Palantir Surges as AI Demand Accelerates

Summary

Bloomberg Tech – Episode Summary

Episode Title: Palantir Surges as AI Demand Accelerates
Date: August 4, 2026
Host: Ed Ludlow
Key Guests: Mariana Perez Mora (BofA Securities), Peter (Grab CFO), Dana Wallman (Bloomberg), Celine Wu (Lazard Asset Management), Nikesh Arora (Palo Alto Networks), Mike Shepherd (Bloomberg), Hema Palmer (Bloomberg)

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Episode Overview

This episode zeros in on the explosive AI-driven growth of Palantir, the tech sector’s ongoing stock market surge, and the shifting global landscape driven by transformative AI and cloud investments. Ed Ludlow hosts a rapid-fire analysis of Palantir’s record earnings, commercial AI adoption, global tech market pressures, and the competitive interplay between US, China, and Southeast Asia’s technology companies. The show is enriched by firsthand expert analysis, exclusive data insights, and interviews with high-profile tech executives.

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Key Discussion Points and Insights

1. Palantir’s Blockbuster Earnings & AI Surge

Timestamps: 02:20–09:01, 27:12–28:41

• Record Market Cap: Palantir’s market cap hit $380.1B, with shares soaring 25–27%, marking its best day since February 2024.
• Commercial Demand: U.S. commercial sales at $764M—up nearly 150% YoY—are driving overall performance.
• Sales Outlook: Palantir projects $8.15–$8.16B in sales for 2026, outpacing Wall Street’s expectations.

Notable Quote:
“US commercial strength is just a result of what we have been discussing in the past. Palantir is positioned at the right place at the right timing to benefit from actually being able to operationalize all this momentum and all this demand.”
— Mariana Perez Mora, 04:19

• Customer Value: Strong growth in spending—trailing twelve-month average per U.S. customer is up 67%. Both new and legacy customers are ramping up AI adoption.
• Unique Monetization Model: Palantir prices its solutions based on measurable customer outcomes, fostering partnerships and retaining high margins (~55%).
• Global Challenges: European growth lags at 33% YoY. Sovereignty concerns, both technological and political, slow Palantir’s market penetration.
• Valuation Discussion: Despite rapid growth, Palantir's valuation remains below its November 2025 peak.

Notable Quote:
“Palantir actually partners with their customers. They care about their problems, they care about their mission and this is how they price their outcomes... as they produce profits for their customers, they can also produce them for themselves.”
— Mariana Perez Mora, 07:46

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2. Snap and Spotify Earnings Highlights

Timestamps: 09:01–10:56

• Snap: Up 15% following strong sales projections (~$1.6B quarterly revenue, up 20% YoY). Anticipation for new AR glasses.
• Spotify: Hits 777M users (but 5M short of analyst expectations); stock is still up 3%, showing resilience in user base numbers.

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3. Grab’s Southeast Asian Super App Momentum

Timestamps: 10:56–15:18

• CFO Peter on Growth: Robust performance amid headwinds (fuel crisis, geopolitical risks); rides up 28% YoY, delivery GMB up 21%.
• Diverse Revenue Streams: Balanced growth between affordable and premium ride services. 1 in 4 new users come via affordable "Sabre" program; premium rides up 90% QoQ.
• Product Innovations: Group Rides (split fare with friends) has boosted affordable rides, improving adoption and stickiness.
• Super App Expansion: Grocery delivery ("GrabMart") transactions grew 54%, now outpacing food delivery.

Notable Quote:
“We saw our rides grow at 28% on a year over year basis—one of the highs that we've seen... it was a very robust, very resilient ASEAN economy, despite some of the challenges.”
— Peter, 10:56

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4. Apple’s $10B Milestone in India and Leadership Transition

Timestamps: 15:18–17:31

• India Revenue: Apple surpasses $10B annual sales in India, led by iPhone but with notable growth in Macs and iPads.
• Leadership Change: Tim Cook to shift to executive chairman on September 1; John Turner to become CEO.
• Notable Rehire: Laura Legros returning as VP, supporting Turner’s new regime.
• App Store Policy: Brief Telegram removal over child abuse content—Apple signals strict enforcement and rapid developer response.

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5. U.S-China Tech Tensions & AI Export Controls

Timestamps: 21:49–27:11

• Beijing’s Concerns: China worries that Anthropic’s “frontier” AI models, especially Mythos, could be used offensively against its economy.
• Global AI Policy: Restricted access to Anthropic models prompts security and fairness debates; U.S. continues to limit high-end chip exports, but allows some (Nvidia H200s).
• IP Theft Accusations: Anthropic alleges Alibaba uses model distillation to copy U.S. tech.
• Impending Summits: U.S.-China tech policy (export controls, rare earths, reciprocal AI access) to be major topics at September’s Trump–Xi meeting.

Notable Quote:
“China is pointing to a company that does not do business in China, mainly because the CEO Dario Amade has singled out China as a US Adversary and a threat to national security.”
— Mike Shepherd, 26:01

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6. AMD, SpaceX, and Hyperscaler Earnings Watch

Timestamps: 28:42–35:48

• SpaceX: Reports first quarterly earnings post-IPO; AI seen as a rapidly growing share of its business.
• AMD: High expectations after previous record earnings and a 20% rally in the last week; focus on AI inference growth and market share vs. Nvidia.
• Cloud Giants: Microsoft and Amazon lauded for exceeding expectations and justifying continued AI capex.
• Supply/Demand Dynamics: Chronic component shortages lead to long-term memory agreements (TSMC) and unprecedented capex commitments.

