November 18, 2025 • 39 mins
Bloomberg’s Caroline Hyde breaks down what’s behind Microsoft’s and Nvidia’s commitment to invest up to $15 billion combined in AI startup Anthropic. Plus, Saudi Arabia's Crown Prince visits the White House with discussions expected on chips, tech investments and AI innovation. And Roblox CEO Dave Baszucki talks about the roll out of age-verification tools as the gaming platform works to increase safety for users.
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is a
live from coast to coast with Caroline Hyde in New
York and Eva though in San Francisco.
Speaker 2 (00:21):
This is Bloomberg Tech Coming up.
Speaker 3 (00:23):
Microsoft and in video commit to invest up to fifteen
billion dollars combined in AI startup Anthropic. This is Saudi
Arabia's Crown Prince is set to discuss tech investments and
AI innovation with President Trump today, and gaming giant Roadblocks
takes steps to expand age verification across its platform.
Speaker 2 (00:40):
We'll discuss with the CEO, but.
Speaker 3 (00:42):
First we check in on these markets once again. Under pressure,
the nasdack off by one point seven percent. That we
have eraised one point eight trillion dollars from this benchmark
since the end of October, in large part because some
of the key AI players have been on the downside.
Bitcoin no recovers ever, so slightly uppercentage for we're in
NY two eight hundred and forty six. Move on to
individual movers because it's all around some of our top
(01:05):
story today cloud flaw. We want to check in and
we're down three percent. That's after it's been fixed. But
we were struggling to get onto NJ Transit, you are
struggling to get onto open AI's chatch ept, you are
struggling to get onto many A website because of cloud
flare more broadly, and that's as we saw an outage
that now they say has been fixed. We're still off
by three percent. Let's talk about, though, the top story
(01:26):
that we just mentioned, Microsoft and Nvidia both committing to
invest up to a combined fifteen billion dollars in Anthropic,
and a move that ties the AI developer closer to
the biggest backers of its rival, open Ai. Lumg's AI
editor Seth Bieman joins us some more, it's a tough
time to be announcing that you're going to be buying
cloud from one company. Well, they're going to be investing
(01:47):
equity in another.
Speaker 2 (01:48):
Just more circular deals.
Speaker 4 (01:50):
It feels like this one feels very clearly following the
opening eyeplaybook that we've been seeing in recent weeks. Here, Yes,
I think Anthropic is taking money from Microsoft and Nvidia.
Microsoft it's in the Anthropic then plans to commit spending
to Microsoft's platform using Nvidia chips. Kind of textbook here,
and I think we'll add to some of the anxiety there,
but it is on a big of a smaller scale. Also,
our understanding at this point is that this financing is
(02:12):
part of a larger investment round to be announced at
some in determined time. So tbd how much Anthropic is
actually planning to bring in here.
Speaker 2 (02:19):
I mean they already just closed around that valued.
Speaker 3 (02:21):
Them at more than one hundred and eighty.
Speaker 4 (02:23):
The new normal. That's a bottomless need and everyone is
tapping everyone else. All the ships have to rise together
or else they fail.
Speaker 3 (02:29):
But what's interesting is Amazon had to make clear that
they're still the number one provider of cloud and of
training compute to Anthropic. Everyone seems to be an Anthropic now,
But how are we seeing that rival that likes of
open Ai.
Speaker 4 (02:43):
Yeah, I mean again, this is not going to either
or a model. It's a yes. And you know, I
think we've seen open Ai turned to anthropics backers, namely
Google and Amazon, so Anthropic is doing the same.
Speaker 5 (02:53):
Now.
Speaker 4 (02:53):
There's a lot of intrigue there about what that means
about the Microsoft opening our relationship. But again, at this moment,
everyone is tapping everyone else until the music stops.
Speaker 3 (03:01):
And the music has been sounding a little jerky of late.
I mean, certainly in the public sector people have been
worrying about these circularity deals on the actual productivity gains
that we might ever get with AI, That's right.
Speaker 4 (03:14):
I do think Anthropic, though, has messaged clearly in the
last week or so that while they're kind of playing
the Opening I playbook here, we're investing heavily in infrastructure,
in chips, building out more, we're doing it on a
smaller scale now. As I said, the last time I
was on fifteen twenty fifty billion dollars. These are massive sums,
but when compared to Opening Eyes one point four trillion,
a bit more measured.
Speaker 2 (03:33):
Well.
Speaker 3 (03:33):
We've also got other breaking news today from LLM innovations
and improvements, this time coming from Alphabet. Shares R under
a pressure down two point three percent, but they rallied
hard yesterday because we know Berkshire.
Speaker 2 (03:43):
Halfaway is getting into Alphabet.
Speaker 3 (03:44):
But now we've got Gemini three and it seems to
actually be really rather good.
Speaker 6 (03:48):
That's right.
Speaker 4 (03:48):
So at the same time that Google has been helping
Anthropic and Open AI, they're also still trying to be
the best model on the market, and so I think
with Gemini three they're really touting their gains encoding and
in mimicking the process human reasoning. Obviously, those are key
aspects for Anthropic and for Opening Eye as well. Interestingly,
the GENERI I three model also offers a more premium tier.
I think it's two hundred and fifty dollars something like
(04:08):
that amount that you get to do even more intense
reasoning where you can test different hypotheses and we'll see,
but they're all competing with the same kind of benchmark
claims here to try to be the dominant force.
Speaker 3 (04:18):
And will we have news of LM's getting ever more sophisticated.
We're able to code, We're able to vibe code, and
your team has been so busy because vibe coding startup Lovable,
which is actually a European startup, seems to be expanding
and maybe even getting a really high valuation too.
Speaker 4 (04:35):
Yeah. I think it's really probably the most promising or
one of the two most promising coming out of Europe
right now. A lot of the vibe coding leaders are
from the US, including Cursor, and you can argue Anthropic
and others. I think Level has seem pretty strong organic
demand and pretty promising growth in recurring revenue. But this
is a crowded market and if Google's model changes the
game overnight for coding capabilities, that might have disruptions further
(04:56):
on down the line.
Speaker 2 (04:57):
It's very much to be seen.
Speaker 3 (04:58):
Two hundred million dollars annual recurring revenue and according to sources,
a six billion dollar valuation.
Speaker 2 (05:03):
We have the CEO and a little.
Speaker 3 (05:04):
Bit later Seth amazing wrap up of all things AI,
Seth Fiegerman, of course, who helps edit across that team.
Speaker 2 (05:11):
Let's turn to Washington.
Speaker 3 (05:12):
Now, guess what we're talking about, AI, but with the
Saudi Arabian Crown Prince Mohammed Vin Sulman. Here's at the
White House today meeting President Trump. We know the talks
about deepening US Saudi ties, but really there is such
a focus on tech, on investment, on innovation, as Digital
Wi begs Tyler Kendall joining us from the White House.
A lot of it's going to be about chip access.
Speaker 7 (05:31):
Right exactly, Caroline, and good morning to you. No doubt
access to critical chip technology is going to be at
the top of the agenda today. As Saudi Arabia has
faced US restriction since twenty twenty three, in part over
the Kingdom's ties to Beijing. Now, I will point out
that when President Trump visited Saudi Arabia back in May,
the two countries announced a slew of investment commitments related
(05:53):
to AI, related to data centers that are going to
come to rely on access to these advanced semiconductors. But
six months has gone by and we have yet to
see the US greenlight those export licenses. Now, people familiar
tell us here at Bloomberg News that the two sides
are still hashing out one the security conditions for these
shipments and two these specific reciprocal investments that RIOD is
(06:16):
going to commit to making when it comes to making
good on their pledge for six hundred billion dollars in
US investments over the next four years. Now, perhaps adding
to the pressure here is that we know that recently
the UAES saw some of its export licenses green light
when it comes to projects run by US companies there.
But Caroline, this really does dovetail into the other key
(06:37):
part of the conversations today, which has to do with defense.
We are watching closely whether or not the two countries
enter into a defense Mutual Cooperation pact, and also those
F thirty five's that President Trump indicated that he will
allow the sale of Of course, this comes back to
the chip conversation, because there are concerns here also about
whether or not China could have access to this advanced
(06:57):
technology in these fighter chets. Caroline, I'll end on this.
It's absolutely packed here in Washington. We're expecting tech leaders
from across the country to descend, in world, to descend here,
all leading up to tomorrow's US Saudi LNE Investment Summit
at the Kennedy Center here in Washington.
Speaker 3 (07:12):
And we await that arrival of MBS to the White House.
Tyler Kendall, thank you very much. Indeed, let's get the
wider investor perspective here, please say. Margi Btella is with
US all Spring Global Investment, senior portfolio manager, head of
capital Allocation, and we are thinking about how global narrative
around AI continues to develop.
Speaker 2 (07:30):
Have you got any worries.
Speaker 3 (07:31):
That we've been seeing, at least in the pressure.
Speaker 2 (07:33):
In the stock market of ly.
Speaker 7 (07:36):
No.
Speaker 8 (07:36):
I think this is a little garden variety correction because
we've had a few wobbles bad news in the private
credit market. I think they we'll have maybe five percent correction.
Speaker 2 (07:46):
I think the year.
Speaker 8 (07:46):
We'll finish on a very very strong note because really
the trend for artificial intelligence is so strong for data centers.
In fact, when you look at the companies that have commented,
basically they don't have enough capacity for all the demand,
and they've been able to raise prices. So that doesn't
sound to me like a peak of a market that's
very to collapse or all.
Speaker 3 (08:07):
I'm just going to go out to some sound that
we heard a little bit earlier in a summit that
Bloomberg has been having over in Africa. They have the
JP Morgan vice chairman joining Tavipinto.
