Intel Taps AI Boom as Apple Faces Doubts

Summary

Bloomberg Tech – "Intel Taps AI Boom as Apple Faces Doubts"

Date: August 10, 2026
Host: Ed Ludlow

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Episode Overview

This packed episode of Bloomberg Tech revolves around pivotal shifts in the global technology landscape, focusing on Intel’s bold $15 billion equity raise to fund its AI chip ambitions, Apple’s rare downgrade over supply chain woes and cancelled product launches, Microsoft's rapid AI adoption within corporate workflows, and updates from the global AI race, venture capital, and entertainment’s box office resurgence. The show features deep dives with industry analysts, investment managers, and top executives, offering listeners real-time strategic insights into how innovation, market sentiment, and AI are shaping the future of tech and business.

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Intel’s $15 Billion Equity Raise: Betting Big on AI

[01:58-05:17]

Key Discussion Points

• Intel’s Plan: Intel is headed back to public markets for the first time since 1971, aiming to raise $15 billion (up to $17.25 billion) to fund new semiconductor factories and pursue growth in the AI chip market.
• Strategic Context: While $15 billion is significant, it's only part of the massive capital needed to catch up with competitors like Nvidia and AMD in both production capacity and technical leadership.
• Market Reaction: Investors are wary of share dilution; Intel stock fell 4% in the session, although it's up 165% year-to-date thanks to progress in cleaning up balance sheets and recent investor enthusiasm.
• CapEx Focus: Intel’s capital expenditures are higher than expected, with the company building shell factories awaiting future orders from major external customers, potentially Apple or Nvidia.

Memorable Quotes

"If you think about it in terms of what Intel has to achieve... it's not actually that large an amount of money in the grand scheme of things."
— Intel Analyst [03:01]

"Under Bhutani's predecessor, they built what are called shells... but they didn't do the really expensive part, which is buy the equipment and put it in there."
— Intel Analyst [04:29]

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Apple Faces Doubts: Downgrade and Product Roadmap Hurdles

[05:17–11:02]

Key Discussion Points

• Apple Downgrade: Jefferies cuts Apple to underperform, citing concerns about the cancelled "all-glass" iPhone (dubbed “glasswing”) that was slated for a 2027 launch but reportedly scrapped due to low production yields.
• Supply Chain Shifts: AI companies now dominate supplier priority for advanced chips and memory, pushing Apple down the pecking order for crucial components (TSMC, Samsung, SK Hynix).
• Pricing Pressure: Apple's ability to sustain high average selling prices (ASPs) is being squeezed by rising memory costs and limited access to leading-edge chip supply.
• Leadership Transition: Tim Cook is set to step down in September, succeeded by John Turner, adding to uncertainty regarding supply chain adaptation and product innovation.

Notable Quotes

"The entire iPhone is actually wrapped in glass... no physical buttons, all replaced by haptics. This is going to be a beautiful looking iPhone that will be marketed as [the] 20th anniversary model."
— Edison Lee, Jefferies analyst [06:05]

"AI has taken over as the king in the supply chain. Apple is no longer the king in the supply chain anymore as the biggest customer."
— Edison Lee [07:36]

"Will Apple secure enough supply of chips, enough memory at the right price at the right time? That's going to be a big challenge."
— Edison Lee [08:52]

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The Global AI Race: U.S. vs China and the Capital Arms Race

[12:25–18:13]

Key Discussion Points

• Chinese Capital Markets Surge: China’s chip IPO (cxmt) raised $9.8B with shares soaring, signaling Beijing’s increased ability to fund AI growth domestically, even if its overall markets are still far smaller than the U.S.
• Venture Views: Baillie Gifford’s Paulina McPadden stresses that, while China has innovation power and scale (BYD, Pinduoduo, Tencent among key investments), global semiconductor leaders like TSMC, SK Hynix, and ASML maintain formidable, hard-to-replicate advantages.
• Long-term Investing: In AI and tech, McPadden urges patience, highlighting that true success takes decades, not quarters.

Memorable Quotes

"TSMC in particular has created effectively a monopoly at the leading edge of chips. That's going to be very difficult to disrupt... there's so much inherent process knowledge TSMC has built up over decades."
— Paulina McPadden [16:39]

"Markets have never been faster or noisier... Being able to take that step back and focus on the fundamental attributes of a company... those are the kinds of businesses that are going to grow well in the long term."
— Paulina McPadden [15:20]

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AI in Action: Shopify and Mercado Libre Case Studies

[18:13–20:06]

Key Discussion Points

• Shopify: Utilizing AI to boost conversions and simplify the shopping journey, especially as autonomous agents mediate more transactions. Catalog data is showing 2x higher conversion when agents are involved.
• Mercado Libre: Aggressive user growth strategy combined with investment in internal AI speeds code deployment by 75% while lowering errors, reflecting how tech investments directly impact operational excellence.

Notable Quote

"When agents are involved...[Shopify sees] two times higher conversion on orders than simply scraping website data."
— Paulina McPadden [18:13]

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GameStop & eBay: M&A Drama

[23:18–26:21]

Key Discussion Points

• Deal Uncertainty: GameStop CEO Ryan Cohen may withdraw a $56B eBay takeover bid, perhaps shifting to a strategic partnership or joint venture instead.
• Market Reaction: GameStop flat, eBay down 3%; investors seem unimpressed as upside optionality for eBay diminishes.

Notable Moment

"If you're going to announce to the world a $56 billion deal, you should make sure you have $56 billion first."
— Spencer Soper [24:54]

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Meta Bet on Open AI Models

[28:46–30:45]

Key Discussion Points

• Museum Glimmer Release: Meta launches a 30B parameter downloadable AI model for personal computers and reaffirms the open-source strategy (descendants of Llama).
• Open Access Philosophy: CEO Mark Zuckerberg criticizes closed AI, urges models to be widely accessible, challenging rivals’ approaches.
• Community Impact: $1B fund announced for communities near Meta’s new data centers, acknowledging local disruption and seeking goodwill.

