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- [00:00]
EY Consulting Narrator
you have invested in artificial intelligence maybe you have pilots or even proofs of concepts that show real promise the next opportunity is scaling that success across the business at ey consulting we help organizations redesign how work gets done so innovation can move beyond the nascent stage by addressing architecture operating models and governance we help ai deliver real lasting value at scale when ai fits how you actually work that is ey consulting at venture
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Bloomberg Tech Host
global we think about what can be done not what's usually done through innovation venture global is not only building some of the largest energy facilities in the
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Matt Whitman
world right here in the united states
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Bloomberg Tech Host
but delivering american energy at a fraction of the cost in a fraction of the time so while others are busy talking we're busy building that's venture global that's unstoppable energy
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Chase Business Announcer
small businesses are the pulse of every community they bring people together create opportunities and drive growth chase for business helps business owners like you with personalized guidance and convenient digital tools all in one place with that guidance and your determination you can take your business farther and help build a brighter future for your community learn more at chase dot 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 na member fdic copyright twenty twenty six jpmorgan chase and
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Isabelle
company
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Bloomberg Tech Host
bloomberg audio studios podcasts radio news bloomberg tech is live from coast to coast with caroline hyde and york and ed ludlow in san francisco
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Ed Ludlow
this is bloomberg tech coming up nvidia's next target the pc a new ai chip sense in video and friends soaring while rivals slide after jensen huang's computex keynote plus
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Bloomberg Tech Host
all eyes on space x we'll dive into how the upcoming mega ipo is already reshaping wall street and new york
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Ed Ludlow
tech week kicks off today we'll be joined by tech nyc ceo julie samuels
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Bloomberg Tech Host
on what to expect first we check in on how the market's trying to digest once again concern about the middle east conflict concerns that cease fire is getting further away to have any sort of long term perspective with the us in iranian talks seeming to break down at this current moment we're looking at where two ten of a percent higher in the nasdaq one hundred big tech is trying to shake off the geopolitical risk ad more broadly take a look
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Ed Ludlow
at it yeah nvidia taking on the pc market for decades you find nvidia gpu's in the pc all about gaming now it is the cpu it's based on arm architecture arms up sixteen percent it takes on the traditional market of intel and amd they are down significantly nvidia outlined the specs here they are
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Stephen Engle
introducing rtx spark everything we've learned over thirty three years distilled into one chip blackwell rtx gpu with six thousand one hundred forty four cuda cores one petaflop
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Bloomberg Tech Host
of ai performance a custom twenty core
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Stephen Engle
grace cpu built in partnership with mediatek fused by envelope one hundred and twenty eight gigabytes of unified memory
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Ed Ludlow
bloomberg's ian king with us leads our coverage of semiconductors that was classically nvidia typically jensen in its presentation what do we need to know about rtx spark super chip
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Ian King
yeah i mean this has been rumored for a long time that nvidia would directly get into this market with a cpu and now we've finally seen it and the way he's packaged it is he's saying look if ai is coming to the laptop if we're going to start talking to our laptops if we're going to start expecting them to think we'll need a different kind of chip and here's one i prepared earlier and
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Bloomberg Tech Host
why is it so significant that it's better than x eighty six why is this such a competitive threat as the market seems to think to the likes of intel to the likes even of
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Ian King
qualcomm well we asked them repeatedly give us a comparison how is it better tell us exactly what it does that the others can't and what they said was wait and see we'll show you when these devices come out but the market is taking this as look there's been lots of attempts to get arm architecture into the pc market none of them have gone particularly well apart from arguably apple's but guess what this is in video this is a company with all the resources it needs with an established brand in pieces and with you know a real target and a technology that can differentiate itself with so that's why we're seeing intel and amd trading
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Ed Ludlow
off nvidia's holding its gains at four percent i find that a really interesting reaction if you remember ian and i know it was a while ago didn't you and i spend a whole month testing pcs they're out there they exist in that case it was qualcomm inside you know what do you make of that you know jensen's kind of introducing this as a brand new category but i thought it's really that no i
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Ian King
mean it is an arm and the pc is not that nvidia itself tried it more than a decade ago didn't work out so this isn't a revolutionary idea at a fundamental level but again this is nvidia this is the biggest company in the world so and this
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Bloomberg Tech Host