Speaker 2 (08:16):
Just listen what he said about a correction is possible.
Speaker 9 (08:20):
There is probably a correction there, and that correction will
also create a correction in the rest of the segments
in the SMPN, in the industry, because you are probably
in order to justify these valuations, you are considering a
level of productivity. That it will happen, but it may
(08:42):
not have been as fast as the market is pricing.
Speaker 3 (08:45):
Daniel Pinto there, JP Morgan, just speaking with our own
editor over in Africa today, Margie, and I'm really interested
as to well, why you think this will just be
I think a garden variety correction. What will be there
to support it will be in Vidia's numbers that get
us back on track.
Speaker 8 (09:04):
Well, I'm not sure anything in Vidia could say will
be enough to assuage market concerns. But really, when you
look at the big market corrections, the economic corrections, they've
all been driven by frankly, Federal Reserve activity, whether when
they start to aggressively raise rates. So right here it
looks you could say, well, the fit is somewhere between
neutral to slightly easing, and again that is not the precondition.
(09:26):
I think we've been through so many of these cycles,
all driven by the FED, that we think it's natural
that we should have a big downward correction, and I
don't think we will. I think we'll just have a
continued period of slow growth for most of the economy.
The tech sector is very strong because artificial intelligence is
really a qualitative leap in the kind of technology that
we've had over the last several decades. So we think
(09:48):
it's just a small correction. In fact, if you look
at Nvidia, the stock really for this quarter the fourth
quarter is really just about flatish, and all they are
except for Googles, only one that's up for the quarter,
So that says to me there's a lot of nervousness
waiting for it in Video. But I think after that
clear as a year, I think we'll have a strong
finish because the fundamentals are still so strong as far
(10:11):
as the I can see, which I would say is
at least for another year or so.
Speaker 3 (10:14):
And we look at you today in video up thirty
five percent, but it has erode it about half a
trillion dollars of market cap since the end of October, Margie.
Speaker 2 (10:22):
So is that a buying opportunity, Well.
Speaker 10 (10:26):
I think it's.
Speaker 8 (10:27):
I think it's a moderate opportunity, yes, because at least
you have some of a discount. The pe is around
forty times, and that's higher than the average stock which
is around twenty seven times. But on the other hand,
their leaders in their sector, they should have an above
average growth as far as the guy can see, so
it's really not as high priced as it was relatively
(10:47):
a few months ago.
Speaker 2 (10:48):
So I'd say, yes, it's a.
Speaker 8 (10:49):
Good time to add to in video because their fundamental
position is really strong. I think it's just as I said,
market nervousness. Short term traders have gotten badly whipsawed back
and forth in the last couple of months, and I
think that's what's we're all causing this downward wave, involved
orly giving us.
Speaker 2 (11:04):
The longer term perspective. We always so appreciate it.
Speaker 3 (11:06):
Margie Patel of all Spring Global Investments, Stay well, see
you soon we home. Meanwhile, coming up, gaming giant Roadblock
takes steps to expand age verification across its platform. We'll
discuss the details of Roblox CEO Dave Zuki.
Speaker 2 (11:17):
That's next. This is a Blume meg Tech.
Speaker 3 (11:30):
Roadblocks and as we've going rolling out age verification technology
for all users and is introducing age based chat as
the gaming platform expands safety features with further parental resources too.
Roblox CEO Dave Zuki joins us now and Dave. This
really builds on that big, ambitious September announcement.
Speaker 2 (11:47):
How is this going to be rolling out?
Speaker 10 (11:50):
Hey?
Speaker 11 (11:50):
Great to be here and what an enormous responsibility. With
one hundred and fifty million users every day coming to
the platform, We're rolling out what we believe will be
the goal old standard for the future of Internet safety.
We're the first really major gaming platform to use AI
to estimate the age of everyone on the platform who
wants to use chat and communicate. We're going to start
(12:14):
rolling this out in December and then it'll be should
be all rolled out by January. Basically, on whatever device
you're on, take a quick image, will analyze your age
with AI, complement it with a bunch of other signals,
and use that really to figure out who who might
you be chatting with. To keep the platform more safe,
(12:35):
we're not going to be allowing minors, for example, to
communicate with people who are adults, and we're going to
roll it out to everyone on the platform.
Speaker 3 (12:44):
I'm really interested as to how you're going to measure
success here, Dave, because in many ways you're trying to
prove a negative. But how are you going to be
internally thinking this has worked, people are satisfied and they're safe.
Speaker 11 (12:56):
Well, I want to highlight things are already working in
that we're a very unique platform, and that we filter
all of the text and communication on our platform. We
don't allow the sharing of images, we have monitoring for
critical harms, We work very closely with law enforcement. So
(13:17):
I see this as an addition to everything we're doing
and really to our vision of what we've been calling
the gold standard, but we do estimate over the next
few months will will know roughly the age of everyone
on the platform, and we'll complement that with some of
the other things we do, like trusted connections and things
(13:38):
like that to constantly build on our innovation. You know,
we've shipped over one hundred safety innovations in the last year,
so it's really a continuation of that focus.
Speaker 3 (13:48):
You're using a third party vendor persona, I believe, and
how are you going to be ensuring that that's robust
enough the AI The underlying technology is we're bust enough
ever in the UK well from the using Discord for example,
managed to bypass previous facial recognition age verification tests.
Speaker 11 (14:05):
There's a bunch of other signals we have in addition
to the facial age estimation, and we do have the
ability to estimate several times if we need to so,
so in addition to using the camera to do an
age check, we have other ways to validate and putting
all of these signals together, we believe is pretty robust.
Speaker 3 (14:26):
Really, what's so interesting is clearly you're here with safety
as a priority. You did mention back in the earnings
your CFO in particular that maybe you'll see some friction,
maybe the numbers, the revenue, the growth might be impacted
as people start to have to verify their age, maybe
slower to come and adopt.
Speaker 2 (14:42):
Do you think that that will bear out? How will
it look longer term?
Speaker 11 (14:45):
We shared this vision that we believe over ten percent
of the global gaming market, which is somewhere between a
one hundred and eighty and two hundred billion dollar market,
is going to be running on roadblocks. And in the
earnings call we just had, we shared this amazing growth
both on bookings and DAUS in the seventy percent year
(15:06):
on year rate. Long term, we believe this is just
the right thing for the platform. We're unique and that
we have all ages. We have people under thirteen, over
thirteen or over thirteen is growing rapidly. This is the
right long term vision and we're really optimistic about continuing
our growth.
Speaker 3 (15:25):
Okay, so this is the right balance from your perspective,
What do you think the data will bear out as
to the name, well, ultimately the actual ages of people
you have using it.
Speaker 2 (15:35):
Do you think you have more under thirteen's you anticipated?
Do you think you have more older users?
Speaker 11 (15:40):
We can't estimate that exactly. What I can say is
that our the facial age estimation tech we're going to
use is pretty reasonable and pretty accurate. I've tried it,
some of my kids have tried it. We've tried it
within our staff meeting. So I think we're going to
find out we're reasonably close. But over time we will
get a better signal on everyone's age.
Speaker 3 (16:02):
And this must be something that marked is that those
that eventually we're buying more ads with roadblocks are going
to be looking at is this going to help well
inject some fuel to that offering because people will feel
safer about what age group can be consuming such efforts.
Speaker 11 (16:17):
We have shared a couple things. You know, we don't
target under eighteen already on the platform, but there's an
enormous number of older users joining the platform. We shared
in our earnings call I believe in Q four like
we're literally earn qth running at over ten billion hours
a month of engagement. That's an amazing amount of engagement.
(16:41):
Our economy is primarily driven right now by our virtual
economy powered by Robucks, but advertising is a wonderful compliment,
and you're right, we're going to have a better more
accurate estimate of everyone's age, which for a lot of
our advertisers that are starting to hop on with events
supporting all kinds of things, beauty products, movies, things like that,
(17:03):
they'll have a better idea of really the number of
people over eighteen on our platform.
Speaker 3 (17:09):
Reblock CEO David Zuki on their latest safety updates.
Speaker 2 (17:13):
We really appreciate you joining the show today. Thank you.
Speaker 3 (17:16):
Now, coming up, we're going to be speaking with a
Lovable CEO, Anton Asika, as the company is said to
be nearing a six billion dollar valuation. This is bloom
bag tech AI coding startup Lovable. It's set to hit
a six billion dollar valuation. That's according to sources. The
(17:37):
company is seeing rapid growth, reaching two hundred million dollars
in annual recurring revenue and expanding with new offices in
Boston and San Francisco. Joining us now to discuss Anton Aseka,
CEO of Lovable, Anton, I go to the numbers that
you've actually given to us, the two hundred million dollars,
the annual revenue run rate, that's a lot who's purchasing.
Speaker 6 (18:00):
So we're seeing Lovable since we launched just twelve months ago.
Empowered by this consumer and prosumer movement of individuals that
use the product and then they love it so they
put in their credit card. And that's just the movement
that's then translated to us being pulled into the enterprise
where Fortune five hundred companies like Klarna, HCA Healthcare, they're
(18:24):
transforming how they work on top of a completely new
weight to build the software, software products, and even software
companies on top of the products that are being.
Speaker 2 (18:35):
Built two hundred million dollars.
Speaker 3 (18:37):
In terms of what you're saying annual revenue run rate,
you're seeing, as you say, a breadth of enterprise adoption
and individual entrepreneurialism. But when it comes to vibe coding
and the use cases, where are you having to build
out your building offices in America, it would see.
Speaker 10 (18:52):
Yeah, and that's great.
Speaker 6 (18:54):
What we're seeing is that love is providing a lot
of value in large companies moving faster, and many of
those companies are in the US. So we have great
leadership that has built companies at the largest stage. Before
Ryan Meadows skilled Eclavio, he's not joining.