Notable Quote

"Meta and Mark Zuckerberg have been on the open source bandwagon for a long time and they see the pendulum maybe kind of swinging back in that direction over the last couple of weeks."
— Kurt Wagner [28:46]

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Microsoft’s AI Agents: Transforming Software and Business

[31:35–38:23]

Key Discussion Points

• Coding Revolution: Microsoft’s engineering teams now supervise and verify AI agent-generated code, shifting away from hands-on line-by-line development.
• Business-Wide AI Impact: AI agents are democratizing data analysis — dashboard and report building now performed across business units (sales, HR, finance), reducing bottlenecks and accelerating decision-making.
• Product Traction: Microsoft 365 Copilot has surpassed 30 million paid seats, with user engagement on par with core Microsoft apps (Outlook, Teams). Growth is driven by multi-model support, deep workflow integration, and leveraging enterprise context.
• Future Vision: Efficiency gains are reinvested in innovation and growth, not staff reduction.

Memorable Quotes

"With agentic coding, our software engineers spend most of their time overseeing these agentic systems which will generate the code... So very different world. The profession will look nothing like it has in the past."
— Charles Lamanna, Microsoft EVP [31:35]

"We make better decisions faster... HR, sales, finance leaders can just do that themselves in an afternoon using Copilot."
— Charles Lamanna [33:28]

"It took us a couple of years to get to 15 million seats... then we jumped up to above 30 million, just in 6 months. What took years, we did in 6 months."
— Charles Lamanna [35:45]

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Venture Trends: South Park Commons New Fund

[41:33–45:55]

Key Discussion Points

• Fund Launch: South Park Commons rolls out a $575M fund, shifting from pre-seed to “high-conviction” early-stage investing — writing larger checks to support founders’ increasingly ambitious ideas in deeptech and AI.
• Founder's Journey: The “minus one to zero” approach encourages founders leaving big tech to reflect and iterate deeply before pursuing their boldest visions.

Notable Quote

"Our take was that instead of jumping at the first thing, slow down, take some time... we call that phase the minus one to zero phase, where you let ideas gestate, you tinker, you explore... over the course of like three, six, nine months, you allow the idea to crystallize into the biggest form of what it can be."
— Aditya Agrawal, SPC [43:41]

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Tech News Roundup

[46:11–47:14]

• TSMC: July sales up 45%, revenue at $14.5B, demand for chips still accelerating.
• Boeing: Sells flying taxi tech units to Archer Aviation; retains a stake in Archer.
• Anthropic Partnership: Anthropic, Macquarie, and GIC form Theseus Infrastructure to fund next-gen data centers focused on AI compute.

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Hollywood Box Office Comeback

[47:14–50:16]

Key Discussion Points

• Box Office Rebound: Global ticket sales up 15%; five movies have crossed $1B.
• Diversity of Hits: Not just tentpoles; indie hits like "Obsession" and "Backrooms" top even major franchises.
• Future Outlook: December’s releases ("Avengers: Doomsday", "Dune Part Three") could push totals higher; case study of "Project Hail Mary" as a breakout sleeper.

Memorable Moment

"Both [indie horror movies] ended up outgrossing a Star Wars movie — a positive sign to have everything from the smallest to the biggest."
— Lucas Shaw [48:27]

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Quick Reference Timestamps

• Intel’s $15B Share Sale & Strategy: 01:58–05:17
• Apple Downgrade & Supply Chain Challenges: 05:17–11:02
• China’s AI Capital Arms Race: 12:25–18:13
• Shopify, Mercado Libre AI Case Studies: 18:13–20:06
• GameStop/eBay Deal Analysis: 23:18–26:21
• Meta’s New Open AI Model & Community Fund: 28:46–30:45
• Microsoft’s AI Agent Adoption: 31:35–38:23
• Venture Fund Trends (South Park Commons): 41:33–45:55
• Hollywood’s Box Office Rebound: 47:14–50:16

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Tone & Language

• Analytical, fast-paced, focused on actionable insight.
• Speakers' direct language maintained, with notable quotes included for authenticity.

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Conclusion

This episode of Bloomberg Tech offers a wide-ranging, inside look at how the AI boom is reshaping everything from chipmaking and corporate strategies at Intel and Microsoft to supply chains at Apple, investment flows into China, the next wave of global unicorns, and even Hollywood. Whether you care about where tech money is flowing, how AI is driving product and workplace transformation, or the latest in blockbuster entertainment, this recap has you covered.

Transcript

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Bloomberg Audio Studios podcasts Radio News. Bloomberg Tech is live from the heart

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of Silicon Valley with Ed Ludlow in San Francis.

[Ed Ludlow]

This is Bloomberg Tech. Coming up, intel is tapping the market for $15 billion in fresh capital. Betting renewed enthusiasm can help fund its push into chips and physical AI. Plus, Apple gets a rare downgrade from Jefferies on concerns about its iPhone roadmap. We'll speak with the analyst to discuss why he's turning more bearish. And Microsoft says AI agents are already transforming how software gets built. We'll speak with co pilot chief Charles Lamana about what's next. Intel down percent it wants to tap the market for $15 billion worth of stock. This will be the first time that it does a public share sale since it listed back in 1971. Let's get straight to it with Bloomberg's in King, who leads our coverage of semiconductors. So interesting when this hit the inbox this morning. Let's start with what they're doing. $15 billion is is a lot of money. And actually, if you look at what could follow, it could go up 2.25 billion. What do we need to know to start?

[Aditya Agrawal]

Yeah.

[Intel Analyst]

I mean, you say 15 billion is a lot of money and that's. That's true. But if you think about it in terms of what intel has to achieve, which would be building new factories which cost twice that amount, which would be investing heavily to catch up with Nvidia and AMD and accelerators, it's not actually that large an amount of money in the grand scheme of things. Obviously, though, investors don't like the dilution this morning.

