May 15, 2025 • 42 mins
Bloomberg’s Caroline Hyde and Ed Ludlow discuss President Trump’s call for Apple to stop moving iPhone production to India and instead shift it to the US. Plus, eToro CEO Yoni Assia talks about the company’s market debut. And CoreWeave CEO Michael Intrator discusses the expanded partnership with OpenAI and the company’s first earnings report since going public.
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Speaker 1 (00:00):
From the heart of where innovation, money, and power collide
in Silicon Valley and beyond. This is Bloomberg Technology with
Caroline Hyde and.
Speaker 2 (00:12):
Ed Ludlow.
Speaker 3 (00:26):
Live from New York and San Francisco. This is Bloomberg
Technology coming up. President Trump asks Apple CEO to move
iPhone production from India to the US market.
Speaker 4 (00:36):
Plus the core we've CEO joins on the back of
the company's first earnings as a public company.
Speaker 3 (00:41):
And the CEO of e Toro joins US after its
upsized US share sale as the IPO market opens back up.
Speaker 5 (00:48):
But first we.
Speaker 3 (00:49):
Check in on this market, which maybe it's just got
a little bit over exuberant and dials back on the
day we hit overbought technical overbought territory on the relative
strength index when you're looking at the NASZAK one hundred yesterday.
Today we've paired back only by three tenser percent. Ed
were on track for a five percent gain so far
this week, and it seems as though big tech just
comes off as some of those highs as the macro
(01:10):
data paints maybe a slightly cooler inflation environment than.
Speaker 5 (01:13):
We were thinking.
Speaker 4 (01:14):
We see the same behavior in Apple, which is our
top story muted declines, pairing some of its more significant
declines earlier on High's US listed shares. That's the publicly
traded arm of fox Conn, the company assembling the iPhone
softer in.
Speaker 6 (01:28):
Part and earning story but in part.
Speaker 4 (01:31):
The President of the United States, with severe words for
Apple and Tim Kirk, listened to this.
Speaker 7 (01:37):
I had a little problem with Tim Koky yesterday. I
said to him, Jimy and my friend I Fru did
you very good? You're coming here with five hundred billion dollars,
but now here you're building all over India.
Speaker 8 (01:45):
I don't want your building in Indie.
Speaker 5 (01:47):
Let's get straight to it.
Speaker 3 (01:47):
Bloomberg's Mark Gumman gives us the context because before we
go as to how realistic this could be, Mark, I
want to understand for our audience just how much we've
seen production shift to India to satisfy the US market.
Speaker 2 (02:00):
Yeah, thank you so much for having me.
Speaker 9 (02:01):
These are truly, you know, some harsh comments coming from
President Trump.
Speaker 2 (02:07):
Obviously, Tim Cook.
Speaker 9 (02:08):
Has had no choice because of the thread of tariffs
to move a lot of production of the iPhone and
other devices to elsewhere. Right, So, for the most part,
they were building things in China, but now they're building
probably a third of iPhones in India.
Speaker 2 (02:22):
They set on the.
Speaker 9 (02:23):
Earnings call that the majority of iPhone production for the
US market in this coming quarter is going to be
done in India. They certainly have aggressive plans to expand
even further in India for iPhone production.
Speaker 6 (02:37):
Again, that's for.
Speaker 9 (02:38):
The US market, and this is about avoiding trade war
type of situations between the US and China, geopolitical issues
having to do with China, but also because of these tariffs.
A lot of this came into place because of the
anticipation of these tariffs and how much more it would
cost Apple to produce iPhones and how much that would
snip into their margins if they continued to export from
(02:59):
China to the US. So definitely something Apple had to do,
and it's understandable that with Donald Trump's agenda, why he
would not be so happy about it.
Speaker 4 (03:08):
Mark, I want to recap some of the data you
just shared, which is that basically almost ninety percent of
iPhones are currently made in China and the balance of
iPhones are made in India around thirty million units per annum.
Did we learn anything from Apple's most recent earnings or
in any of your reporting since on how Apple is
planning for the long term on its production of the iPhone,
(03:30):
irrespective of what the White House says.
Speaker 9 (03:34):
Well, right now, the plan is to produce the vast
majority of iPhones in India for the US market by
the end of twenty twenty six, so about a year
and a half from now. There's still going to be
a nice chunk of iPhones made in China, that is
the higher end pro models. They're working on basically two
new iPhone models for the twentieth anniversary. Obviously, Steve Jobs
unveiled the first iPhone at the beginning of two thousand
(03:56):
and seven, so across the end of twenty twenty six
and the end of twenty two they have two major
new iPhones coming out. They have a foldable iPhone which
would compete with the Samsung Fold, the Google Pixel Phone,
some of the other Chinese made foldables.
Speaker 2 (04:10):
They also have a.
Speaker 9 (04:11):
Twentieth anniversary glass wingd phone coming out at the end
of twenty twenty seven. Uses very advanced curve glass, very
advanced new chips, very advanced new technology. They're not going
to be able to pull that off outside of China,
so those aren't coming to India from the get go.
But to I guess the larger points, there is no
plan in place to begin building iPhones in the United States.
(04:32):
I have an article that I wrote in early April
which outlines why this one happened. The engineering talent, the
manufacturing skill sets, the manufacturing space, the cost implicacations, all
of that essentially makes it imposs impossible for Apple to
produce iPhones in the US at any rational, reasonable rate
or scale.
Speaker 6 (04:51):
Bloomber's Mark German, thank you very much.
Speaker 4 (04:53):
Let's get more with Bloomberg's Mike Shephard and the political
side of this story in Washington, d C.
Speaker 6 (04:59):
And Mike.
Speaker 4 (05:00):
In the last forty eight hours, the President has taken
to the stage, so to speak, and called out Jensen Wang,
the Nvidia CEO.
Speaker 6 (05:08):
He called him my friend who's in the room.
Speaker 4 (05:11):
Twenty four to forty eight hours later, he calls out
Apple CEO Tim Cook with less kind words. This is
a president who is using the public forum to try
and get tech companies, American tech companies, to do things
his administration wants.
Speaker 6 (05:27):
Well, that's right, ed.
Speaker 10 (05:28):
He is using the public space to pressure these companies,
and he is not shy about doing it. And It
is a tactic we have seen before. Think back to
the very early days of the administration when SoftBank was
pledging one hundred billion dollars of investment in the US
and Donald Trump turned to Marseoshi's son. This may have
even been before.
Speaker 6 (05:48):
He took office.
Speaker 10 (05:50):
How about doubling it? Could you make it two hundred
billion dollars? Right there as the two men were standing
at a lectern with the announcement being made. And it
is a tactic we have seen repeatedly. When the Stargate
announcement was made again, he was asking one hundred billion,
Why can't we make it five hundred billion, Let's scale
(06:10):
it up. And so the president really is pushing companies
to help fulfill his agenda here, which is the expanding
manufacturing base, and he is leaning heavily in the tech
industry to do so. Obviously, others like aviation and car
making too are feeling that pressure. But tech is really
taking center stage in this and you can see that
(06:30):
with the connections he's tried to make, as you mentioned
ed with Jensen Wong and of course with Tim Cook,
someone he's had a relationship with since the first administration,
and Mike Thus for.
Speaker 3 (06:39):
Tim Cook or Apple indeed has not responded publicly to
the President's comments, but they have front run perhaps the
president's comments in terms of trying to signal the investment
to come five hundred billion dollars. They say that was
going to be invested in the US. But that's the
chips or indeed the AI focus. It's not for making iPhones. Realistically,
are we going to see Apple try and respond by
(07:01):
more investment but just not in terms of iPhone production.
Speaker 2 (07:05):
Well, it's a difficult question.
Speaker 10 (07:06):
That President made very clear what he wanted. He wants
US phones made here in the US and not in
India and not in China certainly, and to do that,
perhaps Donald Trump needs to read Mark German's piece from
back in April laying out all of the difficulties, but
of course the fine print, those kinds of details. The
(07:28):
President typically has not paid attention to that. And it
is up to companies really to use the time that
they get with Donald Trump and his aids to show Look,
it will be very difficult to do this. This is
what the cost would be. Some officials have talked about, well,
maybe there could be some savings when it comes to AI.
When it comes to processes. And yet here also we
(07:51):
do have a talent deficit. We don't nearly have enough
engineers and assembly line talent to be able to produce
the vast number of iPhones for the US market that
are currently planned right now in India.
Speaker 5 (08:04):
Michael sheppind great to check in with you. Thank you.
Speaker 3 (08:06):
Meanwhile, let's return to what President Trump has managed to
achieve for in video in the like, for example, in
the Middle East, the tour is opening up though a
rift within his own administration, Trump's aideals. They're raising alarm
bells for China hawks in particular concerns growth that the
projects could put US national security and economic interest at risk.
Speaker 5 (08:25):
Let's bring in Ridy Griffin, who joins us for more.
Speaker 3 (08:27):
This is a really well read story at the moment,
and this is all to do with basically, how we
ensure that in video chips going to the Middle East
don't end up in China's hands.
Speaker 11 (08:37):
Yes, we've seen this week in speaking with several Trump
administration officials, that they are quite uncomfortable with the fast
and loose way that these negotiations have happened. And particularly
we're interested to see that there is concern about the
way White House AI advisor David Sachs is a part
of these negotiations. Trump administration officials feel that he is
(08:58):
not paying sensitive attention to the economic and national security
concerns that you mentioned.
Speaker 4 (09:05):
I think it's important to explain to the audience the
basics of the relationships between these nations. The original AI
diffusion rule took into account third countries, right, which was
the idea that if you sell a technology to a
nation like Saudi Arabia or the UAE, those nations also
have a close relationship with China, an economic relationship. There
(09:27):
are Chinese nationals working in the fields of AI and UAE,
for example, and that they might give access indirectly to
China to US technology. Has the US actually answered any
of that in everything that's happened in the last four days.
