Micron, Qualcomm Show Strong AI Demand

Summary

Bloomberg Tech Podcast: "Micron, Qualcomm Show Strong AI Demand"

Date: June 25, 2026
Host: Ed Ludlow
Notable Guests: Mark Gurman (Bloomberg), Carol Schleife (BMO Wealth), Cristiano Amon (Qualcomm CEO), Jake Silverman (Bloomberg Intelligence), Dylan Field (Figma CEO), Matthew Griffin (Bloomberg), Azim (Exponential View), Gia Love (Bloomberg Google reporter)

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Overview

This episode centers on the current surge in artificial intelligence (AI) demand and its repercussions across the semiconductor and consumer electronics industries. As leading chipmakers Micron and Qualcomm post bullish forecasts and Apple hikes hardware prices in response to memory shortages, host Ed Ludlow explores the implications for tech companies, investors, and the broader economy. The episode also touches on Figma's platform overhaul for the AI era, reported regulatory threats to AI growth, a data-driven look at the real revenue side of the AI buildout, and talent dynamics at major AI labs, especially Google.

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Key Discussion Points & Insights

1. Micron's Blockbuster AI-Driven Forecast & Memory Shortages

Timestamps: 01:49–03:36, 05:36–10:38

• Micron’s Guidance:

  • Micron forecasts up to $51 billion in fourth-quarter revenue, blowing past Wall Street’s $43 billion estimate and “resetting” expectations for the entire industry.
  • Micron management warns that AI-driven memory shortages could persist beyond 2027, despite increased manufacturing capacity.

• Impact on Hardware Prices:

  • Apple reacts by raising prices across most of its product lineup (iPad, Mac, HomePod, Apple TV, Vision Pro), directly citing the memory and storage crunch.
  • “These price hikes are largely unprecedented in Apple’s modern history.” — Mark Gurman (03:36)

• Broader Economic Shift:

  • Carol Schleife compares this period to a regime change in how tech impacts inflation:
    • Tech had been a deflationary force for decades; persistent high component costs could reverse this.
    • “They’ve held it as long as they can… Apple is betting people are willing to pay up for those specific products.” — Carol Schleife (06:29)
  • Supply remains tight, with little sign of improvement, keeping prices—and profitability—high for memory manufacturers.

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2. Qualcomm’s Ambitious AI & Data Center Expansion

Timestamps: 13:22–27:43

• Qualcomm’s Outlook:

  • Qualcomm projects $5B in annual datacenter revenue by 2027 and $15B by 2029, marking a rapid diversification away from smartphones.
  • $40B in annual sales from non-phone businesses projected by 2029, doubling its prior goal.

• Strategy Details (CEO Cristiano Amon):

  • Qualcomm is gaining traction via custom ASICs and ARM-based CPUs for data centers.
  • Amon says current $5B forecast is “high confidence,” supported by major undisclosed hyperscalers in the US and China, plus a significant contract with Meta for CPUs.
    • “We have a contract with Meta. That’s why we talk about them as a customer for two generations.” — Cristiano Amon (22:22)

• Reentry into Data Centers:

  • Qualcomm once exited the data center business; Amon credits renewed opportunity now to the new AI-driven landscape and the advantages of power efficiency and avoiding expensive HBM memory.
    • “What the data center is doing today is not what it will do tomorrow… If technology matters and you have fast innovation cycles, there’s room for Qualcomm.” — Cristiano Amon (16:55)

• Acquisitions and Future Moves:

  • Recent deals (Alpha Wave, Nuvia, modular acquisitions) are already bearing fruit in Qualcomm product lines.
  • More deals are likely, especially in data centers and robotics.
  • Investors seem pleased, with shares jumping and long-term confidence reflected in internal moves (e.g., all-stock acquisition deals ensure founder commitment).

• Market Dynamics:

  • Memory constraints, not demand, are the current limiting factor for PCs and smartphones. Year-over-year growth may be flat or down in mobile, but AI is poised to transform device architecture.
    • “[You have] not a demand problem but memory availability and prices.” — Cristiano Amon (26:28)

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3. Structural Changes in the Memory Market

Timestamps: 29:03–31:08

• Contract Lengths & Pricing:

  • Long-term contracts for memory extending to 2030 signal a fundamental shift versus the traditional monthly or quarterly deals.
  • DRAM and NAND memory prices have risen 200–300% this year.
    • “The fact that we’re now seeing contracts extending out to 2030… shows that there’s a structural difference in how customers are thinking about procuring their memory.” — Jake Silverman (29:03)

• AI Data Center Demand:

  • Soaring memory requirements for AI GPUs and TPUs (e.g., Nvidia’s 288GB HBM/GPU) are driving demand, increasing both prices and the need for reliable, longer supply sources.

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4. Figma’s Platform Overhaul for Generative AI

Timestamps: 31:08–36:51

• Figma “Intelligent Canvas”:

  • New features let designers and developers work together with code, generative agents, advanced graphics (shaders), and new tools like Figma Motion, all in one place.
  • Modular, model-agnostic technology gives flexibility to users.
  • Focus on empowering human creativity:
    • “Only humans can really raise the ceiling…use AI to be more effective, but humans bring the point of view and use design as differentiator.” — Dylan Field (33:38)

• Audience Q&A:

  • Plans to help brands integrate IP and workflows across applications, using Figma Weave as a platform for orchestrating models and assets for digital production.

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5. Growing Anti-AI Sentiment and Regulatory Risks

Timestamps: 39:03–41:32

• Public Backlash:
  • Wall Street strategists now warn that public anger over AI’s impact on jobs and energy prices is fueling potential anti-AI policy.
  • Moratoriums and tax breaks for data centers being paused at state and local levels (New York, Ohio, Illinois), raising new risks to the AI buildout.
    • “There’s a chance that at some point this translates into policy…that could slow the rate of the AI boom.” — Matthew Griffin (39:44)

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6. Is the AI Buildout Finally Paying Off?