[Ed Ludlow]

This is opportunistic. This is a timing thing.

[Kurt Wagner]

Right.

[Ed Ludlow]

The stock tripled so far in 2026 and there has been renewed enthusiasm by investors for Intel's story.

[Intel Analyst]

Yeah, you're absolutely right. In a sense, it makes sense for intel to do this to go to the equity markets rather than to go back to the debt markets because it's been trying to clean up that balance sheet, been making progress on that. And investors part of the reason why its stock has gone up is because it has made progress on cleaning that balance sheet up. So this sort of helps that narrative, albeit in a way that some of the equity investors clearly don't like. But again, $15 billion, that's a nice amount. But where does it get us?

[Ed Ludlow]

You and I were on the phone very recently with Intel CEO Lip Bhutan and CFO Dave Zinsner, and they gave us this past quarter a capital expenditure number for the year that was bigger than even they'd expected. The explanation was kind of like, we will only deploy CapEx if we see a return on it. Talk about some of the projects that Intel's committed to and what it's trying to achieve.

[Intel Analyst]

Yeah, I mean, under the Bhutan's predecessor, they built what are called shells, which are the actual physical factories in places like Ohio, in places like Arizona. But they didn't do the really expensive part, which is to buy the equipment and put the equipment in there. Now they're saying, look for our own stuff alone, we don't have enough capacity. That's kind of a good problem in a way. So they do need to spend more. But the real big step up in spending would come if they get that external customer that they're looking for. If it's saying in video or Apple decides to give them orders and they'll need that big chunk of change in a hurry to meet that big step up in demand. Haven't quite seen that yet, but this perhaps points us in that direction, makes us feel maybe that they're preparing to do this.

[Ed Ludlow]

Intel down 4% in the session, up 165% year to date. Bloomberg's in king, thank you very much. Another top story. Shares of Apple have been under pressure. The company was downgraded at Jefferies to underperform from hold with a price Target now of $263.66. The downgrade comes amid concerns over Apple's product roadmap. Jeffrey says its supply chain checks suggest an all glass iPhone which was expected expected in September 2027 has been canceled due to low production yields. Here with more is Jefferies equity analyst Edison Lee. Edison, it's great to have you. Can we start with the supply chain checks? You know to some people in the Bloomberg tech audience, they might not be familiar with what it is you guys go out and do. You've looked at the all glass iPhone. Let's start with that first conclusion that you've drawn.

[Edison Lee]

Yeah, sure. In 2027 that's the 20th anniversary of the iPhone. And that's why our understanding is that Apple actually has this new design which is all glass, meaning that there will not be any metal mid frame that you will be able to see. So the entire iPhone is actually wrapped in glass. And also there will be no physical buttons on the side. It's all replaced by haptics. So that's why this is going to be a beautiful looking iPhone that will be marketed as 20th anniversary model. And we think that this new form factor for the, for the iPhone, what I call a strict iPhone I think is it's going to be a pretty expensive and also high end looking phone. And we think that over time it may not be just market as a one off product. I think that over time this form factor may actually be transported to the Pro and Pro max, maybe an FY20 and FY29 as well. So this is how Apple intended to move up the product roadmap and move up the esp which I think is very important right now given soaring memory costs.

[Ed Ludlow]

This is what Mark Gurman at Bloomberg has reported under the codename glasswing and he's given on this show a lot of detail. The second factor is ASPs. Very simply, why is it important that you see a path for Apple to maintain a higher average selling price?

[Edison Lee]

Well, I think that there are two reasons. Right. Number one is that smartphone itself is a very mature product and that's why the majority of the demand is going to come from replacement demand. And we think that with not yet taking hold. Right. To change the utility of the smartphone. I think that new form factor is important for Apple to be able to Raise the ESP over time and particularly right now, AIR has taken over as the king in the supply chain. And that's why Apple is no longer the king in the supply chain anymore as the biggest customers. And that's why I think one of the medium to long term interest facing Apple is going to be supply chain challenges. Whether they secure enough supply of chips, will they secure enough supply of memory and these prices continue it go up. And that's why to be able to introduce products that can sell at a higher prices to offset these supply chain challenges I think is important.

[Ed Ludlow]

Edison On September 1, Tim Cook steps down as CEO and becomes executive chair and then John Turner takes over as CEO. How have you modeled for that change and do you see it reflected in the research that you put out on an all glass iPhone and in your supply chain checks?

[Edison Lee]

I think that Right now the two bottlenecks that Apple is facing, number one is memory, number two is the advanced no capacity at TSMC because the iPhones and also all Apple products are usually powered by the most advanced notes at tsmc. But right now I think TSMC is most advanced. Nooks going forward will be mainly used by AI companies who can pay more than consumer electronics companies such as Apple. And that on memory is exactly the same situation where companies are crazy about memory. They wanted to pay higher prices for memory and they would occupy the majority of the memory production capacity among the major players. And that's why in order for Apple to be able to get enough memory at the right prices and also to get enough advanced processing chips at the right price at the right time, I think it's going to be a big challenge for Apple.

[Ed Ludlow]

One of the things that was conceded in the earnings call was that they had misread demand and therefore had not placed the orders for enough capacity on lead edge chips. Just how much did that surprise you Edison? The mismanagement of the supply chain?

[Edison Lee]

I wouldn't describe that as mismanagement, but I think that the structure of the supply chain has been dramatically altered by AI. And I think before I came along Apple is the biggest, is the biggest customers of many companies including tsmc, including maybe Hynix or even part of Samsung. But I think that they are no longer the biggest and I think that they potentially can fall to number three in 2027 in TSMC because other companies are actually moving forward with bigger orders and also higher ability to pay more. And as a result of that, I think Apple needs to I think manage the supply chain a lot more efficiently. But in order to offset this bottlenecks and also offset these higher cost components. I think the most feasible roadmap for them is actually to introduce higher price items so that consumers are willing to pay more and they can offset higher component cost and protect the margin.

