- Amazon’s $2.5B FTC Settlement:
- Amazon agrees to $1B in civil penalties, $1.5B in refunds over misleading Prime subscription processes. (E, 26:12)
- Major Data Center Funding:
- N Scale raises $1.1B in Europe for data center growth, aiming to deploy 300,000 Nvidia GPUs. (C, 27:23)
- Macro Trends:
- AI infrastructure investments topping $4T by 2030 (Alibaba forecast).
- Ongoing US government involvement in tech stocks is reshaping investment research due to unpredictability and the scale of impact. (D, 13:14)
Timestamps for Important Segments
| Timestamp | Segment/Topic | |-------------|--------------------------------------------------------| | 01:43–06:36 | Intel approaches Apple; context on US chip policy | | 06:36–16:57 | Investor/analyst roundtable, government vs. innovation | | 30:43–38:43 | Nvidia/AI/data center valuations & ecosystem | | 41:33–48:27 | Quantum computing in finance & “physical AI” | | 26:12 | Amazon FTC settlement | | 27:23 | N Scale datacenter funding |
Memorable Quotes
- “Intel is being quite proactive, especially since the United States government took a stake of 10% in an unprecedented move...” – Ryan Gold [03:56]
- “No amount of government investment is going to make their engineers smarter or necessarily speed up innovation.” – Joanne Feeney [06:53]
- “It’s about onshoring as much as it is about anything else.” – Ed Ludlow [04:45]
- “Whoever builds the first quantum computer almost overnight could become Pfizer... it gives you a sense of the shift.” – Alexa von Tobel [44:10]
- “Jensen [Huang, Nvidia CEO] is in founder mode here... looking to create an ecosystem...” – Tom O’Malley [32:24]
Thematic Takeaways
- US Tech Sovereignty: National security and economic interests are driving unprecedented government action in the chip industry.
- AI and Quantum as Frontiers: Explosive investment and collaboration (often circular) are reshaping the competitive landscape.
- Investing in Innovation: Despite “hyped” valuations, experts counsel diversification across established and emerging chipmakers.
- Physical AI and Infrastructure: Real-world applications of AI/IoT/quantum are expanding, with tangible benefits for energy, utilities, and the environment.
For listeners wanting a concise yet deep dive, this episode gives a front-row seat to global tech strategy debates, AI/quantum leaps, and evolving investment strategies in the era of government-industry fusion.