Timestamps: 41:32–45:52

• AI Business Tipping Point:

  • Exponential View’s analysis shows global AI revenues (ex-China) hit $25B in Q1 2026, outpacing depreciation from hardware investments.
  • The AI economy is now growing three times as fast as the Internet or mobile at comparable inflection points.
    • “Real revenues are growing roughly three times faster than the Internet grew, roughly three times faster than mobile grew.” — Azim (44:59)

• What Comes Next:

  • Expect more enterprise adoption, focus on open source, and continued acceleration until main street usage catches up with early adopters.

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7. Talent Wars: AI Researchers Flee Google for Competitors

Timestamps: 47:32–50:15

• Big Departures:

  • Two senior AI researchers, Jonas Adler and Alexander Pretzel (key Gemini contributors), leave Google for Anthropic.
  • Recent exits—including Noam Shazir (to OpenAI) and John Jumper (to Anthropic), both major figures—spark concern over Google’s competitive edge.
    • “The talent pool…is relatively small and so individual moves can matter. Google stresses its deep bench, but these departures matter.” (49:02)

• Internal Pressures:

  • Politics around compute resource allocation at Google are reportedly a factor behind recent departures.

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Notable Quotes & Memorable Moments

• Micron and the New Memory Market:

  • “AI driven memory shortages could last beyond 2027, keeping memory prices higher for the foreseeable future, even as Micron boosts its manufacturing capacity.” — Ed Ludlow (01:49)

• Apple’s Unprecedented Price Hikes:

  • “These price hikes are largely unprecedented in Apple's modern history…The most interesting thing to me in Apple's statement wasn't that they're blaming AI, data centers and memory. We know that. It's that they seriously hinted that there will be more price increases to other products.” — Mark Gurman (03:36, 04:51)

• Qualcomm’s CEO on Data Centers:

  • “If technology matters and you have fast innovation cycles, there’s room for Qualcomm.” — Cristiano Amon (16:55)

• Memory Market Upcycle:

  • “There’s a structural difference in…how customers are thinking about procuring their memory.” — Jake Silverman (29:03)

• Figma’s CEO on Human Plus AI:

  • “Only humans can really raise the ceiling here…They can use AI to be more effective, but humans bring the point of view.” — Dylan Field (33:38)

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Key Takeaways for Uninitiated Listeners

• AI is driving robust demand throughout the tech ecosystem, particularly for advanced memory chips, reshaping supply chains and inflating component prices.
• Micron expects high demand (and high prices) for memory well into the late 2020s, impacting consumer electronics globally.
• Qualcomm is rapidly diversifying with bold new AI/datacenter ambitions, leveraging custom silicon and key partnerships like Meta—even as it faces stiff competition.
• Tech’s role as a deflationary force is in doubt, with product price hikes likely to be an ongoing reality if current trends persist.
• The memory chip market is shifting to longer-term contracts and higher pricing, behavioral changes unseen in previous cycles.
• Anti-AI regulatory sentiment is rising, and actual policy interventions may slow the AI boom’s current torrid pace.
• For all the talk of upfront hardware investment, actual global AI software/business revenues have now reached a tipping point and are accelerating fast.
• Talent competition between AI leaders (Google, Anthropic, OpenAI) is intensifying, with even a small number of key departures causing industry alarm.
• AI is transforming everything from product design (Figma) to where and how future tech investments will flow (data centers, chips, open source models).

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For a deeper dive, listen to segment highlights:

• [03:36] Mark Gurman on Apple’s unprecedented price rises
• [14:11] Cristiano Amon explains Qualcomm’s data center strategy
• [29:03] Jake Silverman on the new memory market dynamics
• [31:39] Dylan Field reveals Figma’s intelligent design overhaul
• [39:44] Matthew Griffin on the risks of anti-AI policy
• [44:59] Azim contextualizes the AI revenue boom in historical perspective
• [49:02] Gia Love on the impact of Google’s senior AI departures

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Transcript

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[Bloomberg Tech Host / Reporter]

Bloomberg Audio

[EY Consulting / Bank of America Advertiser]

Studios Podcasts Radio News. Bloomberg Tech is live from the heart

[Ed Ludlow (Bloomberg Tech Anchor)]

of Silicon Valley with Ed Ludlow in San Francisco. This is Bloomberg Tech. Coming up, Micron soars after its AI fueled forecast shatters Wall street projections. Plus Qualcomm jumps after posting a strong annual sales forecast. We're joined by Qualcomm CEO Christopher Amon live and Apple raises prices on some hardware, an extreme measure in direct response to the memory and storage crunch. And it is memory that is still at the heart of what's happening on Bloomberg Tech. A super bullish sales outlook from Micron which is currently on track for its biggest jump in a month. But at the open on track for its biggest jump since 2011. We will get to the details. There are two other big stories, one directly linked Apple is raising prices on some hardware, citing the memory and storage crunch and storage prices. A Qualcomm fresh off its investor day has a lot of news and extended conversation with the CEO. It is still memory and it is Micron and here's what you need to know. Micron didn't just beat expectations, it reset them higher forecasting as much as $51 billion in fourth quarter revenue well above Wall street estimates. More Importantly, management says AI driven memory shortages could last beyond 2027, keeping memory prices higher for the foreseeable future, even as Micron boosts its manufacturing capacity. And that helps explain our other top story. Apple raising prices on some of their hardware offerings as the cost of key components memory stays high. Bloomberg's Mark Gurman has the story. And you write that this is an extreme set of measures that Apple is taking. Where are the price hikes? What is Apple saying about the reasons why? And this is all about memory at the end of the day?

[Mark Gurman (Bloomberg Technology Reporter)]

Yeah. These price hikes are largely unprecedented in Apple's modern history. There hasn't been a time where they've hiked the prices across several different products across much of its product lineup. This is the iPad. This is the Mac. This is the Home pod. This is the Apple tv. This is the Vision Pro. It's essentially everything outside of some accessory. And of course the iPhone. The most important product, the AirPods and the Apple Watch. So this is a very big deal. I think that the price increases are pretty significant, but they're not necessarily going to be a big deterrent to customers, particularly on the Mac side. The iPad makes me a little uneasy given all the competition in the tablet market and upgrade cycles. And then the Apple TV and HomePod prices are pretty significant. And given that there's so many cheaper alternatives from Amazon, Google and elsewhere that could be a little dangerous for Apple, Apple in that market.