Speaker 11 (09:41):
What's amazing is that the diffusion rule itself has been
under review in a way, these negotiations have front run
the answer to that question ed, and we're seeing Congressional
Republicans raise concerns about this process as well. This isn't
just happening behind closed doors. It's being discussed out in
the open. But there are two sides of the Trump
(10:01):
administration one in which we're seeing concerns about these chips
simply being in other countries potentially threatening American dominance.
Speaker 5 (10:11):
But David Sachs.
Speaker 11 (10:12):
Himself, the AI White House Advisor, believes and has said
publicly that having American technology being used abroad helps to
ensure the dominance, helps to ensure that country's returning to
China for that same technology.
Speaker 4 (10:26):
One example, G forty two, an investment firm focused on
AI that has close links not just to the nation
of China in UAE, but also a relationship with Huawei,
the national tech champion.
Speaker 6 (10:36):
Bluembo's Riley Griffin top reporting. Thank you very much.
Speaker 3 (10:47):
Core Weave shares pushing higher today the posting the earnings
after the bell yesterday. There were some concerns around profitability
the forecast, but really this is as Core Weave works
to bring forward spending in an effort to meet consumer demand.
That is just ratcheting higher and higher. Core we CEO
Michael Entrator joins us now on the back of yet
a deepening tie up with Open Ai. Their own ed
(11:09):
Ludlow has been writting about a deal worth yet another
four billion dollars. You'd already sealed revenue climbing to some
eleven billion deal with them previously. Michael, are we seeing
insatiable demand and how can you meet it?
Speaker 7 (11:22):
Yeah?
Speaker 8 (11:22):
Thank you for having me on. The demand for the
product that we deliver has truly been INSATIONI it. You know,
it's resulted on us having an opportunity to beat our
guidance and raise our guidance for the year and beat
our earnings for the quarter. You know, as we continue
(11:43):
to try to pull in infrastructure so that we can
deliver it to our clients that need the type of
software stack, that need the type of compute that we
deliver in order to drive their products into the market.
Speaker 3 (11:56):
I want to just pick up on the beat because wow,
did you beat in terms of revenue and certainly we
see what four hundred percent growth is extraordinary, But talk
to us about the fore cost and profitability because the
area of investor concern is ultimately your capital expenditure. You're
having to raise capital spending to what to twenty three
billion dollars? Just vindicate that for the market.
Speaker 8 (12:17):
Sure, Look, you know the structure of our business is
built around the idea that we have success based finance,
and so when you see us go out to the
market and raise our capital budget for the year. You're
seeing us raise money to fulfill our obligations under signed
contracts for off take agreements. It's really a wonderful indication
(12:42):
of the demand for our product and our unique ability
to deliver such a performance solution to how you drive
compute into the artificial intelligence ecosystem. It's really been a
you know, it's a it's an interesting aspect of the
business that we've put together, but the increase in capital
(13:04):
is representative of the client demand.
Speaker 4 (13:08):
Michael, I think the sole outstanding question the industry has
for Corewave is what is the proportion of workload you're
running that is inference versus the proportion of workload you're.
Speaker 6 (13:20):
Running that is training.
Speaker 4 (13:22):
They're searching for a very specific number, and we can
get into why.
Speaker 11 (13:26):
Yeah, so.
Speaker 8 (13:29):
I'm going to disagree with you. I'm going to say
there's a few more questions that we're still working through
I've got. But look, you know I said this on
yesterday's earnings call, right, there is no trend that makes
me more excited about the prospects of our business than
the continued increase and velocity of inference Because at the
(13:54):
end of the day. What inference represents is the monetization
of all of the investment that going on into artificial intelligence.
It is a representation of the AI labs, of the
enterprise clients that have invested enormous sums of money into
the compute, into the software, into all the aspects of it,
(14:16):
actually turning it on and having clients use it to
improve the quality of their products delivered to their clients.
It is by far the most important trend that I
watch every day.
Speaker 4 (14:29):
This is your first quarter as a public company, right,
and if you scale back to the basics, it's buying
GPUs and renting out the GPUs and that becomes a
little bit like a low margin commoditized business. Primer facie.
What is it that you're doing that's the value add
What is it? It's making data centers more efficient now.
Speaker 8 (14:49):
So this is one of the kind of recurring trends
is that people trying to understand the compute requirements for
artificial intelligence are relying on the best proxy they have,
and that is the legacy cloud, and they're looking at
it and thinking about it as if it is a
commodity service. The reason that these clients, the reason the
(15:11):
most demanding consumers of this infrastructure come to core Weave
is because of the way that we integrate the commodity
hardware into our specific software solution, which extracts such incredible
performance games and makes it so incredibly effective to build models,
to run models, to be able to ultimately build their business.
(15:34):
It is not a commodity. It's really difficult to run
this infrastructure. It's really difficult to build this infrastructure. And
Corewave's entire business, truly from the data center all the
way up through the software stack, has been built around
the concept that we are decommoditizing it, that we are
providing enormous value on top of the compute. Our latest
(15:55):
acquisition of Weights and Bias that's a great example of
how our software stack will fundamentally decommoditize the products that
we're delivering and imbue the products that we have with incredible.
Speaker 4 (16:10):
Vale cour We've CEO Michael and Traded. It's great to
have you on Bloomberg Technology. Congrats on your first quarter
as a public company. We want to welcome our worldwide
TV and radio audiences. We look at shares of an
(16:32):
investment platform e Toro stabilizing a little bit after a
pretty hyperbolic debut in public markets. Yesterday the competitors robin
Hood began publicly trading at fifty two dollars to share
the upsize IPO raised raised nearly six hundred and twenty
million dollars for companies and investors.
Speaker 6 (16:51):
Were joined now by Utro's CEO.
Speaker 4 (16:53):
Say, for both Caroline and I, it's a little bit
of a sort of full circle story because I'd say,
over the last day, cad or more it TOI is
a company we probably most consistently talked about. Finally you've
gone public. Actually, when chair started trading it was well
above fifty two bucks.
Speaker 6 (17:11):
How does that feel for you?
Speaker 12 (17:12):
It's an amazing feeling, you know, the last two weeks
on the road show, being inside capital markets here in
the US, now listing on ASDAK, a super exciting journey.
Eighteen years in the making of building Etro, the world's
largest social investment network. Can now our customers can trade
(17:34):
Toro on Ititorro.
Speaker 4 (17:37):
Educate the audience that doesn't necessarily know about Etro. What
is the proportion of stock activity on the platform versus
say crypto, What is the mainstay of your business?
Speaker 12 (17:48):
So we're doing both customers today on it Toro can
trade stocks from over twenty different capital markets as well
as more than one hundred and thirty different assets. We
started the business in Europe and the UK. Our largest
markets spend into Asia, UA and now the US as well.
(18:09):
And our customers when they trade, they share of their
trading activity and you can actually see the portfolios in
the trek record of our customers, and you can automatically
copy the most successful investors on the platform. So it's
not only about trading yourself both crypto and stocks. It's
about being able to see others that are successful and
(18:30):
copy them automatically. And the ratio between stocks and crypto
changes in market dynamics. Last year, twenty five percent of
total net contribution was actually crypto trading activity. Years when
crypto was in a bull run like before. Sometimes it's
up to sixty two percent, so it really changes with
(18:51):
the markets.
Speaker 3 (18:53):
We keep comparing you to Robin Hood and at the moment,
I mean you have a social nature of course, spelling
out in the way that you can copy those and.
Speaker 5 (19:02):
Invest like them. But with Robin Head at a.
Speaker 3 (19:05):
Fifty two billion market cap and yourself at a five
billion as it currently stands.
Speaker 5 (19:09):
How do you close that gap?
Speaker 3 (19:10):
How do you show that you're more closing terms of competitors.
Speaker 12 (19:14):
I think eventually a lot of great companies are aiming
at a very very big opportunity, which is the largest
generational transformation of wealth in history. Eighty four trillion dollars
here in the US are going to move from older
generations to younger generations. In Europe not that far behind,
sixty trillion dollars are going to move from older generations
(19:34):
to younger generations. And I believe that our generation expects
to trade, invest, and save in a digital native solution.
And we're providing more than just the ability to trade
directly in the markets through the copy trading pattern of technology.
We provide people to automatically copy top investors from all
around the world, as well as more than one hundred
(19:54):
different smart portfolios, where we actually have our own chief
investment office with sixteen market analysts across the globe who
help our customers basically find portfolios like Thematics driverless cars.
We're just launching our also market neutral strategies learning from
the hedge funds I met here in New York. So
we're able to create more than just self directed trading,
(20:17):
but actually the entire world of investments through smart portfolios
and copy.
Speaker 3 (20:22):
Trader, and that's as the business model MATURESI it's interesting
that you sort of said you've got yourself to a
more mature state than back in say twenty twenty one,
when you were looking at going public virus back. Just
tell us how different it looks now. What happened then
to make you push to go for an IPO this time?
Speaker 12 (20:39):
I think you know, we call twenty twenty two the
year of education. A lot of our customers learned that
markets don't always go up. And we were focused initially
in twenty twenty one we need growth at all costs,
strategy very sort of VC minded, let's just spend money
to grow. And I think what twenty twenty two to
(21:00):
us is to change our strategy to profitable growth. And
we've significantly scale up profitability in it Toro with more
than three hundred million dollars of adjusted to be the profit.
So I think that's the significant transition that we've done
in the private market bring us to profitable growth, which
is a strategy that I believe is more fit to
public markets.
Speaker 3 (21:20):
There was a lot of demand and now we see
a lot of more IPO sideline waiting companies wanting to
follow your tracks.