is media tech and this is aam and all the other companies are getting a bathed bit in the glory as well ian king it's so great to have you on the show to start us off look nvidia clearly remains at the very center of the trade but as the technology matures investors have been diversifying their bets so all the future opportunities we say matt whitman said with us all spring global investments portfolio manager i mean we had seen a bit of a well plateauing of nvidia's rise of late but now it manages to re kick how much do you still need to be in the very infrastructure the bowels of the trade well it's
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Matt Whitman
a it's a great important question right now and you talked a little bit about kind of some of the uncertainty in the market i think it's really forcing investors to remain in some of those safe haven names large cap tech tech makes sense strong visibility with cash flows and their positioning but we think diversification is going to be important going forward concentration risk is real so we're taking a holistic approach to tech in the ecosystem as those capex capex dollars start to spread across the value chain so big cap tech names like the magic seven are going to play an important part with the evolution of ai but it start it's important to start allocating some of those investment dollars to
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Ed Ludlow
other areas of the market how seriously are you taking this in video entry into the pc market with with a
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Matt Whitman
cpu well it's important it's going to that edge kind of compute as as the that that that insatiable demand for more performance kind of extends to those end products they're going to have to be more capable and so as we move to inference and agent physical ai we're going to see different parts of the market with different requirements and eventually new winners so i think it's important to have opportunities and different solutions sets to handle that and i think nvidia coming into the market there is going to play an important role we've seen
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Bloomberg Tech Host
entire adjacent industries take off that are at the heart of the bottlenecks we think of the energy trade that has picked up even nuclear companies we've seen the focus on on new types of bets when it comes to photonics matt but where are the opportunities that haven't already been written in this wave yeah
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Matt Whitman
and you know we're we're focusing a lot of our time on the application layer right now look we kind of look in and view is that the ai value chain is having kind of five important layers you've got energy and power like you talked about you talked about the the infrastructure with chips computing infrastructure you've got the hyperscalers you've got those ai models and then on top of that is the application layers those are those those those adopters and the abilities for industries where they're going to be able to drive automation decision support and kind of productivity gains they're going to need software to do a lot of that for them and that's where we use been spending a lot of our time and focus from an investment
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Bloomberg Tech Host
perspective oh i don't want to front run where ed is going to take this conversation just after this matt but software has been getting a bid today so are you a believer that there are going to be ultimate winners out of us can you get more detailed on the application for us well i
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Matt Whitman
think so i mean i think companies are starting to focus on how important it is to have that ai is going to be an important driver of what they're going to be able to do and they're going to need software to come along with them along that journey and so those companies that have robust access to that data that have the operational scale and are fully embedded within their their customer suites i think are going to be important to have that ecosystem help get them to where they're going to be going when it comes to productivity enhancement or whatever they're going to use ai for it's a
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Ed Ludlow
very difficult morning to make sense of what's going on in the world world i got some dram and nand flash data we took kind of breather in may pricing slowed down flat on nand there is still an ongoing situation in the middle east idc has this forecast for the pc market that the pc market overall is going to decline eleven percent in calendar twenty six when you have a big moment like computex and jensen wong probably the most important person in the world of technologies on stage and the market reacts like it does today do you actually learn anything useful
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Matt Whitman
from that matt well i think it just gets back to the diversification points that we want to make sure that our clients are paying attention to you need to have a holistic approach to whatever you're doing from an investment perspective whether it be across all ten sectors but i also think it's important just within the ecosystem itself to make sure you're spreading your bets across all those layers to make sure when there are big moves when there are those bottlenecks that are going to you know force pricing up and really you know force the agenda i think you need to make sure that you have exposure to all five layers to make sure that you don't lose out on any opportunities
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Bloomberg Tech Host
that are out there and we become very myopic sat in the united states with the biggest winners being us names but this is a global supply chain and we've seen huge wins in south korea over in japan and europe where are you thinking geographically well i think
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Matt Whitman
it starts here primarily here in the us but i think there are some names outside of the us asml i think is a great example of that that's going to play an important part of the build out in their their ability to to help provide what these these big customers need to drive those product sets in the right direction matt
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Ed Ludlow
just really really quick you don't stay up at night worried about memory bottlenecks or you do lose a lot of sleep because of that i do i
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Matt Whitman
absolutely do i think it's you know these cycles are probably the duration of these cycles are going to continue to evolve and move out further down the timeline and i think a lot of that has to do with the fact that these clean rooms are there's only a few of them out there and they're taking up time these green fields are going to take two to three years before they come online so i think the memory names are going to continue to drive pricing in the direction that they needed to do for the stocks to work matt wimmer of all