[Ed Ludlow (Bloomberg Tech Anchor)]

Mark, what struck me reading your report is how detailed Apple was in its explanation. Maybe, maybe you think that they, they weren't as detailed as perhaps they often are. But they're trying to tie this to what's happening in data centers and they're trying to explain that for the longest time possible they held off on doing this. They have no choice now.

[Mark Gurman (Bloomberg Technology Reporter)]

Yeah, let's remember other companies in the consumer electronics space, Apple competitors hiked prices significantly in the prior months. Apple, you know, it's a good thing this time is fairly late to these price increases. But Apple's Apple, they're the most popular consumer electronics company. Everyone's buying these products. And so this is the biggest of all big deals when it comes to price increases, that being Apple. The most interesting thing to me in Apple's statement wasn't that they're blaming AI, data centers and memory. We know that. It's that they seriously hinted that there will be more price increases to other products. They said that these are the price increases that are happening today. Leaving the door open. I would say to iPhone and Apple watch price increases in September when they announced the new models.

[Ed Ludlow (Bloomberg Tech Anchor)]

Mark Gurman who leads our coverage of consumer technology, thank you very much. Yesterday Micron stunned with quarterly estimates that absolutely shattered Wall Street's expectations. Signaling that the infrastructure boom remains strong. Again Micron shares are on track for their best day in one month. But at the open on track for their best day since 2011. Supply is tight, it is going to stay tight. There is no line of sight to supply improving and memory prices will remain high. That's the story. Chief market strategist Carol Schleife of BMO Wealth Management is with us for more and you have a very interesting almost historical look at what will happen next and that is that historically for decades tech had been a pretty reliable deflationary force. Mark just outlined actually more price hikes could come on that higher end Apple hardware. What happens as a result?

[Carol Schleife (BMO Wealth Management Chief Market Strategist)]

Well I think markets are really trying to struggle with the fact that it looks like we've got an economic regime change if you will underway. And it starts as, as Mark talked about it starts with the data centers in the build there but it also you have to think through what life as a semiconductor company has been like because they go decades with various a big peak in trough and so, so they, they want some reassurance from these companies before they start expanding capacity. They need reassurance that that demand is going to be there. They get some of the reassurance, they're signing longer term contracts. There's really slow walking expanding capacity but in the process are really definitely targeting their production much the same way that semi or that many of the semiconductor companies did during the pandemic and they diverted it away from auto companies and put it towards the P manufacturers and the and the AI creators if you will. So they're being very strategic in how they're doing and the industry overall is trying to watch its margins. I think what investors have to deal with is you know there was this presumption early on that higher prices and more over here just came because someone was shaking a money tree over there. But it's a pretty zero sum game in terms of if you're a company you've got, you've, you're paying in one category and giving up in another. And so Apple sending that message that they, they've held on for a very long time not past price increases along that's actually pretty indicative across the economy where a lot of companies have done that. They've held it as long as they can and so it leaves us, the consumer, and us as investors to be very discerning about where, where we're going to see it pull through, where we're willing to pay up. I think Apple is betting that people are willing to pay up for those, those specific products.

[Ed Ludlow (Bloomberg Tech Anchor)]

What Micron said last night was remarkable. The number is $51 billion up to in the fiscal fourth quarter when the street saw 43. So there's just a simple element of outperformance relative to expectations. But the admission that they have no line of sight to the supply situation improving and therefore prices remaining high, how does the market model for that with everyone else in the equation, the capex deployers, the hyperscalers?

[Carol Schleife (BMO Wealth Management Chief Market Strategist)]

I think it's, it's difficult to model because basically what we're doing is as an economy, we're trying to rewire the whole economy very rapidly for, and make up for decades of underinvestment in infrastructure because we haven't invested in the energy grid, we haven't needed to because the demand wasn't up. And now we're asking demand to go up many multiples of where it has been historically. And so markets have to adjust to the fact that you'll probably have higher endemic sort of core inflation, if you will. But you're seeing from the fixed income markets that they're actually pretty tolerant of that because of the fact that it's coming from steady demand. It's not coming from workforce demanding higher wages, but it's coming from growth that we're putting in the economy. And economics 101 would tell you that in the long run when we, we invest in that, in the capital infrastructure, it does tee us up for an era of more productive growth. But there's this interim period that it's going to take us a while. We're probably talking later in the decade or early next decade when we finally see the big deflationary impacts of this come through. Because in the meantime we all want access to it. We need data centers to get access to it. And there's that bottleneck in the middle that, that's going to need sorting.

[Ed Ludlow (Bloomberg Tech Anchor)]

Carol, just really quick before we let you go, Micron, the funny thing about it in other memory names is that they're trading at like a pretty reasonable multiple. What happens next?

[Carol Schleife (BMO Wealth Management Chief Market Strategist)]

Well, they're super reasonable and like I heard this morning, like you've seen even within video to every time they report, people look at the stock price, you know, simplistically on the front, they look at the stock price and forget to put the stock price relative to the earnings and the valuations have been coming down on these names actually for quite some time because the earnings are so unbelievable. Unbelievably strong.

[Ed Ludlow (Bloomberg Tech Anchor)]

It's a stock that literally is price $1,190 a share. But yeah, I looked at 12 month forward EPS Carolip BMO Wealth Management's great to have you back on the show. Thank you very much. Coming up, we're going to stick with semiconductors. A conversation with Qualcomm CEO Cristiano Amon on data centers Deeper push into data centers M and A. Qualcomm has been busy and they gave some pretty interesting numbers for the future. That conversation is next. This is Bloomberg Tech.