Speaker 5 (21:26):
Johnny A Sea, it's great to have you back on
the show. CEO VI Toro, thank you.
Speaker 7 (21:38):
But I had a little problem with Tim Kky yesterday.
I said to him, Tim, you and my friend I
feated you very good. You're coming here with five hundred billionaires.
But now I hear you're building all over India. I
don't want your building in India. You can build an
India if you want to take care of India. We
want you to build here. And they're going to be
upling their production in the United States Apple. So Apple's
already and for five hundred billion, but they're going to
(22:00):
be upring their production.
Speaker 3 (22:02):
Welcome back to New meag Technology and Caroline Hyde in
New York and.
Speaker 6 (22:05):
I met Lovelow in San Francisco.
Speaker 5 (22:07):
Carroc I mean, we.
Speaker 3 (22:09):
Think about the ramifications of President Trump following his call
on Apple CEO Tim Cook there to stop building so
much in India, satisfy the Indian demand in India. You
want to sartentisfy US demand closer to home. It's extraordinary,
really that shares managed to bounce off of their lows.
We're back flat on the day. More about the macro
picture here in the US, maybe some resiliency when it
(22:30):
comes to the inflationary data that we're seeing and retail lackluster,
but not a disaster.
Speaker 5 (22:35):
And we've got to dig in more.
Speaker 3 (22:36):
To what's happening in terms of Apple and its call
upon its own supply chain.
Speaker 4 (22:41):
Right now, Okay, let's get out to where the action
is happening. Bloomberg's Emory Horden joined us now for the
latest from Donald Trump's visit to the Middle East.
Speaker 6 (22:49):
In amh He's used.
Speaker 4 (22:51):
The public forum, so to speak, in the last forty
eight hours to specifically name check technology CEOs, some positively,
for example Jensen, and some more severe words for apples,
Tim Kirk.
Speaker 6 (23:03):
What have we learned?
Speaker 13 (23:07):
Right?
Speaker 14 (23:07):
This is the second time on the President's Middle East
tour that he actually called out Tim Cook. The first
time was on Tuesday in Riot. He looked out into
the room and he said, my friend, Jensen, you're here,
he said, but notably missing is Tim Cook.
Speaker 2 (23:21):
But you're here.
Speaker 6 (23:21):
And then before he touched.
Speaker 14 (23:23):
Down in Abu Dhabi, he was talking about Tim Cook
once again. In Doha, he was talking about the fact
that India might be prepared to what the President said,
literally lower their tirefrates to zero. And then he said,
but I'm having a problem with Tim Cook, and I
spoke to him about this yesterday. Why are you moving
all your manufacturing to India. We let it go that
you built all these plants in China. We want you
(23:45):
to come to the United States. What's so interesting, of
course about this. The President has been flanked by corporate America,
especially tech executives, throughout this entire trip, and notably missing
was the Apple CEO, and the President found time to
call him back. What he I guess very frustrating and
disturbing to him. And the President said, though that he's
(24:06):
going to be moving that manufacturing to the United States.
That has not been what Apple's been talking about. They're
talking about de risking from China, willing to go into
India potentially maybe more conversations about investments in the United
States though.
Speaker 3 (24:20):
And of course investments still coming with the Middle East,
and it's interesting that a lot of that is focused
around access to AI sophisticated chips going to where you
currently are, whether it's Abu Dabi also over in Saudi Arabia.
But this is ringing alarm bells within the president's own
administration memory.
Speaker 14 (24:41):
Yeah, that's right, and that becomes the national security concerns
around all of this, getting what many would consider these
Gulf countries as geopolitical swing states. This administration, especially with
the China Hawks and this administration and even China Hawks
Democrats in Washington want to make sure that the technologies
does not leak to China. We saw a huge win
(25:02):
for the likes of Nvidia and AMD in Saudi Arabia.
We are on the heels waiting for a potential announcement
here in Abu Dhabi of some sort of tech cooperation
when it comes to AI. This story started in March.
I reported about Chicktan Noun coming to the United States
in the Oval Office, and the UAE announced that they
were willing to invest one point four trillion dollars when
(25:23):
it comes to AI and building data centers. But in
order for them to do that, they need to get
their hands on the chips, and we have reporting and
potentially we will see these come across the finish line
where the president is in the Emirates that they would
likely allow one million high advance chips from Nvidia coming
into the country. Kei, though, Caroline, to your point, for
(25:48):
this to happen, they need to make sure that that
technology does not leak into the hands of Beijing.
Speaker 6 (25:54):
Plums Am Marie Horden, thank you very much.
Speaker 4 (25:57):
The European Union today accused Takeok of breaking digital rules
by not being transparent enough about advertisements Chinese owned social
media platform says it's reviewing the decision. It's the latest
regulatory move by the Bloc against so called big tech.
Speaker 6 (26:13):
I want to get to more.
Speaker 4 (26:14):
On how the European Union is approaching tech regulation and
development like AI and bring in Hennah Vickenan.
Speaker 6 (26:22):
She's the European Commission's.
Speaker 4 (26:23):
Executive Vice President for Tech, Sovereignty, Security and Democracy. Executive
vice President. Welcome to San Francisco, into the program. Actually
you heard Anne, Marie there discuss a number of issues
on the global stage.
Speaker 6 (26:36):
On your agenda and your calendar this week.
Speaker 4 (26:38):
I believe you've met already with Tim Cook and Sunda Pichai.
You will meet with leaders like anthropics, Dario Amma Day.
What were those conversations about and what was the focus.
Speaker 15 (26:50):
For your visit specially of course I want to meet
American tech companies because for them, European Union is the
biggest external markets and many of them they are having
more users in the European Union than in USA. So
of course it's very important that we have good dialogue
with the tech companies and specially in the European Union.
We want to boost investments and innovations when it comes
(27:12):
to technologies, and we want to make sure that, for example,
in AI we are building our own capacities. Also on AI,
so especially we are speaking about our innovation at gender
where we are willing to boost investments, innovations, create one
single market, simplify the processes. So we want to make
Europe faster and easier for businesses.
Speaker 4 (27:32):
The top story in the world today is the idea
that the President of the United States has made an
appeal to Tim Kirk to move production of the iPhone
many millions of iPhones in Europe from India to the
United States. Does the European Union have an offer to
American technology companies to think about moving some of their
(27:53):
industrial base to the block.
Speaker 15 (27:55):
We have, of course our own strengths when it comes
to European Unions, so we are stable place for investments
of course, and I think we have also very like
predictable regulatory framework also and of course very talented work force.
So I think these are our greatest strengths in the
European Union and we really want to encourage also more
(28:17):
investments and innovations in the European Union when it comes
to technologies.
Speaker 3 (28:22):
Executive Vice President, it's interesting that you say a predictable
regulatory environment, because many executives from big tech companies find
it a frustrating regulatory environment. They think that it's too tough.
What would your response be when you're going to meet
Mark Zuckerberg in particular, who has lobbied the President of
the United States. We understand because of some of what
he sees draconian regulation coming.
Speaker 5 (28:43):
From the EU.
Speaker 15 (28:46):
What we want to make sure in the European Union
is that we want to have a fair and safe
and democratic environment. But also when it comes to digital world,
so we.
Speaker 5 (28:55):
Have very clear roles.
Speaker 15 (28:57):
So we don't think that it's good to have, for example,
mono police, because those gatekeepers they are often plugging them
new innovations to enter through the market. So we want
to make sure that we have fild competition, we have
level playing feed for everybody. And also when it comes
to big online platforms, they also have to take the
responsibility there to make sure that they have not for example,
(29:19):
spreading illegal content or selling illegal products. And they have
to make care take care of course, for example, of
safety when it comes to protection of miners, for example.
So we have some very important priorities now we are
also discussing with our online platforms.
Speaker 5 (29:35):
Especially the priorities.
Speaker 15 (29:37):
Are very much connected to our democratic processes and protection
of miners for example, and transparency is something that we
are also obliging from the very large online platforms because
they have a great economic power nowadays in the world
and also create power in our society. So that's why
it's important that they are also respecting our rules and values.
Speaker 5 (30:00):
And your fines.
Speaker 3 (30:01):
And you did just levy what was it, five hundred
million eurofine to Apple recently two hundred million euro two
Meta because you feel that they didn't align themselves with
the Digital Markets Act in particular. But some would say
those fines were smaller than expected. Because we're worried about
the repercussions within the tariff negotiation. How do you respond
(30:22):
to that as ecutive vice president, Perhaps you're going softer
because suddenly Trump is going harder.
Speaker 15 (30:30):
It's not something that we are seeking that we are
posing fines for the companies. Of course, the main idea
is all the time to make sure that everybody is
complying with our roles. And the main tool how we
are working with the digital companies is to have all
the time dialogue with them and look that what we
are expecting from them and how they could comply with
(30:50):
our roles, and of course all of them always defending
their business interests, but I think we have also good
dialogue with them and constructive discussions.
Speaker 6 (31:00):
Executive Vice President.
Speaker 4 (31:01):
Last month, Bloomberg reported that President Trump was pressuring Europe
to get rid of the AI Code of Practice, which
is the framework attached to the EUSE Artificial Intelligence Act.
What conversations have you had with this administration about that issue?
The administration feels it is too burdensome on US technology
(31:24):
companies operating in the block.
Speaker 15 (31:26):
It shouldn't be, because we see also that it's important
that now when we are implementing our AI Act, that
we are doing it in very innovative and friendly manner,
and Code of Practice is really something that is supposed
to help also businesses and industries and sms to comply
with our al So we are still finalizing code of practice,
but there has been a month of discussion with the
(31:47):
different stakeholders and public hearings about it and we are
still working on it. But how we want to implement
our AI Act is very much that we want to
support our industries and SMEs to really develop AI in
ther Union. But in the same time, we see that
it's important to be aware of the risks.
