Loading summary
Transcript114 lines
- [00:01]
Deloitte Narrator
The right technology can strengthen human judgment. That's why Deloitte brings together AI and data analytics with multidisciplinary teams who can help you connect the dots across your enterprise, from risk to operations to customer needs. So opportunities don't slip by and surprises don't spread. Because the smarter your systems, the sharper your instincts. That's how technology makes people better at what they do best. Deloitte Together makes progress. Learn more@deloitte.com TogetherMakesProgress
- [00:34]
VRBO Narrator
At VRBO, we understand that even the best of plans sometimes need a little support. So we plan for the plot twists. Every booking is automatically backed by our VRBO Care guarantee, giving you confidence from the very start. Whenever you need help, it's ready before your stay, through the moments in between and after your trip. Because a great trip starts with peace of mind. And maybe a good playlist. But we've got the peace of mind part covered.
- [01:02]
Public / Amazon Health AI / Public Investing Narrator
Amazon Health AI presents Painful Thoughts I
- [01:08]
Public Disclosures Narrator
I can't stop scratching my downtown. Mm, yeah, but I'm not itching to go downtown and tell a receptionist I'm here to talk about my downtown. Some things you'd rather type than say out loud.
- [01:21]
Public / Amazon Health AI / Public Investing Narrator
There's no question too embarrassing for Amazon Health AI. Chat your symptoms and get virtual care 24. 7 Health care just got less painful.
- [01:34]
Chase for Business Narrator
Bloomberg audio studios podcasts radio news.
- [01:44]
Caroline Hyde
Bloomberg Tech is live from coast to coast with Caroline Hyde in New York and Ed Ludlow in San Francisco. This is Bloomberg Tech. Coming up, all eyes on Nvidia this week as investors anxiously await the company's earnings results. Plus, the data center boom triggers the largest power deal in history, with Next Era acquiring Dominion Energy for $67 billion. And Elon Musk says he's in Texas working on plans for the Space X IPO. The filing come as soon as this week, but first we check in on these markets, which again are sinking for a second straight day. The Nasdaq 100 under pressure on Friday it was around anxiety or underwhelm between the US China relations. Now it's front and center. Back on geopolitics and the Iran conflict were off by 5.10of a percent as oil pushes higher. But we're seeing the semiconductor index once again taking a pullback. We're down by 2.2%. In fact, we've lost about 6% on this index in the last two trading days. As we saw a significant sell off on Friday, it ramps up into another day. Now all of this is why we still try to digest the reality of the demand and Spend and all eyes are going to be over in Las Vegas on Dell World today. This is as we think about how Dell is putting on its annual conference with developers and we're trying to understand what new tech, new innovations, what new offerings are on board. But there's a very special conversation to be had a bit later. Ed Ludlow standing by. And look, you're going to speaking to the men of the moment a little bit later.
- [03:14]
Ed Ludlow
Yeah. And there's a lot that needs to be reconciled. Right. This is the first time that the gentleman will be speaking having come back from China. And what needs to be reconciled is that in March, Nvidia's own conference, Jensen Wang said that they were ramping up their supply chain for H200. The US had approved the licenses, they could do business business in that market. The president on Friday aboard Air Force One said that he did discuss H200 with Xi Jinping, but China does not want them. And so now we're in this, this holding pattern where we need to explain to the market what's going on because a big part of the trade Friday and a little bit into this morning's trade has been this idea that nothing concrete came out of President Trump's visit to China with the video kind of at the center of it. But generally speaking, so many supply chain questions post melt up in the infrastructure trade.
- [04:04]
Caroline Hyde
Ye. Yeah, maybe we take a breather in that melt up just on the day at or a second straight day. But meanwhile the enthusiasm doesn't seem to be particularly being curbed for Nvidia. If you're looking some of the analysts notice today.
- [04:18]
Ed Ludlow
Yeah, it's fun to just hit fa, go on the Bloomberg terminal and just go back to basics. Right. When they had their print on Wednesday, EPS growth above 80%, top line growth just below 80%. And what's so fascinating about being here at Dell Technologies World is that if you look back at history of how these companies used to do business. Right. Nvidia never really sort of had gentleman fly around the world and deliver chips directly to the end user. Dell was the kind of key sales channel. And so in the era of more agent, ok, where more enterprises are investing to have the compute capacity they need. It's a really interesting lens. The timing is curious of course. Right. Speaking Monday, Nvidia reports earnings Wednesday. But they are very key partners in the state of play for AI for servers, what they call AI factory, but data center for running AI workloads. And you know, this is kind of his playbook. Right. Carrie, let's Be honest about it. You know, Jensen does tend to appear alongside his partners often, but I think we'll learn a lot today about the state of the world, the demand levers and also the issues with supply.
- [05:25]
Caroline Hyde
So much to learn. Ed Ludlow is going to be with us a little bit later in the show, but tune in later today. It's going to be an exclusive interview with the CEOs, as he says of Dell of in Video live from Dell Technologies world. That's at 2:30pm Eastern, 11:30am Pacific Time. But as we think ahead to Wednesday, Nvidia's earnings out after the bell. I want to bring you what to expect with Mandeep Singh of Bloomberg Intelligence and Mandy, we just heard a little bit about the drivers, the trends from Ed, but get into the nitty gritty on Nvidia. Is there as much enthusiasm as to really what the CPUs are bringing to bear as well as the GPUs and the infrastructure?