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Ed Ludlow
spring great to have you back on the show thank you very much coming up we're going to discuss how the space x ipo is already changing the world of finance details next the other big story out of computex and in the markets is software look at the gains for example on servicenow and adobe very simply put jensen one arguing that the biggest users of software will be agents later in the show we'll dig in this is bloomberg tech
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Bloomberg Tech Host
even before it begins trading spacex is reshaping wall street elon musk is pitching investors on a company that combines rockets and ai with a claimed market opportunity twenty eight and a half trillion dollars that is today's big number that scale is challenging long held assumptions about how companies are valued who ultimately drive stock market demand bloomberg's tech equity reporter isabelle is one of the team on today's big take all about how already space x is just so large that so consequential that benchmarks having to tear up their rulebooks as to how they let them start
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Isabelle
trading i couldn't have put it better tearing up the rulebook or revising if you want to be more diplomatic so the companies behind the most familiar names you can think of like nasdaq one hundred and forty russell they've already changed the rulebook from nasdaq the seasoning period or the call it the waiting period when the company debuts they go public they have to sit there for a while before three months before they'll consider you to be part of the nasdaq one hundred they've narrowed that down to fifteen days days for the footsie it's five days the s and p in consultation from twelve months to six months so of course you have proponents saying yes this is what we want because it will reflect the market but you have critics saying but wait when companies go public they're usually volatile and don't you want to wait and see first you know have a normal price discovery so of course just like with anything there's critics and there are also supporters
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Bloomberg Tech Host
and the critics are worried perhaps about protections for retail investors or new entrants meanwhile space x is all about the retail investor i mean a thirty percent allocation towards the them how are we seeing this managing to go into sometimes elon musk's criticism himself of passive investments
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Isabelle
exactly so index tracking funds are estimated to buy nearly twenty billion dollars worth of space x that's massive i don't think we've seen that before and going with retail traders i went on reddit which is the most reliable source on earth that's obviously a joke i'm smiling if people are just listening and some people were like why will we even buy this if it will be in our broken brokerage in the index funds in just a few months so there is that thinking of like how will this reshape passive investing will traditional money managers have to reallocate because they don't want to be too overweight on one thing i mean where is spacex going to be categorized under even industrials tech or communication so lots of unknown but definitely consequential
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Ed Ludlow
is about tough decisions needs to be made we spent a lot last week talking about tesla and the idea that space x merges with tesla in the future you just showed a quote from scott sojourner one point he makes is that actually tesla and bitcoin as examples you know i talked about the bitcoin holdings at space x last week they might actually get hit by
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Isabelle
this why because a play on tesla and a play on space x is really just a belief on elon and if you're on invested in tesla and space x are you to over concentrate on elon now i know that these are two separate companies and within those two companies are multiple companies it feels like and they have different valuations different technicals but it's all really elon at the end of the day so that's what one analyst was telling me also like if you're into tesla would you sell that because you're going to be in space x and space x of course is also in the index so really lots of over concentrated risk and it's not just tesla i mean soon we'll see open air we'll see anthropic which the show has covered a lot what's that going to mean for our for your brokerage as an ordinary american i mean you're going to have such a huge concentration of tech and do you want that for your portfolio bloomberg's
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Ed Ludlow
isabella top stuff thank you very much now when the apple watch went on sale in twenty fifteen it took on not just other high tech wearables but also the wider mechanical watch market and as you can see that meant a hit to sales of traditional players in that sense space now apple's aiming to use that playbook in the eyewear market bloomberg's mark gurman leads our coverage of apple and that's the subject of this weekend's power on we've talked about this before you know why how apple in the eyewear market but that historic playbook you broke it down what do we need to know yeah it's interesting when
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Mark Gurman
the apple watch launched you see you saw within a few years the entire mid tier mechanical watch is industry get completely upended right there was movado there was fossil there was swatch and those companies are still around but their revenues are considerably lower than they were a decade ago the high end of the watch market companies like patek rolex ap all the hot ones right now in the COVID luxury boom they did fine and what you're going to see is the same thing play out in glasses i believe where apple and therefore other smart glasses makers are going to completely disrupt that mid tier market brands like ray ban warby parker etcetera now you've seen ray ban warby parker pivot to smart so really the non smart glasses i think are going to get wiped out but the very high end maison bonet cartier etcetera those guys i think are going to be okay i mean
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Bloomberg Tech Host