[Ed Ludlow]

Apple's down 2% after a Jefferies downgrade. We speak with Edison Lee of Jefferies. Thank you very much indeed. We're also looking at shares of Microsoft this morning. The information is reporting that Microsoft plans to significantly increase production of its internal AI chips and they are citing sources on that and they plan to unveil the newest designs of that this fall. The stock higher off session highs up 1.8%. Separately later in the show, from chips to software. We're going to speak later this hour. Charles lamanna, Microsoft EVP of co pilot agents and platform copilot was a really big feature. The recent earnings print. Also coming up, Paulina McPadden Baillie Gifford joins us to discuss her long term bets. Is the race between the US And China starts to heat up? This is Bloomberg Tech Foreign. When it comes to technological advancements, access to capital has long been a US advantage. Now Beijing's closing that gap by tapping a $28 trillion market as emergence as the next engine of economic growth. Bloomberg's Mike Shepard joins us with a big take and it was a big take. What do we need to know?

[Mike Shepard]

Well, it really does. And kudos to our colleagues in Asia for all their deep reporting on this. And their story focuses initially on cxmt. This is the chip maker whose IPO last month really caught global attention, raising $9.8 billion in its initial sale, but then seeing its shares jump almost 500% in the first day of trading. And what that really signaled is that Chinese capital markets are really going to play an increasingly significant role in the AI and tech build out in the world's second largest economy. And in the past we have seen Beijing employ state supports to try to help industries like solar panels and electric vehicles to great success in effect and helping propel them to the lead. But artificial intelligence as we know it is something that's different. It is so capital intensive. And we just need to look at the landscape here in the US with the trillions of dollars in pledges and investment here in data center and other infrastructure. And just this morning we saw intel announcing that it was going to offer an additional $15 billion in shares as a part of trying to feed that beast of the need for more capital to keep building in China. Look, there is a mismatch still between the size of the US Stock and the bond market and the financial markets in Beijing, it's roughly on the order of about five times smaller than what we have here in the U.S. but it is not insignificant. It is a 2. $28 trillion stock and bond market that investors can turn to. And Chinese authorities are also looking at home at the high rate of domestic savings they are sitting on. Household savings of $26 trillion that perhaps can be tapped directly or indirectly through this to help feed the beast of artificial intelligence growth, which is one of Chinese President Xi Jinping's top priorities economically over the next decade.

[Ed Ludlow]

Bloomberg's Mike shepherd, thank you very much. Let's stick with the global air race. Our next guest believes that some of the most compelling long term growth opportunities remain outside the U.S. pauline McPad, investment manager of International Concentrated Growth Strategy, Betty Gifford joined us. Now, you heard what Shep was, was reporting on there. You know, we often frame the US China AI race in terms of who has better chips, who is doing the most work on advanced models. But access to capital seems an important swing factor right now.

[Paulina McPadden]

I mean that's always been the case that capital matters and particularly in a high capex or capex intensive industry like artificial intelligence. And I'd maybe take a step back. I think for long term investors what really matters is more finding outliers and those outliers will naturally have greater access to capital because they are fundamentally better businesses in some ways. I actually think I might be a bit of a boring guest for you today because I'm going to be repeating quite a lot of older information rather than giving you new news. But I think increasingly market participants tend to be conflating new and important and that's particularly important, easy to do in AI given the pace of change and growth. And it's exacerbated by structural market dynamics. I think, you know, 60% of U.S. investing is done through passive vehicles, 75% of trading volume is from quant funds and there's increasing retail participation. So markets have never been faster or noisier. And being able to take that step back and focus on the fundamental attributes of a company, what, what industry are they trying to disrupt? What new industry are they creating? Are they investing, investing in innovation over the long term. And long term here means five or 10 years because true change takes decades and not quarters. I think those are the kinds of businesses that are going to grow well in the long term, regardless of which industry they're in.

[Ed Ludlow]

Okay, so I'm happy to park the new for a second and stick with the important. I did spend a bit of time going through the holdings in your fund. So two interesting parallel case studies is TSMC is a top holding right, as is SK Hynix on the memory side. The case studies in that big take that are outlined are 6mt on the memory side compared with SK and also China's efforts to have domestic manufacturing capacity. How would you sort of interpret that?

[Paulina McPadden]

I think China has been a tremendous engine for growth and disruption and innovation for a very long time and I certainly wouldn't want to bet against China. Indeed, we have holdings in China such as BYD and Pinduoduo and Tencent and they're tremendous companies. But I think companies like TSMC and SK Hynix and ASML are almost in a league of their own. TSMC in particular has created effectively a monopoly at the leading edge of chips. And that's going to be very difficult to disrupt, not just because of access to capital, which is a limiting factor still given the amount of money it takes to, to build a leading node fab, but also because there's so much inherent process knowledge that TSMC has built up over decades and that is incredibly hard to replicate even if Chinese companies had access to a lot of the equipment that they need, which they simply do not because of export controls. And I think a similar story is probably going to happen with SK Hynix where a growing proportion of their revenue and earnings are coming from hbm. High bandwidth memory, which is very complicated to make, again requires quite complex processes and equipment and it doesn't actually have access to a lot of that equipment yet. Now will they be able to replicate it over time? Perhaps, but it will take.

[Ed Ludlow]

If I was going to give it the sort of umbrella label of the AI trade, you know, your non US focus is tsmc, sml, SK Hynix, very, very chip concentrated. Where is the non US opportunity outside of semiconductors that you look at right now?