Speaker 10 (19:13):
Building out from where he's based in Boston.
Speaker 6 (19:16):
We have Maria and Kobe who joined from notion she's
moving with her family to Stockholm.
Speaker 10 (19:20):
I think that says a lot.
Speaker 6 (19:22):
While we keep the core headquarters here in Stockholm, as
we expand globally on the mission, which is simply to
reimagine how software is built and who gets to build it,
and it's initnessing a once in a generation democratization of
the software creation.
Speaker 2 (19:39):
The pace is extraordinary. It's only four months ago.
Speaker 3 (19:41):
It's only back in July that you mentioned that you've
got one hundred million dollar and your revenue run rate.
Now that's doubled. You are, we understand looking for funding.
You could have a six billion dollar valuation. Can you
comment on how much you were needing to have yet
further capital to finance this expansion.
Speaker 6 (20:00):
Yeah, Krolyn, I'm not here to talk about any fundraising
that hasn't happened, but what I can say is that
the momentum is absolutely astounding and it's increasing. There are
one hundred thousand new projects built on Lovable every single day.
And what's was growing even faster is how much traffic
(20:22):
the meaningful applications and businesses built on Lovable are gathering.
Speaker 10 (20:26):
We're seeing we're seeing five million visits.
Speaker 6 (20:28):
The level websites per day That doubled in just the
last two months, and some part of that is us
building out and just reimagining how does the entire life
cycle of building a software product look like. We launched
Lovable's cloud and AI offering two months ago and that
has resulted in almost thirty percent of all the applications
(20:51):
built having AI included. Even though they're built without a
software engineer, they're built by the ninety nine percent who
don't go and then starting to collaborate with engineers. If
they're being built in large companies in the same platform.
Speaker 3 (21:06):
What are your costs? Where are you having to spend more?
Is it talent?
Speaker 2 (21:10):
Is it compute? Is it?
Speaker 3 (21:11):
What is it that you are going to build within
your business model?
Speaker 6 (21:16):
So when someone asks Lovable to build them and your
software or just a presentation and demonstration of something that
they think the business should be doing, we are of
course consuming compute to power the AI and that costs
a significant amount. But Lovable has healthy unit economics and
(21:37):
now what we're looking to do is to just do
everything we can to drive as much value for all
of our customers, and that's going to require us to
invest in the new offices that we're opening and to
take care and teach customers that are using levelble how
to get the most value out of the product.
Speaker 3 (21:56):
And when you hear the anxiety in the public markets
that companies are overinvesting, so we're not seeing the AI
rewards yet in the timeframe that we need to for
the amount of money that's going on happital expenditure.
Speaker 2 (22:07):
What do you say to that?
Speaker 6 (22:10):
So when AI initiatives are being pushed into a company
top down, then I think there is often a risk
that the expectation is wrong.
Speaker 10 (22:21):
Someone hasn't used the tools themselves.
Speaker 6 (22:24):
What we're seeing with Lovable is that it's all being
adopted bottoms up. So people come to the web Lovable
website and they build an application, publish it online or
privately to their own company, and then they see value
and then they start paying. So I think there's a
a lot of different things happening in AI, and if
(22:45):
you're considering making buying decisions, you should yourself use the
technology and understand yourself how it can affect your business
outcomes or your personal personal life. And we've at Lovable,
we're seeing companies like Microsoft Klarna a large part of
fortunate one hundred companies adopting this new demo memo where
(23:06):
anyone in the company build software to take the company forward.
Speaker 2 (23:10):
Demo do memo.
Speaker 3 (23:11):
Wonderful to say, being born Ata Sweden, expanding here in
the United States. Leveable CEO, anton Asika. We thank you
so much for your time today. Now, another key story
we're all digesting is Microsoft and Vidia announcing investment combined
fifteen billion dollars into Anthropic. In return, Anthropik will be
committing to purchase thirty billion dollars of computing capacity for
Microsoft as your cloud service man Deep Seing and Boomberg
(23:33):
Intelligence breaking down what is again a circular deal here,
but it seems as though this could really be rivaling
open Ai.
Speaker 12 (23:42):
Well, so the way I look at it is everyone
is looking to diversify. So in the case of Nvidia,
they want a long tail of cloud players for their chips.
In the case of Microsoft, they want to go beyond
open Ai, and you know, diversify into different lllms. And
because there are so few frontier LLM providers, I mean,
(24:03):
Nthropic is the obvious choice. You can't really invest in
Google or metas LM. So from that perspective, it makes
sense that they are looking for diversification. But look in
the end, when you look at you know, the deployment
of these lms, there is no doubt that you know,
Gemini just release their Gemini three llms, so the progress
(24:24):
is there. It's just for Microsoft because they don't have
their own LLLM. It makes sense that you know, they
are investing in Entropic and really making sure they have
you know, someone beyond open Ai to look up to
be because that contract expires in twenty thirty two, so
they're really playing the long game here.
Speaker 3 (24:43):
And then playing the long game for compute demand as well.
How important is that thirty billion dollars to the overall
business model?
Speaker 12 (24:49):
I mean Microsoft has a backlog of four hundred billion
dollars with a two year duration, so they already have
a ton of visibility. This thirty billions is sort of
an increment to that. And that's where you know, they
have really differentiated from the other hyperscale cloud providers with
their backlog, with their shorter duration, and with the visibility
and revenue they have from you know, just the GPU
(25:12):
and AI workloads compared to all other cloud providers. So
from that perspective. This kind of helps their revenue visibility
at least for the next two to three.
Speaker 3 (25:20):
Years and keep seeing Blueberg Intelligence. Thank you so much.
Amid all the talk of this AI investment venture investors,
they are focused on two key things, picking the right
startups sort of intertwined AI and helping portfolio companies make
the most of the technology. Hillary goesher is with us
managing directorate Insight Partners, where she oversees these considerations the
(25:41):
VCPE firm. It's got ninety billion dollars regulatory assets under management. Hillary,
I'm so pleasing you're here to talk us.
Speaker 2 (25:47):
Through what you have. You are in charge in many ways.
Speaker 3 (25:50):
Of how AI is being adopted by your portfolio companies.
You're all in on software in particular over Insight. How
are companies making the most of it and really showing
productivity gains?
Speaker 5 (26:00):
Caroline, thank you for having me on the show. So
Insight is an investor that invests across stage. We invest
from early stage startups, scale apps, grown ups once they
go IPO. And you know, over the history of Insight,
we've had fifty five RPOs companies that you would be
aware of, Shopify, Monday and this year Hinge Health, and
(26:20):
so we're very focused on making sure that we help
build the best companies. And so this year we're celebrating
twenty five years of Inside on Site, which is the
team that works alongside portfolio companies helping them scale and grow.
Speaker 2 (26:32):
Because the one thing.
Speaker 5 (26:33):
That CEOs ask, which is what do you provide me?
That's more than just capital, And the point is we
provide expertise, we provide access, we provide talent so that
they can really achieve their dreams. Just like you know,
Antonadel lovable, I love Insight Onsite.
Speaker 3 (26:48):
That's actually twenty five years that you've been bringing this
to bear. And what is it that you learn at
the moment that leaders are needing of you? Where is
the guidance making most impact?
Speaker 5 (26:57):
Yeah, So we have an accelerator program because, as you mentioned,
everything is changing with AI and we need our portfolio
companies to keep up with the pace of change. There
is a difference between those companies that are AI native
and those are companies that are cloud native. Anton being
you know, AI native, and how do we help our
companies who are cloud native pivot and make that shift
(27:21):
towards adopting AI. And really we think about it as
our AI Accelerator and it starts with the CEO. So
the CEO is the person that really needs to understand
and adopt and drive the change and the transformation. So
we bring CEOs into our AI Accelerator program. It's a
six month program small cohorts of CEOs, and we help
(27:42):
them think about two areas that they need to drive
change in. The first is around AI in the product,
So how are they building AI into their products that
delight and deliver more value for customers? And then how
are they adopting AI in their business so that they
grow and scale more efficiently.
Speaker 3 (28:00):
When you're looking at I think you've got more than
one hundred and thirty dedicated professionals getting on site, getting
really bedded in with these businesses and helping them accelerate.
When they're thinking of just the top down approach, it
becomes a talent question.
Speaker 2 (28:13):
How are you finding that.
Speaker 3 (28:14):
Being an area of bringing everyone on board, everyone wanting
to adopt, everyone wanting to ensure that these pilots have
been proven out to work.
Speaker 5 (28:20):
Yes, so there is a strong ground swell among employees
to want to learn these tools. There is a fear
as well on the other side, that if they don't
learn the tools, that would they be disintermediated, would they
not have jobs? Instead, what we're seeing is that AI
is really augmenting people and making them more efficient and
better able to do some of their jobs. I'll give
(28:41):
you a great example. So one of our portfolio companies
works in the airline industry. They sell security and training
software to large airlines. There are more than seven thousand
incidents that are tracked day, types of incidents that attract today,
whether an aeroplane is on the ground, in the air,
on takeoff, fun landing, taxing, and these are connected across
thousands of airports every day. There is analysts to collect
(29:05):
that information. It's an LM problem in the making. I mean,
there's nothing better than a very large language model to
be able to analyze all of this information and to
really help those analysts provide the critical insights that keep
aircraft in the air, keep passengers safe, and basically keep
revenue flowing. So those analysts actually now feel like heroes,
whereas before they were spending hours but also behind the
(29:26):
times three weeks, four weeks before. Sometimes they got the
data and were able to produce the insights. So in
some ways, AI is really augmenting and helping them up
skill and making them the heroes of the situation.