we really do see how ray ban has positioned himself like zotico more broadway broadly alongside matter but where do you think has also managed to start to get in ahead of the curve from a digital tech perspective not having to just depend on weird tie ups like we see with ap and swatch for example which does prove pretty successful yeah
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Mark Gurman
no i mean metta has done a great job obviously they've pioneered the space there they're going to be launching new smart glasses i guess it's june first already so later this month they have partnerships with exorcistica i would expect them to eventually roll out new designs that are in house form factors so certainly it's going to be a pretty booming space and apple coming into the space with an iphone exclusive pair of smart glasses is going to drive interest for the rest of the industry and i think media has a strong chance for the android side of the world very
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Ed Ludlow
very quick mark is there anything that we learned from from the vision pro story about how they approach glasses you
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Mark Gurman
know i think that there's really it's really two different stories you know the vision pro obviously thirty dollar five very heavy very tech tour de force on the glasses something quite lighter and a lot cheaper so i think they're two
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Bloomberg Tech Host
distinct categories really is again one of the most read things over the course of the weekend bloomberg's mark gurman thank you very much all things power on next coming up from video generation to robotics luma ai ceo amit james can be joining us on the next frontier in artificial intelligence this is bloomberg tech
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EY Consulting Narrator
you have invested in artificial intelligence maybe you have pilots or even proofs of concepts that show real promise the next opportunity is scaling that success across the business at ey consulting we help organizations redesign how work gets done so innovation can move beyond the nascent stage by addressing architecture operating models and governance we help ai deliver real lasting value at scale when ai fits how you actually work that is ey consulting support for
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Public Investing Representative
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- [20:01]
Bloomberg Tech Host
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EY Consulting Narrator
daybreak the podcast with a global view on the stories that matter i'm nathan
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Chase Business Announcer
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- [20:12]
Bloomberg Tech Host
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- [20:22]
Ed Ludlow
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- [20:24]
Bloomberg Tech Host
on the stories that matter listen to bloomberg daybreak each morning on apple spotify or anywhere you listen
- [20:38]
Ed Ludlow
another nvidia message at computech the next day race is in the physical world that brings us to lumer ai which is launching an open research lab focused on solving generalization in robotics joining us now ceo amit jain we've talked quite a bit on this program about the challenge the challenge is that in the physical world models need to be multimodal but i think let's start by defining the problem generalization that might be a newer term what are you what are you getting at
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Amit Jain
there thanks for having me first of all currently pretty much all robots are trained by showing a few examples of specific tasks so the entire field basically trains one task at a time right if you compare that to the world of language models where you know you train a large model and then it's able to handle a wide variety of tasks unseen problems as well so that is an example of generalization and in robotics we are we have this critical gap where like you know we are just stuck in the valley of specific tasks in order for robotics to be impactful in the world and for us to be able to just talk to them and ask them like hey okay do this then like you know when you're done with that go go take care of that thing and it may
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Ed Ludlow
be a new scenario being presented for
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Amit Jain
the first time for the first time so generalization is this problem of how do we allow robots to solve generally
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Ed Ludlow
any task ask even in a world where you have access to a lot of synthetic or virtual data having a grounding in physics the real physics of the world is a principal challenge so why is it that having an open science physical lab is a solution it sounds somewhat abstract with respect right so
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Amit Jain
i mean there's two aspects to this one that it is open and the second is the work that we are
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Ed Ludlow
specifically doing to open being open source
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Amit Jain
you mean open being open science open source open both of those aspects so first of all what the solution actually looks like from our perspective currently the best solution is brute forcing this approach which is gather data on every single task you can imagine and combination of tasks everything humans do from picking up cups to you know digging you know mines all of these things and gather data one one piece at a time that's a practically impossible solution on the other hand the teams at luma the work we have been doing for the past four years is in building out these general systems out of multimodal data internet scale multimodal data and extracting signals from that that allows control that allow simulation of reality and that allows physical control so this lab's job is to leverage that skill into physical ai and the second aspect of that this is open and i think we would not be doing it any other way and i think this is really really significant so if you think about what physical ai would mean for the world it will be everywhere it will be in our houses they will be these systems robots will be manufacturing everything we depend upon everything we eat they will be in our hospitals they will be in scientific labs they will be on our streets right it's completely it's completely untenable that one or two people control this entire higher stack so we want to live in a world and we want to affect a world where a small group of people can like you know take these technologies and build them into productive systems and that's why it is