- [06:01]
Mandeep Singh
Yeah, look, I mean, when a company is growing top line, the way Nvidia is growing and that top line growth seems to be accelerating, it just there's no doubt that, you know, the are capitalizing on the demand and the chips remain in short supply. The only thing I would caution on is, you know, the rising memory prices. So we still have to see the impact of that on Nvidia's margins. And they have talked about, you know, maintaining those mid 70% gross margins. And the other thing is there's been that big shift from training to more inferencing and reasoning. And we know Nvidia almost had a monopoly when it comes to training workloads. But when it comes to inferencing and now with the rise of Anthropic, you know, and how much traction Anthropic has had with coding agents, it remains to be seen if Nvidia still has that bulk of the share when it comes to the use of their chips. And I think that's something we'll try to ascertain with the earnings call.
- [07:05]
Caroline Hyde
I mean, they've made moves and moves in inference, I think, about the acquisition of Grok with a Q, not a cave. Mandy, talk to us about what we might hear about that partnership, about what they're building to serve the inference market.
- [07:17]
Mandeep Singh
Absolutely. And you bring up a very good point that they have talked about, you know, Groq being a very big driver on the inferencing side to the tune, you know, north of $20 billion just from that acquisition. What they're doing, integrating that acquisition and Look, I mean we know Anthropic has also partnered with Nvidia now and Anthropic is the one that is had the most traction, you know, this year with coding agents. So from that perspective, some of those inferencing workloads will be deployed on gro. And to your point, you know, agent, it does require a lot more CPUs which is why we have seen, you know, the likes of intel and AMD do very well. So it will be interesting to see how Nvidia is positioned in all of this with, you know, CPUs also having their moment when it comes to the chip demand.
- [08:12]
Caroline Hyde
That's looking towards Wednesday after the bell, all after that key conversation that Ed has later today. Bloomberg Intelligence's Mandeep Singh. Thank you very much, Elon Musk. He says he's back in Texas working on plans for that Space X IPO as the rocket and AI company prepares what could be the largest listing ever. Now, Musk made the comments virtually at the Samsung International Smart Mobility Summit in Tel Aviv. Take a Listen. This IPO, you know, we've got to get the IPO SpaceX IPO going pretty soon, I think. Meanwhile, Space X has notified investors it's executing a 5 for 1 stock split. It's lowering the per share price for investors. In an email, shareholders were told the fair market value of each share was adjusted to about $105 roughly $527 following the split according to sources now coming up, CME and Silicon Data they are teaming up to create a futures market for computing power, a key resource driving the AI boom. Silicon Data CEO Carmen Lee is going to be joining us. This is Bloomberg Tech. Let's take a look at Today's big number. $67 billion. This is the largest power deal in history triggered by guess what. AI datacenter boom. Next Era is acquiring Dominion Energy for $67 billion in stock forging a giant utility is going to span from Florida to Virginia's tech hubs. Bloomberg's Liana Baker, who leads the M and A team is here with us. Liana, what is it that's the driving force here? Is it really all about the compute need?
- [09:51]
Liana Baker
You said it. And I'm surprised it took this long to see a major deal in utilities since demand for power power is at levels not seen since, you know, after World War II. So it was really a matter of time for some of these giants to come together in utilities because they need to team up to be able to pay for the build out. That's necessary for AI.
- [10:11]
Caroline Hyde
They say it's about scale, but with scale comes ISA regulators. How easy is this going to be to get through?
- [10:18]
Liana Baker
From what we're hearing, it's not impossible. Now's the time under, you know, the Trump administration to go bold and go big on deal making. But also where Dominion the target is based, it's only in three states apparently. You know, Virginia's data center ally is a really key part of this. But because only three states might be needed for regulatory approval, you know, this could, could really happen within a year to 18 months. Of course there's other regulatory bodies that also regulate power, nuclear, etc. But it's not an uphill battle. Analysts are saying, you know, it's not a trivial regulatory review, but looks like it's going to be okay.
- [10:58]
Caroline Hyde
The timing is going to be key though in terms of there's a lot of political pressure, political focus on the cost of energy right now in large part because of the build out. So how is that going to serve a customer base? Do we have any idea what impact to have on pricing?
- [11:12]
Liana Baker
In the press release they hit on this idea that there's going to be these credits going to Dominion customers. So they're very aware that they have to focus on this idea of cost and price to make sure that consumers don't think their utility bills are going to go up because of this deal. So that will be key. You're right. And you know, time will tell if prices will go up.
- [11:34]
Caroline Hyde
The Annabaker an extraordinary M and A Monday. We thank you for talking us through it. Look, we talk about the need for energy within AI, but computer of course is officially becoming a financial asset class that we all care about to CME Group, Silicon Data. They're launching the world's first futures market for AI computing power later this year. Penning regulatory review now joining us, I'm pleased to say in the studio is Silicon Data CEO Carmen Lee. You're also the CEO of Compute Exchange. So talk to us first and foremost what the relationship with CME is going to be bringing us. How important is it to have a futures market in computer?
- [12:08]
Carmen Lee
It's incredible important. I'm glad that I came in this week. Exciting week for the semi industry as a whole. As you mentioned energy spend. We probably going to spend over $10 trillion this year. Think about the spot market. From the energy to colocation to the server itself. Everything is at a commodity level. You need financial infrastructure to hedge to manage your risk exposures. Think about the banks, right? They the underwriting trillions of loans, how they manage their exposure, how do they have to their future volatility as computer bring online. So from a commodity point of view, think about how oil futures do a wonderful job for people hedging oil fluctuation, especially during the Iran wartime. So it is incredibly important to have futures.
- [12:53]
Caroline Hyde
You mentioned the banks, but who else will be the players involved in such a market that need to be hedging right now?