Speaker 3 (29:38):
And that's really about organic growth there. I think of
the expertise that you have learned over your career when
it comes to inorganic as well, and some of the
acquisitions that have been made of your portfolio companies into
bigger companies. But how much are you seeing the AARI
is a talent acquisition story and that companies portfolio companies
are looking out to buy others at this moment.
Speaker 2 (29:55):
Is that something that you're helping guide through. Yes.
Speaker 5 (29:58):
I think it's interesting that you say that private equity
has always been thought of as the domain for M
and A, you know, buy and build, build a platform company,
but we think of it as also a domain for
venture capital. And the on site team has created and
expertise to help our companies make those acquisitions for exactly
as you say, either geographic expansion or potential new products
to put in and for equi hires. And that is
(30:20):
one of the ways that our companies are able to
access some of this AI talent because these you know,
new AI natives are starting AI first thinking companies and
some of those companies are right for acquisition by some
of our companies who are looking for their talent.
Speaker 3 (30:35):
It's fascinating to have thirty years of insight in twenty
five years that you've been building this team of on
site expertise. It's wonderful to have you here on the show.
I hope you do come back soon. Hillary, of course,
is over at Insight Partners. Hillary Gosha, Managing Director. There
now coming up robots are doing more for law enforcement,
but as police departments invest more in these machines, ethical
questions are arising. 's next as a Bloomberg Tech, It's
(31:10):
time now for talking tech and first up into It
will spend more than one hundred million dollars on a
multi year deal with open Ai, aiming to make its
apps like TurboTax and QuickBooks more valuable with generator of
AI for.
Speaker 2 (31:21):
The chatchbt maker. While the deal is part of a push.
Speaker 3 (31:23):
To get consumers and businesses to rely more on its
AI tools plus I Do Will, It's posted its worst
sales fall on record. The Chinese search Chinet has seen
ad and marketing spend move to rival social apps.
Speaker 2 (31:35):
Meanwhile, it's struggled to keep up in crowded.
Speaker 3 (31:37):
AI race ul Jaomi, which sold its first card just
last year, is turning a profit from electric vehicle sales.
The company's EV division posted a profit of approximately ninety
eight million dollars in the September quarter.
Speaker 2 (31:50):
Shaomi plans to boost.
Speaker 3 (31:52):
Its EV production so it looks to compete with Tesla
and byd.
Speaker 2 (31:57):
Now.
Speaker 3 (31:57):
You may know this particular a mechanical dog we'll show
you in a minute for its firal dance routines, but
Boston Dynamics four legged robot Spot is also playing an
increasing role in law enforcement. According to previously unreported news,
more than sixty bomb squads and swap teams across the US.
Speaker 2 (32:16):
And Canada are now using Spot.
Speaker 3 (32:18):
Our consumer tech reporters Samantha Kelly joins US Now for
more and sam, I mean, how is this being adopted in?
Speaker 2 (32:24):
What situations? Are we seeing them really take these on? Yeah,
this is really fascinating.
Speaker 13 (32:29):
So we've seen some headlines over the years of Spot
showing up maybe at a crime scene, but now we're
getting new data from Boston Dynamics that shows more law
enforcement units across the US and Canada are implementing bringing
these robotic dogs into their forces to help out in
hostage situations or chemical materials that are sensitive, like going
(32:53):
in to see if something is hazardous. Basically to prevent
law enforcement from entering somewhere. This dog can go win,
it can climb stairs, it can open doors. It basically
acts as a separate set of eyes. There's a live
camera feed, so an operator standing quite far away from
a scene can go in assess the situation, and more
(33:15):
law enforcement units, Like I said, over sixty now in
the US, but also we're seeing it overseas. Police in
Italy are also using it the Dutch ministry and it
still remains quite popular and manufacturing and other facilities as well.
Speaker 3 (33:30):
They aren't cheap, starting at one hundred thousand dollars, so
the reward needs to be large. But what about some
of the ethical implications here, Soum briefly.
Speaker 13 (33:37):
Yeah, so it starts at one hundred thousand dollars, to
your point that it can go way up from that.
We're seeing two hundred and fifty thousand in some situations.
But yes, ethical implifications here calling for more regulation around
this from the state and even federal level down the line.
You know, Boston Dynamics has some rules in place, but
perhaps some community guidelines are needed as well. Also, a
(34:00):
lot of law enforcement units can't afford these different devices,
so there's some you know, talking around that as well.
So just really people trying to get used to seeing,
you know, something like this at a crime scene or
at a situation. Making sure that them that the public
feels comfortable as well.
Speaker 3 (34:19):
Makes Sam Kelly fascinating on all things spot.
Speaker 2 (34:22):
While the price of Spot.
Speaker 3 (34:24):
Is now quite well above the price of Bitcoin, it
seems crypto selloff has just been taking a pause. But look,
we're still in ninety three three, four hundred and twenty,
let's call it. It actually tumbled below ninety thousand dollars overnight
for the first time since April.
Speaker 2 (34:37):
Numo's crypto reporter.
Speaker 3 (34:38):
Miaoshen joins us now and it feels as though we've
got a little line of stability. But do we know
who's going to be a buyer in this market? Is
it institutional or is it retail?
Speaker 14 (34:48):
I think for now what we're seeing is that there's
definitely some buyers has stepped in like as of a
today because we saw sort of, as you said, a
little as stability in the market at the moment. But
what we're stroggling figure out actually who's going to be
the new buyers right. I think right now we have
a lot of these like that or the Digital Treasury
complaints similar to micro Saler's strategy that perhaps going to
(35:09):
coming out later this year or QY in next year.
I think they're expected to be the buyers of the
market in the near future.
Speaker 3 (35:16):
What's so interesting as well is during the government shutdown,
we know that the list of ETF applications has been
piling up over the sec Many people want to have
more ETFs that are related to crypto, but not always
about bitcoin. We know bitcoins taken ahead, but the old
coins have really been selling fast and furiously. Is that
something just the market's okay with it stomachs that volatility.
Speaker 14 (35:36):
I think it's quite concerning in terms of what's going
on in the auto coins right because I think they're
still struggling to find support after the October market crash
in crypto because some of the auto coins in the
market crash went down to zero on some of the exchanges.
Can you imagine as a retail investor just holding a
token and all of a sudden went down to zero
during this brief market crash, especially if you're holding leverage positions, right.
(36:01):
I think people ultimately do figure out, like, you know,
what are the fundamentals of these auto coins?
Speaker 2 (36:06):
Are the projects behind it, like.
Speaker 14 (36:07):
Generating any sort of revenue or they're just sort of
like you know, sort of created out of a thing
air or sort of like being meant as a joke.
Speaker 7 (36:14):
Right.
Speaker 14 (36:14):
I think that's the questions people have to sort of
like find out fundamentals.
Speaker 3 (36:19):
It's a key question across all of this market. Mao
shn It's great.
Speaker 2 (36:22):
To have you on. Thank you very much.
Speaker 3 (36:23):
Indeed, I mean you are coming up more to come
on What to expect from that highly anticipated meeting. It's
kicked off between President Trump and NBS. Of course Mahammed
bin Salmon, the cram Prince of Saudi Arabia.
Speaker 2 (36:36):
It's a pretty big tech.
Speaker 3 (36:48):
Let's return to Washington now because Saudi Arabia's Cram Prince,
Mohammed bin Salmon is at the White House today meeting
with President Trump. The talks are expected to center on
deepening US Saudi ties and of course the focus on
tech investment, on innovation.
Speaker 2 (37:01):
When bugs Tyler Kendall rejoins.
Speaker 3 (37:03):
Us, you're live outside the White House and there was
much fanfare, a flyover, and a very warm welcome for
the leader of Saudi Arabia. Why is this relationship so
important from a tech perspective?
Speaker 7 (37:14):
Yeah, hey, Caroline, Well, this is the Saudi Crown Prince's
first visits to the US in seven years, so, as
you're alluding to, there's a lot of pomp and circumstance
here today, as the White House has really viewed Saudi
Arabia as a strategic partner when it comes to investments
in the US, but also broadening out cooperation when it
comes to tech and artificial intelligence. We know at the
(37:34):
top of the agenda today Saudi Arabia is looking for
the US to green light those export licenses related to
advanced semiconductors. But we have reporting here at Bloomberg News
people familiar saying that right now those talks are centered
around one what sort of security conditions will be put
in place, and two, what are those specific reciprocal investments
Riot is willing to make in the US. I have
(37:56):
to say I was at the FII conference back in February.
That was a Saudi backed investment conference in Miami, and
it was President Trump's real first domestic trip since taking office,
and he made the pitch that he wanted more money
to be coming in from Saudi Arabia. A few months
later in May, we saw him visit the region and
secure a pledge for six hundred billion dollars in investments
(38:16):
in the US over the next four years. We know
a lot of this the administration wants to see in
these critical sectors that they have identified as being really important,
particularly when it comes to our competition in China, such
as data centers and AI. So we're watching really closely
whether or not there are any specific investments announcements related
to that. That of course goes hand in hand with
(38:36):
the second bucket we're watching here, which is defense today,
as President Trump has indicated that he's set to approve
the sale of F thirty five fighter jets amid some
concerns one again with those chips access that China could
have considering the close ties between the Kingdom and Beijing,
but then also what that means for Israel. We know that,
of course, Caroline, that they have a monopoly over the
advanced fighter jet technology in the region.
Speaker 2 (38:58):
Be Mes Tyler Kendall not from the White House.
Speaker 3 (39:00):
We so appreciate it busy day there, busy day across
tech that does it for this aosition of Bloomberg Technology.
Speaker 2 (39:05):
But do not forget to check out our podcast you
can find out on the terminal as well as online
on Apple, Spotify, and iHeart.