[EY Consulting / Bank of America Advertiser]

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[Ed Ludlow (Bloomberg Tech Anchor)]

Okay. Shares of Qualcomm were up around 4%. They had opened up more than 11%. The company unveiled ambitious long term growth targets at its investor day in New York. Qualcomm is projecting more than $15 billion in annual datacenter revenue by fiscal 2029. And $40 billion in annual sales from businesses outside of smartphones, double the target that it is set two years ago. Joining us now is Qualcomm CEO Cristiano Amon and Bloomberg's the close anchor, Romaine Bostick. And Christian, it's great to have you back on Bloomberg Tech. And here we've remain and I if we could we just start on actually the near term because the $5 billion data center number for fiscal 27 is really interesting to a lot of people. I think they really want to understand the composition of it. Right. Datacenter can mean a lot of things. Where is Qualcomm going to move most quickly?

[Cristiano Amon (Qualcomm CEO)]

Yeah, very good. I have to talk to both of you guys. Look, this exciting time especially because we kind of upgraded our known handset revenue as we've been diversifying the company from 22 to 40 and enter the data center market and 5 billion in fiscal 27, it's, it's a high confidence number that we have based on customer engagements we have right now. Most of their revenue is from customers ASIC engagement that expanded since the acquisition of Alpha Wave and you started to see in that revenue some of this innovative technology we came up for accelerators, it doesn't require HBM memory is our high bandwidth compute and as, as we keep executing on those customers, we're excited to see that revenue going to about 15 billion in fiscal 29.

[Romaine Bostick (Bloomberg Tech Anchor)]

I am curious Christiana, when it comes to those longer term targets and the bridge between the short term. So what you have put out there for 2027, is there any sense I know you haven't named the customers that get you over that bridge here but is that going to fill the hole of that 5 billion based on the 1 billion that we already know is out there?

[Cristiano Amon (Qualcomm CEO)]

Look, the 5 billion, as I said it's. I'll give you the composition. I think what I can say right now, I think as you'd expect a lot of of those contracts are governed by non disclosure. We have one large hyperscaler customer in the United States, one large hyperscaler customer in China and then we have some other engagements that we had on a data center that is all into the $5 billion. So the $5 billion is, it's a very high confidence forecast to which we have the customers, the capacity, the memory allocation and everything as we think about the engagement we have today. And also we talk about a contract that we have with Meta also for two generations of the cpu, especially as we position ourselves for the Gentex CPU opportunities that those engagements are into the $15 billion number for Qualcomm as a new entrant. Those are great numbers. But really when you look at the scale, what's happened on the data center, you would imagine as we execute and we show our differentiation, there could be upside, but we're just, you know, being focused on the engagements we have today.

[Romaine Bostick (Bloomberg Tech Anchor)]

I do have to ask so. And investors seem pretty pleased with what they heard yesterday about you articulating this longer term data center strategy. But I'm curious, I mean you famously exited the data center business back in 2017, 2018 and I know there were a lot of direct, a lot of reasons for that that went beyond your operational control, but there was a lot of competition then, there's probably even more competition today. Why do you think you can get it right now compared to what it was eight years ago?

[Cristiano Amon (Qualcomm CEO)]

Yeah, look, the circumstances, I think we, when we started on the CPU actually I know people talk about data centers in general term but we actually, we start a long time with an ARM compatible ISA CPU very early. There was a big softer barrier. This is before AI and you know, at the time I did not, you know, the market wasn't ready for it, only too later. So it was kind of the, probably the right decision for Qualcomm at the time. This is a different conversation, it's a different data center. Right now this is about AI and but it's a valid question, right? So I will give you the same answer that I gave when we entered the automotive business, when we entered the industrial business and everything that we have been doing to diversify the company, those are fast moving markets now changing with technology. So where we really focus is not what the data center is doing today, but what the data center is going to be doing tomorrow. The data center is now moving to agentic. That's why you see CPU companies on the rise, you see demand on the rise. The data centers being disaggregated is not one single GPU that does everything. You have different hardware and we're coming out with a couple comprehensive portfolio. We have a, we have a cpu, we have a new memory solution that is not a memory from the memory provider has actually been designed by Qualcomm that doesn't require hbm. We have a different accelerator for the disaggregated compute and we have our semiconductor scale which is good for customizing. So that's what we're doing. And you know, if technology matters and you have fast innovation cycles, there's room for Qualcomm.

[Ed Ludlow (Bloomberg Tech Anchor)]

Bloomberg Tech Live on Bloomberg Television and Bloomberg Radio all around the world. And we're speaking to Qualcomm CEO Cristiano Amon. And a big part of Qualcomm story is custom silicon. Now Asics, you mentioned it a moment ago, Cristiano. Bloomberg reported on May 26 that ByteDance was one of those hyperscaler companies and at the time Qualcomm didn't comment. How is that going to work? You know, there is a distinction between an ASICS program and export of accelerator, which is your own name on it, within the current confines of the US export controls that are in place.

[Cristiano Amon (Qualcomm CEO)]

Well, we're still not commenting on it, but I'll tell you that like everybody else that has a significant portion of their datacenter revenues also with customers in China, there is a, there's a very clear set of regulations and specifications that you have to follow and you should expect that Qualcomm is complying with those. And I think there's different types of products that destined for China and those are the ones that we are shipping to our China customers.

[Ed Ludlow (Bloomberg Tech Anchor)]

Thank you. The datacenter business is multifaceted. So ASICs, your own accelerators and now CPU. But the market's in a place where in video or AMD on an annual break basis bring a new generation of technology. Right. And so the question that a lot of people pose for you, Cristiano, is by the time the accelerators come to Market and the CPUs in 2028 and customers deploy them, will they not be obsolete? Is it not too late to kind of get into those markets when you look at the, the peers and how they deploy?

