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- [00:01]
Deloitte/Chase Advertiser
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- [01:10]
The Hartford Insurance Representative
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Bloomberg Announcer
Bloomberg Audio Studios Podcasts Radio News.
- [02:02]
Deloitte/Chase Advertiser
Bloomberg Tech is live from coast to
- [02:04]
Bloomberg Announcer
coast with Caroline Hyde in New York and Ed Ludlow in San Francisco.
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Ed Ludlow
This is Bloomberg Tech. Coming up, concerns keep rising around anthropic new AI model methods, as US Officials warn Wall street that the tool could usher in an era of cyber risk.
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Caroline Hyde
Plus, we speak with Roadblock CEO Dave Suzuki as the company introduces special accounts for younger children and teens.
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Ed Ludlow
And we recap the historic trip around the moon and back after the Artemis 2 crew splashed down safely on Friday evening.
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Caroline Hyde
And Ed on Friday evening, we were wrapping up a week for the stock market that was the best since November on the NASDAQ 100. And some of that cautious risk on attitude still sits with us on the NASDAQ 100 today. And as we see though, oil is pressing higher. Why then the optimism in markets when the inflationary pressure is clear. And that very sensitive view on a cease fire just clings in the balance as we understand the US does move to blockade and the straight of Hormuz. I'm looking at oil as we see just up another 5% on the day ahead.
- [03:09]
Ed Ludlow
Okay, let's get the latest details on Iran and the administration. Bloomberg Washington correspondent Tyler Kendall. Tyler, go through the content of the President's true social post that came just after 10:00am Eastern Time and give us the latest in the situation, particularly with the Strait of Hormuz and with Iran.
- [03:28]
Tyler Kendall
Hey, Ed. Well, at this point, this new threat coming from President Trump on Truth Social saying that if any of Iran's attack ships come near the US's blockade, then they will be, quote, immediately eliminated. This comes after a flurry of comments from Iranian officials this morning saying that the country is preparing to take action if its shipping is threatened, including threatening to hit ports in the Persian Gulf. Pair that with a statement last night from the IRGC saying that if any U.S. military vessels enter into the Strait of Hormuz, Iran would view that as violation of the ceasefire fire agreement. Now, we have gotten a few more details from the administration about this blockade, including in a notice seen by Bloomberg News saying that if any of if any ship is left in Iranian waters, they could be subject to, quote, interception, diversion and capture. U.S. central Command had outlined that this blockade will extend to all Iranian ports up and down the coast, including to the east of the Strait of Hormuz. However, those vessels that are not going to or from Iranian ports will ultimately not be part of this. However, we should mention that they may still be subject for search of the presence of contraband cargo. And this comes amid, of course, a massive military buildup by the US and the region. The US currently has about 20 warships that they could deploy for this operation. But as you were alluding to at the top of this program, there does seem to still be hope that negotiations could be ongoing. President Trump did say in an interview yesterday that he felt that Iran would come to the negotiating table when it comes to the US top issue of dismantling its nuclear program. And we heard from the Pakistani leader earlier today saying that those efforts to keep the dialogue up are still ongoing.
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Caroline Hyde
Many a headline Tyler Kendall reads through it all for us. We so appreciate it. Look, with oil back above 00 stocks while they've been wavering today, still managing to cling on to gains. But President Trump is of course ordering that blockade of the straight of Hormuz. And we want to give you the Macro picture darkening but also focus on some micro news. Intel has managed to stage a record breaking comeback. For example, Bloomberg's Carmen Reinecke is here with a detail of what manages to outperform when the macro headwinds loom large. Intel, extraordinary moves. I mean it's hard to, to discuss war and conflict to one side in individual stocks, but we have to on the show. What do you see?
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Carmen Reinecke
Yeah, well, this stock has had really an incredible run. So it's up today for the ninth day in a row since more than 50% gain in that time. And it's had really a spate of good news that's just gotten investor momentum back into shares here. So you had the news that they're buying back half of a plan Ireland from Apollo Global Management. Then you go into the announcement that they're going to be with Terrafab, you know, to develop semiconductors for Tesla Space X. And then they also announced a commitment for Alphabet's Google to use future generations of some of their processors in data centers. So these are all great things that investors are really looking for. They want more coming out of this company. They want to see sort of the turnaround taking place. And this is interesting because Intel's come off of a very choppy few years. It was up 80% last year, but down 60% the year before. And there's been just a lot of like an overhang as they got a new CEO and they're coming into this turnaround and we're starting to see some glimmers of hope there.