- [12:59]
Carmen Lee
So think about people who naturally long GPUs. So the data center themselves and your cloud design houses, fabs everyone long GPU exposure. They want a way to hedge it through short futures or put options. Whoever needs compute, just like you and me. Like startups, they spend billions of dollars on GPUs. They need to hatch their cost as a big component to a line item. Traditionally SaaS companies, they do not really have a cost line item as I found people. Now they do either from GPU level or token level. And it's a big line item coming up.
- [13:32]
Caroline Hyde
So the whole push is about transparency and an ability to be able to put these sorts of assets on on your overall balance sheet. But then when comes transparency just about the cost of compute. You've already been doing that with the compute exchange. What is it that you built there and who's using that?
- [13:48]
Carmen Lee
So a question. So compute change is spot market for GPU resources. Resources. So we do forward contracts as well as reserve contracts for GPA resources. So a lot of participants, I will say all participants so far on the underlying consumption layer. So startups all the way to the new clouds. So we're two really big sides of companies. We work with European new clouds, American new clouds, Southeast Asian clouds. On flip side, we have startups and enterprises globally. This is really fascinating. You see how people try to do long term contracts because they won't lock in the rate they don't want. The 40% daily volatility comes on demand. GPU pricing is either way to hedge that through future options. So we want to make sure we have the right venue for the right use space. If you want to reserve GPUs you want a physical deliveries, go to compute change. You want to hedge through financial exposures, go to CME in the future.
- [14:38]
Caroline Hyde
Tell us about what sparked this whole idea. I mean for full transparency for our audience. Used to be part of the Bloomberg team, used to work in this very building. What was it that you felt was missing in the market? Was there literally no transparency around around access to compute from one versus a Microsoft offering or a NEO cloud offering From Corey for example, I won't say
- [14:58]
Carmen Lee
it's no transparency but very little. So unless you in the ecosystem you are actually in the new cloud transactions, you do not know what's the reserve price of paying people paying for longer term contracts. The term structure is risk today and I'm thinking about this lack of visibility on demand pricing all the way to reserve which is 3 years, 5 years on deal. And also GPU is not homogeneous products. Yeah, you need to normalize that. You can just say hey I'm paying the H100 with certain HVM you paying different HPM eventual location. We can just do a simple average. You need indices normalize the underlying assets to produce as a data that's trackable and representative to the price we are paying today.
- [15:38]
Caroline Hyde
Look, we're just talking to Manipeep Singh of Bloomberg Intelligence who is saying that we need to get to the bottom of Nvidia's numbers that come after the bell on Wednesday about how much HBM or memory costs are really starting to impact their margin. What is it that you're seeing in your data about just the cost of
- [15:52]
Carmen Lee
compute at the moment with the price are going up. The price going up since December last year. It was pretty interesting last year everyone's talking about hey shouldn't compute price always come down and come down to zero by year A. It's not really happening. Supply, demand curve shift every single day. The term structure, the forward curve pattern shift every single day because people have different expectations there. Do different borderlines come out all the time? Yesterday, last week. Last year is a fab and this year is memory and going forward maybe geo colocation space. So every time is different.
- [16:24]
Caroline Hyde
So pricing pressure is there for you. The pressure is on to get this deal solidified with the cme. You've announced it but we did say there's regulatory oversight. What sort of hurdles do you need to go through? What sort of questions will be asked?
- [16:35]
Carmen Lee
So we are actively working with CME and a review with CFTC and other regulatory bodies. It is a very traditional data future products. We're not talking anything that's exotic. Right. We have done that for oil, for gas, for any other asset classes. So I really don't see a major concern from for anyone and going global,
- [16:55]
Caroline Hyde
how global is the offering that you currently have with CME or indeed the compute exchange. Where else are you likely to push in to more broad offerings worldwide?
- [17:03]
Carmen Lee
So we launched GPU indices at Bloomberg Terminal last year, the world's first GPU indices. We cover all prices ex China. So think about the European from the US we normalize the geolocation to one data points so anything x China is capture our indices so ideally around the world you can hedge that your exposure with our indices.
- [17:23]
Caroline Hyde
We'll have to see how this progresses. Come back on I hope Silicon Data CEO commonly there on all things futures market for compute but coming up we're talking Apple's revamped Siri, but it's expected to introduce new privacy focused features aimed at setting it apart from rival chatbots. More on that next. This is Bloomberg Tech.
- [17:49]
Deloitte Narrator
The right technology can strengthen human judgment. That's why Deloitte brings together AI and data analytics with multidisciplinary teams. People with deep industry experience who can challenge assumptions and help you connect the dots across your enterprise. From risk signals to operational pressure points to shifting customer needs. Deloitte helps you see what's coming sooner so opportunities don't slip by and surprises don't spread. It's not just dashboards, it's real clarity in the moments your decisions are made. When models reveal patterns, people can ask better questions. When data and people are connected, leaders can move faster with confidence. And when your teams are aligned, smart choices can scale from the frontline to the C suite. Because the smarter your system, the sharper your instincts. That's how technology makes people better at what they do best. Deloitte Together makes progress. Learn more@deloitte.com TogetherMakesProgress support for the show comes from Public.