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Bloomberg Tech Host
an open i mean this seems like more of a philosophical push of yours the idea that we shouldn't have so much control i mean it's almost akin to the encyclical by the pope but matter at one point was pushing open source and then it moved moved away from that just the sheer amount of money that needs to be made how are you going to fund this how do you commit to open science when everyone's so worried about china and geopolitical
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Amit Jain
tensions right i think first of all it has to be philosophical because it is not just a tool this is going to be technology i mean already is immensely impactful in our world beyond what anybody imagined even two years ago physical ai will be deployed even faster because of the economic impact it's going to have so a physical philosophical stance is absolutely necessary but you're absolutely right funding these systems so what we believe actually is that this level of of control over means of production is actually not a tenable economic situation anyway you know nations would not be happy with one or two companies outside their borders controlling their means of production so we believe actually this is not just a philosophical stance this is an economically sound stance and building an ecosystem where like you know chip partners the model brain providers like luma and deployment partners work together to build these out into systems of productive work is the right economic path and currently intelligence especially lms are going on the wrong wrong path here
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Bloomberg Tech Host
i mean we've got thirty seconds but you've raised nine hundred million series c we're just seeing the output that luma creates but why are you the right person when you've got world labs for example with faith
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Amit Jain
i think the just like lems were not or language models were not solved by linguists we believe to solve physically you need the systems of large scale multimodal data infrastructure this is what luma does this is our bread and butter and we have produced some of the best models in this space on three d on images on on video taking raw internet data this skill is i think what is essential to solving this problem and that's why we think we are one of the best suited companies in the world to
- [26:00]
Bloomberg Tech Host
solve it appreciate you coming on and bringing us the news amit jane of luma i have a great day meanwhile coming up we're going to dive into the impact on software and look at the stocks and currently seeing after jensen huang remarks over at computex he's talking about how software lives on in the age of generative ai and you're just going to be using more of it under agentic from new york for san francisco this is bloomberg tech
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Mandeep Singh
nvidia ceo jensen huang calls agentic ai useful ai and says it's going to be the next main driver of ai adoption and ai investment he calls it the agentic age huang was in full salesman mode here at computex in taipei nvidia of course is a dominant player in ai data centers and huang says its latest ai supercomputing platform vera rubin is now in full production nvidia's most ambitious endeavor to date he says now nvidia is also launching a reboot into home computers he wants to quote reinvent the pc with its new rtx spark superchip built with taiwan's media tech that will be offered in high end laptops and desktops from the likes of dell and lenovo this fall it's nvidia's stab at loosening the stranglehold of intel and move the humble home computer into the agentic ai age oh and you know all that talk of late about ai eliminating jobs well jensen huang calls that notion complete nonsense he says agentic ai is going to be a generator of gdp and that creates jobs stephen engle bloomberg news at computex in taipei we welcome you
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Bloomberg Tech Host
back to bloomberg tech and look stephen said it all nvidia once again being bullish and the market is bullish in response for us up more than four percent on the name that's the biggest move out in a couple of weeks we're seeing it back at five point three trillion dollars a lot of analysts out there bank of america saying it is continually strengthening nvidia's systems moat we've got citi saying is a number of positives but it does have an effect on the rest of the market yeah
- [28:21]
Ed Ludlow
and there is a massive rally in software names as jensen wong says it's an incredible time to be a software company we're going to dig into it in detail soon but basically he's arguing the billions of ai agents will be the biggest users of software and so the biggest customers of those companies that you see rallying on your screen let's get more on the impact of nvidia's announcement bloomberg intelligence highlighting the demand in the ai pc category is growing bloomberg intelligence is mandeep singh joins us for more so interesting because actually like in aggregate the pc market's under pressure right mandeep because of the memory pricing issue because of generations to generations of of hardware out there just bring the bi thesis on how you respond to the spark super chip and what you think it will do for the ai pc
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Mandeep Singh
category look i mean what we have seen with the ai server category you know server used to be a low to mid single digit growth market and look at what they have done you know on the server side and the data center side with this ai server category and nvidia is much more of a of a household name now than it was probably a few years back so it makes sense for them to try out you know whether they can have some traction on the pc side and the specs are you know way different than the current crop of pcs i mean one hundred thirty two gigabytes of dram look these are the type of things that they were the first ones to build on the server side it really took off and with agent one thing we know is it requires a lot more compute across the board so i think it's an interesting area that they're trying to get into but i think the big picture here is they want to address physical ai client pcs and really create an ecosystem where they they can work across the board
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Bloomberg Tech Host
work across the board board and people then question about the role of their own work is interesting that well once again jensen huang really trying to outline his view that it won't reduce jobs just take a listen people talk about