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Ed Ludlow
Common it's data that I had to double check on the Bloomberg terminal. Not because I don't believe you, I do. It's just unbelievable of itself, right? That level of gain over nine sessions, 53% gain. But you make the point just building what you just said, that actually last year was pretty good as well. And so there's a broader recovery story with Intel. What, what is the market saying about how they feel on the turnaround?
- [07:11]
Carmen Reinecke
Yeah, I mean I think investors are really voting with their dollars here. They're feeling good, they're feeling like there's a progress being made and they're looking really long term for this company going forward. I mean, I think it's important to, to point out that it does report results in two weeks, but investors are looking even more long term for progress in their foundry. They want to see more customers there and seeing that, you know, there really could be a lot of gains ahead. You know, one analyst that I spoke to said there are, there's more upside here potentially than in video just because we've seen such an incredible run for Nvidia. Intel's had an incredible run here, but there could be more to come. We note it's still below its dot com era peak. So an interesting another milestone that we're watching.
- [07:54]
Caroline Hyde
Isn't it funny that it was Jay Goldberg of Seaport who gave you that view and he's the only sell rating really ever on in video. So that sort of supports his, his bearish take on that company as well as bullish on Intel. But the rest of the analyst community are a bit more mixed. So you paint a picture of this stock getting expensive.
- [08:10]
Carmen Reinecke
Yes. So the valuation is actually quite high. It's trading. Let me see. I want to get this right. More than 90 times estimated earnings over the next 12 months. That's very high, especially when you think about the rest of sort of the semi space and you know, Nvidia, I think Nvidia Is at about 21 times forward earnings. The thing that I hear though from investors and analysts is that maybe it's not the right way to be looking at this stock right now, that there are other things that make more sense if you're looking to invest than just this one measure of valuation.
- [08:39]
Ed Ludlow
And for what it's worth, intel up almost 3% in the session, ninth straight day of gains, longest streak of gains since September of 2023. Bloomberg's coming Reinecke with a must read on the Bloomberg terminal and dot com. Now Coming up, a conversation with Kara Sprague, Hacker One CEO and Peter Singlehurst of Bailey Gifford on anthropic latest model Methos and in part its soaring valuation. That's next. This is Bloomberg Tech. Wall street banks including JP Morgan, Goldman Sachs and Morgan Stanley are part of a small closed group with access to anthropics methods. They're testing the powerful new AI model to identify vulnerabilities and strengthen defenses. After Bloomberg reported that U.S. officials warned Wall street the mephos could usher in a new era of cyber risk, other global regulators are watching closely. Over the weekend, Bloomberg reported the bank of England is preparing for its own talks on the potential dangers. Joining us to discuss is Kara Sprague, CEO of the cybersecurity firm Hacker One. And there is a great reason to have you onto the program to talk about methods in the cybersecurity context because what hacker1 does, it's the biggest offer of bug bounties, right? You pair companies, all sorts with someone that can identify a vulnerability and then in some cases suggest how to patch it. That's exactly how the banks are supposed to be using methods. And I wonder just initially your take on the model and what you know about it.
- [10:18]
Kara Sprague
Well, I think it's, it's very exciting that we are starting to see capabilities where we can at scale identify vulnerabilities more quickly and use them in a defensive capability to eliminate that risk. And so this is a very great complement to what we have been doing for four decades, which is human driven vulnerability discovery. Where the bottleneck truly is though these days is no longer really with the vulnerability discovery, but it's much more in the back part of the find to fix cycle. It's how quickly can you validate that those vulnerabilities are truly exploitable and how quickly can you get them remediated.
- [10:56]
Ed Ludlow
Kara, Last week I spoke to Mike Krieger, who co leads Anthropics Labs and I tried to get him to just be Steve succinct about why Methos is good in the cybersecurity context. Listen to what he had to say.
- [11:07]
Jacob Goldstein
You can't isolate a capability. I mean you probably could, you know, with enough effort, but that's typically these things kind of emerge like the fact that it is very good at solving general purpose coding problems and debugging and doing all the things that you'd want it to do in the ordinary course of practice also makes it really good for, for cybersecurity. It's really fascinating actually watch it in practice in a moment like this one where you know, it's not the revenue optimizing move in the short run, but I think it's absolutely the right one.
- [11:35]
Ed Ludlow
If you can't isolate a model single capability, in this case cyber, why is it so good in that domain?
- [11:43]
Kara Sprague
Well, I think about it as coding and building is one side of a coin and braking is the other side and they kind of go hand in hand. And one of the truly big advancements that that Mythos has is this ability to chain together exploits and basically turn what could be multiple vulnerabilities into a much more critical or severe issue. And that is fundamentally building and putting something together across a number of building blocks.