- [18:50]
Public / Amazon Health AI / Public Investing Narrator
Public is an investing platform that offers access to stocks, options, bonds and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high RD spend small cap stocks with improving operating margins or the S&P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on Public you just type in a prompt and their AI screens thousands of stocks and builds a one of a kind index. You can even backtest it against the S&P 500. Then you can invest in a few clicks, go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by
- [19:43]
Public Disclosures Narrator
Public Holdings Brokerage Services by public investing member FINRA SIPC advisory services by public advisors SEC registered advisor crypto services by ZeroHash sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete disclosures@public.com disclosures being a small
- [20:01]
Chase for Business Narrator
business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business finances on all in one place with their digital tools looking for tips and advice, their online resources are always available to give you the solutions you need to help your business thrive. See how your business can get stronger and go farther with Chase for Business. Learn more@chase.com business chase for business Make More of what's yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JP Morgan Chase Bank Naomi Member FDIC Copyright 2026 JP Morgan Chase Co.
- [21:06]
Caroline Hyde
It's time now for talking tech and first up by due 1% drop in sales was less than analysts had expected. Buoyed by its new businesses. But the tech giant in China is making a strategic pivot, shifting towards Automated agents and AI powered cloud units in a way from search plus Publicis is acquiring online data broker Liveramp for about $2.5 billion in cash. Publicist says it's paying a 30% premium per share to supercharge its data assets and accelerate its AI driven marketing capabilities. And shares of Japanese chip maker Kyoshi. They were flooded with buy orders after forecasting a massive $8.2 billion quarterly operating report profit. It is latest in sign of meteoric demand hardware for AI services and the resulting shortage in conventional memory chips. Let's talk elsewhere in the world of AI because Apple is set to debut its iOS 27 and this year's WWDC featuring a revamped Siri experience. Now the update is expected to introduce new privacy focused features that could help differentiate Siri in the crowded chatbot space. For more Bloomberg Apple and Consumer Tech Managing editor Mark Gurman brings us what is it? Always the bread and butter. You bring us the scoops and push us towards for many reasons Apple wants to lean in on its privacy advantage. Is that what is going to make it distinct versus the other offerings already out there?
- [22:24]
Public / Amazon Health AI / Public Investing Narrator
Yeah.
- [22:25]
Mark Gurman
For Apple, privacy has been a differentiator now for going over a decade. They talk about privacy when they release any new product or any new operating system or any new software or service feature. For them it's, you know, their North Star. They like to say everything is built in from that perspective. And they really see it as a selling point that people want devices that have better encryption, better security, better privacy than the competition. And obviously this is really important for everything you're doing on Apple devices. You have your financial data on there, your communications, you have your smart home information. All sorts of different features you want to keep private. And that's going to extend to the new Siri. We're in an age right now where everyone's got a chat bot, everyone's got AI features. And just like you've seen Apple do with features and comparing themselves to meta and Google and whatnot, you'll see them do that with this chat bot that they're going to announce on June 8th developer conference talking about theirs retaining less information and less so called memory than other chat bots. And one feature that I report over the weekend that they're planning for this is the auto deletion of chatbot conversations. So you can set your chats just like you can with the messages app to save in your phone and your icloud forever or you can have them auto delete after a year or you can have them auto delete after 30 days. So that's going to be a bit of a unique feature. Other chat bots have what they call an incognito mode, which is basically, you know, private browsing mode in a web browser, private chatting in your encounter, your chat bot. But this is going to be a little different.
- [23:59]
Caroline Hyde
Talk to us about just how technologically that makes it stand out. If I have an auto delete for 30 days, what does that actually mean to the memory that then me having had that discussion with the chat bot and it being useful going forward?
- [24:12]
Mark Gurman
Yeah, well, it's two separate things, right? The auto delete of conversations means that that conversation, that chat that's just gone forever in terms of memory, right. You have chat bots that keep your memory forever, ever keep your memory for a finite amount of time. Apple is going to retain memory a shorter amount of time than a lot of the competition, which may make it useful in the short term, less useful in the long term. They're using techniques, there's one technique they have called differential privacy. To be able to retain some memory but not have it glued exactly to the user. Right. And when it's stored, not glued towards the user, but you're able to to store on device. So it's able to come back and tell you what you've talked about or give you that context. So I think it is going to work fairly well. It is going to be fairly competitive. But Apple's really going to market it around privacy and security.
- [25:03]
Caroline Hyde
As always, a must read with power on both. Mark Gurman, thank you very much indeed. Let's talk about Miami International holdings or MIA X. It has seen tremendous growth since it was founded over a decade ago, operating eight exchanges across options, equities and futures for disclosure purposes. As part of a collaboration with Bloomberg and MIA X have launched pad futures and options and Bloomberg has a dedicated studio on the exchange floor where Bloomberg's Nora Melinda is joining us. Now hot off your interview with MIA CEO Thomas Gallagher. Talk to us about what you've been discussing over there.
- [25:37]
Nora Melinda
Well, Caroline, I had the opportunity to chat with Tom Gallagher earlier, earlier this morning. Of course we're here celebrating the launch of the Bloomberg 100 Equity Index futures. Now this is a product that the company is launching, hopefully geared at retail traders. We've been seeing an emphasis on a lot of companies, a lot of brokerages really being interested in bringing in the retail participation. This company offering the opportunity of commission free for retail traders as they are launching this product, the first of a series of products to also come. What was really interesting from my conversation earlier with Tom was the idea of Miami as the Wall Street South. We've been seeing so many big business leaders, Ken Griffin, a number of other names talking about the tax environment being more favorable in states like Florida, Southern states. And so you're certainly seeing my ex really leveraging that coming to Miami. Their headquarters funnily enough are actually in Princeton, New Jersey, but the trading floor just behind me. So a lot of activity here in some of these Southern states and certainly my act looking toward further growth and development here.