[Cristiano Amon (Qualcomm CEO)]

Absolutely not. Look, I get this question all the time and I think if that was true, Qualcomm will not diversify from phones and enter the automotive industry into the industrial, into the robotics, into the broadband. And I actually believe it's exactly what, what, what I said before. I'm going to give you, I'm going to give you a simple answer. There are four vectors of differentiation accelerator. First of all, we know that power matter. If you look at the demand that exists in the data center right now, it's a demand that going like this and the energy available is like this so that create it's perfect for Qualcomm because what we do is very power efficient. We design our technology always thinking there's going to be a battery on the other side and we're going to have efficient and power consumption. That's one vector of differentiation. The other one is what I said we design for the future which does not have the memory constraint that you have today. We don't have to move a lot of data between the accelerator to memory and that reduces thermal, reduces power consumption and increases the memory bandwidth and we don't have to use expensive hbm. We have the ability to do this at a much lower cost. Number three is we are coming in with very high density of transistors with our accelerator and we're not a small company. I think we, we ship 40 billion components a year. We do more than 30 new chips per year on leading nodes and I think we have the ability to execute. And if the data center is changing because of Agentic and the data center is changing because of this aggregation, there's an entry point for Qualcomm.

[Romaine Bostick (Bloomberg Tech Anchor)]

I am curious Cristiano, particularly with Meta and Dragonfly, how confident are you that Meadow will still be there in 2028 as a partner? And I ask that only not so much from the Qualcomm side. But Metta has sort of moved around a little bit with some of its strategies and how it's approaching AI. Is the agreement that you have with them is that basically firm look to two parts?

[Cristiano Amon (Qualcomm CEO)]

We, yes, we have, we have a contract with Matter. That's why we talk about them as a customer for, for two generations. And it's very significant for our cpu. We have a very unique CPU if you look at some of the metrics we provided and I think we have a track record to have a good cpu. The second part of the question, I will never bet against Matter. You know they have, they have incredible first party applications. They have a lot of data, they have a lot of data from consumers. They're well positioned. We are on the early innings of anybody that believes right now that whoever the people players are on an AI, this is what is already defined. This is a, this is a decade long and I think if we learn something about the Internet is your technology is going to move very fast and the players are going to change. I will not bet against matter.

[Ed Ludlow (Bloomberg Tech Anchor)]

Christiana, can I just jump in on Matter really quickly? What I find really interesting about it is the relationship was already there, right? Snapdragon in quest I spent a lot of time down in Palo Alto on the Orion projects, kind of looking at what's under the hood. How much did that existing relationship on the consumer electronics side get the win on the data center side, it's 100%.

[Cristiano Amon (Qualcomm CEO)]

Look, at the end of the day, this is not, this is not one time relationship we have built over a long period of time. A strategic relationship. And what happened once you have those relationship in place and we have more products, you have the trust, you have the capability of execution. And by the way, this is also true. What happened on customizing. We bought Alpha Wave, they have some engagements but now they're part of Qualcomm. Qualcomm has broader relationship with some of those companies and I think that just scale and that's exactly what you're seeing.

[Romaine Bostick (Bloomberg Tech Anchor)]

Well, can I ask you a little bit about that? You mentioned Alpha Wave. You've obviously you have Antana, you have the modular deal. You made a lot of acquisitions in a relatively short period of time. I guess my question is twofold. A, should we expect more anytime soon? And based on the acquisitions that you've done, have you actually already sort of integrated that into some sort of sellable product that's already sort of out there as one?

[Cristiano Amon (Qualcomm CEO)]

Yeah, 100%. Look, if you look, if you look at our track record, right. So especially as I think about the diversification of the company, first was automotive. We bought a river and that is now this stack that you see on BMW for Highway Autopilot. We bought Nuvia and you see now our CPU showing up not only in PCs and phones and automotive, but now in a data center. We bought Alpha Wave and you see us now into the connectivity business, in the custom ASIC business. And the modular acquisition is incredibly exciting. I actually don't think the industry investors really understand what that acquisition is. I think my prediction is people are going to read it to three or four or five times that eventually they're going to get it, which is an industry friendly alternative that we going to make it available upon close to everybody. So all of those things, module acquisition,

[Romaine Bostick (Bloomberg Tech Anchor)]

your Chris Lattner, he's sticking around.

[Cristiano Amon (Qualcomm CEO)]

Absolutely. That's why you can see if anything, if anything what you should see about this acquisition. By being an all stock deal, it means that the founders are now fully vested on the future of Qualcomm. And I think, I think there's another thing that investors did not understand. They asked me the question why at this size acquisition doing all stock is because they're all now committed to the Future of Qualcomm when we're connected together. So all of those things as part of us doing that. And to your question is there are going to be some other acquisitions but as we have been very disciplined as we're building industrial, some of the acquisitions we did Arduino with 33 million developers would focus on industrial edge impulse. Now you see us doing data center. Future acquisitions are focused on data center and robotics, which is another area of investment for Qualcomm.

[Ed Ludlow (Bloomberg Tech Anchor)]

Cristiano, smartphone and IPC is still there for you, right? And you'll be aware of the world that we woke up to this morning in memory with Apple raising prices as well. Has your outlook for the PC and smartphone markets changed or shifted at all for this year, next year?

[Cristiano Amon (Qualcomm CEO)]

That's a great question. I think you have to look at those markets very short term and you need to look at this market. So what's happening in the midterm for the very short term? I think the whole world is dealing with this memory situation right now, which is, which is not great. And I think I respect the companies kind of make choice to different the different industries. But then what happened is you don't have a demand the problem and mobile npc, you have the memory availability and prices. I think what you saw, the message from Apple. So we even expect when we think about, for example the Android market in China, I think when you think about year over year, when you look at 27, expect it to be flat to probably a down bias. And that has all to do not with demand but with the memory situation. But the other part's more interesting. There's a lot of clarity right now because of agents how this market is going to change with AI. Very, very clear. I think we see a lot of those phones now becoming the customers of the phone as the human, the and the agents. And that is changing the architecture of the devices.