Speaker 4 (32:04):
You brought news with you, and that is the TikTok news. Today,
the EU says that the TikTok ad system breaks consumer
protection rules.
Speaker 6 (32:12):
Why what is your argument?
Speaker 15 (32:15):
They haven't been transparent in their actions, So it's something
what is core in our Digital Service Act legislation that
online platforms they have to be transparent with their actions.
And that's why we saw that TikTok is not complying
with our rules. So we published preliminary foundings today and
now they have time also the review and respond and comply.
(32:37):
We have several investigations going on in a pipeline now.
Speaker 3 (32:42):
Hannah Beckon, it has been wonderful having some time with you.
Speaker 5 (32:45):
We appreciate it.
Speaker 3 (32:46):
As you said, across all of your meetings and speeches
European Commissioner for Tech, Sovereignty, Security in Democracy, on all
things EU regulation.
Speaker 5 (32:54):
Meanwhile, we just bring you some breaking news.
Speaker 3 (32:55):
Toma Bravo is said to be have sold already it's
remaining stake ink.
Speaker 5 (33:00):
For three point four billion dollars.
Speaker 3 (33:03):
Now, this, of course is the company the NASDAK that
operates the exchanges and overall the private equity firm working
with JP Morgan on The sale is conducted in an
unregistered block of trades on the May seventh and May thirteenth,
so selling the rest of their remaining Nasdaq holding shares
flat on the day.
Speaker 4 (33:18):
For that company, Ali Baba earnings failed to impress investors
as it faces slow in growth in its e commerce
arm and missed earnings projections for its cloud business. Let's
get out to Bloomberg's Henry Wren. Those are the two
key categories. But what do we learn about the underlying reasons?
Speaker 6 (33:41):
Henry?
Speaker 16 (33:42):
Yeah, sure, some worrying signs for Alibaba this quarter. And
let's start from the core e commerce business. The customer
management revenue was pretty strong, up by about twelve percent
from a earlier. However, there has been some more signs
of competition going on. The company said that it's going
to invest more heavily in a quick commerce business, which
(34:03):
is an area that already been under investment under assault
by its peers such as JD dot Com as well
as PDD. The company said that its advertising tool as
well as higher take rates from merchants are taking effect. However,
it's unclear how much of the GMV has been growing
for Ali Baba, so that has always been a concern
for Ali Baba because it has been seeding market share
(34:25):
to JD dot Com as well as PDD. On the
other hand, for Cloud, it's growing about eighteen percent in
terms of revenue. However, on earnings from because it's still
investing heavily on AI chips, so earnings was a miss,
and on the sales growth it's also missing more bullish
investor estimates about twenty percent, so that has been a
disappointment as well.
Speaker 3 (34:46):
Into these earnings, and Henry just go to the AI
side of the equation as well, because they've been trying
to reorientate.
Speaker 5 (34:53):
The logistics side was a weak point.
Speaker 3 (34:55):
But Generator AI and the infrastructure and investment, they're not
quite living up.
Speaker 2 (34:58):
To the hype. Yeah.
Speaker 16 (35:00):
Indeed, so remember last quarter that Ali Baba told us
that it's going to be an so called AI first company,
is going to be pivoting a strategy to or in AGI.
However we did this, didn't hear so much about AGI
from the management in this quarter, and the company, to
its credit, it's still seeing strong demand for AI influencing. However,
(35:24):
it's probably takes time to invest because it's still kind
of it told us that it's still in the investment
phase of this business. And in the meantime, its.
Speaker 6 (35:33):
Models, its Q and models is generating some revenue.
Speaker 16 (35:36):
However, it just takes some time to gain traction.
Speaker 3 (35:39):
Bloom merg Henry Wren on all things Ali Baba and
in commerce, we appreciate it. Let's stick with China because
the ATL is set to raise at least four billion
dollars in its Hong Kong share listing, pricing at the
top of the end of the range and what is
indicated based on some really strong demand so all according
to sources. Let's go out to creator Dell who who
tell us just how the e battery maker that is
(36:01):
kind of in the eye of the geopolitical storm between
China and the US is managing to drum up such
support for this secondary listing.
Speaker 17 (36:09):
Yeah, and this listing was very much caught up in
all of that sort of geopolitical tension where you had,
you know, US banks that maybe we're going to have
a role have to bow out. You know, CTL going
back a few years has very much been a political
football where you know, I'm reminded of the governor of Virginia,
(36:30):
Glenn Youngkin, you know, was in the running for a
plant where Ford was going to license c ATL technology,
and he pulled his state out of the running and said,
you know, this is a you know, a trojan horse.
You know, these are just batteries, to be clear. And
yet because of the dominance of China in this space,
there's a lot of concern elsewhere in the world about
(36:52):
how the how the West can possibly sort of catch
up or compete with you know, the scale that this
company has now reached.
Speaker 4 (36:59):
I remember that story and that interview with young Can
very well. The frank reality is is that c at
L is the world's biggest It is core to the
EV battery cell supply chain. Where do those batteries get
made and where do they go? And I'm of course,
kind of hinting at Tesla's relationship with c at L.
Speaker 17 (37:19):
Yeah, I mean they predominantly make their batteries in China
for China, and so if you want to buy a
Tesla and you happen to be in China, you may
indeed have a car with c at L batteries.
Speaker 2 (37:32):
And in fact, I mean, you know, virtually all.
Speaker 17 (37:35):
Manufacturers, you know, most of the major manufacturers are at
least using Catel batteries in many of their models, right,
And so you know, this is a company that is
going overseas a little bit.
Speaker 2 (37:49):
It is, you know, opening in Germany.
Speaker 17 (37:52):
It's it's not entirely relyant on China, but it is
very much a dominant aspect of their business.
Speaker 2 (37:58):
I think that's part of why you have so much.
Speaker 17 (38:00):
Concern on the part of government, since it's not so
much you know, completely being you know, unwilling for this
company to supply it wants, you know, I think, especially
over here in Europe, there's a desire for Okay, we're
open to you supplying to our manufacturers, but you need
to build here.
Speaker 3 (38:20):
The most credudell As a theme for the day, it
seems we appreciate you ed what's next.
Speaker 6 (38:25):
Okay, it's between tech and first Up.
Speaker 4 (38:28):
Pony Ai is confidentially filed for Hong Kong listing, with
an offering set to take place this year. That's according
to sources. The move comes as the autonomous driving company
announced to partnership with Uber last week. Pony Ai declined
to comment about the potential listing, and the offering size
remains unknown. Plus sales of China Jaumi Su seven sedan
(38:49):
plunged to around thirty six thousand units in April, continuing
a lower trend from March after the company faced a
fatal highway accident involving one of its vehicles. The company,
you're also facing back clash from consumers over alleged false
advertising at the vehicle's hood design and bay Do is
fanning to test and eventually launch its autonomous ride haating
(39:09):
service called Apollo Go in countries like Turkey.
Speaker 6 (39:13):
And across Europe. That's according to sources.
Speaker 4 (39:15):
The companies in talks with Swiss Posts to roll out
a robot taxi service in Switzerland.
Speaker 6 (39:21):
We're testing to start by the end of the year.
Speaker 3 (39:31):
Bloomberg Technologies ones to Watch list it's out today this
year highlights ten people shaping the artificial intelligence sector, and
Joshua Brustin joins us to talk us through what is
a myriad of investors, entrepreneurs, regulators, thought leaders and I'm
really interested in Well, let's start with three. We're going
to single out Luke Farada. Now he's a software engineer.
(39:51):
We know him for his DOGE work, but we should
know him for what he's doing with an ancient scroll Previously.
Speaker 13 (39:56):
Yeah, we actually wrote about Farada last year when he
won a contest to use artificial intelligence to read the
words on a series of ancient scrolls that have been
burnt during the explosion of POMPEII, and this brought him
to prominence and Ferreder, also a former SpaceX intern, then
(40:16):
got a new position working with DOJE. We don't know
a lot about what he's doing now, but we do
know that a lot of people are trying to watch it.
Speaker 6 (40:24):
At least.
Speaker 4 (40:26):
Sarah Gua has been coming on this program with respect
for almost two years, so I think I identified her
as one to watch well before this list.
Speaker 6 (40:34):
But Joshua, she's connected.
Speaker 4 (40:37):
She's influential in Silicon Valley as an investor, but particularly
in the realm of AI.
Speaker 13 (40:44):
Absolutely, I think She was one of the most nominated
people when we went out looking for calls here. Had
a history investing in other sectors, notably Crypto. Recently has
been looking into the AI sector. She's made investments into
companies that if you follow away at closely, you may
have heard of, not the Open Aiyes and Anthropics, but Mistroll,
(41:06):
the European AI company, and Harvey, a company that's doing
AI for legal work.
Speaker 3 (41:12):
I think it's really notable that you've got fifty to
fifty women and men across this particular list, and one
of the most leading voices when it comes to the new.
Speaker 5 (41:20):
Era of social is ja Over at Blue Sky.
Speaker 3 (41:24):
And the way in which has perhaps taken on Mark
Zuckerberg at.
Speaker 5 (41:27):
His own game.
Speaker 2 (41:28):
Yeah.
Speaker 6 (41:28):
Absolutely.
Speaker 13 (41:29):
Jay Graber the CEO of Blue Sky, which actually is
a social network that started with in Twitter and has
spun out. The idea here is to have a social
network that has you have more control over what you're seeing,
what's in your feeds. It's decentralized, so you can't have
the control that someone like a Mark Zuckerberg has And
Graber really was notably wearing a shirt that had some
(41:53):
Latin writing in it, sort of mocking Mark Zuckerberg for
taking to wearing a shirt that compares himself to Julius Caesar.
Speaker 4 (42:00):
Bloombergs Joshua Breustein, thank you very much, and that that
does it for this edition of Bloomberg Technology.