- [26:42]
Caroline Hyde
Fantastic. Nora, Melinda, thanks for bringing us and the insights from your conversation. We appreciate it. Coming up. Well, we've got plenty to be discussing with a recursive CEO Richard Socia. It's an AI company coming out of stealth and already he's been running you.com as the CEO. He's already also got AIX, which is a venture fund. But now he's starting yet a new company all around the issues of AI and where we take large language model creation in the lab and the Frontier lab lab area. We're looking though right now as I not being the savior to these markets. NASDAQ 100 off by 710 of a cent. Look, it's the second straight day of losses. We've seen the semiconductor index as well off by 2.4%. That brings its losses, losses in the last couple of days to more than 6%. Was of course got a lot of the eyes on Nvidia for later this week. Wednesday after the bell, we get their numbers. We're off by percentage point for the world's most valuable company. This is Bloomberg Tech. Welcome back to Bloomberg Tech. Look, we've got a little bit of risk aversion creeping into the market and it's largely geopolitically focused. We worried once again about the conflict us, Iran, and we're seeing oil prices on the rise. That is seeing yet a second day of pullback, particularly on the NASDAQ. 100 off by 8, 9, 10 of a percent, let's call it. We're seeing the chip stocks under pressure in particular Micron and the like really dragging in points perspective. But I'm also looking what's happening in crypto. Look, assets in general taking a bit of a hammering. We're seeing down by 2.8%. But we're sub 77,000 now, 76,000 for Bitcoin and there's been about 70 million in terms of the actual bearish bets coming back into the market. Bullish bets are being taken off. We've seen $700 million worth of those bullish bets being taken off in the last 24 hours alone, according to Coin Glass. So just keep an eye on risk sentiment. But look, if we look across to Asia, not all was bearish. I'm looking at Samsung shares in South Korea up nearly call it 3%. Investors were actually encouraged by signs that the company's union is open to some negotiations, while a local court moved to limit the threat of potential strike. Bloomberg's global tech editor Peter Elstrom joins us and just remind us of the context here. This is Samsung that has done phenomenally well in terms of share price, in terms of profitability, and now labour wants to see some upside from it.
- [28:58]
Peter Elstrom
Yeah, these are very tense times in South Korea. Make no mistake about it. Samsung is squaring off against its US union. The union has said it may go on strike as soon as Thursday for 18 days. That's a big deal for the company because as you say, they're in the middle of this boom in memory chip prices, which has been great for their profits. They made a ton of money because of that. The whole AI industry needs more of the memory, both from Samsung and from SK Hynix at this point. But this labor disruption Threatens to throw a wrench into that whole dynamic. And just to set the scene, it is quite unusual for Samsung to have this kind of conflict with their union. For decades. They never had any conflict at all. And then just a couple of years ago, they had a small strike, but it wasn't that serious. So this is unusual for them to come this far. As you say, they've agreed to go back to the table after setting this possible strike date. They are talking again, but they haven't reached a resolution yet. The court took a little bit of the damage, the potential damage off the table by saying there are some limitations about what the union could do at this point. But there's still this possibility of a strike coming up later on this week, which would affect not just Samsung and the South Korean companies, but the AI industry more broadly.
- [30:05]
Caroline Hyde
Yeah, everyone waiting with bated breath as we worry about memory prices yet further if there's less of supply. But Peter, I mean, it was just last week that we saw the South Korean market lose billions, hundreds of billions of dollars in just 90 minutes as people wondered how, politically speaking, we might see profits be shared with a nation writ large. We've already seen SK Hynix have to offer more of its profits to its workers. Just remind us of the tensions there and if they'll also spill out globally.
- [30:34]
Peter Elstrom
Yeah, the Korean, the Korean society right now is having this debate about what are you going to do with these enormous profits coming out of AI? And also the government is beginning to ask this very important question. How should governments prepare for this world that's coming at us with AI, with all these improvements where perhaps you're not going to have the same kind of jobs that you had in the past. So as you, as you're referring to, one of the policy advisors to the president posted something on his Facebook page where he talked about the possibility of a citizen dividend where they would take some of the profits from these big companies and use those to establish a more stable foundation for the society. That could involve retraining, he said it could involve support for people who want a startup company, companies. It could involve a number of different things. But his goal was really to kick off this conversation and try to ask the question, how do we as a government proactively start to think about these big issues? And if we're going to get this windfall of profits because these companies are making so much money, how do we use that cash to the best advantage for what's ahead of us?
- [31:33]
Caroline Hyde
Pretty much. Peter Elstrom, Fascinating what's happening In Asia. We appreciate it. Let's look at what's happening with Google's leadership in AI. Right now has what's made computing power a really prized resource inside the company with priority increasingly going to major projects like Gemini and paying customers. The bottleneck, well, it's frustrated some employees, prompting a number of AI researchers to leave for startups for more. Bloomberg's Julia Love, who covers Alphabet, joins us now. And Juliet, they're going and founding their own companies because they can't get what they want done internally at Google. How, how much of a change is that to be struggling to get access to compute?
- [32:11]
Julia Love
Yes. So I think it's a, you know, just a fact of the industry that researchers would always like more compute. But the shortage has just become more acute in this day and age because large language models require such vast amounts of computing power. And so traditionally AI research at Google, especially in Google Brain and one of the labs, was very egalitarian. Researchers got a certain amount of computing power and they could team up to try to do bigger projects. But now that pool still exists, but it contracts in times of high demand and, and researchers just often can't get meaningful research done with their allocations. And so if their work isn't a priority at Google, that is the only avenue they can pursue. Whereas in a startup they have more doors to knock on.
- [33:05]
Caroline Hyde
I mean, let's just talk about Andrew Dai, who you focused on in this particular story. You've also focused on a female founded company that's gone on to get VC backing when they articulated to you what it used to be like, what it is now in terms of building businesses. But is it because Alphabet is too busy selling out its compute to its cloud customers or what is it that's making it so much more of a tussle?