- [12:11]
Caroline Hyde
Can you just push back against some cynicism that's been building into the market about the power of Methos? Some saying look at benefits anthropic to make out that it's quite so powerful and actually it's not doing all that much new than was already out there. Or indeed it's just more a compute issue than actual sheer terror. As to why they put it into the hands of a small, small amount of players. Articulate just how powerful this is.
- [12:36]
Kara Sprague
Well, I think the capabilities that are explained in the Mythos release are quite good, and they're definitely an advancement. The frontier is certainly moving. And yes, some of those capabilities can be achieved with other models out there, perhaps through a more complicated workflow. But what we're seeing here is a general advancement in the ability of AI to really play a powerful force in the cyber security space. And so I would put less emphasis specifically on. On this release of Methos, but really acknowledge that the frontier is moving, and it's moving much more quickly than security teams are able to keep up.
- [13:14]
Caroline Hyde
And that frontier is being moved by other players as well. And we know the opening. I've been trying to work with the cyber community as well. Just we had Fortalists join the show last week, and their idea is, look, smaller companies should be able to have access to. To meet us, to be able to drive forward this. This vision to make sure we're safe. Is that something hacker1 wants? Would you like to be on this? Small amount of groups who are out there testing vulnerabilities?
- [13:37]
Kara Sprague
Well, certainly we would like to have access to this. Now, I recognize the risk equation that Anthropic has taken here in terms of a smaller release to a limited number of organizations, but look at HackerOne, for example. Last week alone, we automatically validated 4,000 vulnerabilities that came in through our various vulnerability discovery programs. And that kind of capability, and Mythos that would help us supercharge our validation capabilities would be greatly appreciated.
- [14:07]
Ed Ludlow
The access to Mythos is clearly being closely controlled. It seems strange to not bring up the war in Iran and the competence that Iran has in as a cyber bad actor, you know, put two and two together. What is the likelihood that a malicious actor from Iran or elsewhere would have access to that level of technology and pose a threat?
- [14:30]
Kara Sprague
Therefore, I'll put it this way, Ed. I think this year, in 2026, civilians, businesses and organizations are markedly less safe than we were just even last year. From a cybersecurity perspective, we now have much more capable AI models. Models. Those models are rapidly proliferating, even if Mythos itself is still within limited release. And we now have, you know, a number of sophisticated threat actors that can put those capabilities to use. And we're seeing an increasing number of breaches and supply chain issues across the open source ecosystem and across corporations.
- [15:09]
Caroline Hyde
Kara, it's been great having your expertise today. Thank you. Cars Rigg, CEO of Hacker one. Now, let's stick with Anthropic, its power and also as investors weigh the powerful private market valuations across all of AI. Let's bring in Peter Singlehurst, he's head of private companies at Baillie Gifford. And you have of course, an investment in Anthropic. Just the mood music around Anthropic, the power that it has, the use of, Claude, the enterprise adoption, it all seems to be very strong right now. Peter, are there any concerns that you have?
- [15:39]
Peter Singlehurst
I think when you own a business and when you invest in any company, you, you always have concerns around companies. It's our job to worry about the holdings that we have. But I think that what we're seeing at Anthropic at the moment is unprecedented. In 15 years of investing, I've never seen a company of this scale grow this quickly. And I think what we're seeing is a company that is really pushing the edges of all the boundaries of where I can be brought to bear in real world applications, initially in coding, which really broke out last year. And with Mythos models, we're starting to see how it can really impact cybersecurity as well.
- [16:23]
Caroline Hyde
What has been notable apart from Mythos has been the adoption, the air that they're managing to post $30 billion and the amount of enterprise businesses that are now using it, even in the face of concern that they are suing the government because of the current sort of blacklisting single out by the Pentagon. How is that narrative driving what you think about Anthropic at the moment?
- [16:45]
Peter Singlehurst
When we invested in Anthropic, one of the reasons we, we liked the business was the principal approach they took to safety. Now that I think has informed how they're approaching the Mythos models and it's informed the approach that they've had with the Department of War. So whilst we would of course rather not see them in this disagreement with the Department of War, I think, and the company said this, that there's more that unites them than divides them with the Department of War. And I think it's important to us to see a company standing by the underlying principles which enables them to flourish and enables them to attract and retain key talent.
- [17:24]
Ed Ludlow
What has been so interesting about the headline generation from Mythos is that people are looking at the model itself. You know, Caroline's absolutely right, the revenue run rate, all those kind of classic measures for late stage startups, but just your, your sort of response to the model's capability. Anthropic's place in a group of five or six frontier labs that are trying to do exactly that. Very big models with great capability.
- [17:53]
Dave Suzuki
Yeah.