[Paulina McPadden]

I mean there's a, there's a number of them. I'd perhaps pull out two really exciting ones that actually reported relatively recently. So I am going to give you some new news, please. And that's Shopify on the one hand and Mercado Libre on the other hand. I contrast them again because I think that there's, there's some recognition that what Shopify is doing with AI is bearing fruit. So fundamentally they mediate complexity for merchants and consumers. And what AI does is it introduces ever more complexity into the shopping journey. So increasingly autonomous agents are capable of making decisions for consumers that means that you need more of a source of ground truth for those agents to be able to rely on when offering up potential purchases to their users. So catalog Shopify's record of all the items that it merged merchants has and all the metadata associated with that is showing two times higher conversion on orders than simply scraping website data when agents are involved. And that's, that's tremendous for a company that, you know, monetizes based on gmv. On the other hand, I put Mercado Libre where it's almost a classic example of. Again, a lot of investors are not taking the long term view here because what Mercado Library Libra is doing is something they've done multiple times in the past where they're investing substantially in growing users because they see this as a really critical inflection point in the markets. And so they're seeing a very strong GMV growth, very strong user growth on the back of lower shipping requirements and lower take rates for, for merchants. And at the same time, they're investing in AI in order to speed up the cadence of development internally. So they've seen 75% higher deployment of code internally at the same time as the number of rollbacks has gone down. So not only are they moving faster, they're moving at a higher quality. And I think that's, that's really exciting. And the market probably isn't recognizing that

[Ed Ludlow]

Shopify has US listed shares, but is a Canadian company, Mercado Libre and Argentinean multinational pulling a mcpad and Bailey Gifford back on Bloomberg Tech, thank you very much indeed. Now coming up, GameStop CEO Ryan Cohen is said to be considering pulling his $56 billion bid for eBay. We have the details of that report. Next. This is Bloomberg Tech.

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[Kurt Wagner]

I'm not gonna call my shots, but

[Charles Lamanna]

we're coming for ebay one way or another.

[Ed Ludlow]

That was GameStop CEO Ryan Cohen with just a month ago signaling full speed ahead with his offer for ebay. Today that conversation shifted, with sources telling Bloomberg that Cohen may pull the $56 billion bid and is considering a partnership or joint venture with ebay instead. Bloomberg's Bailey Lipschultz and Spencer Soper join us now with the details. Bailey, I'm going to start start with you on the kind of deal side of this. We're reporting that he is considering pulling the bid. There's the added layer that GameStop is one of ebay's biggest shareholders. Just go over that side of what we're reporting.

[Bailey Lipschultz]

Yeah, as you mentioned, potentially pulling the bid, potentially pursuing a joint venture, something that Ryan Cohen was very vocal about. The synergies in his mind that GameStop and eBay would have. To your point, GameStop is the second largest shareholder of ebay, right behind Vanguard, obviously. Obviously a lot of passive money there with a stake just under 10%. So a pretty sizable stake in the company. GameStop had been doing pretty much everything they could to raise capital and try to diversify their offerings, previously leaning into things like collectibles and as you had talked to Ryan Cohen about a month ago, really setting its sights on a deal, a takeover of ebay. Again, a company that's magnitudes larger than GameStop.

[Ed Ludlow]

Right. Spence, I'm reading our report and the idea of this joint venture, Ryan Cohen seems to want to leverage GameStop's physical store footprint. You know, explain our reporting there, but also some of the history of like where ebay would fit in with that.

[Spencer Soper]

Yeah, well I think the big lesson here is if you're going to announce to the world a $56 billion deal, you should make sure you have $56 billion first. But the, with, with stores, stores and again this is a big capitulation and we'll have to see what ebay thinks about this. But the notion is GameStop has a network of stores all over the country and people can use those stores to bring in collectibles and have things authenticated and such. EBay's tried similar versions of that more with like decluttering your closet and garage, like bring in your golf clubs to a FedEx location. There was some big initiative they had 10 years ago. So it's, it's not really a fresh idea. And you can just think of all the stumbles Amazon has had with physical store space. Like it doesn't automatically work and it's not a fresh innovative idea. So I mean it's, it's something, you know, potentially worth exploring. But there's also a lot of reasons to not get too excited about it.

[Ed Ludlow]

Bailey, just really quick, GameStop is flat. Ebay is down more than 3%. Like the market markets are interpreting this reporting how it removes a little bit

[Bailey Lipschultz]

of the upside optionality for ebay. If you look at a 12 month chart of GameStop, it's pretty much been down and to the right. This is a company that handled some of its converts by diluting its company. So really the lack of weakness from GameStop, unsurprising again given the fact that ebay really shot down this idea not too long ago.

[Ed Ludlow]

Bloomberg's Bailey Lipschultz and Spencer SOPA tag teaming it on our reporting that Ryan Cohen is considering pulling out of his bid for ebay now coming up we'll dig into Microsoft's vision for the agentic future with Charles Lamanna. Microsoft EVP of Copilot agents and platform of course very recently had the Microsoft earnings where co pilot and growth in Copilot was a big feature of the story that Microsoft was trying to tell halfway through the show here in San Francisco. That means it's half time markets kind of not much to talk about today. Flat basically index level, some underperformance in chip stocks and for what it's worth, bitcoin trading around $64,307 per token. Hoping that we cut to some beautiful shots of San Francisco. This is Bloomberg Tech. Welcome back to Bloomberg Tech. A quick recap of our two top stories. Intel is going to sell public shares for the first time since it listed in 1971 $15 billion equity offering that could rise beyond $17 billion. This is a stock that's more than tripled year to date and it's got a lot of projects that it's committed to. Capex is clear and this market little worried about dilution. Apple is down more than 2% percent. Jefferies downgrading the stock after running supply chain checks and concluding that an all glass iPhone due in September 2027 is canceled. And that's got them worried about higher average selling prices that is weighing on the shares. It's a day where there's a lot of news. Let's take a look at shares of matter now up 1% but had been up almost 3% earlier in the session. This morning the company introduced a new downloadable AI model called Museum Glimmer that can run on a personal computer. In a 6,500 word essay, Meta CEO Mark Zuckerberg challenged the vision of AI that's tightly controls or centralized which has been championed by he says some U.S. rivals. Let's get more with Bloomberg's Kurt Wagner. The news is a 30 billion parameter model that everyone can use, right the individual. But the bigger picture is also Zuckerberg saying I should not be controlled by just a few companies. It should be accessible to everyone. What's the kind of need to know here?

