Bloomberg Tech Podcast Summary

Episode: Micron’s Rosy Memory Outlook Lifts AI Hopes
Date: December 18, 2025
Host: Bloomberg
Main Guests: Lauren Grosch (Space Reporter), Chad Anderson (Space Capital CEO), Carmen Reineke (Equity Reporter), Janet Mui (RBC Brewin Dolphin), Patrick McGoldrick (JP Morgan Private Capital), Joanne Feeney (Visors Capital Management), James Proud (Substrate CEO), Will Wade (Energy Reporter)

Episode Overview

This episode of Bloomberg Tech dives deep into two pressing frontiers of technology and business:

1. The growing momentum and accessibility in the private space sector, highlighted by Blue Origin’s anticipated NS-37 launch and developments from its competitor SpaceX.
2. Micron’s strong memory chip outlook, which calms AI market anxieties and triggers renewed optimism for semiconductor manufacturers as AI infrastructure investment surges.

The show features rich commentary from industry insiders on the competitive landscape in space, the cyclical and structural trends in semiconductor markets, emerging opportunities in data centers, private market valuations for AI and cloud companies, and the escalating US-China technology race.

Key Segments & Insights

1. Blue Origin’s NS-37 Launch: New Milestones in Space Accessibility

[01:51 – 10:24, 27:54 – 35:17]

Discussion Highlights

• NS-37 Launch Significance:
  Blue Origin is set to launch its 16th human flight and 37th overall NS (New Shepard) mission, featuring a landmark moment: “It’s the first time that we ever see someone with a wheelchair go in across the Karman Line as well. So a significant step there.” — Caroline Hyde, Host [01:51]
  The panel underscores the democratization of space travel — “You probably know someone or you’re 2 degrees removed from someone who has flown to space now. And we’re launching all different kinds of people, including people with different accessibility needs.” — Chad Anderson, Space Capital CEO [06:53].

• Why the Launch Was Delayed:
  Lauren Grosch confirms that launch holds are common: “These holds are fairly common when we do these New Shepard launches… I know that earlier this morning they had pushed back the launch because of high winds over the launch site.” — Lauren Grosch [04:38]
  The launch was paused multiple times, mainly due to wind conditions.

• Blue Origin vs. SpaceX: Contrasting Philosophies:
  “SpaceX goes out and is, is known for trying and testing... very visibly in public. All of the mishaps and the learnings... Bezos and Blue Origin is the exact opposite... doing a ton of testing before launch, which is why the first two launches of [New Glenn] have been successful.” — Chad Anderson [09:02, 29:02].

• New Glenn and the 2026 Space Race:
  “2026 is going to be the year of the mass to orbit. We have massive new vehicles coming online... SpaceX’s Starship, Blue Origin’s New Glenn, and... a larger variant... to launch an enormous amount of mass and enable data centers, space stations, and manufacturing facilities.” — Chad Anderson [09:02]
  There’s palpable excitement about lunar ambitions and the dynamic with NASA’s new chief, Jared Isaacman.

Notable Quotes

• “Seeing a key architect of SpaceX’s success fly on a Jeff Bezos-owned Blue Origin rocket is kind of the crossover moment that has the industry talking.” — Chad Anderson [34:27]
• “We’re really in a new age space race to get back to the moon.” — Lauren Grosch [31:40]
• “Bringing in Dave Limp [as CEO]... is a key reason why the company is now launching.” — Chad Anderson [32:12]

Timestamps

• 01:51 – Blue Origin’s New Shepard: History and today’s milestone
• 04:38 – Cause of launch delay explained
• 05:41 – Blue Origin’s resilience and business evolution
• 09:02 – New Glenn, Blue Origin’s next chapter, and “2026: The Year of Mass to Orbit”
• 28:13 – Update on the launch status
• 30:38 – Blue Origin’s partnership with NASA and the lunar race
• 32:12 – New management impact and Blue Origin’s new momentum
• 33:02 – Astronaut experience during launch
• 34:04 – Passenger selection process and space industry crossover

2. Micron and the Surge in AI Memory Demand

[13:39 – 16:02, 37:49 – 42:33]

Discussion Highlights

• Micron Soothes Market Nerves:
  Positive earnings have lifted Micron’s shares by 11%, which in turn bolsters other memory makers: “Investors were very happy to see Micron do so well. Shares are up 11%. It’s also lifting some of the other digital storage and memory stocks… Sandisk, Western Digital, Seagate, all on the top performers board.” — Lauren Grosch [14:30]

• Company-Specific AI Rally:
  “The trade is still going, but it’s becoming… more company-specific… Investors are really rewarding the shares of companies that do deliver and… much more cautious on companies that don’t.” — Lauren Grosch [15:29]

• Fundamental Proof Points Rule:
  “We need solid evidence that [AI] is actually delivering commercial benefits, broadening its application and of course delivering earnings.” — Janet Mui, RBC [16:21]

Cyclical Semiconductor Markets & HBM

• High Bandwidth Memory (HBM) as the Growth Engine:
  “They’re the leader and it is proving to be extremely useful in these data centers for AI... There’s not enough capacity out there. They’re adding some but in the meantime, they’re going to enjoy further price increases.” — Joanne Feeney [37:49]
• Industry Structure and Risks:
  “It’s a devilishly safe cyclical industry. Very tough… inevitably they overbuild and prices come crashing down. What’s different this time is the strength of the demand for this new product line.” — Joanne Feeney [38:29]
• Global Competition:
  “SK Hynix is involved. Samsung is a great company. I’m sure they’ll figure this out... but there are constraints from the equipment suppliers… It’s always slow and that gives investors some visibility to how long the cycle might last.” — Joanne Feeney [39:38]