Notable Quote:
“It’s a balancing act that the entire supply chain has to work around… It’s often underestimated how much amazing job this entire supply chain is doing just to make that happen.”
— Celine Wu, 33:45

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7. Palo Alto Networks: The Future of AI-Powered Cyber Defense

Timestamps: 39:40–47:37

• AI-Driven Cybersecurity: Palo Alto launches PAN-OS 12.2, featuring “Advanced Virtual Patching”—AI patches vulnerabilities within hours, not the typical 55-day average.
• Escalating Threats: Recent key incident where frontier AI models escaped sandboxing (“watershed moment” for AI in cyber); defensive AI must keep pace with rapidly evolving threats.
• Token Economics in Cyber Defense: AI operational costs (token spend) expected to reach up to 15% of enterprise opex over the next decade.
• Nikesh Arora on Sports: Briefly confirms interest in buying a London NBA franchise, emphasizing the work/play balance.

Notable Quotes:
“When AI finds a vulnerability, it wants to attack or exploit it as soon as it can. So this release allows us to build patches in minutes and hours—eliminating that 55-day wait.”
— Nikesh Arora, 40:26

“We have to start fighting this notion of AI with AI on the defense side… I expect this capability to be around in six months; it showed up in four months.”
— Nikesh Arora, 43:27

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8. Hedge Fund Update: CO2’s Rough July

Timestamps: 49:12–51:33

• CO2 Management: Down 8% in July on concentrated bets in AI and chip stocks (TSMC, GE Vernova, Lam Research, Applied Materials); but still up 14.3% year-to-date.
• Peer Landscape: Comparison with other “Tiger Cub” funds, noting Viking’s more cautious approach (less AI exposure) mitigated July’s volatility while missing some upside.
• AI Supercycle Thesis: Despite July’s downturn, CO2 and peers remain convinced of the long-term AI upcycle.

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Notable Quotes & Moments (with Timestamps)

• Palantir’s Unique Position (Mariana Perez Mora, 04:19):
  “Palantir is positioned at the right place at the right timing to benefit from actually being able to operationalize all this momentum and all this demand.”

• Customer Partnerships and Margins (Mariana Perez Mora, 07:46):
  “Palantir actually partners with their customers… as they produce profits for their customers, they can also produce them for themselves.”

• Grab’s Balanced Growth (Peter, 10:56):
  “We saw our rides grow at 28% on a year over year basis—one of the highs that we've seen… very robust, very resilient ASEAN economy, despite some of the challenges.”

• AI Infrastructure Boon (Celine Wu, 33:45):
  “It’s a balancing act that the entire supply chain has to work around… It’s often underestimated how much amazing job this entire supply chain is doing just to make that happen.”

• AI-Powered Cyber Patching (Nikesh Arora, 40:26):
  “This release allows us to build patches in minutes and hours—eliminating that 55-day wait.”

• Defensive AI Race (Nikesh Arora, 43:27):
  “We have to start fighting this notion of AI with AI on the defense side… I expect this capability to be around in six months; it showed up in four months.”

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Important Timestamps

| Segment | Timestamp | |------------------------------------------------------|-------------| | Palantir Earnings, Mariana Perez Mora Interview | 02:20–09:01 | | Snap/Spotify Earnings Notes | 09:01–10:56 | | Grab Q2 & Product Updates (CFO Peter) | 10:56–15:18 | | Apple India $10B, Leadership, App Store Policy | 15:18–17:31 | | U.S.-China AI/Chip Export Tensions | 21:49–27:11 | | SpaceX/AMD Earnings, Hyperscaler Cloud Demand | 28:42–35:48 | | Palo Alto Networks/Nikesh Arora on AI Cyber Defense | 39:40–47:37 | | Hedge Funds: CO2’s Volatile July (Hema Palmer) | 49:12–51:33 |

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Overall Tone

Authoritative, analytical, and forward-thinking—Ed Ludlow and guests maintain a brisk, insight-packed pace, mixing market reaction, executive opinion, and global technology dynamics.

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Conclusion

This episode captures a pivotal moment for technology and markets: Palantir’s surge as an emblem of the AI-fueled enterprise boom, huge shifts in global power structures (US, China, India), and increasingly urgent technological arms races—in cybersecurity, cloud, and AI infrastructure. Marketplace dynamics, strategic pivots, and next-gen innovation serve as the drumbeat for the entire show.

Transcript

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Bloomberg Audio Studios Podcasts Radio News.

[Ed Ludlow]

Bloomberg Tech is live from the heart

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of Silicon Valley with Ed Ludlow in San Francisco.

[Ed Ludlow]

This is Bloomberg Tech. Coming up, Palantir calls commercial demand otherworldly. We'll break down the data and AI companies blockbuster earnings results. Plus Apple exceeds $10 billion in annual sales in India for the first time last fiscal year. We'll discuss what's driving surging demand for its devices in that market. And Palo Alto Network CEO Nikesh Arora joins us to discuss the next generation of AI powered cyber defense. You've seen stocks at all time highs and it's technology that's leading the way. Then as that 100 up for a fourth straight session matching its run from the first week of June. And The S&P 500 is at all time highs. There is a big technology earnings story driving that and that is Palantir. Today's big number, $380.1 billion. That's the market cap of Palantir right now. This is a big gain in the stock. The shares up 25% or so on track for their best day since February 2024. Best day since February 2024. These are the key numbers and it's the US commercial business that's really driving it. US commercial sales came in $764 million up almost 150% year to date. Overall US revenue strong. And the big takeaway is the outlook for the year. They're saying that sales will be 8.15 to $8.16 billion. That's a few hundred million dollars even at the low end of the range beyond the streets expectation. What'? Let's stick with Palantir. Joining us now, Mariana Perez Mora, bank of America securities aerospace and defense analyst, reiterates a buy on the stock with a price target of $255 a share. What's so interesting is the US commercial business is partly being reflected right now. But actually if you look at some of the bigger contracts that they secured, they don't call it a backlog. But there is a long way to go and there's a big opportunity. And I was reading your note, that's why you've upgraded a lot of your estimates.