[Ed Ludlow (Bloomberg Tech Anchor)]

Qualcomm CEO Cristiano Amon and Bloomberg's remain Bostick. Fantastic conversation. Thank you both very much indeed. Welcome back to Bloomberg Tech. I'm going to take a look at today's big number, which actually may be our smallest big number yet. Sub 1 nanometer. IBM has unveiled what it calls the world's first sub 1 nanometer chip technology. Squeezing nearly 100 billion transistors onto a chip about the size of a fingernail. For scale or reference. A human hair is about 80,000 to 100,000 nanometers wide. We're talking sub one nanometer. Let's get to Micron. Micron's Earnings in the memory environment are our top story right now. Microns up to 12%. It's on track for its biggest jump in a month. Earlier in the session have been much higher. Supply is tight, prices will remain high. Bloomberg Intelligence writing these earnings reflect AI related demand, but don't quite capture the structural changes to the industry. Let's get out to Bloomberg Intelligence analyst Jake Silverman. The headline there or the title the Memory Upcycle. For a few days now you and I have been talking about is this a massive departure from the memory market's historical norm? You seem to be writing now that it is.

[Jake Silverman (Bloomberg Intelligence Analyst)]

Yeah, it definitely is to many extent. To quite an extent. Because in the past what we've really seen is you see contracts on a monthly or quarterly basis. And so the fact that we're now seeing contracts extending out to 2030 in many cases, it just shows that there's a structural difference in the way that customers, customers are thinking about procuring their memory. And a lot of this is just driven by the substantial price increases that we've seen. You know, with memory probably increasing 200 to 300% this year for DRAM and NAND, the hyperscalers want to make sure that not only do they have the supply that they need, but they want to be able to make sure that they have a good idea of the range of pricing that they can expect as they're building out these AI data centers.

[Ed Ludlow (Bloomberg Tech Anchor)]

Jake, I'm about to have a really important conversation on software so we should probably remind the audience like what's happening in the background and that is massive demand for memory chips in AI data centers, either for training or for running AI workloads. Just explain the bigger picture.

[Jake Silverman (Bloomberg Intelligence Analyst)]

Yeah, so when you're thinking about building out an AI data center, you need all of these GPUs, I think in video really clearly the dominant player on training. They have 288 gigabytes of HBM per GPU in their NVL 72 racks and whatever other rack configuration that they have. But actually interestingly enough you've seen Google with their TPU going up from 192 gigabytes to 216, 288 for different SKUs. Trainium clearly increasing the amount of HBM. So it's not just Nvidia. The entire ecosystem just requires more HPM and then we're not even getting into the system memory that you need. The lpddr, the DDR that supports all sorts of different functions for AI demand and that extends beyond training into inferencing and we haven't even touched on agentic AI. And so if you start to see a proliferation or an inflection of a lot of these different AI tools, it's going to require memory as one of the foundational background enabling technologies.

[Ed Ludlow (Bloomberg Tech Anchor)]

Bloomberg Intelligence since Jake Silverman with the react, thank you very much indeed. Let's talk software. At its annual config conference in San Francisco, collaborative design firm Figma just unveiled a platform overhaul for the era, transforming its workspace into what it calls an intelligent canvas for full stack digital creation. It allows teams to build animations, integrate agents and write native code all in one place. Delighted to say that Joining us is Figma co founder and CEO Dylan Field, back on the show. It's good to see you.

[Dylan Field (Figma Co-founder and CEO)]

Good to see you too. Thanks for having me.

[Ed Ludlow (Bloomberg Tech Anchor)]

The idea is that you want your audience, which is developers and also customers, just to be able to do more in one place.

[Dylan Field (Figma Co-founder and CEO)]

Designers. Yeah, product designers and designers of all types as well as those they work with.

[Ed Ludlow (Bloomberg Tech Anchor)]

What's the breakthrough here? What have you done from the technology side that's allowed for that?

[Dylan Field (Figma Co-founder and CEO)]

Absolutely. So rather than having only vectors and images on the canvas, we've also added in all sorts of other things. For example, now you can have code layers where you're able to actually have a representation of code that's running and interactive on the canvas alongside your designer presentations. Plus, we've made so that you can generate with the Figma agent plugins that let your team do reusable workflows, run skills. And we're very excited about the generative effects and shaders that we've added. Shaders let you do advanced graphics work on the canvas. And finally we unveiled Figma Motion. Figma Motion I'm really excited about and our community is honestly just over the moon.

[Ed Ludlow (Bloomberg Tech Anchor)]

Is it something you asked for?

[Dylan Field (Figma Co-founder and CEO)]

Sorry?

[Ed Ludlow (Bloomberg Tech Anchor)]

Was it something you were asked for by the designers? They basically said like, we want this, can you build?

[Dylan Field (Figma Co-founder and CEO)]

Oh, since we've started, they've asked what's

[Ed Ludlow (Bloomberg Tech Anchor)]

the impetus for it?

[Dylan Field (Figma Co-founder and CEO)]

Yeah. So I think that if you zoom out right now we're in a place where AI is trained on in distribution data and the center of the distribution is your average. That's what it's trained on. And when you're prompting and you're getting outputs, it's so often that you're getting this average output and people can smell that they are almost. It's just like writing. You ever get sort of triggered and a little bit like, is that when you're reading something?

[Ed Ludlow (Bloomberg Tech Anchor)]

I think it's attributable to. Yes, because they're not all equal or

[Dylan Field (Figma Co-founder and CEO)]

just if you think something's been written in the first place. And the same thing is true for design. I think that as people are trying to stand out with their businesses, be bold, have a point of view that will be rewarded. And only humans can really raise the ceiling here. They can use AI to be more effective, but humans bring the point of view and they actually are able to use design as a differentiator to make it so that their product, their software, their business, their brand, their marketing, their advertising stands out, breaks through the noise in this increasingly wild attention economy we find ourselves in which will only be more flooded by AI.