Speaker 5 (42:05):
Do not forget to check out our podcast.
Speaker 3 (42:07):
Of course, you can find on the terminal Apple, Spotify,
iHeart this is Bloomberg
From the heart of where innovation, money, and power collide
in Silicon Valley and beyond. This is Bloomberg Technology with
Caroline Hyde and.
Speaker 2 (00:12):
Ed Ludlow.
Speaker 3 (00:26):
Live from New York and San Francisco. This is Bloomberg
Technology coming up. President Trump asks Apple CEO to move
iPhone production from India to the US market.
Speaker 4 (00:36):
Plus the core we've CEO joins on the back of
the company's first earnings as a public company.
Speaker 3 (00:41):
And the CEO of e Toro joins US after its
upsized US share sale as the IPO market opens back up.
Speaker 5 (00:48):
But first we.
Speaker 3 (00:49):
Check in on this market, which maybe it's just got
a little bit over exuberant and dials back on the
day we hit overbought technical overbought territory on the relative
strength index when you're looking at the NASZAK one hundred yesterday.
Today we've paired back only by three tenser percent. Ed
were on track for a five percent gain so far
this week, and it seems as though big tech just
comes off as some of those highs as the macro
(01:10):
data paints maybe a slightly cooler inflation environment than.
Speaker 5 (01:13):
We were thinking.
Speaker 4 (01:14):
We see the same behavior in Apple, which is our
top story muted declines, pairing some of its more significant
declines earlier on High's US listed shares. That's the publicly
traded arm of fox Conn, the company assembling the iPhone
softer in.
Speaker 6 (01:28):
Part and earning story but in part.
Speaker 4 (01:31):
The President of the United States, with severe words for
Apple and Tim Kirk, listened to this.
Speaker 7 (01:37):
I had a little problem with Tim Koky yesterday. I
said to him, Jimy and my friend I Fru did
you very good? You're coming here with five hundred billion dollars,
but now here you're building all over India.
Speaker 8 (01:45):
I don't want your building in Indie.
Speaker 5 (01:47):
Let's get straight to it.
Speaker 3 (01:47):
Bloomberg's Mark Gumman gives us the context because before we
go as to how realistic this could be, Mark, I
want to understand for our audience just how much we've
seen production shift to India to satisfy the US market.
Speaker 2 (02:00):
Yeah, thank you so much for having me.
Speaker 9 (02:01):
These are truly, you know, some harsh comments coming from
President Trump.
Speaker 2 (02:07):
Obviously, Tim Cook.
Speaker 9 (02:08):
Has had no choice because of the thread of tariffs
to move a lot of production of the iPhone and
other devices to elsewhere. Right, So, for the most part,
they were building things in China, but now they're building
probably a third of iPhones in India.
Speaker 2 (02:22):
They set on the.
Speaker 9 (02:23):
Earnings call that the majority of iPhone production for the
US market in this coming quarter is going to be
done in India. They certainly have aggressive plans to expand
even further in India for iPhone production.
Speaker 6 (02:37):
Again, that's for.
Speaker 9 (02:38):
The US market, and this is about avoiding trade war
type of situations between the US and China, geopolitical issues
having to do with China, but also because of these tariffs.
A lot of this came into place because of the
anticipation of these tariffs and how much more it would
cost Apple to produce iPhones and how much that would
snip into their margins if they continued to export from
(02:59):
China to the US. So definitely something Apple had to do,
and it's understandable that with Donald Trump's agenda, why he
would not be so happy about it.
Speaker 4 (03:08):
Mark, I want to recap some of the data you
just shared, which is that basically almost ninety percent of
iPhones are currently made in China and the balance of
iPhones are made in India around thirty million units per annum.
Did we learn anything from Apple's most recent earnings or
in any of your reporting since on how Apple is
planning for the long term on its production of the iPhone,
(03:30):
irrespective of what the White House says.
Speaker 9 (03:34):
Well, right now, the plan is to produce the vast
majority of iPhones in India for the US market by
the end of twenty twenty six, so about a year
and a half from now. There's still going to be
a nice chunk of iPhones made in China, that is
the higher end pro models. They're working on basically two
new iPhone models for the twentieth anniversary. Obviously, Steve Jobs
unveiled the first iPhone at the beginning of two thousand
(03:56):
and seven, so across the end of twenty twenty six
and the end of twenty two they have two major
new iPhones coming out. They have a foldable iPhone which
would compete with the Samsung Fold, the Google Pixel Phone,
some of the other Chinese made foldables.
Speaker 2 (04:10):
They also have a.
Speaker 9 (04:11):
Twentieth anniversary glass wingd phone coming out at the end
of twenty twenty seven. Uses very advanced curve glass, very
advanced new chips, very advanced new technology. They're not going
to be able to pull that off outside of China,
so those aren't coming to India from the get go.
But to I guess the larger points, there is no
plan in place to begin building iPhones in the United States.
(04:32):
I have an article that I wrote in early April
which outlines why this one happened. The engineering talent, the
manufacturing skill sets, the manufacturing space, the cost implicacations, all
of that essentially makes it imposs impossible for Apple to
produce iPhones in the US at any rational, reasonable rate
or scale.
Speaker 6 (04:51):
Bloomber's Mark German, thank you very much.
Speaker 4 (04:53):
Let's get more with Bloomberg's Mike Shephard and the political
side of this story in Washington, d C.
Speaker 6 (04:59):
And Mike.
Speaker 4 (05:00):
In the last forty eight hours, the President has taken
to the stage, so to speak, and called out Jensen Wang,
the Nvidia CEO.
Speaker 6 (05:08):
He called him my friend who's in the room.
Speaker 4 (05:11):
Twenty four to forty eight hours later, he calls out
Apple CEO Tim Cook with less kind words. This is
a president who is using the public forum to try
and get tech companies, American tech companies, to do things
his administration wants.
Speaker 6 (05:27):
Well, that's right, ed.
Speaker 10 (05:28):
He is using the public space to pressure these companies,
and he is not shy about doing it. And It
is a tactic we have seen before. Think back to
the very early days of the administration when SoftBank was
pledging one hundred billion dollars of investment in the US
and Donald Trump turned to Marseoshi's son. This may have
even been before.
Speaker 6 (05:48):
He took office.
Speaker 10 (05:50):
How about doubling it? Could you make it two hundred
billion dollars? Right there as the two men were standing
at a lectern with the announcement being made. And it
is a tactic we have seen repeatedly. When the Stargate
announcement was made again, he was asking one hundred billion,
Why can't we make it five hundred billion, Let's scale
(06:10):
it up. And so the president really is pushing companies
to help fulfill his agenda here, which is the expanding
manufacturing base, and he is leaning heavily in the tech
industry to do so. Obviously, others like aviation and car
making too are feeling that pressure. But tech is really
taking center stage in this and you can see that
(06:30):
with the connections he's tried to make, as you mentioned
ed with Jensen Wong and of course with Tim Cook,
someone he's had a relationship with since the first administration,
and Mike Thus for.
Speaker 3 (06:39):
Tim Cook or Apple indeed has not responded publicly to
the President's comments, but they have front run perhaps the
president's comments in terms of trying to signal the investment
to come five hundred billion dollars. They say that was
going to be invested in the US. But that's the
chips or indeed the AI focus. It's not for making iPhones. Realistically,
are we going to see Apple try and respond by
(07:01):
more investment but just not in terms of iPhone production.
Speaker 2 (07:05):
Well, it's a difficult question.
Speaker 10 (07:06):
That President made very clear what he wanted. He wants
US phones made here in the US and not in
India and not in China certainly, and to do that,
perhaps Donald Trump needs to read Mark German's piece from
back in April laying out all of the difficulties, but
of course the fine print, those kinds of details. The
(07:28):
President typically has not paid attention to that. And it
is up to companies really to use the time that
they get with Donald Trump and his aids to show Look,
it will be very difficult to do this. This is
what the cost would be. Some officials have talked about, well,
maybe there could be some savings when it comes to AI.
When it comes to processes. And yet here also we
(07:51):
do have a talent deficit. We don't nearly have enough
engineers and assembly line talent to be able to produce
the vast number of iPhones for the US market that
are currently planned right now in India.
Speaker 5 (08:04):
Michael sheppind great to check in with you. Thank you.
Speaker 3 (08:06):
Meanwhile, let's return to what President Trump has managed to
achieve for in video in the like, for example, in
the Middle East, the tour is opening up though a
rift within his own administration, Trump's aideals. They're raising alarm
bells for China hawks in particular concerns growth that the
projects could put US national security and economic interest at risk.
Speaker 5 (08:25):
Let's bring in Ridy Griffin, who joins us for more.
Speaker 3 (08:27):
This is a really well read story at the moment,
and this is all to do with basically, how we
ensure that in video chips going to the Middle East
don't end up in China's hands.
Speaker 11 (08:37):
Yes, we've seen this week in speaking with several Trump
administration officials, that they are quite uncomfortable with the fast
and loose way that these negotiations have happened. And particularly
we're interested to see that there is concern about the
way White House AI advisor David Sachs is a part
of these negotiations. Trump administration officials feel that he is
(08:58):
not paying sensitive attention to the economic and national security
concerns that you mentioned.
Speaker 4 (09:05):
I think it's important to explain to the audience the
basics of the relationships between these nations. The original AI
diffusion rule took into account third countries, right, which was
the idea that if you sell a technology to a
nation like Saudi Arabia or the UAE, those nations also
have a close relationship with China, an economic relationship. There
(09:27):
are Chinese nationals working in the fields of AI and UAE,
for example, and that they might give access indirectly to
China to US technology. Has the US actually answered any
of that in everything that's happened in the last four days.