[Kurt Wagner]

Well, this is the open source open weight strategy that Met and Mark Zuckerberg has actually employed for years. You may remember Ed, they just used to call it Llama like llama was their model, their set of models that were open source. This was sort of the whole idea behind the company's strategy. Over the last year or so, we've seen them push pivot to more closed models with New Spark. They started, they unveiled that, and they said they were going to sell access to it via an API. To me, this essay is, is sort of a reminder that Met and Mark Zuckerberg have been on the open source bandwagon for a long time and they see the pendulum maybe kind of swinging back in that direction over the last couple of weeks and, you know, obviously trying to jump on that and make sure that they're making sure that they're part of that conversation.

[Ed Ludlow]

Metta is one of the biggest operators of data centers around the world. But here in the United States, they are on the hook for hundreds of billions of dollars in projects. But they also announced a $1 billion fund which seems as much targeted at supporting those geographies where they're building, not the projects themselves. What's the idea there?

[Kurt Wagner]

Well, these datacenter projects are, as you point out, very massive from a financial standpoint. They're very disruptive and impactful on the communities as well. So our, our colleague Riley Griffin has spent a lot of time down in Louisiana looking at their big data center build out down there. And you know, in some cases it can be good things. Meta has talked about how a lot of the teachers in that area are getting big bonuses because they're paying more in taxes. But it can also be disruptive. You know, it can, it can impact the community in negative ways. Again, can impact the environment in negative ways that these companies aren't careful. So I think this is an opportunity for Metta, you know, $1 billion in the scale of what they're spending on all these data centers. I don't want to say it is actually a little bit small, but they are coming out and saying, hey, look, we were aware of the fact that when we come and build a data center in your backyard, it can impact the community. We're going to at least start to put a little money toward, you know, trying to help out in those communities

[Ed Ludlow]

where they can the most cut Wagner things better. Thank you very much indeed. Let's stick with the theme of AI deployment and adoption. Microsoft says AI agents are already fundamentally changing how it builds softwares and that next sales, finance and other knowledge work is next. Charles Lamanna, Microsoft's EVP of copilot agents and platform, detailed that argument in a new blog post. It comes as Microsoft 365 copilot passed 30 million paid seats in what was a blowout earnings report last month. Charles Lamana joins us now. I think a really interesting place to start was, you know, you say coding agents have basically fundamentally changed how Microsoft's working internally. Teams, that's phase one. But go into that. What does that look like for you and your people day to day?

[Charles Lamanna]

Thanks for having me on end and super excited to get a chance to talk about agents and what they're doing. If we look at software development, the big changes in the past, people would actually write their code by hand. You know, they'd be typing out each line and building it. And the main constraint to do software development was all about that coding aspect. But with agentic coding, our software engineers are spending most of their time overseeing these agentic systems which will generate the code. So their job is to build things like verifiers or evaluations, to measure the quality, to do things like architecture and coordination. And it's very important to have editorial judgment in terms of what actually goes into the product going forward since you can do so much more. So very different world. And I say from the start to the end of 2026, the profession will look nothing like it has in the past.

[Ed Ludlow]

Every company is different.

[Kurt Wagner]

Right.

[Ed Ludlow]

Every company has taken a different attitude towards this. But probably the common theme is that a lot of the work, the greater proportion of the work is in writing new code relative to using a coding agent to review or rewrite old code. Is that a fair statement in Microsoft's case as well?

[Charles Lamanna]

I would say it's a spectrum. So like new projects and new capabilities, those benefit the most from agent decoding. But existing products that have been around for 10 years, 20 years, 30 years in the case of Microsoft, are seeing similar benefits in terms of effects, efficiency and productivity. Just this morning I got an email from someone on my team talking about how the SharePoint on premise server is having kind of an agent, a coding revolution where we're actually very dramatically accelerating progress in that 25 year old code base.

[Ed Ludlow]

This starts phase one with writing software. What is next? You know, give me more tangible examples of something that like Microsoft does completely differently today that it wasn't doing a year ago or even six months ago.

[Charles Lamanna]

Yeah, so one of the ones that has really changed across the company is how we do around data analysis and I'd say like dashboarding and reports. In the past we had central teams that go and build these visualizations for our sales leaders or our finance leaders or HR leaders. But instead what we're starting to see is people in hr, people in finance, in sales are actually doing the analysis themselves and building these dashboards and sharing them across the company. So you have much less of a bottleneck around deep understanding of data and also people who really understand what they need to see to make a decision building these reports. And that has had two big effects. The first is dramatically reduce the cost and the investment we spend on people building dashboards because it's kind of diffuse into the organization. Second, we make better decisions faster, we have more insights, more analysis and we don't have to wait for a central team to go through a backlog. Our HR leaders, our sales leaders, our finance leaders can just do that themselves in an afternoon using Copilot.

[Ed Ludlow]

So you just said you don't have to wait for a central team to go through the backlog. I recently spent time with a CFO at a large private tech company where they run a very lean tax team, for example, because they build dashboards just as you've described. So the question that's coming to you is does that mean fewer people necessary in those kinds of orgs because of all of the efficiency you've highlighted?

[Charles Lamanna]

Big thing that we're seeing is not reducing the team necessarily. It's really about doing more and interesting work. I think if you went to most companies they trade cost for some top line growth and that's what people are doing. They're taking the kind of the surplus, surplus time, the surplus productivity and reinvesting it and growing the business. Things like researching new products, things like improving your customer engagement and experience, your better retention and more long term value or turning around and making your employees more willing to stay around.

[Ed Ludlow]

You're also EVP of copilot. Copilot seems to have so much traction. The disclosure in earnings was passing 30 million paid seats in the in the July period up from 20 million in the March quarter. Has that trajectory continued into the September quarter? What is the kind of rate of co pilot growth right now?