- [33:28]
Julia Love
Yes, I think there's a few things happening at once. One is that generative AI has made doodles consumer products so popular and Google needs a lot of computing power to serve those. And then the cloud business is taking off so brutal wants to meet that demand. And then at the same time AI research is more computing intensive than it once was and so researchers need more compute to do cutting edge experiment. And so there's a lot of mouths to feed. Everyone wants more. And if people run up against roadblocks at Google, that, that, that, that.
- [34:09]
Caroline Hyde
Oh, what a tech issue on the tech show. Don, we'll get back to Julia Love when we can, but we appreciate her insights there. Meanwhile, let's talk about where else computers being used and what, what we're seeing in the frontier labs because Recursive is a startup creating AI that conducts experiments on how to safely improve itself. And it just came out of stealth. The company is valued at $4.65 billion with backers including Greycroft, Nvidia, AMD Ventures and more. CEO Richard Social joins us now for more. Many will recognize you because Richard, you've joined on another company that you're also leading you dot com. You also happen to be busy inventing to capital. So talk to us about Recursive. What is it that you felt needed to be fixed?
- [34:52]
Richard Socia
So we want to build recursive self improving superintelligence that automates knowledge discovery. You know, I now is code and can code and so you can have a closed loop where you replace human ingenuity and trying to come up with ideas, implement those ideas and validate those ideas and you can actually allow AI to do that on itself.
- [35:18]
Caroline Hyde
The reason you're able to enter out of Stealth with a $4 billion market capitalization is because you're a pretty well known famed AI researcher, Richard. But there are many, well shall we say there are many very ambitious labs out there who also want to reach super intelligence. Why aren't they doing it right? What is it that you feel Recursive is going to gain an edge or rather than helping another lab already do what they're doing?
- [35:42]
Richard Socia
Yeah, we have, we collected and combined an incredible team of co founders, Folks from Google, DeepMind, from OpenAI, from Salesforce Research and many other incredible labs, meta and so on. We are focused on open endedness and really have the entire company try and to allow AI to build the next better version of AI. And whenever in a research we replace manual systems with learned systems, we see a massive improvement. And then on top of that we can sit now on top of this whole new infrastructure where we built the company from the ground up by empowering AI to do its own experimentation, whereas most of the other labs in the past basically started before that was possible.
- [36:31]
Caroline Hyde
Okay, so you've got this focus from the very birth of the business, but you also need an awful lot of money as we can see that you're raising for COMPUTE to take on some of the juggernauts. How much is it a costly business? How are you thinking of reframing the demand for GPUs and the like?
- [36:48]
Richard Socia
You're absolutely right. A big new scaling law we're trying to prove is that the more COMPUTE results in more inventions, more improvements. And so COMPUTE is one of the largest costs for us and that's why we're really excited to have the folks like Nvidia and AMD be part of this round.
- [37:07]
Caroline Hyde
Just the open ended nature of driving endless innovation. You say you want to do that safely. What are the worries and limits of it not being done safely?
- [37:15]
Richard Socia
You're absolutely right. Safety is a huge concern. That's why we have some of our co funders who've done research in rainbow teaming, for instance, where I improve the safety of large language models like Tim Rock Tashel and his collaborators worked on. We think we take safety very seriously and we believe though that this is the best and fastest way to superintelligence which will then allow humanity to flourish much, much more. By inventing, building ultimately a Eureka machine, one that allows us to invent everything else thereafter.
- [37:51]
Caroline Hyde
How are you going to divide your time? Richard, you CEO of you.com and you're also at a X, the venture firm that's just lost its co founder. So how do you divvy this all up?
- [38:03]
Richard Socia
I work all the time and have incredible teams around me that enable this of AI agents. Also agents agents, but also some really incredible humans.
- [38:14]
Caroline Hyde
Okay, incredible humans cost a lot of money. So are they incentivized by equity, by the, by the sheer ambition of the task or how are you going to be hiring yet further talent? Because they're also getting to a significant expense line compared to GPUs.
- [38:31]
Richard Socia
That's absolutely right. Yeah. I think as a founder these days you want to think more about the overall potential of the pie rather than your slice and amount of pie that you have. As in we do share equity with our employees and everyone. And I think that encourages and excites everyone. I think in general, the more you have ownership of what you're creating in this world, the more you love AI because then you just care about the outputs. And so I think it's important to share that equity and you know, ultimately grow something amazing together, which is osha.
- [39:04]
Caroline Hyde
Great to have some time with you. CEO Co FOUNDER of Recursive we appreciate your time today. Coming up we're going to go back to Las Vegas is Dell World and we're speaking with Daniel Roberts from the cloud provider Iran. That's next. There's a Bloomberg Tech.
- [39:22]
Public / Amazon Health AI / Public Investing Narrator
Support for the show comes from public. Lately it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades and others feel less like investing and more like a game. Public is positioned differently. It's an investing platform for people who are serious about building their wealth on public you can build a portfolio of stocks, options, bonds, crypto without all the bugs or the confetti. Retirement accounts? Yep. High yield cash? Yes again. They even have direct indexing. Public has modern design, powerful tools and customer support that actually helps go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by
- [40:06]
Public Disclosures Narrator
Public Holdings Brokerage Services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor crypto services by ZeroHash all investing involves risk of loss. See complete disclosures@public.com disclosures being a small
- [40:21]
Chase for Business Narrator
business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now, and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business finances all in one place with their digital tools looking for tips and advice, their online resources are always available to give you the solutions you need to help your business thrive. See how your business can get stronger and go farther with Chase for Business. Learn more@chase.com business chase for business make more of what's yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply. JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co. We buy insurance
- [41:20]
My Policy Advocate Narrator
for peace of mind, but every year millions of claims are denied. Not because people did anything wrong, but because their policies quietly excluded what happened. Insurers know every detail. Policyholders rarely do. That's why my policy advocate exists. For just 27 cents a day, their platform reads your policies and explains where you are vulnerable. They don't sell insurance, they deliver transparency. Before you trust your policy to protect you, let my policy advocate tell you what it really says. Go to mypolicyadvocate.com.