Speaker 3 (39:11):
And keep an eye on some of those big tech
names as we anticipate in videos numbers after the bell
tomorrow from New York.
Speaker 2 (39:17):
This is Bloomberg Tech.
Bloomberg Audio Studios, podcasts, radio news. Bloomberg Tech is a
live from coast to coast with Caroline Hyde in New
York and Eva though in San Francisco.
Speaker 2 (00:21):
This is Bloomberg Tech Coming up.
Speaker 3 (00:23):
Microsoft and in video commit to invest up to fifteen
billion dollars combined in AI startup Anthropic. This is Saudi
Arabia's Crown Prince is set to discuss tech investments and
AI innovation with President Trump today, and gaming giant Roadblocks
takes steps to expand age verification across its platform.
Speaker 2 (00:40):
We'll discuss with the CEO, but.
Speaker 3 (00:42):
First we check in on these markets once again. Under pressure,
the nasdack off by one point seven percent. That we
have eraised one point eight trillion dollars from this benchmark
since the end of October, in large part because some
of the key AI players have been on the downside.
Bitcoin no recovers ever, so slightly uppercentage for we're in
NY two eight hundred and forty six. Move on to
individual movers because it's all around some of our top
(01:05):
story today cloud flaw. We want to check in and
we're down three percent. That's after it's been fixed. But
we were struggling to get onto NJ Transit, you are
struggling to get onto open AI's chatch ept, you are
struggling to get onto many A website because of cloud
flare more broadly, and that's as we saw an outage
that now they say has been fixed. We're still off
by three percent. Let's talk about, though, the top story
(01:26):
that we just mentioned, Microsoft and Nvidia both committing to
invest up to a combined fifteen billion dollars in Anthropic,
and a move that ties the AI developer closer to
the biggest backers of its rival, open Ai. Lumg's AI
editor Seth Bieman joins us some more, it's a tough
time to be announcing that you're going to be buying
cloud from one company. Well, they're going to be investing
(01:47):
equity in another.
Speaker 2 (01:48):
Just more circular deals.
Speaker 4 (01:50):
It feels like this one feels very clearly following the
opening eyeplaybook that we've been seeing in recent weeks. Here, Yes,
I think Anthropic is taking money from Microsoft and Nvidia.
Microsoft it's in the Anthropic then plans to commit spending
to Microsoft's platform using Nvidia chips. Kind of textbook here,
and I think we'll add to some of the anxiety there,
but it is on a big of a smaller scale. Also,
our understanding at this point is that this financing is
(02:12):
part of a larger investment round to be announced at
some in determined time. So tbd how much Anthropic is
actually planning to bring in here.
Speaker 2 (02:19):
I mean they already just closed around that valued.
Speaker 3 (02:21):
Them at more than one hundred and eighty.
Speaker 4 (02:23):
The new normal. That's a bottomless need and everyone is
tapping everyone else. All the ships have to rise together
or else they fail.
Speaker 3 (02:29):
But what's interesting is Amazon had to make clear that
they're still the number one provider of cloud and of
training compute to Anthropic. Everyone seems to be an Anthropic now,
But how are we seeing that rival that likes of
open Ai.
Speaker 4 (02:43):
Yeah, I mean again, this is not going to either
or a model. It's a yes. And you know, I
think we've seen open Ai turned to anthropics backers, namely
Google and Amazon, so Anthropic is doing the same.
Speaker 5 (02:53):
Now.
Speaker 4 (02:53):
There's a lot of intrigue there about what that means
about the Microsoft opening our relationship. But again, at this moment,
everyone is tapping everyone else until the music stops.
Speaker 3 (03:01):
And the music has been sounding a little jerky of late.
I mean, certainly in the public sector people have been
worrying about these circularity deals on the actual productivity gains
that we might ever get with AI, That's right.
Speaker 4 (03:14):
I do think Anthropic, though, has messaged clearly in the
last week or so that while they're kind of playing
the Opening I playbook here, we're investing heavily in infrastructure,
in chips, building out more, we're doing it on a
smaller scale now. As I said, the last time I
was on fifteen twenty fifty billion dollars. These are massive sums,
but when compared to Opening Eyes one point four trillion,
a bit more measured.
Speaker 2 (03:33):
Well.
Speaker 3 (03:33):
We've also got other breaking news today from LLM innovations
and improvements, this time coming from Alphabet. Shares R under
a pressure down two point three percent, but they rallied
hard yesterday because we know Berkshire.
Speaker 2 (03:43):
Halfaway is getting into Alphabet.
Speaker 3 (03:44):
But now we've got Gemini three and it seems to
actually be really rather good.
Speaker 6 (03:48):
That's right.
Speaker 4 (03:48):
So at the same time that Google has been helping
Anthropic and Open AI, they're also still trying to be
the best model on the market, and so I think
with Gemini three they're really touting their gains encoding and
in mimicking the process human reasoning. Obviously, those are key
aspects for Anthropic and for Opening Eye as well. Interestingly,
the GENERI I three model also offers a more premium tier.
I think it's two hundred and fifty dollars something like
(04:08):
that amount that you get to do even more intense
reasoning where you can test different hypotheses and we'll see,
but they're all competing with the same kind of benchmark
claims here to try to be the dominant force.
Speaker 3 (04:18):
And will we have news of LM's getting ever more sophisticated.
We're able to code, We're able to vibe code, and
your team has been so busy because vibe coding startup Lovable,
which is actually a European startup, seems to be expanding
and maybe even getting a really high valuation too.
Speaker 4 (04:35):
Yeah. I think it's really probably the most promising or
one of the two most promising coming out of Europe
right now. A lot of the vibe coding leaders are
from the US, including Cursor, and you can argue Anthropic
and others. I think Level has seem pretty strong organic
demand and pretty promising growth in recurring revenue. But this
is a crowded market and if Google's model changes the
game overnight for coding capabilities, that might have disruptions further
(04:56):
on down the line.
Speaker 2 (04:57):
It's very much to be seen.
Speaker 3 (04:58):
Two hundred million dollars annual recurring revenue and according to sources,
a six billion dollar valuation.
Speaker 2 (05:03):
We have the CEO and a little.
Speaker 3 (05:04):
Bit later Seth amazing wrap up of all things AI,
Seth Fiegerman, of course, who helps edit across that team.
Speaker 2 (05:11):
Let's turn to Washington.
Speaker 3 (05:12):
Now, guess what we're talking about, AI, but with the
Saudi Arabian Crown Prince Mohammed Vin Sulman. Here's at the
White House today meeting President Trump. We know the talks
about deepening US Saudi ties, but really there is such
a focus on tech, on investment, on innovation, as Digital
Wi begs Tyler Kendall joining us from the White House.
A lot of it's going to be about chip access.
Speaker 7 (05:31):
Right exactly, Caroline, and good morning to you. No doubt
access to critical chip technology is going to be at
the top of the agenda today. As Saudi Arabia has
faced US restriction since twenty twenty three, in part over
the Kingdom's ties to Beijing. Now, I will point out
that when President Trump visited Saudi Arabia back in May,
the two countries announced a slew of investment commitments related
(05:53):
to AI, related to data centers that are going to
come to rely on access to these advanced semiconductors. But
six months has gone by and we have yet to
see the US greenlight those export licenses. Now, people familiar
tell us here at Bloomberg News that the two sides
are still hashing out one the security conditions for these
shipments and two these specific reciprocal investments that RIOD is
(06:16):
going to commit to making when it comes to making
good on their pledge for six hundred billion dollars in
US investments over the next four years. Now, perhaps adding
to the pressure here is that we know that recently
the UAES saw some of its export licenses green light
when it comes to projects run by US companies there.
But Caroline, this really does dovetail into the other key
(06:37):
part of the conversations today, which has to do with defense.
We are watching closely whether or not the two countries
enter into a defense Mutual Cooperation pact, and also those
F thirty five's that President Trump indicated that he will
allow the sale of Of course, this comes back to
the chip conversation, because there are concerns here also about
whether or not China could have access to this advanced
(06:57):
technology in these fighter chets. Caroline, I'll end on this.
It's absolutely packed here in Washington. We're expecting tech leaders
from across the country to descend, in world, to descend here,
all leading up to tomorrow's US Saudi LNE Investment Summit
at the Kennedy Center here in Washington.
Speaker 3 (07:12):
And we await that arrival of MBS to the White House.
Tyler Kendall, thank you very much. Indeed, let's get the
wider investor perspective here, please say. Margi Btella is with
US all Spring Global Investment, senior portfolio manager, head of
capital Allocation, and we are thinking about how global narrative
around AI continues to develop.
Speaker 2 (07:30):
Have you got any worries.
Speaker 3 (07:31):
That we've been seeing, at least in the pressure.
Speaker 2 (07:33):
In the stock market of ly.
Speaker 7 (07:36):
No.
Speaker 8 (07:36):
I think this is a little garden variety correction because
we've had a few wobbles bad news in the private
credit market. I think they we'll have maybe five percent correction.
Speaker 2 (07:46):
I think the year.
Speaker 8 (07:46):
We'll finish on a very very strong note because really
the trend for artificial intelligence is so strong for data centers.
In fact, when you look at the companies that have commented,
basically they don't have enough capacity for all the demand,
and they've been able to raise prices. So that doesn't
sound to me like a peak of a market that's
very to collapse or all.
Speaker 3 (08:07):
I'm just going to go out to some sound that
we heard a little bit earlier in a summit that
Bloomberg has been having over in Africa. They have the
JP Morgan vice chairman joining Tavipinto.
Speaker 2 (08:16):
Just listen what he said about a correction is possible.