[Charles Lamanna]

So first I'll take a step back and look at the last six months of Copilot. It's really been a turning point for us. It took us a couple of years to get to 15 million seats. That's what we shared two quarters ago. Then most recently we jumped up to above 30 million. So what took us a few years we had did just in six months. And a lot of that is because people are using the product much more intensely. A lot of proof of concepts and initial rollouts have been successful. We have great engagement we see things like the number of conversations people are having with Copilot more than doubling year over year. Copilot having the same engagement and being on par with Outlook and teams. So these kind of standard knowledge worker apps that people use all the time. Copilot is right there with the same level of engagement. So that has been very encouraging for us and we're going to track that through the rest of the year. And I know Amy and our earnings shared some guide for the next 12 months. So we'll be tracking that closely.

[Ed Ludlow]

If somebody's coming to Copilot for the first time, why, you know, what are you seeing in that kind of growth of the user base or paid seats that are people that might have just been historically outside of Microsoft's company customer base?

[Charles Lamanna]

Yeah, three big things. The first is we've had this multimodal strategy for a year. In the beginning there really was GPT and OpenAI models is the main model selection people wanted. We've since added Claude from Anthropic, we've announced a partnership with Mistral in Europe. We're working with our own Microsoft AI models for kind of great cost efficiency benefit. And we're also looking at open source models to go provide even more variability. So being able to choose one app, Copilot, and have any number of models available in it is resonating with customers because they don't want to get locked into one model. Second big thing, if you do use the Microsoft applications like Excel, like outlook, like PowerPoint, Copilot's integrated right there. You don't have to go reimagine your workflows or rethink where you can go spend your time. It has your context and is in the flow of work and that's been a great driver of adoption and usage for us. The last bit is every company has access to the same models. There's no differentiation in access to the models. It all comes from your context that you bring to the model. So we make it easy. So all the data you have in the Microsoft ecosystem, inside your mailbox, inside your files, in your documents, in your dashboards and reports, we bring that together and we help service it for our customers in Copilot. So you get the model plus what makes you unique. That combination is what's really starting to resonate and that's what's driven a lot of the growth.

[Ed Ludlow]

Charles Lamana Microsoft EVP of CoPilot agents and Platform it's been great to have you on Bloomberg Tech. Thank you very much indeed. Now coming up, DJ Agrawal South Park Commons, joins us to discuss her firm's newest fund. It's a pivot from pre seed to sort of higher conviction. Early stage investing this is Bloomberg Tech.

[Carol Massar]

This is the Bloomberg Tech Minute brought to you by ChatGPT. Now with ChatGPT work, I'm Carol Massar. DoorDash, the largest food delivery company in the States, United US is building its own delivery drones and has gained the necessary FAA approvals to operate them commercially, the latest in its effort to delegate more orders to robots as a way of cutting delivery times, Bloomberg's Natalie Leung reports. The company says it has been conducting pilot programs with various restaurants, some of which have seen their order volume grow during the test period. The effort marks an expansion of DoorDash's in house robotics efforts to reduce reliance on human car couriers for some orders, as their wages constitute a key expense to the business. Drones are also a way for DoorDash to cut delivery times on orders from more remote locations that some dashers may not want. That's the Bloomberg Tech Minute brought to you by ChatGPT. Put ChatGPT to work on your most ambitious ideas and projects. Get [e-mail] today by selecting work mode available on plus and Pro plans.

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[Ed Ludlow]

South Park Commons, which has backed startups including Luma, AI and Cognition, launched a new $575 million fund as the venture firm expands the its investing from precede to high conviction early stage bets. South Park Commons co founder and general partner Aditya Agarwal joins us now. Super interesting story, right? I'm trying to understand what the strategic change is here, but it seems and reads very much like there are all these amazing people you backed at the very earliest opportunity and you want to continue backing them and that might mean a bigger check.

[Aditya Agrawal]

Yeah, Ed, thank you for having me. It's super exciting to be talking to you and talking to you about our new fund.

[Paulina McPadden]

Ed.

[Aditya Agrawal]

We started South Park Commons to work with early stage founders to inflect their ambition and to help them pursue their biggest, boldest, grandest ideas. One of the things we noticed when we started in 2016 was that somewhat counterintuitively, it was almost too easy to just go and work on your first idea that you think of. And our take was that, well, you should take a little bit of time, go find the version of the idea that is the biggest, you know, most ambitious version. And so with that frame, a couple of years ago, we noticed that the AI revolution was actually fundamentally changing the scope of ambition of our members. Whereas, you know, five years ago a lot of folks who are thinking about vertical SaaS, startups, or somewhat more limited, I would say, ideas, today people are coming to us with ideas for building nuclear powered, essentially cargo ships, alternative versions of launching things into space. They're looking to basically completely transform our grid infrastructure in America. And I think that a lot of our take with the new fund is that we want our, the ambition of our fund to match the ambition of what our members tackle. And that does mean being able to write bigger checks and to be a high conviction partner. Further down, kind of like the capital

[Ed Ludlow]

stack, you have a minus one to zero model. What does that mean?

[Aditya Agrawal]

Well, that really means, is that, you know, when you, when you kind of leave a big tech job or you kind of leave academia, it's super tempting to go and just work on the first thing that comes to your mind. You know, I, you know, I started SPC because when I, when I left Dropbox as a CTO there I was Pretty lucky to have a number of amazing options. You know, go join a blue chip venture firm, go start another company, go join as an exec. But Silicon Valley is so good at kind of giving you kind of the, the, the pattern match to like what you should do. If you have done X, you should do Y. But our take was that instead of jumping at the first thing, slow down, take some time, you figure out like what you're truly passionate about. And we call that phrase, and we didn't have this in the beginning when we started spc, but we now call that gestation phase, the minus one to zero phase, where you let ideas gestate, you tinker, you explore, and then over the course of like three, six, nine months, you allow the idea to crystallize into the biggest form of what it can be.