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Stephen Engle
ai reducing jobs complete nonsense it's causing more software engineers to be hired because the output is so incredible people want to hire more software engineers this is going to show up in our economy somehow soon and so the first thing is useful has arrived mandy do you
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Bloomberg Tech Host
align yourself that yes more engineers will be there so more software as you so this is positive for the software names or have they just been so beaten up ahead of this that people are like willing to dip their toe in if jensen says to you i
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Mandeep Singh
mean what we saw this earnings season with datadog snowflake mongodb is you know it's hard to think of a thesis where software gets completely disintermediated and everything is built from scratch in terms of agent ai coming up and really doing things you know in terms of the plumbing work and everything no this will be built on top of existing software yes the ui will change it will be a lot more conversational natural language but you know in terms of system of record and you know things that are that have been built over the years this no one is talking about that anymore and that's where you know some of these companies have shown that in their numbers with our growth accelerating and if jensen is saying you would require a lot more software folks then probably you know it is the right sort of thesis at least for now that it will be positive and not as disruptive that everyone thought you know a few months back when it comes
- [31:53]
Ed Ludlow
to software stocks mandeep nvidia's pitch if you just boil it down is that if you're a experienced software engineer you become a manager of a team of ai agents and then last night his further pitch is that those agents the billions and billions of them are users of software the agents become the customers of the software company the bi take on that your take on that i
- [32:17]
Mandeep Singh
mean there will be a multiplier effect so when you think about you know how any technical knowledge worker would do their jobs going forward they will be using a lot more of these agents and there will be you know one is to ten or one is two hundred in terms of the multiplier effect so from that perspective you could see a lot more consumption of the software now what that means in terms of end to end automation that's the part that you know we still need to figure out how it's going to impact the overall employment picture because look the college graduates that are passing out they were trained in a certain way they moved up you know in a certain way in terms of their skill set that i think notion in terms of how the evolution took place has changed and it will change more with agent
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Bloomberg Tech Host
again bloomberg intelligence's mandeep singh fascinating thanks for joining us look kwang's comments on the job market they're actually echoed by nvidia's partner at media tech the company which is helping build that new rtx spark super chip well it expects its data center chip revenue to multiply next year impacting its own headcount now vince who is the company's corporate senior vice president spoke to bloomberg's stephen engle over
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Stephen Engle
at computex so as jensen mentioned ai is not going to kill jobs it's actually going to create jobs and i think one of the things we're seeing is our business is taking off on a number of fronts and a number of new businesses like automotive iot data center and wearables our existing businesses are also increasing in future momentum because of the introduction of more ai capabilities to change the user experience so actually we're in a situation where we're not reducing the number of engineers but actually expanding and hiring the number of engineers and we're chasing a lot more opportunities so i see this boating very well for
- [34:12]
Mandeep Singh
us do you agree with what jensen said as well today he says ai and what they're doing is a gdp generator i think the latest numbers that did come out of you know the forecast for taiwan is almost ten percent growth this year in gdp on top of seven percent last year and now
- [34:28]
Stephen Engle
we're going to see potentially one trillion dollars in value probably this year or next year and i would say without knowing the exact data probably taiwan is experiencing its heyday and unprecedented growth here in technology and it's probably the center of the high tech world here now because of the ai revolution most of the customers we're working today are tier one hyperscalers and so i feel very good about the fundamentals of the business we're pursuing and i think we're pretty set at least through the twenty thirty
- [35:03]
Ed Ludlow
horizon those media tech's vince hughes speaking with bloomberg stephen engle at computex coming up new york tech week kicks off today tech nyc ceo julie samuels joins us to discuss what happens and what
- [35:16]
Bloomberg Tech Host
to expect carrie i'm actually looking at a new york based company that is running pretty hard today ibm up almost ten percent percent but the weird thing ed is it's all based on a nearly six month old video it seems of donald trump president trump praising ibm ceo that sent the stock surging over the weekend we saw many accounts dozens of them on recirculating that video and polymarket money actually racked up seven hundred thousand views on it why now why why the win now it seems to be the speculative mania some are talking of in our analysis this is bloomberg tech
- [35:56]
Public Investing Representative
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- [37:07]
Bloomberg Tech Host
disclosures on june tenth bloomberg invest is back in hong kong we look at the role hong kong plays between china and the world as major powers compete and markets realign as global investors rethink risk we'll explore the forces driving asian demand and the future of private capital catch exclusive interviews with top newsmakers plus a live recording of bloomberg's odd lots podcast visit bloomberglive dot com invest hong kong to learn more supporting sponsor deutsche bank new york tech officially kicks off today with a record fifteen hundred events gathering thousands of founders of venture capitalists innovators across the city joining us now to discuss the city's really rising status as a global tech hub julie samuels president and ceo of tech nyc so julie is it a rising status what data can we look at to find feel that i and all the tailwinds are benefiting this city well first of