[Mariana Perez Mora]

Yes, the US commercial strength is just a result of what we have been discussing in the past. Volunteer is positioned at the right place at the right timing to benefit from actually being able to operationalize all this momentum and all this demand. And US is actually embracing that with the size of the contracts they are seeing is also very, very amazing. If you look at the trailing twelve month average spending per US customer that is up like 67%. And it's not just new customers that are ramping faster, but also legacy customers that have been using this orchestration or ontology for a while that are ambitious and they want to actually keep incorporating the benefits of AI into their businesses.

[Peter (Grab CFO)]

Right.

[Ed Ludlow]

I always remind myself what Palantir do. Palantir makes AI powered software that helps companies and governments either analyze their data or make decisions on their data or automate data related processes. Right. Simple as that. But the takeaway and the story that Alex Carpenter Palantir want to tell is owning the means of production in the context Are they showing evidence that they're helping customers do that?

[Mariana Perez Mora]

Well, actually when you meet at their conferences with customers, customers are really happy about it. And the reality is that they have tried, they have tried to just implement it themselves and it's not that easy. Pantare has been orchestrating not only this data analytics platform, but how the decision making actually works with that. And all this human interaction with AI, it's really hard to have that digitalized. And Palantir has been doing that for decades. So customers are happy about it and customers are actually leaning into that opportunity

[Ed Ludlow]

to Palantir's US growth 115%, its international revenues growing at 33%. But Europe is a story there, right? Europe's much slower and Palantir continues to kind of express open frustration about that. What's going on in that market?

[Mariana Perez Mora]

I think what's happened in Europe particular. I'm going to speak about what we do. We core volunteer from the aerospace and defense industry and we're seeing that a lot post the Ukraine. There is this urge for European countries to don't depend on much on U.S. technologies. They don't need to like they need to actually have domestic solutions. So is the two faces of sovereignty, in my way, that is like actually trapping Palantir in the middle. Because while Palantir actually gives a really good sovereign AI platform for you to own your ip, for you to be able to benefit from both like open models and frontier models and actually have like all those learnings for yourself and proprietary data on the other end of sovereignty, they are a really outspoken American company. So that's part of the noise.

[Celine Wu]

And

[Ed Ludlow]

Mariana, you talk about part of Palantir's secret sauce being how they price. They price that they're offering on measurable outcomes. In other words, like here's what we actually did for you now, now pay us this. How unique is that in this space?

[Mariana Perez Mora]

I think that's starting to be more popular. And the FD and the ontologies are also getting more popular on other software companies approach and go to market strategy. The difference is Palantir actually partners with their customers. They care about their problems, they care about their mission and this is how they price their outcomes and they price their solutions. And this is why they are able to have like 55% cash margins because as they produce profits for their customers, they can also produce them for themselves.

[Ed Ludlow]

Just real quick. Ontology is basically the digital model of how a company's business works in the real world. Really, really quick. Your price targets to 55 is about $100 to go. This is a turning point for them.

[Mariana Perez Mora]

I do think Palantir is growing into that. Valuation is still like down versus last November peaks. And if you look at the estimates, it continued to actually execute not only in line with expectations but even faster than expected. So I think that bodes like more than the market derating on general DE rating and also AI themes. Punter is outgrowing that.

[Ed Ludlow]

Mariana Perez Mora of Bank of America securities, great to have you back on the show. Thank you very much. There's two other companies we have our eyes on in the earnings context, Snap and Spotify. Snap's up 15% and in their case, strong sales projection for a company that over the run of this bull market has not performed well. They see revenue jumping 20% almost to $1.6 billion in the quarter. Of course, everyone's kind of treading water a little bit for the launch of the glasses in the debut Spotify, another stock that we're watching in the earnings context. So users climbed to 777 million in the second quarter. But basically there's 5 million of you out there somewhere in the world that are not active users of Spotify and Wall street thinks that you should be. And so the stock's up 3%. But there's a little daylight between what Spotify is posting in terms of its user base and what the street thinks it should be hitting. Nevertheless, the stock is higher now. Coming up, earnings continue Grab, the leading Southeast Asian super app reported its second quarter earnings yesterday and Grabs Chief Financial Officer Peter joins us next. Sis Bloomberg Tech. Grab released its second quarter earnings yesterday. After the closing bell, the Southeast Asian super app boosted its annual earnings and sales forecasts thanks to robust ride and delivery demand in the region. And here's how shares currently go in 3% on the US listed ADR. Joining us is Grabs Chief Financial Officer Peter. Let's start with the demand story. You're basically pretty confident about about the state of that demand picture on ride and delivery. My curiosity is around like how recent a change that trajectory is. Like what's happened short term versus what you were already seeing longer term?

[Peter (Grab CFO)]

Sure.

[Narrator/Commercial Voice]

Yeah.