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Peter Singlehurst
I mean, what we've seen with these alarms is that the capabilities of the leading edge models will quickly become available to the trailing edge models. And then what separates the likes of Anthropic or is their ability to continuously stay at the leading edge. And so, as you know, as a citizen, it does concern me that they're will be these capabilities which today are in the hands of Anthropic, who. Who we trust. But I think it is inevitable that these tools, whether in the Mythos model or developed by other foundational models, will become more widely available. And I think that leaves a lot of enterprises, a lot of governments, a lot of economic systems vulnerable to attacks.
- [18:42]
Ed Ludlow
A lot of focus in the United States States on Anthropic. There was a headline this morning that Open Air, which you are not an investor in, is opening a permanent London office. Having wound down the Stargate project in the uk, I ask you all that basically to push you on whether people outside of the United States see that same level of battle that's going on between the Frontier labs and whether the release of a model like meet those impacts everyday people in the United Kingdom or in Europe.
- [19:11]
Peter Singlehurst
I think in the very short term, the everyday person on the street is not impacted this week or next week. But all these models going to impact all of our lives in the months and years to come. Yes, absolutely. I think that here in the uk, those that are in the industry, those that follow this, are just as aware and on top of what's going on as, as his in the us But I think that within the UK there isn't such a sort of cultural resonance of developments in technology as perhaps there is in the US by virtue of the fact that is such a large and important part of the US economy. And in the uk, sadly it is not such a dominant part of our economy.
- [19:56]
Caroline Hyde
I mean, Peter, what hasn't been notable is while we're all spellbound by AI, the whole world is, has been spellbound by space over the course of the weekend. And I'm interested therefore in your exposure to Space X and exposure to xi. In many ways, how are you thinking about this moment that everyone's world changes if they get access to some of these big companies, not just being private, but potential to be public as well.
- [20:20]
Peter Singlehurst
I think it's important that everyday investors are able to access these kinds of companies. And so I think these companies coming to the public market markets is overall a good thing. I think what is in many ways a shame for the everyday investor is that there is so much growth that has already happened before these companies come to the public markets. And it's not just anthropic, it's not just Space X. You could look at ByteDance for instance, in China, the owner of TikTok, ByteDance today is 40 to 50 times larger in revenue and profit than Facebook was when it was listed. That's a leg of growth, an enormous amount of growth which is accrued to private market investors, which is foregone by public market investors. And so this is why we invest in these companies is to be able to give our clients access to this growth that's happening privately. Historically, that happened in the public markets, but where you can only really do growth investing properly today if you are doing it in both the private and the public market.
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Ed Ludlow
Peter, I know we've, we've had the opportunity to speak to you a lot recently. Just very quickly at this point, does the market understand the economics of orbital data center ahead of this Space X ipo?
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Peter Singlehurst
No, I don't think the market does understand the economics of orbital data centers. I think that this is a very nascent idea and nascent technology. And where that value can potentially accrue, I think, is through the vertical integration with the models. And if we get to this place where power for compute in AI models is existential pinch point for these businesses. So in short, no, I think it's not yet well understood. It doesn't in a sense exist yet. But I think what is well understood Space X is the incredible launch business they have and the incredible economics of starlink.
- [22:08]
Ed Ludlow
Peter Singleheart, Baillie Gifford, thank you very much. Now, coming up, a Trump family crypto venture is facing some investor backlash. We got more on that next. This is Bloomberg Tech.
- [22:20]
Deloitte/Chase Advertiser
The right technology can strengthen human judgment. That's why Deloitte brings together AI and data analytics with multidisciplinary teams. People with deep industry experience who can challenge assumptions and help you connect the dots across your enterprise. From risk signals to operational pressure points to shifting customer needs, Deloitte helps you see what's coming sooner so opportunities don't slip by and surprises don't spread. It's not just dashboards. It's real clarity in the moments your decisions are made. When models reveal patterns, people can ask better questions. When data and people are connected, leaders can move faster with confidence. And when your teams are aligned, smart choices can scale from the frontline to the C suite. Because the smarter your systems, the sharper your instincts that's how technology makes people better at what they do best. Deloitte Together makes progress. Learn more@deloitte.com TogetherMakesProgress Every business has an ambition.
