The Rise of Enterprise AI | Bloomberg Technology

Summary

「Bloomberg Technology」では、Salesforceの売上成長が過去最低に落ち着き、それに伴い市場全体が影響を受けたと報道されています。一方で、C3 AIのCEOとのインタビューでは、企業AIの需要が増加していると語られています。さらに、Elon Muskのビジネス帝国とその影響力についても触れられています。また、テクノロジー企業における倫理とリスク、特に個人情報保護の重要性が議論されています。

Takeaways

• 📉 Salesforceの売上成長が史上最低に減速し、株価が2日で20％下落したと報道された。
• 🔍 企業はAI投資を増やす一方で、どこから資金を供給するかが問題となっており、エンタープライズソフトウェア巨頭からの資金がAIへの投資の犠牲になっている可能性がある。
• 💼 UI Pathの株価が大幅に下落。予想通りの利益を発表し、市場戦略に懸念を呼び起こした上、CEOが突然退任した。
• 💡 HPは商業需要の回復により、PC部門の成長を記録したが、プリンター部門は成長を见せなかった。
• 🌐 技術革新の中心であるシリコンバレーを中心としたさまざまな分野での動向が議論された。
• 🚀 企業のAI投資は、2025年または2026年まで収入を生み出さないと予想されており、投資家にとっては時間がかかりすぎるとの見方がある。
• 💼 民間企業と政府の間のAI投資の違いが指摘されており、政府系の企業はAIをビジネスプロセスに適用する動向が強い。
• 🛰️ AST Space MobileはAT&Tとの提携を通じて100％のネットワークカバレッジを提供するというニュースで株価が急騰した。
• 🗳️ アメリカの選挙に際して、仮にトランプが再選された場合、エルン・マスクがアドバイザリー役として参加する可能性があるという報道がある。
• 📈 テクノロジー企業の動向は株式市場全体に影響を与えており、特定の企業の結果が市場全体の方向性を変える可能性がある。

Q & A

セールスフォースが過去最低の成長率で急落した理由は何ですか？

セールスフォースの急落は、現在の四半期の売上成長が史上最低になったことが主な理由です。企業は現在、AIへの投資を検討しており、それに伴い従来のソフトウェア企業からの支出が削減されていると見られています。

C3 AIが報告した良好な結果とは何ですか？

C3 AIは良好な結果を報告し、彼らは企業AIをビジネスプロセスと政府プロセスに適用することで需要が大幅に増加していると述べています。特に国防、情報、石化、エネルギーなどの分野においては特に高い成長を記録しています。

UI Pathの株価が下落した理由は何ですか？

UI Pathの株価下落は、予想より低い成長率と市場からのダウングレード、そしてCEOの突然の退任という複数の要因によるものです。市場は彼らの戦略の将来性に関する懸念を持っており、特にAI分野における投資がソフトウェア企業の犠牲になる可能性があると懸念しています。

Needhamが販売から落ちる主な要因は何ですか？

Needhamの販売からの落下は、彼らの業績が予想されていたものから大きく外れており、市場からの需要が3分の1減少したことが主要な要因です。これは、企業がAIへの投資を検討していることが影響を与えていると見られます。

AI技術がビジネスに与える影響として、どのような具体的な例が挙げられますか？

具体的な例として、C3 AIが提供する技術は空軍の生産性向上に役立ち、予測分析を活用して計画外のシステム停止を回避し、特定の日における航空機の可用性を25%増加させています。また、シェルはC3 AIとAzureを組み合わせたAIによって、年間2億ドルの経済的なリターンを実現しています。

アマゾンがGrubHubユニットを80％増加させる理由は何ですか？

アマゾンはGrubHubユニットを80％増加させることで、顧客に対してより多くの食品配達サービスを提供する能力を強化しています。これはアマゾンが市場における食品配達サービスの需要に対応し、その領域での存在感を高めるための戦略的なステップです。

AST Space MobileがAT&Tとの提携を通じて何を達成していますか？

AST Space MobileはAT&Tとの提携を通じて、デッドゾーンの終結と100％のネットワークカバレッジを提供するという目標を達成しています。これは彼らの衛星電話サービスを通じて、より多くの場所で人々が電話を利用できるようにするものです。