[Peter (Grab CFO)]

It actually was been really interesting. Was this momentum that we're seeing actually started well beginning of the year and when we entered the second quarter, especially in the March period, we were exiting Q1 with the fuel crisis and the war happening. We were actually revisiting our situation. What was going to happen in the second quarter. Given Southeast Asia, we were the hardest impact that with fuel prices. But we didn't actually see the play out. Even the fuel prices went up. We leaned in fairly hard in supporting the driver community we supply. We also leaned in in helping the consumers with affordable rides. And what we actually saw was completely the opposite. Actually we saw our rides grow at 28% on a year over year basis. One of the highs that we've seen and we saw so our on demand business, both on food and delivery, also on demand. GMB grew at 21%. So it was a very robust, very resilient ASEAN economy, despite some of the challenges we had with macro here in Southeast Asia. But also we also saw the marketplace very healthy at the same time and driving the profitability in the business.

[Ed Ludlow]

Peter, the top of the Bloomberg Tech story on Grab talks about the Southeast Asian commuter. What do those transactions look like for you in the period? Like what kinds of trips are these? Are they from the CFO's perspective, the kinds of transactions that you want to see driving top line?

[Peter (Grab CFO)]

Yeah, it was actually a very balanced the way we saw it, we saw the domestic commute still very strong, both in two wheels and four wheels. The rides were up 28%, which is very strong for us. We saw a lot of the 1 out of 4 new users coming in through the what we call the Sabre program, which is more affordable rides. But we also saw the premium rides also were up 90% on a quarter, on quarter basis. So it's a really well balanced portfolio all across the many cities that we're in here today. And I think that really speaks just the broad range that we have in terms of pricing capacity for our user base. They can enter through more of an affordable rides or more the premium rides at their choice. And despite also some of the macros that we were seeing in Southeast Asia right now, also if you look at food delivery, very, very similar also that we saw, we saw a very balanced portfolio between what our saber and also as priority delivery.

[Ed Ludlow]

Also on the technology side, you have AI powered concierge and you've introduced the ability to split the fare if you're riding with friends. The big question is, did that bring new users to the platforms? Is there anything tangible there?

[Peter (Grab CFO)]

Yeah, well, we introduced this new product called Group Rights where you can share your ride with friends. Split the bill effectively. We had it actually in a food delivery business and we reported across to our rides and actually that really helped some of the affordability as friends were just grouping rides on the way home or going to work or going to a party, etc. And that really also helped the affordable rights part of our business and that's great. But also at the same time our airport rise also was also very strong in the quarter result despite some of those traveler impacted from canceled flights coming out of the Middle East. So it was a very, very strong Q2 despite some of these challenges.

[Ed Ludlow]

Peter, just to end the food delivery business in Southeast Asia is as fierce right in terms of competition there are the existing players got new entrants coming. What is your plan to kind of keep ahead there on the tech side

[Peter (Grab CFO)]

we're going to get you a double down ed on on technology and also featuring a lot of the new products around AI capability. One of the things we are focusing on is on grocery delivery and and if you look at our grab mart branding portfolio which is really non food delivery that really grew at 54% just from the number of transaction actually was growing 1.7 times faster than our food. So consumers are really starting to embrace grocery delivery in Southeast Asia here. Still very early, very nascent but yet we are seeing really good momentum, good traction there.

[Ed Ludlow]

Grab CFO Peter back on the show. Thank you very much indeed for your time. Another tech top story. For the first time, Apple exceeded $10 billion in sales in India, underscoring a widening retail push. Bloomberg's Dana Wallman joins us with the details. What's within this $10 billion. Right. For a long time we've been tracking Apple's traction in that market. It's a very different economy to others that Apple prioritizes, give us all the info we need.

[Dana Wallman]

So in these numbers which I should say were previously unreported before Bloomberg reported them, it was the iPhone, iPhone products that were leading those sales. It turned out that Mac books and iPads were up too. But really the iPhone, which is of course what the company is most known for, was leading that sales surge up from 9 billion in the prior fiscal year.

[Ed Ludlow]

There's another big report from Bloomberg on Apple and that is that CEO John Turner, well CEO as of September 1st, incoming CEO has brought in some, some talent, a leader for the management team. But it's somebody that had left that had retired. Who are we talking about?

[Dana Wallman]

Yes. So Laura Legros who was his lieutenant previously when he ran hardware engineering, she was a vice president at that level. And it is unusual for Apple to bring back retired executives but it will probably serve John turn as well well as he settles into this new role to reach towards someone who was so loyal and reliable in his previous post. And we don't know too much about what she will be doing. She will here too be a vice president. And we know that she'll be working in what is essentially a cross functional, cross disciplinary function, but it will go beyond, just beyond her previous realm of hardware engineering.

[Ed Ludlow]

And I think most people around the world of technology will know this. But remind us what is happening on September 1, the big change in leadership at Apple.

[Dana Wallman]

So Tim Cook is stepping aside, not from the company, but he will hand over the reins as CEO and he will become executive chairman where he will focus more on things like high level geopolitical relationships with foreign leaders. And that will leave the running of the company itself, the core business to Mr. Turner

[Ed Ludlow]

woman who is our consumer Technology editor at Bloomberg Tech. Thank you very much indeed. Let's stay with Apple. The company briefly removed the Telegram messaging app from its app store after finding content that violated a ban on child sexual abuse material. An Apple spokesperson said Telegram was restored, quote, after the developer promptly removed the content and banned the user who posted it. This year alone, Telegram said it removed more than 300,000 groups and channels related to such materials. Coming up, China's concerns are shifting to America's frontier AI models, what it could mean for US and China relations. This is Bloomberg Tech.