- [41:56]
Caroline Hyde
Let's get back over to Las Vegas US Our own Ed Ludlow is standing by with Dell Technologies World Event upon you Ed
- [42:05]
Ed Ludlow
yeah, we've got a really great case study. Iron is an AI cloud that is building infrastructure all over the world, not just the United States and all these geographies. Dell is its key server partner, right? It wants the Nvidia GPUs. Couldn't think of a better conversation to have to kind of kick off the day. Dan Roberts, co founder, co CEO, you've been busy guy as well. On the M and A side, you've acquired a marketing or creative agency. I mean basically why. But there's also this conversation, Caroline, I have it all the time about the public's perception of what's really happening with Datacenter and how it impacts them.
- [42:43]
Dan Roberts
Yeah, look, brand awareness, we're going global, we're growing our customer base. It's really important to us. But that's a small point in the grand scheme of things. It's all about power and time to compute. And the issue is you can't implement a software update to bring on power.
- [42:59]
Ed Ludlow
Right.
- [42:59]
Dan Roberts
The tech industry is very brilliant at going really fast, but you can't code your way to an AI gigawatt of compute. And that's what we're focused on in
- [43:07]
Ed Ludlow
the United States at least. There is some sort of public backlash. Right. In zip codes where data centers getting built, the public feels the pressure of higher energy prices. What's that like for iron? And what are you confronting in that? In that respect?
- [43:21]
Dan Roberts
Yeah. Eight years ago when we started this business, we had a differentiated strategy. We never went to metropolitan areas, we went to regional communities where there was an abundance of renewable energy that creates a cost structural advantage over time. And we've reinvigorated local communities across British Columbia, Canada, Texas. And it's an advantage for us because. Because we are located where people want us to do business.
- [43:44]
Ed Ludlow
Dan, I think I'm right in saying, just as with everyone else, you're in a position where demand for compute, your compute, is vastly outpacing your ability to supply it. What is the biggest barrier to you getting more capacity online, getting more stuff built?
- [44:00]
Dan Roberts
Absolutely. I mean, we're still in the dial up era of AI. When you step back, the amount of friction you've got waiting for production prompts, you've got to craft your prompt really carefully. You know, complex prompts take 15 to 40 seconds to actually spit out an answer. As that speeds up, demand accelerates, which drives more compute and more use cases. And for us it's been a focus on what is the end choke point. And that's power, it's steel, it's concrete. It's actually building the physical infrastructure that takes years and years. If you wanted to start today and build a gigawatt AI factory, you are looking 2030 before you get the first computer.
- [44:36]
Ed Ludlow
Let's get a bit deeper on that. So if you wanted to start saying in other words, you choose A site, you get permissions. You're not going to get it online for six years, four years.
- [44:46]
Dan Roberts
It'll take you 18 to 24 months to get the attention of a utility to work out whether your block of dirt even has power or not. That's the starting point.
- [44:54]
Ed Ludlow
Now we're getting to it. What are the utilities not doing that you need them to do?
- [44:58]
Dan Roberts
Utilities, they're doing the best they can. Like they're running complex networks with a lot of generation on one side, a lot of power demand on the other. And at the end of the day, when you connect to them, this is why grid connected capacity is so valuable. When you connect to them, they're underwriting 24. 7 guaranteed power. So they're naturally risk adverse and they're naturally dealing with an inundation of requests at the moment.
- [45:20]
Ed Ludlow
I'd love to go back to basics for a second. You build data centers, and those data centers, centers have servers inside them and those servers are for AI workloads. What's it like working with a Dell? What is it that you rely on Dell 4 and how do you get hold of Nvidia GPUs? Right there is this idea that you can just phone Jensen Huang and say, hey, I need some of those. But in practice it probably doesn't really work like that.
- [45:43]
Dan Roberts
Yeah, look, we've got great relationship with both Dell and Nvidia. We announced a partnership with Nvidia for 5 gigawatts of computer compute.
- [45:50]
Ed Ludlow
They also made an investment.
- [45:52]
Dan Roberts
Yes, so they, they're exposed to upside in us as we grow and deploy their GPUs. And we're working on their reference architecture for a gigawatt factory and in Sweetwater. But the opportunity with those partners is to work closely and build up the whole ecosystem all the way from land, steel, concrete down to the end users of this compute.
- [46:13]
Ed Ludlow
Is there a geography somewhere in the world that is a B place to build a data center?
- [46:17]
Dan Roberts
Right now, look, every geography slightly different in terms of how they handle things, but the majority of our capacity is in Texas and they've been pretty good.
- [46:26]
Ed Ludlow
If you could ask Mr. Wong and Mr. Dell one thing right now or ask something of them, what would it be?
- [46:33]
Dan Roberts
Oh, look, I think the whole industry is moving from if silicon is no longer the choke point, how do we solve steel, how do we solve concrete, how do we solve the kilowatts?
- [46:44]
Ed Ludlow
And this president and this administration, they have an answer for that?
