Bloomberg Tech Podcast Summary — October 27, 2025

Episode: Qualcomm Takes Aim at Nvidia with New Chips

Hosts: Caroline Hyde (New York), Ed Ludlow (San Francisco)
Guests: Ian King, Ryan Baselica, Denise Chisholm, Chase Lockmiller, Mark Gurman, Mike Shepard, Mina Faltas, Luca Shaw

Episode Overview

This episode of Bloomberg Tech focuses on Qualcomm’s bold move into the AI data center chip market, directly challenging Nvidia, and explores broader themes shaping the tech industry. Key topics include major tech earnings, AI bubble concerns, data center growth, US-China tech tensions, defense technology investment, and notable developments in semiconductors and entertainment.

Segment Highlights & Key Insights

1. Qualcomm Challenges Nvidia in Data Centers

[02:22–04:44]

• Qualcomm Stock Surge: Qualcomm’s stock jumped as much as 22% (settling around +15%), marking its largest gain since April 2019, after unveiling a neural processing unit (NPU) designed for AI and machine learning in data centers.
• Market Entry: Qualcomm’s transition from mobile to PC and now data center silicon is seen as a strategic catch-up, leveraging its Nuvia acquisition to enhance processing capabilities.
• First Customers: Humane (including a significant 200 MW deal) and strong signals that negotiations are ongoing with all major hyperscalers and data center operators.
• Competition with Nvidia: The AI chip space is heating up, with Qualcomm aiming for real deployments and multi-billion dollar market opportunities.

Notable Quote:

“Late to the party, but they're making something of an entry. ...this is the latest manifestation of [their PC chip journey]. And they're going after the biggest market available.”
— Ian King (03:02)

2. Earnings Season & AI Investment Outlook

[04:44–06:40]

• Eyes on Major Tech: Microsoft, Google, Amazon, and Apple all set to report; capital expenditure plans, especially around AI, are under scrutiny.
• Earnings and Valuations: Despite high valuations, analyst sentiment is overwhelmingly positive, especially around hyperscalers (Microsoft, Alphabet, Amazon), with virtually no sell ratings.

Notable Quote:

“All of these companies continue to score very highly on quality... their cash flow, their stability, their durability.”
— Ryan Baselica (06:26)

3. Are We in an AI Bubble? Historical Data & Context

[07:18–13:40]

• Not Like 2000: Unlike the dot-com bubble, today’s tech sector shows high growth matching high valuations, with rising operating margins and sustainable capex relative to sales/free cash flow.
• Global Perspective: US tech earnings are reaccelerating, outperforming international stocks, despite their higher cost.
• Private Markets' Role: Private credit market stress is limited; current fear is more visible in equities than in credit spreads—suggesting runway for continued growth.

Notable Quote:

“Sometimes things are expensive for a reason…high growth is matched with high valuations. A lot of the time what you see is high valuations are positive predictors of future growth.”
— Denise Chisholm (08:53)

4. AMD & US Energy Department AI Partnership

[13:40–14:12]

• Breaking News: AMD forms a $1B partnership with the US Department of Energy to build two AI supercomputers, giving AMD a temporary stock bump.

5. Crusoe CEO on Data Centers, Global Expansion, & Energy Edge

[16:20–22:49]

• Major Fundraise: Crusoe secures $1.37B, pushing its valuation to $10B, with ambitions to grow further.
• Energy-First Approach: Their integrated, modular data center design leverages direct energy access, enabling rapid build-outs—key to their growth and differentiation from competitors.
• US Policy Impact: Regulatory support for faster infrastructure permitting is a boon; public-private partnerships are emphasized.
• AI Everywhere: Crusoe welcomes chip competition (like Qualcomm) and sees edge AI and diversified infrastructure as vital to future AI deployment.

Notable Quotes:

“Speed is really at the essence...one of the more frustrating things is to be slowed down by a permit.”
— Chase Lockmiller (20:26)

"We're big supporters of there being more competition in the [AI chip] marketplace. ...As AI gets embedded in all aspects of the economy, we're a big believer that we will need infrastructure everywhere."
— Chase Lockmiller (21:50)

6. Apple iPad Pros to Get iPhone-Style Cooling

[23:36–25:24]

• Vapor Chamber Cooling: Apple is set to bring advanced liquid cooling (vapor chamber) from iPhones to iPad Pros by 2027, addressing higher chip performance and thermal issues as devices become thinner.
• Product Launch Strategy: Apple’s rollout of features varies by product needs, not a set sequence.