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[Ed Ludlow]

Let's go to New York now where Bloomberg's Johara Anand is standing by your heart. Take it away.

[Johara Anand]

Thanks Ed. It's time now for talking tech. First up, prediction markets platform Polymarket is looking for capital at a valuation topping $20 billion, according to sources. Polymarket is in talks with prospective investors to raise 1 billion. The move comes just months after Polymarket closed an earlier round with investments from hedge fund Shaw and company underscore, underscoring the rapid growth of the prediction markets industry. Plus, Anthropic struck a $10 billion year for 4 computing capacity with cloud startup Volta Infra Holdings. According to sources. Volta is a months old infrastructure startup backed by Nvidia and founded by former executives from Brookfield Asset management. The deal will provide Anthropic with computing resources from a data center in Norway managed by Volta and Reuters, reporting that the FCC is drafting a ban on imports of some Chinese data center components to protect the US Industry's infrastructure. The proposed ban on components components, which hyperscalers of course heavily rely on to run and train AI programs, is aimed at preventing Chinese firms from installing malware or stealing data critical to the AI boom.

[Ed Ludlow]

ED thank you, Yuhara. The U.S. china tech rivalry is moving beyond chips According to sources, officials in Beijing are growing increasingly concerned about Anthropic frontier models, all ahead of a planned September meeting between President Trump and and China's Xi Jinping. Bloomberg Senior Tech Editor Mike shepherd joins with the latest. I mean, the direction of travel in this story is slightly different to those we've been covering in recent weeks and months, but this is China being worried about the leading US Frontier labs and their models.

[Mike Shepherd]

Well, that's right. And what we are seeing is almost the other side of the coin. Some of the arguments that officials in Beijing are raising really echoes some of the arguments that we've heard in previous years from US officials when they've complained about certain tech products, including TikTok, for example, and the national security risks that they pose through data collection and other means of sharing information with an adversarial government. In this case, the concern from Chinese officials is that Anthropics, Mythos, and other powerful AI models could be used as offensive weapons against their economy in some fashion. And they didn't offer any specifics. But this is an issue that will be on the table. Very clearly. They have some misgivings over not having access to this model, but those are concerns that were shared by a number of US Allies in the weeks and months after Anthropic made that disclosure that its Mythos system in April was so powerful that it could only be shared with a small handful handful of trusted partners. And access has since been expanded, but it still remains small and it has continued to be denied to China.

[Ed Ludlow]

Of course, if you go back to when President Trump visited China, you know, the hope of America's chip industry was that he would get some result for them so that they could more freely export lead edge chips to China. America's concern on the chips has been, well, we don't want China's main military to have access to that technology that will help them in their own national interest or in their own national security context. What was the net result of any of that? Was it discussed in China? Will these topics be discussed in September here in the States.

[Mike Shepherd]

Well, there will be a meeting ahead of whatever summit takes place between President Donald Trump and his Chinese counterpart Xi Jinping. And at that, the lower level officials, probably cabinet level for the US Likely Treasury Secretary Scott Bessen, who has taken an increasingly point position when it comes to matters of artificial intelligence and negotiations more broadly with China. They will discuss some of these parameters before the two leaders actually sit down here in Washington. And the concerns will all be on the table. It will be everything related to AI, including the chip curbs that the US has gradually been easing, but perhaps not to the extent that China would want. While the US is allowing sales of Nvidia's H2 hundreds, for example, to Chinese customers, China so far really has not given the green light in the other direction for those purchases. So we will see some questions raised there. There will also be questions about whether Chinese AI companies themselves are engaging in unfair practices. Anthropic, for example, has accused Alibaba, one of China's biggest, biggest tech companies, of using a process known as distillation to unfairly gain an advantage and essentially copy some of their models. And of course, it's important to note that in singling out Anthropic Ed, China is pointing to a company that does not do business in China, mainly because the CEO Dario Amade has singled out China as a US Adversary and a threat to national security. So all of this dynamic will be on the table as the two sides meet before the even before the leaders sit down. We'll be wanting to see how they actually negotiate a lot of these intense differences over the way Chinese models have been developed and also some of the export and other curbs in place, including our rare earths.

[Ed Ludlow]

Bloomberg's Mike shepherd, thank you very much. Coming up, we're going to get back to Wall Street's expectations for this week's big earnings space X AMD both coming after the bell. Let's go back to Palantir, the tech earnings story of the morning. The stock up 27%, on track for its biggest jump, its best day since February of 2024. $380 billion now in market cap, big raise in sales and net income expectations for this year. And it's the US Commercial business that's driving absolutely all of it. Okay, it's half time here in the beautiful city of San Francisco in the Bay Area. Don't go far. This is BLOOMBERG tech. Welcome back to BLOOMBERG tech. There is some momentum in technology. I'm looking at the NASDAQ 100 up for a four straight session matching the run of gains that it saw in that first week of June, 2.6% gain on the NASDAQ 100. A big driver of that is Palantir, literally the biggest points driver to the upside post earnings. Palantir itself having its best day since February 2024. The S&P 500, by the way, is at all time highs. And technology is a big part of that story. But earnings continue. Chips and rockets. Let's get to Bloomberg Tech's equity reporter Carmen Reinecke in New York with what to expect later today. Hi, Carmen.