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- [24:28]
Caroline Hyde
It's time now for talking tech and first up, World Liberty Financial is a Trump family crypto venture and is facing an investor revolt that includes billionaire backer Justin sun, who says the project is secretly building controls that let insiders freeze token holders funds and extract cash before a wave of tokens are then unlocked. That World Liberty has roundly rejected the criticism. The token trades near a record low, according to Coin Gecko. Plus, the federal government is moving to settle a case over Amazon's treatment of a group of contract delivery drivers and the National Labor Relations Board argued Amazon was the driver's joint employer, was therefore liable for their treatment. But the proposed settlement would provide two weeks paid to dozens of workers without finding Amazon level. And many college graduates are working jobs that high schoolers could land. With almost 43% of U.S. graduates age 22 to 27 underemployed as of December 2025, the worst rate since the pandemic. Why? Many are blaming the rise of AI as well as an imbalance in supply and demand. And this is a question of air washing. How much is this to do with AI and companies slowing hiring or firing? How much is it actually just that too many people are getting degrees now for the amount of jobs that are out there?
- [25:36]
Ed Ludlow
It's very specific data, but it speaks to one clear thing, which is AI is shrinking the market for white collar entry level jobs. Data input, basic coding other graduate level jobs that you would bank for con. Now those people that have degrees can't get them. So they're going into restaurant, retail, service industries to find employment.
- [25:58]
Caroline Hyde
Yeah, even babysitting. Look, basically they've got to make the money still work for them. But what is the job of the future? And there's a lot of anxiety in those that are still at university. I speak with the NYU Stern professor Arun Sundarajan just last week and him saying the amount of of anxiety among his current tuition folks, but they're also all getting more entrepreneurial. Everyone's spinning up a business.
- [26:19]
Ed Ludlow
Right. And at the same time college applications going like that in Congress. We're coming up, we're going to speak with the Roadblock CEO Dave Suzuki as the company announces new age based accounts and expanded parental controls. This is Bloomberg Tech. Welcome. Welcome back to Bloomberg Tech. It's still the war in Iran and the situation in the Middle east that the big driver in markets at the index level, technology stocks modestly higher, basically flat. We're up 2.10of a percent on the NASDAQ 100. But within that index the outperformance is in software names. Remember last week we saw some pressure on software names that all kind of related to displacement from AI. But the other big factor is also oil. Brent, the global benchmark for oil. You're above 100 a barrel again on Brent and the situation is a blockade in the Strait of Hormuz, who went through it earlier in the program. There isn't a lot of news flow outside of that carry that's impacting the index level for tech. But there is other news that's driving single names.
- [27:27]
Caroline Hyde
There is. And let's check in on Roblox, which is significantly in the green today. The online gaming platform introducing new age based accounts, expanded parental controls for users under 16. And it's a core course, the latest effort by the company to really enhance safety for its younger audience. The update comes as the company prepares to roll out also a new subscription plan later this month. Got a lot to talk about with the Roadblock CEO David Zuki. It is wonderful to be joined by you, Dave. And there is a lot to digest here and a lot about age verification, a lot about verifying the developers of the games. To Dave, just talk us through what changes you make.
- [27:59]
Dave Suzuki
Hey, thanks for having me on. And you know when we talk in the past we've shared our commitment to setting what we believe is the global gold standard for healthy, safe, age appropriate digital engagement. We've been innovating on this for years and years. We started with age check in January for communication. What we're rolling out today is the next phase in that implementation of that global gold standard. That of course includes all the other things we've done in the past, including innovating on text filtering and non sharing of images. So today we're announcing kids accounts and select accounts. We use age estimation to automatically assign people to the right account and we connect them with appropriate content. For kids accounts they get mild content, things like grow a garden for our older users in select accounts they get moderate content as well, things like emergency response. And users who are over 16, of course get regular Roblox accounts. So this for us is just a continuous evolution in our commitment to this establishment of a global gold standard for safety and healthy digital engagement.
- [29:17]
Caroline Hyde
Let's talk about the underlying technology and as you iterate, it gets better and better. But age verification is very tough. How good is it been? How many people's age is it getting right? How many people push back or try to dispute?
- [29:30]
Dave Suzuki
Yeah, we started experimenting with facial age estimation middle of last year, late of last year, we saw that it was more than good enough to estimate age. And in addition to that, we use additional signals, we're constantly increasing, incorporating other signals in addition to facial age estimation to put people in these right categories. It's enabled us to do a lot of future things that not really many other social networking or social media apps are doing. And that includes connecting people with people of the right age, not connecting older people with younger people when they're chatting. And with this new innovation today, of course, doubling down on connecting people with the right content.
- [30:17]
Ed Ludlow
Dave, the balance is between sort of codifying, taking action on age verification, which you've done, and then the impact on engagement. Daily active users. What have you and the team modeled for on how you see daily active users and engagement responding to this new set of rules?