Speaker 9 (08:20):
There is probably a correction there, and that correction will
also create a correction in the rest of the segments
in the SMPN, in the industry, because you are probably
in order to justify these valuations, you are considering a
level of productivity. That it will happen, but it may
(08:42):
not have been as fast as the market is pricing.
Speaker 3 (08:45):
Daniel Pinto there, JP Morgan, just speaking with our own
editor over in Africa today, Margie, and I'm really interested
as to well, why you think this will just be
I think a garden variety correction. What will be there
to support it will be in Vidia's numbers that get
us back on track.
Speaker 8 (09:04):
Well, I'm not sure anything in Vidia could say will
be enough to assuage market concerns. But really, when you
look at the big market corrections, the economic corrections, they've
all been driven by frankly, Federal Reserve activity, whether when
they start to aggressively raise rates. So right here it
looks you could say, well, the fit is somewhere between
neutral to slightly easing, and again that is not the precondition.
(09:26):
I think we've been through so many of these cycles,
all driven by the FED, that we think it's natural
that we should have a big downward correction, and I
don't think we will. I think we'll just have a
continued period of slow growth for most of the economy.
The tech sector is very strong because artificial intelligence is
really a qualitative leap in the kind of technology that
we've had over the last several decades. So we think
(09:48):
it's just a small correction. In fact, if you look
at Nvidia, the stock really for this quarter the fourth
quarter is really just about flatish, and all they are
except for Googles, only one that's up for the quarter,
So that says to me there's a lot of nervousness
waiting for it in Video. But I think after that
clear as a year, I think we'll have a strong
finish because the fundamentals are still so strong as far
(10:11):
as the I can see, which I would say is
at least for another year or so.
Speaker 3 (10:14):
And we look at you today in video up thirty
five percent, but it has erode it about half a
trillion dollars of market cap since the end of October, Margie.
Speaker 2 (10:22):
So is that a buying opportunity, Well.
Speaker 10 (10:26):
I think it's.
Speaker 8 (10:27):
I think it's a moderate opportunity, yes, because at least
you have some of a discount. The pe is around
forty times, and that's higher than the average stock which
is around twenty seven times. But on the other hand,
their leaders in their sector, they should have an above
average growth as far as the guy can see, so
it's really not as high priced as it was relatively
(10:47):
a few months ago.
Speaker 2 (10:48):
So I'd say, yes, it's a.
Speaker 8 (10:49):
Good time to add to in video because their fundamental
position is really strong. I think it's just as I said,
market nervousness. Short term traders have gotten badly whipsawed back
and forth in the last couple of months, and I
think that's what's we're all causing this downward wave, involved
orly giving us.
Speaker 2 (11:04):
The longer term perspective. We always so appreciate it.
Speaker 3 (11:06):
Margie Patel of all Spring Global Investments, Stay well, see
you soon we home. Meanwhile, coming up, gaming giant Roadblock
takes steps to expand age verification across its platform. We'll
discuss the details of Roblox CEO Dave Zuki.
Speaker 2 (11:17):
That's next. This is a Blume meg Tech.
Speaker 3 (11:30):
Roadblocks and as we've going rolling out age verification technology
for all users and is introducing age based chat as
the gaming platform expands safety features with further parental resources too.
Roblox CEO Dave Zuki joins us now and Dave. This
really builds on that big, ambitious September announcement.
Speaker 2 (11:47):
How is this going to be rolling out?
Speaker 10 (11:50):
Hey?
Speaker 11 (11:50):
Great to be here and what an enormous responsibility. With
one hundred and fifty million users every day coming to
the platform, We're rolling out what we believe will be
the goal old standard for the future of Internet safety.
We're the first really major gaming platform to use AI
to estimate the age of everyone on the platform who
wants to use chat and communicate. We're going to start
(12:14):
rolling this out in December and then it'll be should
be all rolled out by January. Basically, on whatever device
you're on, take a quick image, will analyze your age
with AI, complement it with a bunch of other signals,
and use that really to figure out who who might
you be chatting with. To keep the platform more safe,
(12:35):
we're not going to be allowing minors, for example, to
communicate with people who are adults, and we're going to
roll it out to everyone on the platform.
Speaker 3 (12:44):
I'm really interested as to how you're going to measure
success here, Dave, because in many ways you're trying to
prove a negative. But how are you going to be
internally thinking this has worked, people are satisfied and they're safe.
Speaker 11 (12:56):
Well, I want to highlight things are already working in
that we're a very unique platform, and that we filter
all of the text and communication on our platform. We
don't allow the sharing of images, we have monitoring for
critical harms, We work very closely with law enforcement. So
(13:17):
I see this as an addition to everything we're doing
and really to our vision of what we've been calling
the gold standard, but we do estimate over the next
few months will will know roughly the age of everyone
on the platform, and we'll complement that with some of
the other things we do, like trusted connections and things
(13:38):
like that to constantly build on our innovation. You know,
we've shipped over one hundred safety innovations in the last year,
so it's really a continuation of that focus.
Speaker 3 (13:48):
You're using a third party vendor persona, I believe, and
how are you going to be ensuring that that's robust
enough the AI The underlying technology is we're bust enough
ever in the UK well from the using Discord for example,
managed to bypass previous facial recognition age verification tests.
Speaker 11 (14:05):
There's a bunch of other signals we have in addition
to the facial age estimation, and we do have the
ability to estimate several times if we need to so,
so in addition to using the camera to do an
age check, we have other ways to validate and putting
all of these signals together, we believe is pretty robust.
Speaker 3 (14:26):
Really, what's so interesting is clearly you're here with safety
as a priority. You did mention back in the earnings
your CFO in particular that maybe you'll see some friction,
maybe the numbers, the revenue, the growth might be impacted
as people start to have to verify their age, maybe
slower to come and adopt.
Speaker 2 (14:42):
Do you think that that will bear out? How will
it look longer term?
Speaker 11 (14:45):
We shared this vision that we believe over ten percent
of the global gaming market, which is somewhere between a
one hundred and eighty and two hundred billion dollar market,
is going to be running on roadblocks. And in the
earnings call we just had, we shared this amazing growth
both on bookings and DAUS in the seventy percent year
(15:06):
on year rate. Long term, we believe this is just
the right thing for the platform. We're unique and that
we have all ages. We have people under thirteen, over
thirteen or over thirteen is growing rapidly. This is the
right long term vision and we're really optimistic about continuing
our growth.
Speaker 3 (15:25):
Okay, so this is the right balance from your perspective,
What do you think the data will bear out as
to the name, well, ultimately the actual ages of people
you have using it.
Speaker 2 (15:35):
Do you think you have more under thirteen's you anticipated?
Do you think you have more older users?
Speaker 11 (15:40):
We can't estimate that exactly. What I can say is
that our the facial age estimation tech we're going to
use is pretty reasonable and pretty accurate. I've tried it,
some of my kids have tried it. We've tried it
within our staff meeting. So I think we're going to
find out we're reasonably close. But over time we will
get a better signal on everyone's age.
Speaker 3 (16:02):
And this must be something that marked is that those
that eventually we're buying more ads with roadblocks are going
to be looking at is this going to help well
inject some fuel to that offering because people will feel
safer about what age group can be consuming such efforts.
Speaker 11 (16:17):
We have shared a couple things. You know, we don't
target under eighteen already on the platform, but there's an
enormous number of older users joining the platform. We shared
in our earnings call I believe in Q four like
we're literally earn qth running at over ten billion hours
a month of engagement. That's an amazing amount of engagement.
(16:41):
Our economy is primarily driven right now by our virtual
economy powered by Robucks, but advertising is a wonderful compliment,
and you're right, we're going to have a better more
accurate estimate of everyone's age, which for a lot of
our advertisers that are starting to hop on with events
supporting all kinds of things, beauty products, movies, things like that,
(17:03):
they'll have a better idea of really the number of
people over eighteen on our platform.
Speaker 3 (17:09):
Reblock CEO David Zuki on their latest safety updates.
Speaker 2 (17:13):
We really appreciate you joining the show today. Thank you.
Speaker 3 (17:16):
Now, coming up, we're going to be speaking with a
Lovable CEO, Anton Asika, as the company is said to
be nearing a six billion dollar valuation. This is bloom
bag tech AI coding startup Lovable. It's set to hit
a six billion dollar valuation. That's according to sources. The
(17:37):
company is seeing rapid growth, reaching two hundred million dollars
in annual recurring revenue and expanding with new offices in
Boston and San Francisco. Joining us now to discuss Anton Aseka,
CEO of Lovable, Anton, I go to the numbers that
you've actually given to us, the two hundred million dollars,
the annual revenue run rate, that's a lot who's purchasing.
Speaker 6 (18:00):
So we're seeing Lovable since we launched just twelve months ago.
Empowered by this consumer and prosumer movement of individuals that
use the product and then they love it so they
put in their credit card. And that's just the movement
that's then translated to us being pulled into the enterprise
where Fortune five hundred companies like Klarna, HCA Healthcare, they're
(18:24):
transforming how they work on top of a completely new
weight to build the software, software products, and even software
companies on top of the products that are being.
Speaker 2 (18:35):
Built two hundred million dollars.
Speaker 3 (18:37):
In terms of what you're saying annual revenue run rate,
you're seeing, as you say, a breadth of enterprise adoption
and individual entrepreneurialism. But when it comes to vibe coding
and the use cases, where are you having to build
out your building offices in America, it would see.
Speaker 10 (18:52):
Yeah, and that's great.
Speaker 6 (18:54):
What we're seeing is that love is providing a lot
of value in large companies moving faster, and many of
those companies are in the US. So we have great
leadership that has built companies at the largest stage. Before
Ryan Meadows skilled Eclavio, he's not joining.
Speaker 10 (19:13):
Building out from where he's based in Boston.