Notable Quotes

• “We need solid evidence that [AI] is actually delivering commercial benefits… that is really the primary thing that investors are going to focus on increasingly in 2026.” — Janet Mui [16:21]
• “They’re not able to like have enough supply to meet their major customers. So sort of a problem there, but I guess a good one, just in terms of how strong the demand is.” — Ryan Vastelica [36:15]

Timestamps

• 13:39 – Market rally overview; Micron’s outsized impact
• 14:30 – Micron soothes AI market anxieties
• 15:09 – The company-specific nature of the rally
• 37:49 – The importance of HBM and the new growth cycle
• 38:29 – Cyclicality, capacity, and risks in semiconductors
• 39:38 – Global competition and capacity constraints

3. The Private Market Surge and AI Infrastructure Boom

[21:32 – 27:54]

• Companies Staying Private Longer:
  “From 1997 being five years on average and $20 million of sales to 2025 where it’s $220 million of sales and 14 years of being a private company… There’s depth of the private markets.” — Patrick McGoldrick, JP Morgan Private Capital [22:33]
• Valuations: Databricks, OpenAI and SpaceX:
  “$134 billion valuation for Databricks in an almost unheard of Series L… growing two times the rate of public high growth SaaS comps.” — Patrick McGoldrick [23:09–23:25]
• AI: Hype vs. Reality
  “Three years ago, ChatGPT just emerged on the scene. We’re at a billion monthly active users… The hardest part for public market investors is you have companies achieving $100 million of revenue one to two years faster than their public SaaS companies did.” — Patrick McGoldrick [25:35]
• Defensibility and Winners:
  “There will be, in any tech cycle, assets that are overvalued, there’s excess, but there’s also a new cohort of companies that define those generations. And we think we’re seeing many of those play out in the private markets.” — Patrick McGoldrick [26:35]

Timestamps

• 21:32 – Demand for private market exposure
• 22:33 – The private-public market blur, staying private longer
• 23:09–24:19 – Databricks and OpenAI valuations
• 25:35 – AI infrastructure, market cycles, and new leaders

4. The US-China Semiconductor Rivalry Heats Up

[42:33 – 47:38]

• China’s EUV Lithography Breakthrough:
  “The reporting that came out yesterday shows that China now has a working prototype... This is something that we’ve been tracking for... a very, very long time and... the US should actually take incredibly seriously.” — James Proud, Substrate CEO [43:24]
• Brain Drain and Talent War:
  “We underestimate China too often at our peril… betting that China will do something is always the smart strategy.” — James Proud [44:34]
• Leapfrogging as a US Strategy:
  “Our focus at the US needs to be… sprinting... we need to have an offensive, as I said, leap ahead strategy as well.” — James Proud [47:12]

Timestamps

• 43:24 – China’s strides in advanced chip tools
• 44:34 – Talent mobility and the underestimated competition
• 47:12 – The US strategy going forward

5. Nuclear Fusion, Crypto, and the Hype Machine

[50:51 – 54:47]

• Trump Media’s Fusion Bet:
  “Trump Media has agreed to combine with TAE Technologies in an all stock transaction valued at more than $6 billion. The companies say it will create one of the world’s first publicly traded nuclear fusion companies.” — Host [51:36]
• Fusion’s Reality Check:
  “Nuclear moves slow and fusion moves even slower than that. But the joke on fusion is that it’s always 20 years away and it’s getting closer.” — Will Wade [53:57]
• TAE’s Innovative Approach:
  “TAE is using hydrogen-boron, which is not radioactive and it’s easy to get… But really the key for all of them is the super strong magnets to keep this… ball of plasma contained.” — Will Wade [53:18]

Timestamps

• 51:36 – Trump Media combines with TAE for a fusion mega-deal
• 53:18 – The science and business of fusion energy
• 53:57 – Slow progress but genuine breakthroughs

Memorable Quotes & Moments

• “2026 is going to be the year of the mass to orbit… It opens up an entirely new sort of piece of the market that didn’t make economic sense before.” — Chad Anderson [09:02]
• “There isn’t just going to be one winner out there [in AI]... Ultimately, there will be multiple winners and they are likely to be those large in scale.” — Janet Mui [18:25]
• “It’s a devilishly safe cyclical industry.” — Joanne Feeney [38:29]
• “When Jensen [Huang] says China’s only a nanosecond behind, like he’s correct.” — James Proud [47:12]
• “The joke on fusion is that it’s always 20 years away and it’s getting closer.” — Will Wade [53:57]

Conclusion

This episode offers an in-depth look at:

• The rapid acceleration and increasing democratization of spaceflight (Blue Origin, SpaceX)
• The pivotal importance and cyclical peril of memory chips in the AI era (Micron, HBM)
• Shifting market optimism towards proven results and company fundamentals
• Fierce global competition—notably US-China—in semiconductor manufacturing and the strategic need for leadership
• The blurred, overlapping worlds of public and private markets, especially as AI and cloud tech companies stay private longer but command vast valuations
• The persistent mix of hype and progress in breakthrough technologies like nuclear fusion

Listeners come away with a clear sense of where the 'next frontiers' of technology and business are emerging, and some of the challenges—and opportunities—facing both investors and innovators.