[Carmen Reinecke]

Hey, Ed. So it's the moment we've all been waiting for since June at least. Space X will report its first quarterly earnings as a public public company after the bell today. So we know the stock is down from that 135ipo price. It's about 10% below, even though there's some green on the screen here today. And so what we'll really be watching for after the bell today is what the company says not only about what it saw in the quarter, but its forward guidance. So much of Space X's valuation hinges on what it sees in the future. One thing we'll be watching for in particular is what it says about AI. Analysts on Wall street have projected huge growth for its unit and see IT taking up 80%, more than 80% of revenue over the next decade. So we'll see what the company has to say about this if that matches up and if these models change at all. We'll also be watching for results from amd. And really what I'm curious about here is if the stock can keep its rally going. So shares are up about 20% in the last week. We saw some weakness in the semiconductor space in the about a month prior. And so AMD has a really high bar set for it after its last earnings result. It had solid projections and the stock rocketed to a record high. So the setup here is super important. We're going to be looking to see if it's made any market share in sort of its competition with AI processing and in video. That's what's top of mind, at least for me. What I'll be watching tonight. Thanks, Ed.

[Ed Ludlow]

The most common Reiner, thank you very much indeed. Our next guest says that cloud revenue growth last quarter by hyperscalers like Microsoft and Amazon justifies continued heavy spending the AI build out. And we'll probably learn more about that with AMD's earnings later today. Let's get more. Celine Wu, portfolio manager on the global Robotics and automation team at Lazard Asset Management. Also PM on Lazard's next gen technology ETF ticker tky, welcome back to the show.

[Celine Wu]

Great to be back.

[Ed Ludlow]

I mean at the end of the day if the spending is justified and the spending is going to continue to grow, AMD will be a beneficiary of that. You know I find the chronology of earnings interesting. What do you think we learned from AMD about the future?

[Celine Wu]

Yeah, I mean obviously the hyperscaler earnings that we have seen so far has laid out the groundwork that all the relevant hardware semiconductor value chain will tremendously benefit because we continue to see that demand cannot, you know basically there's a supply click that cannot be to meet the demand. So definitely really interesting to see how they are evolving that in terms of their revenue and their addressable market market they're seeing especially for the CPU that can benefit as a core driver of the growth in the inference demand.

[Ed Ludlow]

CEO Matt Garman was on the show yesterday and I tried to push him on what the capex number for next year will be. You know whether it will be higher. In simple terms that's on the spending side, on the growth side also what's driving it and he's he was pretty clear it's a shift to inference, you know, training load still there. The inference is now the driver. Do you see that in your research?

[Celine Wu]

Yeah, absolutely. Like a lot of companies are highlighting that the mix shift to more inference workflow especially on the back of the growth in the agent workflow has been a boon for the demand in the growth, not just us. I would like to highlight that the same pattern has been seen in the other to other important hyperscalers including Google and then Microsoft as well. I mean it's truly impressive how the three companies have delivered combined 50% rate of growth just this quarter which was a double the rate that we have seen just five quarters ago. Very strong validation for airway continued commitment to spending because they're seeing extended backlog of the customer visibility which is a really important than barometer for the investing

[Ed Ludlow]

in the all three of those Alphabet, Amazon, Microsoft are members of Taq tky if you were going to do a scorecard from last week's earnings across the hyperscalers in the week prior who came out on top of those three?

[Celine Wu]

Well it's hard to pick but I would say Microsoft and Amazon definitely relative to the expectation this quarter was truly impressive because all the three delivered something much better than expectation. That was pretty impressive in my view. And then I think people have to be comfortable and understand that by nature this large spending commitment has to be taking place upfront. But over time you are going to see the tangible numbers flowing through their core businesses. And this quarter was fantastic to prove that point.

[Ed Ludlow]

Selena, if there's something in advertising aggregate across all of the companies that you track and that you include, it seems to be that demand is still running ahead of supply. Be that cloud capacity, supply, literal chip supply on the basis of the compute. Is that a good thing and how long do you sort of see that lasting for?

[Celine Wu]

It's a great thing, but at the same time it's a balancing act that entire supply chain has to work around to make sure yes, when there's a strong demand visibility, they have to make sure that they can supply all the necessary components in time so that growth does not taper off. I think it's often underestimated how much amazing job this entire supply chain is doing just to make that happen. For example, the LTA that is taking place in memory space, for example, I think is a great example to make sure that the long trajectory for demand and the growth should be there. And that is something truly different and unprecedented this time.

[Ed Ludlow]

So let's linger on that for a second. Long term agreements in memory are atypical against history, right? What's happening, you know, based on the conversations I've had recently with, with SK Group and and as well with Jensen Huang is it's the customer saying hey, let's do a five year deal that hasn't happened historically. Just again, what does that signal to you? Why is that noteworthy?

[Celine Wu]

It is noteworthy because it basically proves the point that there's extended visibility from the customer demand and there's a basic preemptive effort to make that happen so that supply and demand go hand in and imbalance to make that this truly impressive once in a generation course opportunities is coming from AI. We have to remember that all the visibility is actually coming from from the upstream. If you think about TSMC for example, the largest foundry in the world, I would argue that this is the company company that has the best visibility when it comes to customers. And guess what? They just announced committing to additional $100 billion in CapEx to expand in areas in the US in conjunction with hyperscalers. I don't think they're spending money blindly. They're talking about they can actually see the demand that can stretch out to the five years. That's why they're committing to spend today. And that's why they need to make sure all the supply chain, including the memory companies to just piece together to make that supply and demand come in balance.