- [30:34]
Dave Suzuki
Yeah, yeah. Thank you for, for highlighting this. And I do want to highlight, as we run this company, we're always leaning in on doing what we believe is the right thing for our huge community, almost 150 million daily active users, and respecting that community and building an innovative product with safety built in by default. We've seen 65% of our US daily users now age check. That number continues to grow and we're optimistic about it. So we have modeled this in. We have a lot of other things coming throughout the year as well. And we continue to focus on doing the right thing for our community.
- [31:18]
Ed Ludlow
How much does whether a game is addictive or not. Factor into this, Dave, and as you know, the broader question is whether games, gaming platforms should be talked about about in the same conversation as what we're seeing in social media bans around the world and the conversation on social media addiction.
- [31:41]
Dave Suzuki
I want to speak out for the gaming industry as a whole relative to social networking and social media. There's something really important about multiplayer gaming and experience. It's a connection activity rather than a being alone activity. It's an activity that typically involves creation and imagination rather than raw consumption. So we see gaming very differently than social media and social networking. And in many respects gaming is the, is the future extension of what I used to do on a rainy day, which is call my friends on the phone and connect with them that way. So we're optimistic going forward. Gaming is, is very much in a different category. We, we build a platform so people can have fun and connect more than what you're mentioning.
- [32:33]
Caroline Hyde
With a safer environment, not only comes, well, parents and children more willing to use, probably advertisers even more willing to come on. And that's an area that you've been developing and particularly a revenue share with ads that are going to be based within developers, games, teams. How is that being taken on by the developers that you, that you work with and how are you thinking about the revenue share? What sort of an amount are we thinking?
- [32:58]
Dave Suzuki
Yeah, yeah, I want to highlight once again, we always put building a healthy, safe and age appropriate environment first amongst everything and once again respecting that community. But as you correctly mentioned, in immersive 3D environments, if I go to a, a NASCAR race, for example, I may see some interesting products on the cars or on the billboards and those are typically things that are appropriate for people of all ages. So we continue to build out that advertising opportunity on roadblocks. In addition to those immersive types of ads, more and more of our creators are actually buying ads to help people recognize that they have an, a new creation. So we're still early in the advertising opportunity, but we believe it's very large.
- [33:47]
Caroline Hyde
How large could the revenue split be? Have you got, have you got an idea of where that percentage will edge out on particular developers?
- [33:55]
Dave Suzuki
We do have kind of internal models and we're very optimistic that, you know, for creators building games and experiences on Roblox, they primarily monetize right now with virtual currency. With our Robux system, there are millions and you know, creators on our platform and a portion of them actually build creations that monetize. And we shared how this vibrant Community is is really building a new place for people to work and to build small studios and beyond Advertising is another complement for how they may monetize.
- [34:32]
Ed Ludlow
Dave, I'm looking at your company shares up almost 5% in the session. I'm trying to work out what the market's really responding to here. And Friday night Roblox launched this new subscription plan. Goes live April 30, I think. But it basically replaces the premium tier. There seems to be a lot of good vibes around that. What was the rationale and how do you see it playing out?
- [34:54]
Dave Suzuki
Well, more and more we see two types of subscriptions on our platform. A large number of parents, you know the future of what we see happening on on Roblox. When I was younger I got an allowance to go buy comic books at the local drugstore. Today a lot of young people are learning about digital finance by getting a Roblox allowance from their parents. So we do have a subscription for Robux so parents can give their kids recurring Robux and they can learn about digital finance. In addition, we announced Roblox plus, which is for those highly engaged users that want a discount on the Robux that they're spending, want free digital servers and a few other things like that. It's a complement to the allowance. But. But more and more Roblox is a place where young people are learning about digital finance.
- [35:49]
Ed Ludlow
Dave Bazooki of Roadblocks Important pieces, several pieces of news out of the company. Thank you very much. There's some interesting market activity that's going on. Look at shares of Dell and HP Inc. Both of them moved very quickly to session highs after a report from Semi Accurate, a website which basically said that in video has been in negotiations for over a year to buy a large company quote that will reshape the PC landscape. Without naming the specifics of it. You know we know in a BFW on the terminal that Semi Accurate has been reporting on this kind of ongoing story since 2024. Late 24. But the stocks both moved higher. Dell's up four and a half percent as it stands. HP Inc. Up 2%. Bloomberg News is out to comment for all three of those companies and yet to hear back.
- [36:37]
Caroline Hyde
Gary, keep an eye on it. Meanwhile, coming up, that record breaking ultimate Miss two crew back on Earth. NASA and its partners turn their attention now of course the landing humans on the moon as soon as 2028. We'll discuss that next. This is Bloomberg Tech.