AI技術が個人のプライバシーに与える脅威とはどのようなものですか？

AI技術は個人のプライバシーに脅威をもたらしており、ソーシャルメディアにおけるAIの使用が若者のうつ病、自殺、若い女性の体型に関する問題などに影響を与えるとされている。さらに、これらの技術が民主主義プロセスに介入されることもあると指摘されています。

Elon Muskが現在経営している企業はいくつありますか？

Elon Muskは現在、6つの企業を経営しています。その多くはテクノロジーと宇宙開発に関連しており、彼自身がこれらの企業の中心となる存在となっています。

テレコムイタリアが注目している分野はどのようなものですか？

テレコムイタリアは、衛星電話サービスプロバイダーであるAST Space Mobileと同様に、通信分野における新たなビジネスモデルと技術に注目しています。彼らは市場における動向を追い、新しいビジネスチャンスを探しています。

Outlines

00:00

📉 セールスフォース収益悪化とIT業界への影響

セールスフォースは今期の売上成長が史上最低となり急落した。これにより、S&P 500やナスダック指数も影響を受けており、債券市場は景気後退の可能性があるという懸念から上昇している。一方で、HPは業務用PC市場での成長により上昇しているが、プリンター部門は苦戦中である。UIパスは予想外のCEOの退任と見直しの影響で下落している。特に注目されるのは、セールスフォースが人工知能への投資が利益に還元されるまで2025～2026年と遅れ、同社のAI関連製品が利益を生み出し始めると予想されていることである。

05:02

🌐 民間企業とスタートアップがAIを活用する動き

民間企業はAIを応用層で使用しており、特にフィンテック分野で多くの活動が見られる。スタートアップもAIを活用し、顧客関係管理などの分野で注目される。メッセージバードはその一例であり、通信分野でAIを活用している。しかし、AIを活用するためには高額なコストがかかるため、企業はそのコストをどう補償するかが問題となっている。

10:05

🛰️ AST空間携帯電話サービスの展開と意義

AST空間携帯電話サービスは、地上の携帯電話網にアクセスできない場所でも通信を提供する技術を展開している。これは、アメリカ合衆国を含む世界中の人々が携帯電話で通信できるようにする重要な一歩である。ASTは、地上の通信会社と提携し、100％のカバーを提供する計画を進めている。これにより、アメリカ国内のデジタルディバイドを埋めるだけでなく、世界中の人々が知識と情報を平等にアクセスできるようにする意義がある。

15:12

🚀 エロン・マスクのビジネス帝国とその影響

エロン・マスクは現在6つの企業を運営している。その多くはテクノロジーや航空宇宙業界に関連している。しかし、彼が同時に多くの役割を果たしているため、TESLAを含む企業の運営に影響が及んでいる可能性がある。TESLAは人員削減や株価の下落、需要の低迷など、さまざまな問題に直面している。マスクがTESLAの支配的株式を獲得しようとしており、株主からの反発も強いが、彼は引き続きそのビジネスを運営し続けている。

20:17

💼 企業におけるAI技術の採用と課題

企業はAI技術を積極的に採用し始めており、内部での利用例が増加している。技術的な課題に対する回答や複雑な質問への答えなど、多くのビジネス分野でAIの能力は変革をもたらしている。しかし、AIの採用にはジョブカットなどの懸念もあり、企業は技術者を獲得し、AIを効果的に組み込む方法を模索している。

25:20

💡 分散型技術とその発展

分散型技術は急速に発展しており、新たに設立されたファンドも増えている。特に、イーサリアムに関するETFが承認されるなど、業界はますます主流へと進んでいる。政府はこれに対処する立法を進めており、業界に明確さを提供する方向で動いている。これにより、顧客保護のためのルールが設けられ、より健全な市場が形成されることが期待されている。

Keywords

💡セールスフォース（Salesforce）

セールスフォースは顧客関係管理（CRM）ソフトウェアを提供する企業です。ビデオでは、売上成長が過去最低になったことによって株価が急落していると報道されています。これは企業ソフトウェア市場におけるAI投資の影響を示す重要な指標と言えるでしょう。

💡企業ソフトウェア（Enterprise Software）

企業ソフトウェアとは、ビジネスプロセスを自動化し、企業の需要を満たすための大きなシステムソフトウェアです。ビデオでは、AI技術への投資が企業ソフトウェア巨擘の売上成長に影響を与える様子が議論されています。