[Ed Ludlow]

Let's take Cognition and Scott Wu as a case study. You know, Scott's a regular contributor on this show. They have had massive success, growth, momentum. Take this fund and apply it to how you now approach Cognition and continue backing them.

[Aditya Agrawal]

It's a great example. You know, Scott actually started his first company out of South Park Commons as well, which was called Lunchclub. And he was one of the first members that we had at Silver DC circa 2017, 2018. And when I look at being, you know, what Scott started working on three years ago or four years ago now, you know, basically like what would the modern coding stack look like with the early forms of Devon? I think that when I look at how I would apply this new fund is that I would just back up the truck with the first check and basically like write as big a check as possible to Scott and, and then continue to back him in kind of like later rounds. But obviously also working closely with the ecosystem. I think that it's so easy to paint Silicon Valley kind of funding as a zero sum game, but I strongly believe that in order to kind of allow a company to achieve its success, you need to work with, you know, I know you had Alfred and Pat, you know, obviously all of kind of like the, the folks downstream of us

[Ed Ludlow]

as well, really appreciate that reference. But you know, it's interesting to see, see what's also happening with the focus at the earliest stage. Aditya Agrawal, co founder and general part partner at South Park Commons. Thank you very much. Let's get over to New York where Bloomberg's Johara Anand is standing by.

[Charles Lamanna]

Hi.

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Hi, Ed.

[Johara Anand]

It's time now for talking tech. First up, TSMC reported a 45% rise in its monthly sales, demonstrating demand for hardware has no signs of slowing down. With revenue reaching $14.5 billion in July. The chip maker also raised its spending and revenue projections for the year. Plus, Boeing will sell several of its units that specialize in developing technologies for flying taxis to Archer Aviation. The move comes as Boeing looks to sharpen its focus on its core commercial and defense units. Archer will take over Boeing's Wisk Sky Grid and Institute units, while Boeing will take a stake in Archer. And a new partnership made by Anthropic, Macquarie Asset Management and GIC will focus on establishing Theseus Infrastructure, a new entity to develop, operate and lease data center facilities. Macquarie Ngic will own the infrastructure and fund the project, while Anthropic will provide AI, compute, demand and long term lease commitments.

[Ed Ludlow]

Ed thank you, Hira. Now coming up, Hollywood is having a comeback year. So what's getting people off the couch and back into theaters? We'll look at that next. This is Bloomberg Tech. Hollywood's making a box office comeback. Global ticket sales are up 15% and five movies have already crossed the $1 billion mark. This is the year we went back to the movies. Bloomberg's Lucas Shaw, who leads our team at Screen Time, all things media and entertainment is with us. It's just packed full of data, but basically there are those five titles. There's the balance of the calendar year with what's to come. And right now we're heading for the best year at the box office since 2019. The question I have for you is why?

[Lucas Shaw]

It's just volume, right? You mentioned the five titles that have crossed a billion. It certainly helps to have, you know, this, this new Spider man movie is going to be one of the highest grossing movies of all time. The Odyssey is Christopher Nolan's highest grossing movie of all time and, and on and on. But there's also a lot of kind of hits throughout the year and of different scale and size.

[Aditya Agrawal]

Right.

[Lucas Shaw]

So you go back a couple months ago and everyone wanted to talk about obsession and backrooms, which were kind of the two indie horror movies that were made by YouTube filmmakers and both ended up out grossing a Star wars movie. And so I think they saw that as a, as a positive sign to have everything from the smallest to the biggest. And then you have a lot of, you know, a lot of potential lessons to learn from this year in terms of what types of movies, how you want to space them out, how much time give franchises off in between new

[Ed Ludlow]

titles, the what's to come. The rest of the year is like really interesting. It's December. Avengers Doomsday and the June Part three. Like, the timing of that's interesting, but it could, it could push this year even deeper into a successful territory.

[Lucas Shaw]

Yeah, well, look, it's funny how people react to the movie business because if you go back to February or March, everyone was freaked out because, you know, the business has been hurt ever since the pandemic. It has never really bounced back. We've had some glimmers of hope with Barb and Heimer and, and Top Gun Maverick, but never sustained success. People thought it's going to be 25. Now it feels like 26. The next few months are going to be pretty fallow. There's not a lot coming out in September or October, but I think there are a couple of movies around Thanksgiving in the new Hunger Games and a new in the Fockers franchise that'd be big. And certainly Avengers in Dune.

[Ed Ludlow]

Lucas, just real quick as a case study, Project Hail Mary, what's amazing about that is that Amazon would concede they didn't expect it to be such a hit.

[Lucas Shaw]

Yeah, we, we spoke with the head of their movie studio, Courtney Valente, who was like, yeah, if you told us that this was going to be a movie that grossed almost $700 million, we would have said you're crazy. Now, worth noting that it was based on a book by Andy Weir, who also wrote the Martian, which became a massive hit starring Matt Damon.

[Ed Ludlow]

I absolutely love Project Hail Mary. Robert Rocky goes usually you not stupid. Why stupid question? I think about that a lot. Bloomberg's Lucas Shaw, who leads the team at screen time. Thank you very much indeed. That does it for this edition of Bloomberg Tech. We're going to look again at the markets and kind of the top stories that we've been tracking, which is tech stocks largely being flat underperformance in chip stocks, intel coming back to the equity market, its first public share sale since it listed in nineteen 1971. And then there's Apple downgraded at Jefferies. There's a lot of concern about them being able to maintain higher average selling prices. But Jeffrey saying based on supply chain checks, Apple is canceling an all glass iPhone, something Bloomberg and Mark Gurman have reported deeply on. So much to recap in the podcast, you know where to find it on the Bloomberg platforms and online on Apple, Spotify and Iheart. What a start to the week this is. Bloomberg Tech

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