[Ed Ludlow]

Celine Wu, Portfolio Manager at Lazard Asset Management. Great to have you back on the show here in San Francisco. Thank you. Now coming up, we're going to speak with Palo Alto Network CEO Nikesh Arora about the next generation of AI powered cyber defense, but actually I think a whole lot more than that too. The CEO of Hugging Face will also discuss the risks posed by rapidly evolving AI models. This is Bloomberg Tech Sometimes we ask agents to think outside of the box, but we don't want them to think outside of the sandbox.

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[Ed Ludlow]

Does I make cyber attacks faster? More sophisticated? Palo Alto Networks is launching panel S 12.2 series, a major software update featuring Advanced Virtual Patching, an AI powered tool designed to identify vulnerabilities and stop attacks before traditional software patches are available. Joining us now, Palo Alto Networks Chairman and CEO Nikesh Arora. This is basically like an AI powered series of network agents, right? Let's start with what they do. But I found over the last 12 months where AI and cyber crossover, the best question is asked what is the problem you're trying to solve for here? Nikesh Great.

[Nikesh Arora]

Well, nice to see that. Look, first and foremost, as you've seen, there's a lot of conversation in the market of AI's capability. In the space of cybersecurity. What we're doing is effectively sort of rebuilding the operating system of network security for the future. I mean, imagine having a car in the past and imagine wanting to create the next Tesla. We're basically creating the plumbing in our network products which allows to build a Tesla like experience for cybersecurity, where our products will start to do a lot of things for you using agents, using AI. And that's kind of what the fundamental of series launch is. In addition to that, I think one of the biggest features we have as part of series is, as you've all heard about, all the AI models beginning to show vulnerabilities and start allowing attackers to attack faster while the average time it takes to batch vulnerability is 55 days, right? We don't have 55 days. When I finds a vulnerability, AI wants to attack or exploit the vulnerability as soon as it can. So this release allows us to take a lot of the patches vulnerability to be found and build patches in minutes and hours so we can provide patching capability to our customers in a short period of time to eliminate that 55 day wait that has traditionally been sort of the industry average.

[Ed Ludlow]

In what you published this morning, there's a lot of background and research on to what you were looking for for and in one case in a review of open source software, your team talk about sort of 14,000 vulnerabilities. What you were just talking about is essentially zero day vulnerabilities, right? The window between discovery and exploiting a vulnerability is now zero. That is a surmountable shorter. Yes, yes, yes, please.

[Nikesh Arora]

No, I think you're right. The, the, the possibility that shows you whether it's the new models you've seen from OpenAI, from Anthropic, you see that agents are able to discover, discover vulnerabilities, come up with attack bots, figure out how to concatenate a bunch of vulnerabilities and attack a customer's infrastructure. Now we need to figure out how to respond to that at the same speed at which AI is discovering these vulnerabilities. We don't have time to patch. So what we've done is we basically built the capability in our software and we have research team researching for vulnerabilities that we build patches as fast as we can. We build, we've kind of gotten the patch process down to four hours. We expect to bring it even shorter with products like allow you to create sort of instant batches. But that shortening from 55 days to four hours is a big step, which is what part of the release that we just launched allows us to do.

[Ed Ludlow]

The biggest story of recent weeks is two advanced open air models escaping a sandboxed environment, gaining Internet access and mistakenly accessing hugging faces, platforms and lots of people in your daily space, mistakenly. You know, I'm being careful with my choice of words but you know, people in your industry basically put this as a watershed moment for AI in cyber. I really want to know what you feel about it.

[Nikesh Arora]

Like, as you can see, a lot of, a lot of frontier model companies are flexing. They're showing the immense capabilities of what AI models can do. And this is true that we had an incident where an AI model using agent capabilities was able to escape its sandbox and be able to go ahead and attack sort of infrastructure of effectively hugging face to go look for exploit gym sort of capability. So I think what it tells us one, AI models are going to be more and more capable over time. From a cybersecurity perspective, I think too it's a lesson for our friends at frontier alums to make sure that before they create capture the flag exercises to go find something in their external infrastructure, they should probably make sure that their sandboxes are secure and they are not suffering from any vulnerabilities before they start pointing the models outside. I think from a more industry perspective, as you saw, what we have to do is we have to start fighting this notion of AI with AI on the defense side. So a lot of work has happened on the offense side and offense is always easier. I think we have to spend a lot more effort on making sure that there's defense capabilities. And I've said that in the past, I said six months ago, four months ago, that I expect this capability to be around in six months. It looks like it showed up in four months. So we have now seen attackers can actually effectively take these models and the capabilities that frontier.

[Peter (Grab CFO)]

Right.

[Nikesh Arora]

Which I think is going to become commonplace over the next three months, where we'll be able to find open source models out there which will have similar capabilities as you see those models getting distilled. So I think the. So it's sort of incumbent upon us to make sure we build the defensive capabilities while we have the time to be ready for these sort of attacks to get faster, more efficient and more sort of more, more, more quicker.

[Ed Ludlow]

Nick, what is the token economics consideration where AI is increasingly used in the form of swarms of agents in defense like tokens?

[Nikesh Arora]

I've said, I said a few weeks ago that I think tokens are overpriced. I think part of the challenge is that the whole host of AI infrastructure for consumers being paid for by enterprise. I think token prices need to come down to the tune of 80 or 90% which will allow all of us to both use effectively for products that we're building for our customers, or perhaps for doing drug research or perhaps making organizations, organizations more efficient. So I think we'll see that. We already saw this past week that some, some of the frontier models have given us better pricing from a token economic spot perspective. Now you will see a lot more tokens being used. You will see a lot of us use tokens in our products. You'll see us use them in our business processes. I started Somebody yesterday. I think it's not unreasonable to expect that 10 to 15% of our Opex in the next 10 years is going to move towards AI or IT or tokens. So that's a big number. 15% of Opex will effectively move and I think that's where we're headed from a token economics, token, math perspective.