- [38:04]
Julie Samuels
all it is absolutely rising it's booming it's booming of course in a lot of tech hubs right now but new york is absolutely feeling the benefit we've got we're hiring at twice the rate of san francisco four times the rate of boston in our tech sector here you know last count we had over nine thousand startups we're raising venture year over year it's just i think it's doubled like forty fifty percent and that's of course against the backdrop of this entire boom that is just putting so much oxygen into the tech sector and
- [38:35]
Bloomberg Tech Host
is that why new york gets that oxygen is because look if it is financial industries they're going to be disrupted well you want to be where that industry is if it is going to be health care you want to be that industry is that i think that's
- [38:45]
Julie Samuels
a huge there's a there's a couple of things happening number one of course is that once the companies are building within sectors they have to to be here like you just said you need the expertise you need the smart capital you know you need not just disrupting those industries but those industries are the clients they're the customers they're also going to be your mentors you know that's how you build network but what we also see at the higher level and we're at this point that we saw in the early twenty early two thousands to early twenty tens when the big tech companies and the big platforms build their technology on the west coast they often come here when it's time to figure out how do you monetize it who's going to buy it how are they going to use it like those those are new york questions to get answered so i feel very great about where new york sits right now in
- [39:29]
Ed Ludlow
the ecosystem judy i was going to say that you know a year ago the headline probably was that you know if silicon valley and sf in the air are where tech companies are born they go to new york to mature what what in the last sort of twelve months of data would would either reinforce that for you or do you think it isn't quite that story yet
- [39:49]
Julie Samuels
no i think that's very true i think you've got two things happening in parallel that underscore that trend first of all the largest frontier labs are hiring and growing in new york like crazy open air anthropic huge new huge new real estate deals they're hiring here so you see that and then you also just see the startups just just again they're coming here as well but it's a slightly different flavor of startups that you get in san francisco and i think that's okay you know i think that's good for the country in san francisco you get a lot of really really hard tech and in here in new york again it's slightly more integrated into existing sectors i feel very bullish about that i think that's long term incredibly healthy place for our city and our state's economy to be we actually see a lot of open source ai happening here in new york which is interesting we're seeing a lot of infrastructure happening here also interesting you know people are really excited right now and people want to be in new york city i guess that is the underlying julie
- [40:50]
Ed Ludlow
let's finish on the experience of the highly paid tech employee software engineer otherwise who has options right part of the story in sf has been the city being a place where people want to spend their money and live right alongside locality to their employer what's the new york city pitch equivalent well new york
- [41:11]
Julie Samuels
city does urbanism like no other city in the world surely in the united states but i would argue the entire world and i think there's so much about the tech sector culture so many people building in tech want to be here they want to be where there's functioning public transit where the density of this city lends itself to the kind of creativity and excitement and diversity that you really can only get in a city as dense as new york and you see that this is as caroline said this is the first day of tech week our tech week is much much bigger than san francisco's tech week and that's because here you can bounce
- [41:44]
Ed Ludlow
every week is tech week i think is the point perhaps perhaps but you
- [41:49]
Julie Samuels
know i would one quick little anecdote that might be a little bit too cute by half but i think it's very true when you're in san francisco you meet people who work in tech tech people who live in san francisco when you're in new york you meet new yorkers who work in tech and that just it's a different it's a different dynamic and i think for our country you need both i feel really good about that i think new york just is so it feels so optimistic right now and there's just so much building going on in the tech sector that that i feel like it's it's great it's a great time to be building in tech in new york judy
- [42:22]
Ed Ludlow
samuels president ceo of tech nyc great to have you back on the program really appreciate it thank you carrie a lot more news out there today is
- [42:29]
Bloomberg Tech Host
east versus west coast you got to love it but this time it's talking tech and first up wise shares actually tumbling over in london today the fintech giant confirmed it is answering queries some belgian prosecutors investigating an alleged five hundred eighty million dollars money laundering network linked to fraud and drug trafficking why says the requests are a routine part of highly regulated operations plus meituan's quarterly losses are shrinking as beijing's regulatory warnings finally cool china's brutal e commerce price war but the food delivery platform posted a narrower than expected nine hundred sixty one million dollars operating loss but that the company remains locked in that costly battle with alibaba and jd dot com and uber well it's driving deeper into the middle east the company is paying one hundred million dollars in cash for staking careem a regional soup app from the gulf that offers food and grocery delivery and payments the deal accelerates uber's rapid e commerce expansion blitz across europe middle east and africa at okay coming up
- [43:24]
Ed Ludlow
we're going to get back to the space x ipo and what to expect that's next this is bloomberg tech
- [43:37]
Bloomberg Tech Host
let's get back to the space x ipo and get down into the nitty gritty of the numbers new bloomberg intelligence analysis reveals space x is some of the parts valuation could hit nearly two trillion dollars that's as the company marches towards its historic wall street debut joining us now to break down the framework bloomberg intelligence is george ferguson george it's interesting that ed has been part of that reporting team showing that well maybe they're offering at one point eight trillion dollar valuation rather than perhaps two trillion but you think really it should add up to two trillion well so i think