💡AI投資（AI Investment）

AI投資とは、人工知能技術の研究開発や実装に資本を投入することを指します。ビデオでは、企業がAI技術への投資を増やすことで、企業ソフトウェアのアップグレードなどの支出が犠牲になる可能性があると示唆されています。

💡ジェネラティブAI（Generative AI）

ジェネラティブAIとは、新しいデータやコンテンツを生み出す能力を持つ人工知能のサブタイプです。ビデオでは、セールスフォースがジェネラティブAIを導入しても収益を生み出すまでの期間が長くなるとされており、これが投資家の関心を失奪する原因となっていると分析されています。

💡GPU（Graphics Processing Unit）

GPUは、画像やビデオを処理するための特別なプロセッサーで、ディープラーニングなどのAIアプリケーションで広く使用されています。ビデオでは、NVIDIA社がGPUを提供し、AI技術への投資が増加していることを示しています。

💡デル（Dell）

デルはコンピュータ技術の企業で、ビデオではAIサーバーの供給元として言及されています。企業がAI技術への投資を増やすことで、デルのようなハードウェア企業の売上が向上していると報道されています。

💡マイクロソフト（Microsoft）

マイクロソフトは、ソフトウェアや技術サービスを提供する企業で、ビデオではAI分野における投資の一例として挙げられています。マイクロソフトはAI技術を統合し、製品やサービスを強化する取り組みを行っているとされています。

💡AI言語モデル（AI Language Model）

AI言語モデルとは、自然言語処理のための高度なAIアルゴリズムです。ビデオでは、企業がAI言語モデルを活用し、ビジネスプロセスの改善や自動化を目指していると議論されています。

💡スタートアップ（Startup）

スタートアップとは、新しいビジネスモデルや技術を開発する初期段階の企業です。ビデオでは、AI技術を活用するスタートアップが注目されており、彼らは既存の企業ソフトウェア企業に挑戦する可能性があるとされています。

💡AI倫理（AI Ethics）

AI倫理とは、人工知能の開発と使用に関連する道徳的問題を検討する分野です。ビデオでは、AIの脅威とリスク、特に個人のプライバシー権への影響について言及されており、倫理的な使用が求められていると強調されています。