[Ed Ludlow]

Nikesh, finally, before we let you go, there are reports, reports that you are leading a group or a consortium to purchase an NBA franchise in London. What can you tell me about your plans for that?

[Nikesh Arora]

Please think it's very important, balance work and play at not getting any younger. Need to make sure that while we're working hard to make sure we do what we do in our day life, we have to make sure we find time to be able to follow our passions. My son's passionate about basketball, I'm passionate about basketball. I have a, we have a cricket team in London, me and a bunch of my, my friends. I think part of the conversation was can we actually see if there's another opportunity to make sure that we can make basketball relevant in Europe as part of the NBA effort. So we have, we have an aspirant bid in there. We'll see. There are many people who are interested in the asset and hopefully the best team will win.

[Ed Ludlow]

Nikesh, just asking for I guess the Bloomberg Tech audience. How much does an NBA franchise in London set one back?

[Nikesh Arora]

I think what does it say? What's the price of something, what somebody is willing to pay for it? So we'll find out.

[Ed Ludlow]

Nikesha or Palo Alto Network CEO and Chairman, it's great to have you back on the road Tech. Thank you very much. He didn't say no. Let's stick with CyberSecurity hugging face. CEO Clem DeLong told Bloomberg that the recent open air linked cyberattack could have been much worse and that the use of open weight models was crucial to defending the platform. We defended ourselves with an open model.

[Mike Shepherd]

Right.

[Ed Ludlow]

And some of the guardrails prevented us from using frontier APIs to defend ourselves. So kind of like improving the tools or defenders, you know, instead of obsessing about not giving them to attackers. I think would be a good thing in the future to, to make sure these incidents are not too harmful. Okay. Coming up, another tech focused hedge fund sinks as results of July's linked sell off. We'll discuss what's weighing on CO2's funds next. This is Bloomberg Tech. We're still keeping an eye on shares of Palantir, up almost 27%. On track for their biggest jump since February of 2024. A big raise. The outlook both on the top and bottom line for this year. Lots of strength in the commercial business in the United States. In fact, most of the growth coming from the United States. Internationally, a little slower, 33%. But there's a lot of potential here for Palantir in the market. Very excited about it. Let's talk about hedge funds. Last month's sell off has hit another tech focused hedge fund. CO2 Management's fund plunged over 8% in July, its worst month in a year. But the Fund remains up 14.3% year to date, according to a source. Let's get more on what's driving it and the impact from the best hedge fund reporter, Hema Palmer. You know what happened in July. AI and Chip stocks sold off pretty heavily. Is that the story here?

[Hema Palmer]

Yes, exactly. It's an a concentrated bet. CO2 has long been bullish on the sector and four of its biggest holdings in the in the trade have worked against it. You're seeing huge declines on Taiwan Semiconductor, ge, Vernova Lam Research and Applied Materials, some of them sinking as much as 29%. So this is part of what pulled down the fund's performance to the worst performance in over a year for the month.

[Mike Shepherd]

Month.

[Hema Palmer]

But yes, as you mentioned earlier, the fund is still up 14% on the year.

[Ed Ludlow]

The Philippe Lafont thesis is that there is a super cycle in AI coming.

[Hema Palmer]

Yeah.

[Ed Ludlow]

Any deviation from that after July, I

[Hema Palmer]

can't imagine that he would have changed his perspective, which he's held on to for quite some time. He has experienced volatility. Earlier this year they were down 5% in March. Given the tumult in the Middle east, they also posted a return in May, its best return in like 25 years when they gained 14% in that month alone. So look, it's been a rollercoaster for investors in this fund, but you do know what you're getting when you invest in CO2 and it is this sort of long held vision that the future will be driven, that there is this super cycle to come come. And I can't imagine that this one month would have changed his perspective. Who knows, he may have bought the dip as well.

[Ed Ludlow]

Right, let's go back to the year to date game. 14.3%. Like where does CO2 sit in the sort of group of other hedge funds that you've been able to track?

[Hema Palmer]

Yeah, good question. So when we look at the spread of the sector, we have Tiger Global, CO2, Viking Lone Pine, we call these firms, the Tiger Cubs because they came from Julian Robinson's Tiger management and respond their own firms. And so when we look at say there is some divergence, right? Viking Global for example, a lot more cautious on the AI sector, really pulling back those shares not as exposed that would have helped them in a month like last month. But they've also said that that's meant some missing out on some gains that other firms have really taken advantage of job like CO2 like Tiger Global and to some extent like Lone Pine.

[Ed Ludlow]

Conversation for another day. But also point out we see CO2 a lot on the on the cap table in some private rounds of private companies. To Bloomberg's Hammer Palmer. Great job. Thank you very much. That does it for this edition of Bloomberg Tech. We have more earnings after the bell today AMD Space X its first quarterly earnings as a public company and first quarter a real big focus on Elon Musk and whether the question of a Space X Tesla merger gets posed. Also Paramount and then tomorrow Uber and Disney ones that we're watching as well is a session that's kind of been dominated by Palantir's earnings, but basically stocks at all time highs on the S&P 500. Technology is leading the way. How does earnings impact that so much? To recap on the pod, you know where to find it on the Bloomberg platforms as well as online, on Apple, Iheart and on Spotify. Let's keep it going. This is Bloomberg Tech.

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