- [44:08]
George Ferguson
you know what we wrote was that we could see the market comparables that could get it close to two trillion and so today you know today i think we were even seeing some of the space stocks come down as space x lowered their i don't know their targets their guidance whatever you want to call that late last week so i mean we see comparables that could get it there i didn't say that was necessarily the right price they seem pretty rich but there's comparables a lot of it built around the space launch business which we saw sort of eighty to
- [44:41]
Ed Ludlow
ninety times revenue you know i i was really surprised by the launch figure because elon musk himself said repeatedly a number of times in the last decade the launch business tops out right there is a limit to how much money you can make putting payload into orbit that's why the tam number is literally everything but that just give me the math on how you arrived at the
- [45:02]
George Ferguson
number yes i mean again we looked really at market comparables and so from a space launch perspective rocket labs in the marketplace and it's about an eighty to ninety times revenue number on rocket labs valuation and so we think that space x if you plussed up the revenue inside the launch business for the launch they're doing internally because they don't book that in the revenue line it's about eleven billion dollars of revenue and we plug sort of an eighty to ninety multiple on that and got about one trillion dollars in value at a launch potentially and then the you know the other businesses like starlink i have colleagues colleagues here at bloomberg intelligence intelligence that are much smarter at that and did that valuation but starlink kind of came in thirty to forty times revenue based on some of their comparables it's not a lot of the value it's another sort of six hundred billion and then the business came in around four hundred billion and that that's mandeep singh and that's a there's a lot of voodoo i think inside valiant companies there's a lot of loss in there i can't totally figure out out how he
- [46:10]
Bloomberg Tech Host
does that george and what's interesting is who's holding say rocket labs and how memeified they've become how much their valuations are based on retail the latest is out of our story that spacex is going to reserve five percent of the shares for certain employees and friends and they're not going to perhaps be held to a lock up how much of
- [46:27]
George Ferguson
an issue is that sorry i caught the very tell at the lockup how much of an issue is well the
- [46:33]
Bloomberg Tech Host
fact that they're not going to be held or bound to a lockup in the same way briefly i mean look
- [46:39]
George Ferguson
i think there's in any ipo there's always this challenge that as you come out of the hype of the ipo you'll see prices sort of fall on it and yeah you know i think though there's going to be a lot of hype around space x it doesn't mean i think the shares will hold the value that they're coming out of the the ipo at but i also think again it's a big enough player it's and it's in a launch and in connectivity that i think you should see maybe some of that hangover afterwards being less of an issue but for sure i think you'll run into some
- [47:17]
Ed Ludlow
challenges bloomberg intelligence is george folks and part of the team crunching the numbers thank you very much amazon wants your next prime order to include a banana customer the company is betting that same day delivery and whole foods can finally unlock online grocery shopping at scale bloomberg's mac day joins us with the deep dive there is no visitor more frequent to my front door than amazon prime but to this point a banana is yet to arrive take us inside your story what are you getting at here
- [47:48]
Matt Day
so amazon i think maybe uniquely for them and their long history of trying to get groceries to your doorstep they've just started asking right so if you go online today and you place the same day order it's very likely you're going to see a little pop up show up near the end like hey do you want to add some perishables to this about some lettuce how about some blueberries that kind of thing and so it's that sort of in your face prompting combined with some listed as stick on the back end that makes amazon think they can play a bigger
- [48:12]
Bloomberg Tech Host
part in grocery talks to how you've been walking around the store i mean your whole story is wonderful it starts with jason bouchell i think that's how i pronounce announcing it emerging from a big walk in refrigerator but how impactful is it that they have the logistics down it has to be the one day turnaround that makes it work so
- [48:28]
Matt Day
it's it's really gotten them closer to customers in a way that they they couldn't before i mean when they started fresh a couple of decades ago they were doing it from the suburbs you know a lot of produce was spoiling and stuff wasn't getting the density they needed to make make the math work you know now suddenly with amazon coming out of the pandemic with warehouses real close to a lot of metro those there's more ability to kind of sprinkle these these sort of mini chillers in and make a small grocery distribution center
- [48:50]
Bloomberg Tech Host
perhaps near you and this is where the amazon whole foods thesis bakes in bloomberg's matt day it's a great story go read it on the terminal or online but meanwhile that is it for this edition of bloomberg tech ed yeah
- [49:02]
Ed Ludlow
don't forget to check out the podcast you can find it on the bloomberg terminal and online on apple spotify and iheart it is the very early start of what i'm sure is going to be a pretty crazy week in the world of technology a lot to recap from new york city and from san francisco this is bloomberg tech
- [49:21]
Chase Business Announcer
on june tenth bloomberg invest is back in hong kong we look at the role hong kong plays between china and the world as major powers compete and markets realign as global investors rethink risk we'll explore the forces driving asian demand and the future of private capital catch exclusive interviews with top newsmakers plus a live recording of bloomberg's odd lots podcast visit bloomberglive dot com investhongkong to learn more supporting sponsor deutsche bank want to get more
- [49:52]
Bloomberg Tech Host
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