Speaker 11 (09:41):
What's amazing is that the diffusion rule itself has been
under review in a way, these negotiations have front run
the answer to that question ed, and we're seeing Congressional
Republicans raise concerns about this process as well. This isn't
just happening behind closed doors. It's being discussed out in
the open. But there are two sides of the Trump
(10:01):
administration one in which we're seeing concerns about these chips
simply being in other countries potentially threatening American dominance.
Speaker 5 (10:11):
But David Sachs.
Speaker 11 (10:12):
Himself, the AI White House Advisor, believes and has said
publicly that having American technology being used abroad helps to
ensure the dominance, helps to ensure that country's returning to
China for that same technology.
Speaker 4 (10:26):
One example, G forty two, an investment firm focused on
AI that has close links not just to the nation
of China in UAE, but also a relationship with Huawei,
the national tech champion.
Speaker 6 (10:36):
Bluembo's Riley Griffin top reporting. Thank you very much.
Speaker 3 (10:47):
Core Weave shares pushing higher today the posting the earnings
after the bell yesterday. There were some concerns around profitability
the forecast, but really this is as Core Weave works
to bring forward spending in an effort to meet consumer demand.
That is just ratcheting higher and higher. Core we CEO
Michael Entrator joins us now on the back of yet
a deepening tie up with Open Ai. Their own ed
(11:09):
Ludlow has been writting about a deal worth yet another
four billion dollars. You'd already sealed revenue climbing to some
eleven billion deal with them previously. Michael, are we seeing
insatiable demand and how can you meet it?
Speaker 7 (11:22):
Yeah?
Speaker 8 (11:22):
Thank you for having me on. The demand for the
product that we deliver has truly been INSATIONI it. You know,
it's resulted on us having an opportunity to beat our
guidance and raise our guidance for the year and beat
our earnings for the quarter. You know, as we continue
(11:43):
to try to pull in infrastructure so that we can
deliver it to our clients that need the type of
software stack, that need the type of compute that we
deliver in order to drive their products into the market.
Speaker 3 (11:56):
I want to just pick up on the beat because wow,
did you beat in terms of revenue and certainly we
see what four hundred percent growth is extraordinary, But talk
to us about the fore cost and profitability because the
area of investor concern is ultimately your capital expenditure. You're
having to raise capital spending to what to twenty three
billion dollars? Just vindicate that for the market.
Speaker 8 (12:17):
Sure, Look, you know the structure of our business is
built around the idea that we have success based finance,
and so when you see us go out to the
market and raise our capital budget for the year. You're
seeing us raise money to fulfill our obligations under signed
contracts for off take agreements. It's really a wonderful indication
(12:42):
of the demand for our product and our unique ability
to deliver such a performance solution to how you drive
compute into the artificial intelligence ecosystem. It's really been a
you know, it's a it's an interesting aspect of the
business that we've put together, but the increase in capital
(13:04):
is representative of the client demand.
Speaker 4 (13:08):
Michael, I think the sole outstanding question the industry has
for Corewave is what is the proportion of workload you're
running that is inference versus the proportion of workload you're.
Speaker 6 (13:20):
Running that is training.
Speaker 4 (13:22):
They're searching for a very specific number, and we can
get into why.
Speaker 11 (13:26):
Yeah, so.
Speaker 8 (13:29):
I'm going to disagree with you. I'm going to say
there's a few more questions that we're still working through
I've got. But look, you know I said this on
yesterday's earnings call, right, there is no trend that makes
me more excited about the prospects of our business than
the continued increase and velocity of inference Because at the
(13:54):
end of the day. What inference represents is the monetization
of all of the investment that going on into artificial intelligence.
It is a representation of the AI labs, of the
enterprise clients that have invested enormous sums of money into
the compute, into the software, into all the aspects of it,
(14:16):
actually turning it on and having clients use it to
improve the quality of their products delivered to their clients.
It is by far the most important trend that I
watch every day.
Speaker 4 (14:29):
This is your first quarter as a public company, right,
and if you scale back to the basics, it's buying
GPUs and renting out the GPUs and that becomes a
little bit like a low margin commoditized business. Primer facie.
What is it that you're doing that's the value add
What is it? It's making data centers more efficient now.
Speaker 8 (14:49):
So this is one of the kind of recurring trends
is that people trying to understand the compute requirements for
artificial intelligence are relying on the best proxy they have,
and that is the legacy cloud, and they're looking at
it and thinking about it as if it is a
commodity service. The reason that these clients, the reason the
(15:11):
most demanding consumers of this infrastructure come to core Weave
is because of the way that we integrate the commodity
hardware into our specific software solution, which extracts such incredible
performance games and makes it so incredibly effective to build models,
to run models, to be able to ultimately build their business.
(15:34):
It is not a commodity. It's really difficult to run
this infrastructure. It's really difficult to build this infrastructure. And
Corewave's entire business, truly from the data center all the
way up through the software stack, has been built around
the concept that we are decommoditizing it, that we are
providing enormous value on top of the compute. Our latest
(15:55):
acquisition of Weights and Bias that's a great example of
how our software stack will fundamentally decommoditize the products that
we're delivering and imbue the products that we have with incredible.
Speaker 4 (16:10):
Vale cour We've CEO Michael and Traded. It's great to
have you on Bloomberg Technology. Congrats on your first quarter
as a public company. We want to welcome our worldwide
TV and radio audiences. We look at shares of an
(16:32):
investment platform e Toro stabilizing a little bit after a
pretty hyperbolic debut in public markets. Yesterday the competitors robin
Hood began publicly trading at fifty two dollars to share
the upsize IPO raised raised nearly six hundred and twenty
million dollars for companies and investors.
Speaker 6 (16:51):
Were joined now by Utro's CEO.
Speaker 4 (16:53):
Say, for both Caroline and I, it's a little bit
of a sort of full circle story because I'd say,
over the last day, cad or more it TOI is
a company we probably most consistently talked about. Finally you've
gone public. Actually, when chair started trading it was well
above fifty two bucks.
Speaker 6 (17:11):
How does that feel for you?
Speaker 12 (17:12):
It's an amazing feeling, you know, the last two weeks
on the road show, being inside capital markets here in
the US, now listing on ASDAK, a super exciting journey.
Eighteen years in the making of building Etro, the world's
largest social investment network. Can now our customers can trade
(17:34):
Toro on Ititorro.
Speaker 4 (17:37):
Educate the audience that doesn't necessarily know about Etro. What
is the proportion of stock activity on the platform versus
say crypto, What is the mainstay of your business?
Speaker 12 (17:48):
So we're doing both customers today on it Toro can
trade stocks from over twenty different capital markets as well
as more than one hundred and thirty different assets. We
started the business in Europe and the UK. Our largest
markets spend into Asia, UA and now the US as well.
(18:09):
And our customers when they trade, they share of their
trading activity and you can actually see the portfolios in
the trek record of our customers, and you can automatically
copy the most successful investors on the platform. So it's
not only about trading yourself both crypto and stocks. It's
about being able to see others that are successful and
(18:30):
copy them automatically. And the ratio between stocks and crypto
changes in market dynamics. Last year, twenty five percent of
total net contribution was actually crypto trading activity. Years when
crypto was in a bull run like before. Sometimes it's
up to sixty two percent, so it really changes with
(18:51):
the markets.
Speaker 3 (18:53):
We keep comparing you to Robin Hood and at the moment,
I mean you have a social nature of course, spelling
out in the way that you can copy those and.
Speaker 5 (19:02):
Invest like them. But with Robin Head at a.
Speaker 3 (19:05):
Fifty two billion market cap and yourself at a five
billion as it currently stands.
Speaker 5 (19:09):
How do you close that gap?
Speaker 3 (19:10):
How do you show that you're more closing terms of competitors.
Speaker 12 (19:14):
I think eventually a lot of great companies are aiming
at a very very big opportunity, which is the largest
generational transformation of wealth in history. Eighty four trillion dollars
here in the US are going to move from older
generations to younger generations. In Europe not that far behind,
sixty trillion dollars are going to move from older generations
(19:34):
to younger generations. And I believe that our generation expects
to trade, invest, and save in a digital native solution.
And we're providing more than just the ability to trade
directly in the markets through the copy trading pattern of technology.
We provide people to automatically copy top investors from all
around the world, as well as more than one hundred
(19:54):
different smart portfolios, where we actually have our own chief
investment office with sixteen market analysts across the globe who
help our customers basically find portfolios like Thematics driverless cars.
We're just launching our also market neutral strategies learning from
the hedge funds I met here in New York. So
we're able to create more than just self directed trading,
(20:17):
but actually the entire world of investments through smart portfolios
and copy.
Speaker 3 (20:22):
Trader, and that's as the business model MATURESI it's interesting
that you sort of said you've got yourself to a
more mature state than back in say twenty twenty one,
when you were looking at going public virus back. Just
tell us how different it looks now. What happened then
to make you push to go for an IPO this time?
Speaker 12 (20:39):
I think you know, we call twenty twenty two the
year of education. A lot of our customers learned that
markets don't always go up. And we were focused initially
in twenty twenty one we need growth at all costs,
strategy very sort of VC minded, let's just spend money
to grow. And I think what twenty twenty two to
(21:00):
us is to change our strategy to profitable growth. And
we've significantly scale up profitability in it Toro with more
than three hundred million dollars of adjusted to be the profit.
So I think that's the significant transition that we've done
in the private market bring us to profitable growth, which
is a strategy that I believe is more fit to
public markets.
Speaker 3 (21:20):
There was a lot of demand and now we see
a lot of more IPO sideline waiting companies wanting to
follow your tracks.
Speaker 5 (21:26):
Johnny A Sea, it's great to have you back on
the show. CEO VI Toro, thank you.
Speaker 7 (21:38):
But I had a little problem with Tim Kky yesterday.
I said to him, Tim, you and my friend I
feated you very good. You're coming here with five hundred billionaires.