[Ed Ludlow (Bloomberg Tech Anchor)]

That's, that's quite big picture stuff. I mean, what I wanted to ask you is the technology underpinning all of this. If you remember back to Open air Dev Day 2025, you and I had a conversation and your stock was going up a lot because you got a name check on stage. You told me that and I wasn't by that. But in this case, like let's take the coding layer for example. Is it something you've built yourself or your model agnostic or coding platform agnostic? Yeah, we get to the net result.

[Dylan Field (Figma Co-founder and CEO)]

We've always taken a modular approach on what models we can use. And so we can swap models in, out whenever we like on behalf of the user or at the user's request. And what we do is basically you can take your design and just move it over to a code layer and it'll automatically convert it. You can then make that interactive. You can also in the future imagine a world where you're prototyping or even going to production with code in figma. And by being part of that token flow, we're very excited about what that can mean for our users and their abilities to really impact the platform. Because as code is commoditizing, what we're seeing is that the value is moving up the stack to design. Designers are the ones that we think in the future will be building all

[Ed Ludlow (Bloomberg Tech Anchor)]

the software tokens, equal revenues. As you know, a lot of your users watch the show and I always try to like get their input and what they'd ask you. I have one audience question and I'm just going to read it to you. Is there any plan to make Figma a platform for brand integration using M cp? And so this person says, for instance, I may use a different application to build my website, etc. But my agent needs to access what he calls his ground truth, his own IP, his own branding, logos, artwork, etc.

[Dylan Field (Figma Co-founder and CEO)]

Not only that, but also we want to do even more when it comes to your digital asset production workflows. So as you are figuring out ways to create systems and workflows to do advertising, to do media generation, one of our bets is Weave and Figma. Weave is a platform that is able to compose models and workflows so that you can still have that human touch, that craft and really shape the output of models like clay. And through that you can get extraordinary results. You can then run those workflows through an API and pull them into whatever system you like. But we're very excited to be that system of record, not only for the brand assets and design system, but also for these workflows as well.

[Ed Ludlow (Bloomberg Tech Anchor)]

Figma Co Founder and CEO Dylan Field back on Bloomberg Tech, thank you very much.

[Dylan Field (Figma Co-founder and CEO)]

Thank you.

[Bloomberg Tech Host / Reporter]

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[Ed Ludlow (Bloomberg Tech Anchor)]

There's a new threat to tech stocks and it's not what you'd expect. Public anger towards AI has Wall street strategists warning it could spur anti AI policies, creating another challenge for markets already grappling with a shaky rally in tech stocks marked both by both rapid growth but also sharp volatility. Boy, did we learn that less than. And this morning Bloomberg's Matthew Griffin has more like really interesting read. We've done a little bit more on the show in the past six to 12 months about the kind of PR crisis that is having with Americans. At least now this is translating to the deaths of Wall street strategists who are saying something could happen as a result. Just explain the report.

[Matthew Griffin (Bloomberg Reporter on AI and Tech Policy)]

Well, Ed, thanks for having me on. And like you said, strategists are still starting to tell their clients, pay attention to this polling data, pay attention to what's happening at the local level because again, Americans, they are very unhappy about the idea that I might take their jobs. They're very unhappy at the prospect that data centers might be pushing up electricity prices. And what strategists think is there is a chance that's going at some point to translate into policy. Policy that slows the rate of the AI boom, slows profit growth for the hyperscalers, for the chip makers, you name it. Things like a pause on data center construction. And you look at a market where the number one question is, what's the return on this investment? That could be a pretty big risk eventually.

[Ed Ludlow (Bloomberg Tech Anchor)]

So, so that's why I wanted to go next. Like, is this hardware related? Like there is a ban on building data centers or is the concern that there is some kind of heavy regulatory intervention on the software side?

[Matthew Griffin (Bloomberg Reporter on AI and Tech Policy)]

Well, if you look at sort of the worst case scenario that Wall Street's talking about, there is an example of each. One would be a national moratorium or pause on data center construction and the other would be some kind of tax targeting big tech companies or targeting AI producers. Now, we have seen progressive politicians, members of Congress pushing for these policies already. We aren't there yet, but we are seeing them at the local and at the state levels. There are a bunch of cities and counties that have paused data center construction. There's actually a moratorium sitting on the governor's desk here in New York awaiting her signature. Or her veto. We've seen governors in Ohio and Illinois pausing tax breaks for data centers. So we're starting to see this kind of thing percolating.

[Bloomberg Tech Host / Reporter]

Boom.

[Ed Ludlow (Bloomberg Tech Anchor)]

As Matthew Griffin with a really well read story on the Bloomberg Terminal and dot com, thank you so much. Let's stay in the realm of the build out. According to a new report, air revenue may have reached a tipping point. Analysis from Exponential View shows global air sales, excluding China reached $25 billion in the first quarter of this year. Depreciation from data center and chips investments, well that's expected to be just $21 billion. So is the AI build out finally paying off? Azim, as our founder of Exponential View and an author on that report as well as a Bloomberg contributor, joins us now. We've talked about this for so long, the machine where you know the numbers that are going in capital expenditures. It's just been very hard to find the numbers that are coming out the other side. You seem to have found them.

[M]

Well, thank you for having me on your show, Ed. And I thought it was really important that we do we do find them. The supply side is well understood. How many picks, shovels, chips, data centers are being built and how much does that cost? Piecing together what's happening on the demand side is much harder. The biggest are privately held. They don't need to disclose. And the hyperscalers, the big three AI is only a small subsegment of a subsegment of their businesses and so they don't really disclose. But there are enough clues. And for the last six months my team and I have been looking at every public disclosure that we can up and down the supply chain from the hyperscalers, from well sourced leaks to reconstruct the AI economy and to reconstruct specifically what is the top revenue coming in from from customers, enterprises and consumers without any double counting. And that's where we what we published today. And that's the $25 billion in Q1 2026 that you referred to. And I think it's really critical this lifts the fog of war.

[Ed Ludlow (Bloomberg Tech Anchor)]

You can also look forward. Right? So you're exactly right. We I mentioned a moment in time and that was that that that period gone. But if you looked, I guess on an annualized revenue run rate basis basis, you can say per the report that actually there is continued growth, accelerating growth in those revenues too.