Notable Quote:

"As they continue to add more performance to the iPad Pro…something's going to give, especially when you can't put in a fan. The solution is bringing that vapor chamber from the latest Pro iPhones."
— Mark Gurman (24:25)

7. US-China Trade Tensions & Semiconductor Policy

[26:50–32:06]

• Diplomatic Moves: The US and China delay escalation on rare earth export controls, but US semiconductor export restrictions remain, impacting Nvidia’s business prospects in China.
• Nvidia's Lobbying: CEO Jensen Huang is deeply involved in DC policy, lobbying for a return to China’s market, facing bipartisan security concerns.
• Defense Tech Investment: VC perspectives see continued, urgent investment in space, AI, and rare earth supply chains, with the US seeking to modernize its defense tech capabilities.

Notable Quotes:

"Granting that technology to Beijing opens the door...to the Communist Party somehow employing it for military and intelligence purposes."
— Mike Shepard (30:43)

“Both military leaders, civilian leaders, entrepreneurs, investors are scaling up and they're all acting with a sense of urgency…”
— Mina Faltas (37:41)

8. Is the AI Boom a Bust Waiting to Happen?

[41:17–44:32]

• Bubble Fears Debated: Despite cyclical volatility, the underlying trends point to AI as foundational, not speculative. Recent corrections (like 2021) are important context, but the current tech rally reflects secular investment in actual infrastructure (power grids, materials, etc.), not just digital abstractions.

Notable Quote:

“We’ve seen an incredible rise in correlations between AI and decentralized energy, grid tech, transition metals...there is just such huge underlying opportunity in the bottlenecks, in the retrofits...”
— Brianne Doherty (41:40)

9. Entertainment Deal-Making: Warner Brothers, Paramount & K-Pop

[45:04–48:41]

• Acquisition Drama: Warner Brothers Discovery is fending off multiple offers, most prominently from Skydance’s David Ellison, with expectations of a bidding war and employee anxiety about further changes.
• K-Pop Returns: BTS plans a massive global tour after military service, sparking competition among concert promoters.

Timestamps — Key Segments

• Qualcomm AI Chip Market Debut: 02:22–04:44
• Earnings Preview & Hyperscaler Outlook: 04:44–06:40
• AI Bubble Debate & Market Data: 07:18–13:40
• AMD-DOE AI Supercomputers: 13:40–14:12
• Crusoe CEO Data Center Strategy & Policy: 16:20–22:49
• Apple iPad Pro Cooling Tech: 23:36–25:24
• Nvidia & US-China Tensions: 26:50–32:06
• Defense Tech Investment (Washington Harbor Partners): 32:47–38:10
• AI Boom or Bust Analysis: 41:17–44:32
• Media/Entertainment M&A & BTS Tour: 45:04–48:41

Memorable Quotes (by Time & Speaker)

• Ian King (on Qualcomm’s strategy, 03:02):
  “Late to the party, but they're making something of an entry...I think that's the way to look at this.”
• Denise Chisholm (bubble risk, 08:53):
  “Sometimes things are expensive for a reason... High growth is matched with high valuations.”
• Chase Lockmiller (buildout speed, 20:26):
  “One of the more frustrating things is to be slowed down by a permit…seeing the urgency from this administration...is just a great indicator of what's to come.”
• Mike Shepard (national security concerns, 30:43):
  “Granting that technology to Beijing opens the door...to the Communist Party somehow employing it for military and intelligence purposes.”
• Brianne Doherty (on AI’s robustness, 41:40):
  “We’ve seen an incredible rise in correlations between AI and decentralized energy... there is just such huge underlying opportunity in the bottlenecks, in the retrofits...”

Tone & Takeaways

The episode is brisk and analytical, reflecting the financial, technical, and policy cross-currents animating the tech sector. The hosts and guests emphasize data-driven skepticism about bubble worries, highlight robust secular trends in AI and infrastructure, and track the intersection of geopolitics and tech at a moment of historic industry transition. With Qualcomm’s entry, Nvidia’s lobbying, and major dealmaking, the future of chips and data centers is cast as both highly competitive and vitally strategic.

For more detailed insights and ongoing coverage, check upcoming Bloomberg Tech episodes during this seismic earnings week.