But now I hear you're building all over India. I
don't want your building in India. You can build an
India if you want to take care of India. We
want you to build here. And they're going to be
upling their production in the United States Apple. So Apple's
already and for five hundred billion, but they're going to
(22:00):
be upring their production.
Speaker 3 (22:02):
Welcome back to New meag Technology and Caroline Hyde in
New York and.
Speaker 6 (22:05):
I met Lovelow in San Francisco.
Speaker 5 (22:07):
Carroc I mean, we.
Speaker 3 (22:09):
Think about the ramifications of President Trump following his call
on Apple CEO Tim Cook there to stop building so
much in India, satisfy the Indian demand in India. You
want to sartentisfy US demand closer to home. It's extraordinary,
really that shares managed to bounce off of their lows.
We're back flat on the day. More about the macro
picture here in the US, maybe some resiliency when it
(22:30):
comes to the inflationary data that we're seeing and retail lackluster,
but not a disaster.
Speaker 5 (22:35):
And we've got to dig in more.
Speaker 3 (22:36):
To what's happening in terms of Apple and its call
upon its own supply chain.
Speaker 4 (22:41):
Right now, Okay, let's get out to where the action
is happening. Bloomberg's Emory Horden joined us now for the
latest from Donald Trump's visit to the Middle East.
Speaker 6 (22:49):
In amh He's used.
Speaker 4 (22:51):
The public forum, so to speak, in the last forty
eight hours to specifically name check technology CEOs, some positively,
for example Jensen, and some more severe words for apples,
Tim Kirk.
Speaker 6 (23:03):
What have we learned?
Speaker 13 (23:07):
Right?
Speaker 14 (23:07):
This is the second time on the President's Middle East
tour that he actually called out Tim Cook. The first
time was on Tuesday in Riot. He looked out into
the room and he said, my friend, Jensen, you're here,
he said, but notably missing is Tim Cook.
Speaker 2 (23:21):
But you're here.
Speaker 6 (23:21):
And then before he touched.
Speaker 14 (23:23):
Down in Abu Dhabi, he was talking about Tim Cook
once again. In Doha, he was talking about the fact
that India might be prepared to what the President said,
literally lower their tirefrates to zero. And then he said,
but I'm having a problem with Tim Cook, and I
spoke to him about this yesterday. Why are you moving
all your manufacturing to India. We let it go that
you built all these plants in China. We want you
(23:45):
to come to the United States. What's so interesting, of
course about this. The President has been flanked by corporate America,
especially tech executives, throughout this entire trip, and notably missing
was the Apple CEO, and the President found time to
call him back. What he I guess very frustrating and
disturbing to him. And the President said, though that he's
(24:06):
going to be moving that manufacturing to the United States.
That has not been what Apple's been talking about. They're
talking about de risking from China, willing to go into
India potentially maybe more conversations about investments in the United
States though.
Speaker 3 (24:20):
And of course investments still coming with the Middle East,
and it's interesting that a lot of that is focused
around access to AI sophisticated chips going to where you
currently are, whether it's Abu Dabi also over in Saudi Arabia.
But this is ringing alarm bells within the president's own
administration memory.
Speaker 14 (24:41):
Yeah, that's right, and that becomes the national security concerns
around all of this, getting what many would consider these
Gulf countries as geopolitical swing states. This administration, especially with
the China Hawks and this administration and even China Hawks
Democrats in Washington want to make sure that the technologies
does not leak to China. We saw a huge win
(25:02):
for the likes of Nvidia and AMD in Saudi Arabia.
We are on the heels waiting for a potential announcement
here in Abu Dhabi of some sort of tech cooperation
when it comes to AI. This story started in March.
I reported about Chicktan Noun coming to the United States
in the Oval Office, and the UAE announced that they
were willing to invest one point four trillion dollars when
(25:23):
it comes to AI and building data centers. But in
order for them to do that, they need to get
their hands on the chips, and we have reporting and
potentially we will see these come across the finish line
where the president is in the Emirates that they would
likely allow one million high advance chips from Nvidia coming
into the country. Kei, though, Caroline, to your point, for
(25:48):
this to happen, they need to make sure that that
technology does not leak into the hands of Beijing.
Speaker 6 (25:54):
Plums Am Marie Horden, thank you very much.
Speaker 4 (25:57):
The European Union today accused Takeok of breaking digital rules
by not being transparent enough about advertisements Chinese owned social
media platform says it's reviewing the decision. It's the latest
regulatory move by the Bloc against so called big tech.
Speaker 6 (26:13):
I want to get to more.
Speaker 4 (26:14):
On how the European Union is approaching tech regulation and
development like AI and bring in Hennah Vickenan.
Speaker 6 (26:22):
She's the European Commission's.
Speaker 4 (26:23):
Executive Vice President for Tech, Sovereignty, Security and Democracy. Executive
vice President. Welcome to San Francisco, into the program. Actually
you heard Anne, Marie there discuss a number of issues
on the global stage.
Speaker 6 (26:36):
On your agenda and your calendar this week.
Speaker 4 (26:38):
I believe you've met already with Tim Cook and Sunda Pichai.
You will meet with leaders like anthropics, Dario Amma Day.
What were those conversations about and what was the focus.
Speaker 15 (26:50):
For your visit specially of course I want to meet
American tech companies because for them, European Union is the
biggest external markets and many of them they are having
more users in the European Union than in USA. So
of course it's very important that we have good dialogue
with the tech companies and specially in the European Union.
We want to boost investments and innovations when it comes
(27:12):
to technologies, and we want to make sure that, for example,
in AI we are building our own capacities. Also on AI,
so especially we are speaking about our innovation at gender
where we are willing to boost investments, innovations, create one
single market, simplify the processes. So we want to make
Europe faster and easier for businesses.
Speaker 4 (27:32):
The top story in the world today is the idea
that the President of the United States has made an
appeal to Tim Kirk to move production of the iPhone
many millions of iPhones in Europe from India to the
United States. Does the European Union have an offer to
American technology companies to think about moving some of their
(27:53):
industrial base to the block.
Speaker 15 (27:55):
We have, of course our own strengths when it comes
to European Unions, so we are stable place for investments
of course, and I think we have also very like
predictable regulatory framework also and of course very talented work force.
So I think these are our greatest strengths in the
European Union and we really want to encourage also more
(28:17):
investments and innovations in the European Union when it comes
to technologies.
Speaker 3 (28:22):
Executive Vice President, it's interesting that you say a predictable
regulatory environment, because many executives from big tech companies find
it a frustrating regulatory environment. They think that it's too tough.
What would your response be when you're going to meet
Mark Zuckerberg in particular, who has lobbied the President of
the United States. We understand because of some of what
he sees draconian regulation coming.
Speaker 5 (28:43):
From the EU.
Speaker 15 (28:46):
What we want to make sure in the European Union
is that we want to have a fair and safe
and democratic environment. But also when it comes to digital world,
so we.
Speaker 5 (28:55):
Have very clear roles.
Speaker 15 (28:57):
So we don't think that it's good to have, for example,
mono police, because those gatekeepers they are often plugging them
new innovations to enter through the market. So we want
to make sure that we have fild competition, we have
level playing feed for everybody. And also when it comes
to big online platforms, they also have to take the
responsibility there to make sure that they have not for example,
(29:19):
spreading illegal content or selling illegal products. And they have
to make care take care of course, for example, of
safety when it comes to protection of miners, for example.
So we have some very important priorities now we are
also discussing with our online platforms.
Speaker 5 (29:35):
Especially the priorities.
Speaker 15 (29:37):
Are very much connected to our democratic processes and protection
of miners for example, and transparency is something that we
are also obliging from the very large online platforms because
they have a great economic power nowadays in the world
and also create power in our society. So that's why
it's important that they are also respecting our rules and values.
Speaker 5 (30:00):
And your fines.
Speaker 3 (30:01):
And you did just levy what was it, five hundred
million eurofine to Apple recently two hundred million euro two
Meta because you feel that they didn't align themselves with
the Digital Markets Act in particular. But some would say
those fines were smaller than expected. Because we're worried about
the repercussions within the tariff negotiation. How do you respond
(30:22):
to that as ecutive vice president, Perhaps you're going softer
because suddenly Trump is going harder.
Speaker 15 (30:30):
It's not something that we are seeking that we are
posing fines for the companies. Of course, the main idea
is all the time to make sure that everybody is
complying with our roles. And the main tool how we
are working with the digital companies is to have all
the time dialogue with them and look that what we
are expecting from them and how they could comply with
(30:50):
our roles, and of course all of them always defending
their business interests, but I think we have also good
dialogue with them and constructive discussions.
Speaker 6 (31:00):
Executive Vice President.
Speaker 4 (31:01):
Last month, Bloomberg reported that President Trump was pressuring Europe
to get rid of the AI Code of Practice, which
is the framework attached to the EUSE Artificial Intelligence Act.
What conversations have you had with this administration about that issue?
The administration feels it is too burdensome on US technology
(31:24):
companies operating in the block.
Speaker 15 (31:26):
It shouldn't be, because we see also that it's important
that now when we are implementing our AI Act, that
we are doing it in very innovative and friendly manner,
and Code of Practice is really something that is supposed
to help also businesses and industries and sms to comply
with our al So we are still finalizing code of practice,
but there has been a month of discussion with the
(31:47):
different stakeholders and public hearings about it and we are
still working on it. But how we want to implement
our AI Act is very much that we want to
support our industries and SMEs to really develop AI in
ther Union. But in the same time, we see that
it's important to be aware of the risks.
Speaker 4 (32:04):
You brought news with you, and that is the TikTok news. Today,
the EU says that the TikTok ad system breaks consumer
protection rules.
Speaker 6 (32:12):
Why what is your argument?