[M]

Absolutely. I mean we view the if you annualize the current month, we're at $170 billion of annualized revenues without any double counting. That represents a 200% growth rate on the previous point, this time 12 months ago. But the current growth rate is still around 200%. And what's really remarkable Ed, is that you would expect that growth rate to start to slow down. And in fact we were caught out by this because we had in our modeling from the start of this year predicted it would slow down. And what turned out to happen was that anthropic went on a real tear and kept the growth rate high.

[Ed Ludlow (Bloomberg Tech Anchor)]

We're just showing the chart that goes back to what I said at the top. The point being quarterly revenue pace and current number is now exceeding the depreciation on the hardware side I'm assuming is that you're a great student of history just as I am. And what's so interesting is like you can go back and say, well what happened at the advent of the smartphone or even of cloud computing, the Internet if you want. Where does does what's happening in AI on those real revenues stack up against those prior moments in technology history?

[M]

Those, those moments are epic. They were some of the fastest growing business waves we've seen in the United States worldwide ever in history. Real revenues is growing roughly three times faster than the Internet grew, roughly three times faster than mobile grew. So this is a really fast in demand product that enterprises across America and consumers around the world are really buying into at the moment.

[Ed Ludlow (Bloomberg Tech Anchor)]

Is in real quick to end. What happens next?

[M]

Well, what happens next is we see more of Main street trying to get this right. We see more competition. I think people are concerned with the price of some of the proprietary models. We'll see large enterprises rotate towards open source which provides better value for money. But I do think that as enterprises get better at doing this, as Main street understands how to use AI, they will double down more.

[Ed Ludlow (Bloomberg Tech Anchor)]

Azim is our founder of Exponential View a Bloomberg contributors. Been really great to have you on Bloomberg Tech. Such command of the data. I really appreciate it. Thank you very much. Now coming up on the show, Google's efforts have taken a hit with the departure of even more top talent. It's been a bit of a wave of late. We'll have the details next. This is Bloomberg Tech.

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It's time now for talking tech. I'm here Anand. First up, the AI boom is making its way onto NBA floors. Cloud infrastructure provider Iron is taking over the Golden State warriors jersey patch starting next season, betting the partnership will raise its profile in the Bay Area's booming ecosystem. The deal also makes Iron the team's official air Cloud Partner, plus Anthropic is accusing Ali Baba of using nearly 25,000 fake accounts to illicitly access its Cloud AI model. In a letter to US Senators and White House officials, Anthropic called it the biggest effort yet by a Chinese company to piggyback on the work of leading US AI labs. And Amazon is doubling down on India's AI boom, announcing another $13 billion to expand its cloud in AI infrastructure in the country, including in Mumbai. The announcement comes as CEO Andy Jassy visits India where he's meeting with Prime Minister Narendra Modi. With the new investment, Amazon's total spending in India from 2010 through 2030 is expected to top $88 billion. Ed.

[Ed Ludlow (Bloomberg Tech Anchor)]

Thank you, Hira. Two top AI researchers are leaving Google for Anthropic. These are just the latest departures businesses in recent days rattling Google's ambitions. Bloomberg's Google reporter Gia Love broke the story and joins us with the details. And the story was so impactful it was shared across industry. Let's start with those kind of two key figures. Who are they and why it's being seen as like such a blow to Google's AI efforts.

[Bloomberg Tech Host / Reporter]

Thank you, Ed. So the two senior researchers who are moving from Google to anthrax topic are Jonas Adler and Alexander Pretzel. And both were viewed as key contributors to Gemini, which is Google's flagship AI

[Ed Ludlow (Bloomberg Tech Anchor)]

model and also highly regarded by their peers.

[Bloomberg Tech Host / Reporter]

Absolutely, yes, yes. Their peers were sad to see them go. Jonas Adler was playing a key role in AI coding and Alexander Pretzel was involved on the pre training side, which is where models are kind of trained on large quantities of data. And I think especially following the news last week of Noam Shazir moving to OpenAI and John Jumper, a Nobel laureate, heading to Anthropic. It has sparked concerns about who else may be on the way out.

[Ed Ludlow (Bloomberg Tech Anchor)]

We've been talking about that on the show for that extended period of time and it's played out in the stock. You know, Alphabet, the parent of Google shares have been under pressure. What's the bigger picture like? This is a mass wave of departure launches and so Gemini is in trouble or is it not as severe as that?

[Bloomberg Tech Host / Reporter]

To be clear, those two departures are the are the only names that we've reported on beyond John Jumper, Shazir. We're talking about a small number of people. However, the talent pool in terms of the number of people who really can move the needle on these models is relatively small and so individual moves, you know, can, can matter. Doodle stresses of course, that his bench of talent is very deep.

[Ed Ludlow (Bloomberg Tech Anchor)]

Yes, thank you. And you know, engage with us on that story. It was a very detailed report. Was there anything else in there that we haven't got to that you think, you know, the world needs to know about?

[Bloomberg Tech Host / Reporter]

We got a little bit more color about what happened around the time of Noam Shazir's departure. Computing power is a precious resource in Google. They have a lot of computing power power but they also have a lot of mouths to feed with cloud clients, research their popular products. And so we learned that shortly before Noam Shazir announced his departure, the computing power for one of his projects was shifted to a larger pre training team in London. It seems it was an attempt to boost collaboration, but we're still piecing each other. But compute can be very political at

[Ed Ludlow (Bloomberg Tech Anchor)]

home within Doodle Bloomberg Studio Love who broke a big story. I highly recommend you go and read it. That does it for this edition of Bloomberg Tech. This is what markets look like. Those are the stories. The NASDAQ 100 modestly higher micron, the most severely bullish outlook for memory in a supply constrained environment and prices high. And then Apple raising prices on some hardware because of that memory situation. Also react recap the Qualcomm CEO conversation on the pod. You know where to find it. This is Bloomberg Tech.

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