Speaker 6 (19:16):
We have Maria and Kobe who joined from notion she's
moving with her family to Stockholm.
Speaker 10 (19:20):
I think that says a lot.
Speaker 6 (19:22):
While we keep the core headquarters here in Stockholm, as
we expand globally on the mission, which is simply to
reimagine how software is built and who gets to build it,
and it's initnessing a once in a generation democratization of
the software creation.
Speaker 2 (19:39):
The pace is extraordinary. It's only four months ago.
Speaker 3 (19:41):
It's only back in July that you mentioned that you've
got one hundred million dollar and your revenue run rate.
Now that's doubled. You are, we understand looking for funding.
You could have a six billion dollar valuation. Can you
comment on how much you were needing to have yet
further capital to finance this expansion.
Speaker 6 (20:00):
Yeah, Krolyn, I'm not here to talk about any fundraising
that hasn't happened, but what I can say is that
the momentum is absolutely astounding and it's increasing. There are
one hundred thousand new projects built on Lovable every single day.
And what's was growing even faster is how much traffic
(20:22):
the meaningful applications and businesses built on Lovable are gathering.
Speaker 10 (20:26):
We're seeing we're seeing five million visits.
Speaker 6 (20:28):
The level websites per day That doubled in just the
last two months, and some part of that is us
building out and just reimagining how does the entire life
cycle of building a software product look like. We launched
Lovable's cloud and AI offering two months ago and that
has resulted in almost thirty percent of all the applications
(20:51):
built having AI included. Even though they're built without a
software engineer, they're built by the ninety nine percent who
don't go and then starting to collaborate with engineers. If
they're being built in large companies in the same platform.
Speaker 3 (21:06):
What are your costs? Where are you having to spend more?
Is it talent?
Speaker 2 (21:10):
Is it compute? Is it?
Speaker 3 (21:11):
What is it that you are going to build within
your business model?
Speaker 6 (21:16):
So when someone asks Lovable to build them and your
software or just a presentation and demonstration of something that
they think the business should be doing, we are of
course consuming compute to power the AI and that costs
a significant amount. But Lovable has healthy unit economics and
(21:37):
now what we're looking to do is to just do
everything we can to drive as much value for all
of our customers, and that's going to require us to
invest in the new offices that we're opening and to
take care and teach customers that are using levelble how
to get the most value out of the product.
Speaker 3 (21:56):
And when you hear the anxiety in the public markets
that companies are overinvesting, so we're not seeing the AI
rewards yet in the timeframe that we need to for
the amount of money that's going on happital expenditure.
Speaker 2 (22:07):
What do you say to that?
Speaker 6 (22:10):
So when AI initiatives are being pushed into a company
top down, then I think there is often a risk
that the expectation is wrong.
Speaker 10 (22:21):
Someone hasn't used the tools themselves.
Speaker 6 (22:24):
What we're seeing with Lovable is that it's all being
adopted bottoms up. So people come to the web Lovable
website and they build an application, publish it online or
privately to their own company, and then they see value
and then they start paying. So I think there's a
a lot of different things happening in AI, and if
(22:45):
you're considering making buying decisions, you should yourself use the
technology and understand yourself how it can affect your business
outcomes or your personal personal life. And we've at Lovable,
we're seeing companies like Microsoft Klarna a large part of
fortunate one hundred companies adopting this new demo memo where
(23:06):
anyone in the company build software to take the company forward.
Speaker 2 (23:10):
Demo do memo.
Speaker 3 (23:11):
Wonderful to say, being born Ata Sweden, expanding here in
the United States. Leveable CEO, anton Asika. We thank you
so much for your time today. Now, another key story
we're all digesting is Microsoft and Vidia announcing investment combined
fifteen billion dollars into Anthropic. In return, Anthropik will be
committing to purchase thirty billion dollars of computing capacity for
Microsoft as your cloud service man Deep Seing and Boomberg
(23:33):
Intelligence breaking down what is again a circular deal here,
but it seems as though this could really be rivaling
open Ai.
Speaker 12 (23:42):
Well, so the way I look at it is everyone
is looking to diversify. So in the case of Nvidia,
they want a long tail of cloud players for their chips.
In the case of Microsoft, they want to go beyond
open Ai, and you know, diversify into different lllms. And
because there are so few frontier LLM providers, I mean,
(24:03):
Nthropic is the obvious choice. You can't really invest in
Google or metas LM. So from that perspective, it makes
sense that they are looking for diversification. But look in
the end, when you look at you know, the deployment
of these lms, there is no doubt that you know,
Gemini just release their Gemini three llms, so the progress
(24:24):
is there. It's just for Microsoft because they don't have
their own LLLM. It makes sense that you know, they
are investing in Entropic and really making sure they have
you know, someone beyond open Ai to look up to
be because that contract expires in twenty thirty two, so
they're really playing the long game here.
Speaker 3 (24:43):
And then playing the long game for compute demand as well.
How important is that thirty billion dollars to the overall
business model?
Speaker 12 (24:49):
I mean Microsoft has a backlog of four hundred billion
dollars with a two year duration, so they already have
a ton of visibility. This thirty billions is sort of
an increment to that. And that's where you know, they
have really differentiated from the other hyperscale cloud providers with
their backlog, with their shorter duration, and with the visibility
and revenue they have from you know, just the GPU
(25:12):
and AI workloads compared to all other cloud providers. So
from that perspective. This kind of helps their revenue visibility
at least for the next two to three.
Speaker 3 (25:20):
Years and keep seeing Blueberg Intelligence. Thank you so much.
Amid all the talk of this AI investment venture investors,
they are focused on two key things, picking the right
startups sort of intertwined AI and helping portfolio companies make
the most of the technology. Hillary goesher is with us
managing directorate Insight Partners, where she oversees these considerations the
(25:41):
VCPE firm. It's got ninety billion dollars regulatory assets under management. Hillary,
I'm so pleasing you're here to talk us.
Speaker 2 (25:47):
Through what you have. You are in charge in many ways.
Speaker 3 (25:50):
Of how AI is being adopted by your portfolio companies.
You're all in on software in particular over Insight. How
are companies making the most of it and really showing
productivity gains?
Speaker 5 (26:00):
Caroline, thank you for having me on the show. So
Insight is an investor that invests across stage. We invest
from early stage startups, scale apps, grown ups once they
go IPO. And you know, over the history of Insight,
we've had fifty five RPOs companies that you would be
aware of, Shopify, Monday and this year Hinge Health, and
(26:20):
so we're very focused on making sure that we help
build the best companies. And so this year we're celebrating
twenty five years of Inside on Site, which is the
team that works alongside portfolio companies helping them scale and grow.
Speaker 2 (26:32):
Because the one thing.
Speaker 5 (26:33):
That CEOs ask, which is what do you provide me?
That's more than just capital, And the point is we
provide expertise, we provide access, we provide talent so that
they can really achieve their dreams. Just like you know,
Antonadel lovable, I love Insight Onsite.
Speaker 3 (26:48):
That's actually twenty five years that you've been bringing this
to bear. And what is it that you learn at
the moment that leaders are needing of you? Where is
the guidance making most impact?
Speaker 5 (26:57):
Yeah, So we have an accelerator program because, as you mentioned,
everything is changing with AI and we need our portfolio
companies to keep up with the pace of change. There
is a difference between those companies that are AI native
and those are companies that are cloud native. Anton being
you know, AI native, and how do we help our
companies who are cloud native pivot and make that shift
(27:21):
towards adopting AI. And really we think about it as
our AI Accelerator and it starts with the CEO. So
the CEO is the person that really needs to understand
and adopt and drive the change and the transformation. So
we bring CEOs into our AI Accelerator program. It's a
six month program small cohorts of CEOs, and we help
(27:42):
them think about two areas that they need to drive
change in. The first is around AI in the product,
So how are they building AI into their products that
delight and deliver more value for customers? And then how
are they adopting AI in their business so that they
grow and scale more efficiently.
Speaker 3 (28:00):
When you're looking at I think you've got more than
one hundred and thirty dedicated professionals getting on site, getting
really bedded in with these businesses and helping them accelerate.
When they're thinking of just the top down approach, it
becomes a talent question.
Speaker 2 (28:13):
How are you finding that.
Speaker 3 (28:14):
Being an area of bringing everyone on board, everyone wanting
to adopt, everyone wanting to ensure that these pilots have
been proven out to work.
Speaker 5 (28:20):
Yes, so there is a strong ground swell among employees
to want to learn these tools. There is a fear
as well on the other side, that if they don't
learn the tools, that would they be disintermediated, would they
not have jobs? Instead, what we're seeing is that AI
is really augmenting people and making them more efficient and
better able to do some of their jobs. I'll give
(28:41):
you a great example. So one of our portfolio companies
works in the airline industry. They sell security and training
software to large airlines. There are more than seven thousand
incidents that are tracked day, types of incidents that attract today,
whether an aeroplane is on the ground, in the air,
on takeoff, fun landing, taxing, and these are connected across
thousands of airports every day. There is analysts to collect
(29:05):
that information. It's an LM problem in the making. I mean,
there's nothing better than a very large language model to
be able to analyze all of this information and to
really help those analysts provide the critical insights that keep
aircraft in the air, keep passengers safe, and basically keep
revenue flowing. So those analysts actually now feel like heroes,
whereas before they were spending hours but also behind the
(29:26):
times three weeks, four weeks before. Sometimes they got the
data and were able to produce the insights. So in
some ways, AI is really augmenting and helping them up
skill and making them the heroes of the situation.
Speaker 3 (29:38):
And that's really about organic growth there. I think of
the expertise that you have learned over your career when
it comes to inorganic as well, and some of the
acquisitions that have been made of your portfolio companies into
bigger companies. But how much are you seeing the AARI
is a talent acquisition story and that companies portfolio companies
are looking out to buy others at this moment.