Speaker 15 (32:15):
They haven't been transparent in their actions, So it's something
what is core in our Digital Service Act legislation that
online platforms they have to be transparent with their actions.
And that's why we saw that TikTok is not complying
with our rules. So we published preliminary foundings today and
now they have time also the review and respond and comply.
(32:37):
We have several investigations going on in a pipeline now.
Speaker 3 (32:42):
Hannah Beckon, it has been wonderful having some time with you.
Speaker 5 (32:45):
We appreciate it.
Speaker 3 (32:46):
As you said, across all of your meetings and speeches
European Commissioner for Tech, Sovereignty, Security in Democracy, on all
things EU regulation.
Speaker 5 (32:54):
Meanwhile, we just bring you some breaking news.
Speaker 3 (32:55):
Toma Bravo is said to be have sold already it's
remaining stake ink.
Speaker 5 (33:00):
For three point four billion dollars.
Speaker 3 (33:03):
Now, this, of course is the company the NASDAK that
operates the exchanges and overall the private equity firm working
with JP Morgan on The sale is conducted in an
unregistered block of trades on the May seventh and May thirteenth,
so selling the rest of their remaining Nasdaq holding shares
flat on the day.
Speaker 4 (33:18):
For that company, Ali Baba earnings failed to impress investors
as it faces slow in growth in its e commerce
arm and missed earnings projections for its cloud business. Let's
get out to Bloomberg's Henry Wren. Those are the two
key categories. But what do we learn about the underlying reasons?
Speaker 6 (33:41):
Henry?
Speaker 16 (33:42):
Yeah, sure, some worrying signs for Alibaba this quarter. And
let's start from the core e commerce business. The customer
management revenue was pretty strong, up by about twelve percent
from a earlier. However, there has been some more signs
of competition going on. The company said that it's going
to invest more heavily in a quick commerce business, which
(34:03):
is an area that already been under investment under assault
by its peers such as JD dot Com as well
as PDD. The company said that its advertising tool as
well as higher take rates from merchants are taking effect. However,
it's unclear how much of the GMV has been growing
for Ali Baba, so that has always been a concern
for Ali Baba because it has been seeding market share
(34:25):
to JD dot Com as well as PDD. On the
other hand, for Cloud, it's growing about eighteen percent in
terms of revenue. However, on earnings from because it's still
investing heavily on AI chips, so earnings was a miss,
and on the sales growth it's also missing more bullish
investor estimates about twenty percent, so that has been a
disappointment as well.
Speaker 3 (34:46):
Into these earnings, and Henry just go to the AI
side of the equation as well, because they've been trying
to reorientate.
Speaker 5 (34:53):
The logistics side was a weak point.
Speaker 3 (34:55):
But Generator AI and the infrastructure and investment, they're not
quite living up.
Speaker 2 (34:58):
To the hype. Yeah.
Speaker 16 (35:00):
Indeed, so remember last quarter that Ali Baba told us
that it's going to be an so called AI first company,
is going to be pivoting a strategy to or in AGI.
However we did this, didn't hear so much about AGI
from the management in this quarter, and the company, to
its credit, it's still seeing strong demand for AI influencing. However,
(35:24):
it's probably takes time to invest because it's still kind
of it told us that it's still in the investment
phase of this business. And in the meantime, its.
Speaker 6 (35:33):
Models, its Q and models is generating some revenue.
Speaker 16 (35:36):
However, it just takes some time to gain traction.
Speaker 3 (35:39):
Bloom merg Henry Wren on all things Ali Baba and
in commerce, we appreciate it. Let's stick with China because
the ATL is set to raise at least four billion
dollars in its Hong Kong share listing, pricing at the
top of the end of the range and what is
indicated based on some really strong demand so all according
to sources. Let's go out to creator Dell who who
tell us just how the e battery maker that is
(36:01):
kind of in the eye of the geopolitical storm between
China and the US is managing to drum up such
support for this secondary listing.
Speaker 17 (36:09):
Yeah, and this listing was very much caught up in
all of that sort of geopolitical tension where you had,
you know, US banks that maybe we're going to have
a role have to bow out. You know, CTL going
back a few years has very much been a political
football where you know, I'm reminded of the governor of Virginia,
(36:30):
Glenn Youngkin, you know, was in the running for a
plant where Ford was going to license c ATL technology,
and he pulled his state out of the running and said,
you know, this is a you know, a trojan horse.
You know, these are just batteries, to be clear. And
yet because of the dominance of China in this space,
there's a lot of concern elsewhere in the world about
(36:52):
how the how the West can possibly sort of catch
up or compete with you know, the scale that this
company has now reached.
Speaker 4 (36:59):
I remember that story and that interview with young Can
very well. The frank reality is is that c at
L is the world's biggest It is core to the
EV battery cell supply chain. Where do those batteries get
made and where do they go? And I'm of course,
kind of hinting at Tesla's relationship with c at L.
Speaker 17 (37:19):
Yeah, I mean they predominantly make their batteries in China
for China, and so if you want to buy a
Tesla and you happen to be in China, you may
indeed have a car with c at L batteries.
Speaker 2 (37:32):
And in fact, I mean, you know, virtually all.
Speaker 17 (37:35):
Manufacturers, you know, most of the major manufacturers are at
least using Catel batteries in many of their models, right,
And so you know, this is a company that is
going overseas a little bit.
Speaker 2 (37:49):
It is, you know, opening in Germany.
Speaker 17 (37:52):
It's it's not entirely relyant on China, but it is
very much a dominant aspect of their business.
Speaker 2 (37:58):
I think that's part of why you have so much.
Speaker 17 (38:00):
Concern on the part of government, since it's not so
much you know, completely being you know, unwilling for this
company to supply it wants, you know, I think, especially
over here in Europe, there's a desire for Okay, we're
open to you supplying to our manufacturers, but you need
to build here.
Speaker 3 (38:20):
The most credudell As a theme for the day, it
seems we appreciate you ed what's next.
Speaker 6 (38:25):
Okay, it's between tech and first Up.
Speaker 4 (38:28):
Pony Ai is confidentially filed for Hong Kong listing, with
an offering set to take place this year. That's according
to sources. The move comes as the autonomous driving company
announced to partnership with Uber last week. Pony Ai declined
to comment about the potential listing, and the offering size
remains unknown. Plus sales of China Jaumi Su seven sedan
(38:49):
plunged to around thirty six thousand units in April, continuing
a lower trend from March after the company faced a
fatal highway accident involving one of its vehicles. The company,
you're also facing back clash from consumers over alleged false
advertising at the vehicle's hood design and bay Do is
fanning to test and eventually launch its autonomous ride haating
(39:09):
service called Apollo Go in countries like Turkey.
Speaker 6 (39:13):
And across Europe. That's according to sources.
Speaker 4 (39:15):
The companies in talks with Swiss Posts to roll out
a robot taxi service in Switzerland.
Speaker 6 (39:21):
We're testing to start by the end of the year.
Speaker 3 (39:31):
Bloomberg Technologies ones to Watch list it's out today this
year highlights ten people shaping the artificial intelligence sector, and
Joshua Brustin joins us to talk us through what is
a myriad of investors, entrepreneurs, regulators, thought leaders and I'm
really interested in Well, let's start with three. We're going
to single out Luke Farada. Now he's a software engineer.
(39:51):
We know him for his DOGE work, but we should
know him for what he's doing with an ancient scroll Previously.
Speaker 13 (39:56):
Yeah, we actually wrote about Farada last year when he
won a contest to use artificial intelligence to read the
words on a series of ancient scrolls that have been
burnt during the explosion of POMPEII, and this brought him
to prominence and Ferreder, also a former SpaceX intern, then
(40:16):
got a new position working with DOJE. We don't know
a lot about what he's doing now, but we do
know that a lot of people are trying to watch it.
Speaker 6 (40:24):
At least.
Speaker 4 (40:26):
Sarah Gua has been coming on this program with respect
for almost two years, so I think I identified her
as one to watch well before this list.
Speaker 6 (40:34):
But Joshua, she's connected.
Speaker 4 (40:37):
She's influential in Silicon Valley as an investor, but particularly
in the realm of AI.
Speaker 13 (40:44):
Absolutely, I think She was one of the most nominated
people when we went out looking for calls here. Had
a history investing in other sectors, notably Crypto. Recently has
been looking into the AI sector. She's made investments into
companies that if you follow away at closely, you may
have heard of, not the Open Aiyes and Anthropics, but Mistroll,
(41:06):
the European AI company, and Harvey, a company that's doing
AI for legal work.
Speaker 3 (41:12):
I think it's really notable that you've got fifty to
fifty women and men across this particular list, and one
of the most leading voices when it comes to the new.
Speaker 5 (41:20):
Era of social is ja Over at Blue Sky.
Speaker 3 (41:24):
And the way in which has perhaps taken on Mark
Zuckerberg at.
Speaker 5 (41:27):
His own game.
Speaker 2 (41:28):
Yeah.
Speaker 6 (41:28):
Absolutely.
Speaker 13 (41:29):
Jay Graber the CEO of Blue Sky, which actually is
a social network that started with in Twitter and has
spun out. The idea here is to have a social
network that has you have more control over what you're seeing,
what's in your feeds. It's decentralized, so you can't have
the control that someone like a Mark Zuckerberg has And
Graber really was notably wearing a shirt that had some
(41:53):
Latin writing in it, sort of mocking Mark Zuckerberg for
taking to wearing a shirt that compares himself to Julius Caesar.
Speaker 4 (42:00):
Bloombergs Joshua Breustein, thank you very much, and that that
does it for this edition of Bloomberg Technology.
Speaker 5 (42:05):
Do not forget to check out our podcast.
Speaker 3 (42:07):
Of course, you can find on the terminal Apple, Spotify,
iHeart this is Bloomberg
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