- [36:52]
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- [38:45]
Ed Ludlow
After blasting off from Earth the historic trip around the Moon and back, the Artemis crew splashed down safely on Friday evening in the Lockheed Martin built Orion capsule. The roughly 13 minute plunge back to Earth was expected to be a nail biter, not just because of the 25,000 mph speed Orion re entered the atmosphere at, but also because of concerns about the heat shield meant to protect the crew from temperatures of up to nearly 5,000 degrees Fahrenheit. NASA Administrator Jarrett Jared Eisenman posting that the discoloration seen in pictures after Orion was recovered was not parts of the heat shield that have come loose or unexpected behavior in the materials as it happened in Artemis 1. NASA is now doing a full data review of the systems along with its partners including Lockheed Martin, the company's head of human space exploration and the Orion Program Manager Kirk Scheimen joins us now here on Bloomberg Tech. Let's start with that point. I think that the administrator was compelled to post on X because people looked at the integrity of the Orion spacecraft as it was hoisted out of the water and onto the naval vessel. But what does the early data show you about how the heat shield performed and basically end to end mission success?
- [40:05]
Kirk Scheimen
Absolutely. The vehicle performed exceptionally well. We're very, very pleased with how it performed. The heat shield did exactly what it was supposed to do. It protected the crew and the vehicle from those very high temperatures that you mentioned. I actually got to see some pictures that the divers, the Navy divers took from underwater, and they looked all exceptionally well. You know, when you come in and you have that high heating and then the atmosphere, the wind and so on, you expect to have some discoloration from, from that experience. But all in all, the vehicle performed. The heat shield and the tiles on the top of the vehicle performed exceptionally well. We're very, very pleased. We're looking forward to getting more detailed photographs.
- [40:48]
Ed Ludlow
Right.
- [40:49]
Kirk Scheimen
As we have the vehicle back in San Diego and on to Houston.
- [40:52]
Ed Ludlow
Hey, Kirk, that's just good old fashioned rocket science for a flat bottom capsule. Right? How do you slow it down on the RE entry interface? Bang it into a wall of air? I mean, on this program, we talked about how the fix Artemis 1 to Artemis 2 is actually the angle of RE entry, rather than some kind of fundamental change to the materials or design. But with Artemis 3, there will be some tweaks. Right. What can you tell us about that?
- [41:17]
Kirk Scheimen
Sure. Artemis 3, we use the same shape of AVCO tiles, but the formulation of Avco is slightly different. And so we're looking forward to different performance, actually better performance, performance. And we can basically skip out of the atmosphere shortly and extend our downrange, which is really important for our operational constraints. So looking forward to a more operationally friendly heat shield on Artemis 3 and subsequent vehicles.
- [41:45]
Caroline Hyde
I mean, Kirk, there must be lots you're looking forward to and getting your hands on it back in Houston. And I'm interested in the early data. More broadly, the crude feedback. What is the most important things that you've learned from integration?
- [41:57]
Kirk Scheimen
Well, of course, everyone you can imagine. We engineers are interested in every little detail that we learned along the way. I think the beautiful thing about having the crew back and talking about it is kind of what we've learned about our planet and where we sit in the, in the universe. To me, it was so exciting to hear them talk and basically see the moon and ultimately our Earth through their eyes. It was just fantastic. Hopefully you've had a chance to hear that, and if not, you will over the coming days.
- [42:26]
Caroline Hyde
It's a joy to see. So many almost get philosophical in these moments when it comes to planetary exploration and the moon and just how we sit within this universe and you too. But when you are thinking about how the engineers get nitty gritty and some of the key things that you're looking to confirm before Orion flies again, what do you think is the most detail orientated focus you're going to have?
- [42:50]
Kirk Scheimen
Sure, I think everything that didn't perform exactly as expected on this flight or where we'll really dig in. Lockheed and NASA, you spend spend all their time or 90% of their time looking at the things that didn't go right as opposed to all the things that did.
- [43:05]
Caroline Hyde
The toilet was one thing. Writing about what other things perhaps didn't perform exactly as you anticipated, even if
- [43:11]
Kirk Scheimen
not bad at sure, we had a valve that didn't work right relative to the water, the drinkable water, the potable water system. We had a system that introduces helium into the propellant tanks as we deplete propellant that didn't work exactly as expected. So we'll definitely dive into those issues and then a few little features with telemetry that we'll have to fully understand. We think that's probably a software issue, but we'll understand it and correct it for future flights.
- [43:43]
Ed Ludlow
Christine, mission spell specialist turned astro plumber I don't know how you would describe that. You know, I appreciate the answer of the things that didn't quite go right and you know there's a data process, a review process. Right. But what exceeded expectations, you know, everyone makes a lot of the idea that that integrity or Ryan is at is a spacecraft is the size of a small bus, a camper van, 330 cubic feet. Right. You know, but it got them 250,000 miles plus from Earth, around the moon and back and by all accounts they had a great time. What exceeded your expectations?