Speaker 2 (29:55):
Is that something that you're helping guide through. Yes.
Speaker 5 (29:58):
I think it's interesting that you say that private equity
has always been thought of as the domain for M
and A, you know, buy and build, build a platform company,
but we think of it as also a domain for
venture capital. And the on site team has created and
expertise to help our companies make those acquisitions for exactly
as you say, either geographic expansion or potential new products
to put in and for equi hires. And that is
(30:20):
one of the ways that our companies are able to
access some of this AI talent because these you know,
new AI natives are starting AI first thinking companies and
some of those companies are right for acquisition by some
of our companies who are looking for their talent.
Speaker 3 (30:35):
It's fascinating to have thirty years of insight in twenty
five years that you've been building this team of on
site expertise. It's wonderful to have you here on the show.
I hope you do come back soon. Hillary, of course,
is over at Insight Partners. Hillary Gosha, Managing Director. There
now coming up robots are doing more for law enforcement,
but as police departments invest more in these machines, ethical
questions are arising. 's next as a Bloomberg Tech, It's
(31:10):
time now for talking tech and first up into It
will spend more than one hundred million dollars on a
multi year deal with open Ai, aiming to make its
apps like TurboTax and QuickBooks more valuable with generator of
AI for.
Speaker 2 (31:21):
The chatchbt maker. While the deal is part of a push.
Speaker 3 (31:23):
To get consumers and businesses to rely more on its
AI tools plus I Do Will, It's posted its worst
sales fall on record. The Chinese search Chinet has seen
ad and marketing spend move to rival social apps.
Speaker 2 (31:35):
Meanwhile, it's struggled to keep up in crowded.
Speaker 3 (31:37):
AI race ul Jaomi, which sold its first card just
last year, is turning a profit from electric vehicle sales.
The company's EV division posted a profit of approximately ninety
eight million dollars in the September quarter.
Speaker 2 (31:50):
Shaomi plans to boost.
Speaker 3 (31:52):
Its EV production so it looks to compete with Tesla
and byd.
Speaker 2 (31:57):
Now.
Speaker 3 (31:57):
You may know this particular a mechanical dog we'll show
you in a minute for its firal dance routines, but
Boston Dynamics four legged robot Spot is also playing an
increasing role in law enforcement. According to previously unreported news,
more than sixty bomb squads and swap teams across the US.
Speaker 2 (32:16):
And Canada are now using Spot.
Speaker 3 (32:18):
Our consumer tech reporters Samantha Kelly joins US Now for
more and sam, I mean, how is this being adopted in?
Speaker 2 (32:24):
What situations? Are we seeing them really take these on? Yeah,
this is really fascinating.
Speaker 13 (32:29):
So we've seen some headlines over the years of Spot
showing up maybe at a crime scene, but now we're
getting new data from Boston Dynamics that shows more law
enforcement units across the US and Canada are implementing bringing
these robotic dogs into their forces to help out in
hostage situations or chemical materials that are sensitive, like going
(32:53):
in to see if something is hazardous. Basically to prevent
law enforcement from entering somewhere. This dog can go win,
it can climb stairs, it can open doors. It basically
acts as a separate set of eyes. There's a live
camera feed, so an operator standing quite far away from
a scene can go in assess the situation, and more
(33:15):
law enforcement units, Like I said, over sixty now in
the US, but also we're seeing it overseas. Police in
Italy are also using it the Dutch ministry and it
still remains quite popular and manufacturing and other facilities as well.
Speaker 3 (33:30):
They aren't cheap, starting at one hundred thousand dollars, so
the reward needs to be large. But what about some
of the ethical implications here, Soum briefly.
Speaker 13 (33:37):
Yeah, so it starts at one hundred thousand dollars, to
your point that it can go way up from that.
We're seeing two hundred and fifty thousand in some situations.
But yes, ethical implifications here calling for more regulation around
this from the state and even federal level down the line.
You know, Boston Dynamics has some rules in place, but
perhaps some community guidelines are needed as well. Also, a
(34:00):
lot of law enforcement units can't afford these different devices,
so there's some you know, talking around that as well.
So just really people trying to get used to seeing,
you know, something like this at a crime scene or
at a situation. Making sure that them that the public
feels comfortable as well.
Speaker 3 (34:19):
Makes Sam Kelly fascinating on all things spot.
Speaker 2 (34:22):
While the price of Spot.
Speaker 3 (34:24):
Is now quite well above the price of Bitcoin, it
seems crypto selloff has just been taking a pause. But look,
we're still in ninety three three, four hundred and twenty,
let's call it. It actually tumbled below ninety thousand dollars overnight
for the first time since April.
Speaker 2 (34:37):
Numo's crypto reporter.
Speaker 3 (34:38):
Miaoshen joins us now and it feels as though we've
got a little line of stability. But do we know
who's going to be a buyer in this market? Is
it institutional or is it retail?
Speaker 14 (34:48):
I think for now what we're seeing is that there's
definitely some buyers has stepped in like as of a
today because we saw sort of, as you said, a
little as stability in the market at the moment. But
what we're stroggling figure out actually who's going to be
the new buyers right. I think right now we have
a lot of these like that or the Digital Treasury
complaints similar to micro Saler's strategy that perhaps going to
(35:09):
coming out later this year or QY in next year.
I think they're expected to be the buyers of the
market in the near future.
Speaker 3 (35:16):
What's so interesting as well is during the government shutdown,
we know that the list of ETF applications has been
piling up over the sec Many people want to have
more ETFs that are related to crypto, but not always
about bitcoin. We know bitcoins taken ahead, but the old
coins have really been selling fast and furiously. Is that
something just the market's okay with it stomachs that volatility.
Speaker 14 (35:36):
I think it's quite concerning in terms of what's going
on in the auto coins right because I think they're
still struggling to find support after the October market crash
in crypto because some of the auto coins in the
market crash went down to zero on some of the exchanges.
Can you imagine as a retail investor just holding a
token and all of a sudden went down to zero
during this brief market crash, especially if you're holding leverage positions, right.
(36:01):
I think people ultimately do figure out, like, you know,
what are the fundamentals of these auto coins?
Speaker 2 (36:06):
Are the projects behind it, like.
Speaker 14 (36:07):
Generating any sort of revenue or they're just sort of
like you know, sort of created out of a thing
air or sort of like being meant as a joke.
Speaker 7 (36:14):
Right.
Speaker 14 (36:14):
I think that's the questions people have to sort of
like find out fundamentals.
Speaker 3 (36:19):
It's a key question across all of this market. Mao
shn It's great.
Speaker 2 (36:22):
To have you on. Thank you very much.
Speaker 3 (36:23):
Indeed, I mean you are coming up more to come
on What to expect from that highly anticipated meeting. It's
kicked off between President Trump and NBS. Of course Mahammed
bin Salmon, the cram Prince of Saudi Arabia.
Speaker 2 (36:36):
It's a pretty big tech.
Speaker 3 (36:48):
Let's return to Washington now because Saudi Arabia's Cram Prince,
Mohammed bin Salmon is at the White House today meeting
with President Trump. The talks are expected to center on
deepening US Saudi ties and of course the focus on
tech investment, on innovation.
Speaker 2 (37:01):
When bugs Tyler Kendall rejoins.
Speaker 3 (37:03):
Us, you're live outside the White House and there was
much fanfare, a flyover, and a very warm welcome for
the leader of Saudi Arabia. Why is this relationship so
important from a tech perspective?
Speaker 7 (37:14):
Yeah, hey, Caroline, Well, this is the Saudi Crown Prince's
first visits to the US in seven years, so, as
you're alluding to, there's a lot of pomp and circumstance
here today, as the White House has really viewed Saudi
Arabia as a strategic partner when it comes to investments
in the US, but also broadening out cooperation when it
comes to tech and artificial intelligence. We know at the
(37:34):
top of the agenda today Saudi Arabia is looking for
the US to green light those export licenses related to
advanced semiconductors. But we have reporting here at Bloomberg News
people familiar saying that right now those talks are centered
around one what sort of security conditions will be put
in place, and two, what are those specific reciprocal investments
Riot is willing to make in the US. I have
(37:56):
to say I was at the FII conference back in February.
That was a Saudi backed investment conference in Miami, and
it was President Trump's real first domestic trip since taking office,
and he made the pitch that he wanted more money
to be coming in from Saudi Arabia. A few months
later in May, we saw him visit the region and
secure a pledge for six hundred billion dollars in investments
(38:16):
in the US over the next four years. We know
a lot of this the administration wants to see in
these critical sectors that they have identified as being really important,
particularly when it comes to our competition in China, such
as data centers and AI. So we're watching really closely
whether or not there are any specific investments announcements related
to that. That of course goes hand in hand with
(38:36):
the second bucket we're watching here, which is defense today,
as President Trump has indicated that he's set to approve
the sale of F thirty five fighter jets amid some
concerns one again with those chips access that China could
have considering the close ties between the Kingdom and Beijing,
but then also what that means for Israel. We know that,
of course, Caroline, that they have a monopoly over the
advanced fighter jet technology in the region.
Speaker 2 (38:58):
Be Mes Tyler Kendall not from the White House.
Speaker 3 (39:00):
We so appreciate it busy day there, busy day across
tech that does it for this aosition of Bloomberg Technology.
Speaker 2 (39:05):
But do not forget to check out our podcast you
can find out on the terminal as well as online
on Apple, Spotify, and iHeart.
Speaker 3 (39:11):
And keep an eye on some of those big tech
names as we anticipate in videos numbers after the bell
tomorrow from New York.
Speaker 2 (39:17):
This is Bloomberg Tech.
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