- [46:48]
Dan Roberts
I think everyone's trying to work it out.
- [46:51]
Ed Ludlow
It's been an interesting evolution for your company right now public in the United States. Sydney, Australia is your home. What's that like trying to work across borders at the moment and trying to get projects done at the same time in different jurisdictions?
- [47:06]
Dan Roberts
Oh, look, the reality is we got projects in North America, we've got projects in Europe, we've got projects in Australia. Yes, my family is in Sydney and I get back for the weekends. But you know, when people ask where I live, my typical answer is on a plane.
- [47:18]
Ed Ludlow
Dan Roberts, co founder, co CEO of Iron really Critical Cloud. And like your previous guest, I think everyone's just working all the time right now.
- [47:28]
Caroline Hyde
Car largely on planes. And thanks so much. Look, tune in later today as Ed sits down with the CEOs of Dell of Nvidia for an exclusive interview live from Dell World. You don't want to miss it. 2:30pm Eastern, 11:30am Pacific. Coming up, new 13 filings are revealing how hedge funds are repositioning around big tech and the trade. We'll break down the biggest moves next. This is the Bloomberg Tech. Fresh regulatory filings known as 13F filings are giving investors a close look at how hedge funds and major money managers are positioning around big tech and the trade. Joining us now to break it all down is Bloomberg's Hammer Palmer. Is always so much happening each quarter at this time. Hammer pass through, for example, what's happened with Microsoft because certainly the Bill Ackman news caught our attention. Where else is there been moves in that company?
- [48:26]
Hannah Palmer
Absolutely. Bill Ackman taking a pretty sizable stake in Microsoft, more than $2 billion worth, making it his fourth biggest holding. And this is a stock that fell a great deal in the first quarter. So he may have been buying up these shares at attractive prices, but he believes that Microsoft is stronger and a lot more resilient than investors are out there believing. He thinks Microsoft's 365 suite with Word and Excel are two of the most valuable franchises in enterprise tech. So really bulk the sentiment from Bill on Microsoft. But that's not what everyone's thinking.
- [48:59]
Caroline Hyde
Yeah. Is that at odds with some of the others, the Tiger Hubs and. Absolutely.
- [49:02]
Hannah Palmer
So it's really interesting when you see these divergences. So Tiger Global and CO2 slashed their stake in Microsoft by more than half.
- [49:10]
Caroline Hyde
Wow.
- [49:11]
Hannah Palmer
Lone Pine got out of it entirely. So you see really different moves from these firms that really do spend a lot of time investigating these companies. Now this Stock fell to 23% in the fourth quarter in the first quarter. It has rebounded some of that since.
- [49:26]
Caroline Hyde
What about just in general, whether Microsoft is the old one out here in terms of everyone either taking one one view or the other or there being big moves in other companies.
- [49:37]
Hannah Palmer
So we did see a decent amount of selling in the first quarter from across the Tiger Cubs. We look at them because they tend to focus on tech. They tend to be directional and intentional. But keep in mind the first quarter incredibly volatile. This was March was a wild month. A lot of funds lost, a lot of money. That could be why we saw some firms trying to sell. We don't know when in the quarter funds were selling just because of the nature of 13 Fs, but we did see some other trends when we look at popular sells. Amazon this is a stock that sunk about 10% in the first quarter. Tiger Global trimmed its stake, CO2 cut absolutely. Amazon by about a fifth and Lone Pine sold out of Amazon entirely. Berkshire Hathaway also exited that company too. So you do see some big moves in some of these localized companies for sure.
- [50:24]
Caroline Hyde
Fascinating because some of them have since written up higher on the back of that.
- [50:28]
Hannah Palmer
Exactly.
- [50:29]
Caroline Hyde
Hannah Palmer always breaking it down for us. We so appreciate all the moves from the regulatory filings. Meanwhile, that does it for this edition of Bloomberg Tech. Tune in later today. Again, do not miss this exclusive interview. We can't tell you about it enough. CEOs of Dell of Nvidia. They are live from Dell World at 2:30pm Eastern, 11:30am if you're over on the Pacific side, don't forget to check out the podcast too. You can find it on the terminal as well as online on Apple, Spotify and Iheart from New York and from Las Vegas. Today, this is Bloomberg Tech.
- [51:12]
Public / Amazon Health AI / Public Investing Narrator
When you're running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering and claims experience. Learn more@thehartford.com Riskmitigation policies provided by Hartford Fire Insurance Company and its property and casualty affiliates, Hartford, Connecticut.
- [51:52]
Liana Baker
Get the news you need in just 15 minutes.
- [51:55]
Caroline Hyde
Start your day with Bloomberg Daybreak, the podcast with a global view on the stories that matter. I'm Nathan Hager.
- [52:01]
Liana Baker
And I'm Karen Moscow. Join us each morning for curated stories on current events, politics, business and foreign
- [52:07]
Caroline Hyde
relations, plus one conversation on the day's biggest developments, all in just 15 minutes. Subscribe to Bloomberg Daybreak for a precise, thoughtful take on the stories that matter. Listen to Bloomberg Daybreak each morning on Apple, Spotify, or anywhere you listen.
- [52:23]
Sherwin Williams Narrator
Shop the Sherwin Williams Memorial Day sale and get 30% off paints and stains May 15th through the 28th. Whether you're refreshing your interior or exterior, we've got the colors to bring your vision to life. And with delivery, getting everything to your door is easier than ever. Shop online to have it delivered, or visit your neighborhood Sherwin Williams store. Click the banner to learn more. Retail sales only some exclusions apply. See Store for details. Delivery available on qualifying orders.