- [44:19]
Kirk Scheimen
Kirk? Sure, Orion has 12,500,000 parts, so most of those parts did exactly what they were supposed to do. I think the biggest surprise, or not surprise, but exceedance of expectation was the systems that keep the crew alive and happy, that scrub carbon dioxide out of the atmosphere, that introduce oxygen into the atmosphere. Basically all those systems that keep the crew alive and healthy and the interface with the crew to the vehicle performed flawlessly. It was just exceptional. And that was all new for this flight. So we were expecting to learn from things, but by and large those exceeded our expectations.
- [45:00]
Ed Ludlow
This was a great feat for NASA and for America, but we should be kind to your European colleagues the European Space Agency and the companies involved in the service module absolutely critical for life support and other critical systems. How did, how did the service module perform to, to the best of of
- [45:21]
Kirk Scheimen
Lockheed's knowledge, it performed exceptionally well. We have a great relationship with Airbus, which is the industry partner in Europe that built the service module and the European Space Agency. They were there in mission control room sitting right next to us during the entire mission including the splashdown. And again they were extremely thrilled by the performance of service module as, as were we. Of course there were one or two things that didn't work exactly as planned and we'll get to the bottom of those. But by and large it performed better than we, better than we expected it to form. It was exceptional.
- [45:58]
Caroline Hyde
Well, I think the rest of the world was highly pleased it went so well as well. Kirk Sharman, thanks for giving us your time. VP of Human Space Exploration and Orion Program Manager for Lockheed Martin there now coming up, Apple moves to decentralize its AI leadership as it is its next hardware hit on that next this is Bloomberg Tech.
- [46:27]
Ed Ludlow
Apple sitting a major inflection point in its AI journey. Apple's AI head is officially departing this week while a new product roadmap is coming into focus. It's all detailed in the latest power on by Bloomberg's Mark Gurman who joins us now. Display free smart glasses. What do we know? Give us a little bit of the history and really,
- [46:54]
Mark Gurman
yes, really smart glasses. That is Apple's next big thing. They've grown in popularity, right? Tons of people are wearing them not only in Silicon Valley but in all parts of the world.
- [47:05]
Dave Suzuki
Glasses.
- [47:05]
Mark Gurman
Meta has done a great job with their smart glasses. Here, I'll put them on for you. These are the Meta Ray Ban display glasses. So these have a little heads up display in them. Apple's won't like you said, display free. The idea is that this is the eyes and ears for AI in the cloud. For Siri and Apple Intelligence, these will rely heavily on the new Siri coming in iOS 27 later this year. These will probably go on sale next year. Apple is going to be differentiating here a little bit because they're not going to be working with an outside fashion partner. As far as we know. They're going to bring in their own designs in house for the most part. They're working on four major designs I've been told two rectangles and two circular ovals, one in each size. So they're trying to make something for everyone similar to when they launched the Apple watch back in 2015. They had several different colors, bands and also of course two sizes initially for for men and women, but now they have multiple sizes as well. A third size with the Apple Watch Ultra. So definitely taking a look at what looks best for different people. This is going to be pretty exciting I think and I think Apple has the ingredients to be a serious winner in the smart glasses arena.
- [48:20]
Caroline Hyde
Maybe we'll look a bit more like Tim Cook as you say. One of the slimmer rectangular designs is sort of based on what he wears, Mark. But the age old idea is that Apple comes later but wins. How much do they need to win? How much does that need to be integrated with the new leadership in AI quickly?
- [48:36]
Mark Gurman
Yeah, well smart glasses story for Apple is going to be strong. I think the big leg up Apple has is this thing. The metal glasses don't pair as nicely as Meta would like with the iPhone. Any third party smart glasses don't pair as nicely with the iPhone as Apple in house glasses. Well and so given the number of iPhones in use, the attachment rate I think will be material for the company. So I think they're very much looking forward to getting these out the door next year.
- [49:05]
Caroline Hyde
Mark Gurman as always with the power on over the weekend, which remains one of the most read stories we can, we can't, we appreciate it. Now that does it for the edition of Bloomberg Tech. And we did a lot of AI, a lot of space, a lot to digest.
- [49:19]
Ed Ludlow
Yeah, maybe not as many breaking news headlines, technology stories, but a lot of deeper conversation about things have been going a while now. Check out the podcast to recap, recap all of that. You can find it on the terminal as well as online on Apple, Spotify and iHeart. This is Bloomberg Tech.
- [49:37]
Jacob Goldstein
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- [50:40]
Ed Ludlow
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