Highlights

Salesforce公司股价暴跌，因当前季度销售增长降至历史最低点。

C3 AI公司CEO报告称公司业绩良好。

深入探索埃隆·马斯克的商业帝国。

Salesforce的增长统计数据令人痛苦，下一季度的收入增长预期远低于通常的两位数增长。

企业在购买NVIDIA的服务器和芯片时，资金来源成谜，这影响了企业软件巨头。

RBC银行表示，AI支出可能以牺牲Salesforce等软件玩家为代价。

Salesforce的CEO马克·贝尼奥夫对公司在AI领域的位置持乐观态度，尽管收入预期要到2025年或2026年才能实现。

Yuma Crossing Capital Advisors的董事总经理讨论了在私人技术公司的投资，特别是在美国、欧洲和亚洲。

MessageBird作为CRM更广泛帮助的一个案例，是公司愿意花钱的领域之一。

大型语言模型的成本正在被微调，这可能会影响业务成本。

C3AI公司的股价因对人工智能功能的需求而上涨，该公司提高了公司指导。

C3AI公司专注于政府支出，尤其是联邦政府、国防和情报方面的增长。

C3AI公司将自己定位为真正的原生AI公司，与15年前的传统应用软件公司不同。

C3AI公司的技术被美国空军用于生产性维护，通过预测分析提高了飞机的可用性。

AI带来的风险是巨大的，需要关注个人隐私和社交媒体上的公共健康危害等问题。

拜登政府将举办关于AI竞争的事件，但大型AI公司如NVIDIA、Alphabet、Microsoft等未被邀请。

Elon Musk被提及可能在特朗普再次当选时担任顾问角色，尽管这可能不会发生。

Tesla公司目前面临一些混乱，包括裁员、股价下跌和需求不足等问题，引发了对Elon Musk同时管理五家公司的担忧。

AST Space Mobile公司与AT&T和Verizon达成协议，提供100%覆盖的卫星移动服务，以消除覆盖盲区。

AST Space Mobile公司不需要特殊终端即可连接到手机服务，与SpaceX的Starlink形成对比。

AST Space Mobile公司计划从今年夏天开始发射卫星，并持续到2025年和2026年。

AST Space Mobile公司的股价在过去一个月大幅上涨，公司致力于消除数字鸿沟，实现全球100%覆盖。

Arthur公司为大型语言模型提供防火墙，发布了对行业领导者各种大型语言模型项目的总体评估。

Arthur公司的CEO讨论了大型语言模型的成本效益，指出现在有许多开源和商业模型能够很好地回答问题。

Haiku模型来自Anthropic，是一个好的开源模型，能够快速且经济地回答基于特定数据的问题。

Arthur公司帮助企业安全地采用大型语言模型，并确保它们最适合企业业务。

一些公司正在积极采用AI，从内部用例开始，如技术问题解答和工业领域代表设备制造商的复杂问题解答。

采用AI的公司没有出现工作岗位减少，而是通过提高效率来整合AI，例如减少年度招聘人数。

苹果公司正在寻找一位高级工程师，帮助为Android构建电视体育应用，这可能预示着将推出与现有平台竞争的TV Plus服务。

关于比特币和以太坊的讨论，专家们认为比特币是加密货币领域唯一的货币资产，而以太坊则是构建金融科技的平台。

专家们对以太坊ETF及其对整个生态系统的影响持乐观态度，认为这将为零售商提供更多接触这些加密资产的机会。

Jalak Jobanputra，Future Perfect Ventures的创始人，讨论了去中心化技术及其在政治上的变化，特别是在选举前的变化。

Jalak提到，去中心化空间正在政治化，特朗普表示支持加密行业，而现任政府则持反加密态度。

美国国会正在推动立法，为行业提供所需的明确性，包括确定哪些代币属于SEC或CFTC的管辖范围。

Transcripts

>> FROM THE HEART OF WHERE INNOVATION, POWER, AND MONEY

COLLIDE, SILICON VALLEY AND BEYOND, THIS IS "BLOOMBERG

TECHNOLOGY," WITH CAROLINE HYDE AND ED

LUDLOW.

CAROLINE: I'M CAROLINE HYDE. ED LUDLOW IS ON ASSIGNMENT.

THIS IS "BLOOMBERG TECHNOLOGY." SALESFORCE PLUNGES AS SALES

GROWTH FOR THE CURRENT QUARTER SLOWS TO ITS LOWEST IN HISTORY.

DETAILS TO COME. WE CONTINUE EARNINGS COVERAGE

AND SIT DOWN WITH THE CEO OF C3 AS THEY REPORT ON DECENT

RESULTS. AND WE TAKE AA DEEP DIVEI INTO

THE ELON MUSK UNIVERSE. ALL OF THAT AND SO MUCH MORE,

COMING UP. WE ARE DRAGGED LOWER BY THE

ABSOLUTE PLUMMETING IN SALESFORCE, HAVING AN IMPACT ON

THE OVERALL S&P 500. THE NASDAQ IS OFF AT THE MOMENT.

INTERESTING THAT THE GDP NUMBER CAME TO THE PREVIOUS QUARTER

FROM U.S. GROWTH THE BAD NEWS, THE YIELD

COMES DOWN AS INFLATION GROWTH IS COOLING IN THE UNITED

STATES, HELPING BOND MARKETS -- AROUND THE WORLD, HIGHER TO THE

.5% AMOUNT, GIVING ENERGY TO EQUITIES THAT ISN'T ROLLING

INTO THE UNITED STATES AT THE MOMENT, A LOT OF THAT IS ON THE

MICRO DATA. LET'S LOOK AT WHAT PEOPLE HAVE

IN TERMS OF THE EARNINGS TO DIGEST. THERE IS A RAY OF

LIGHT, FOR SOME. HP WENT BACK TO A COMMERCIAL

DEMAND WITH GROWTH IN THE PC PART OF THE BRIT -- BUSINESS.

NOT SO FOR PRINTERS, BUT WHEN OPTIMISM GOES FORWARD FOR PCS,

WE ARE UP 40%. UI PATH, NOT SO, TUMBLING NOT

ONLY BECAUSE IT CUT THE FORECAST AND SPURRED

DOWNGRADES, BUT THE CEO IS ALSO SURPRISINGLY DEPARTING TO

BUSINESS. A WORRYING MOVE IN TERMS OF

MARKET STRATEGY GOING FORWARD.

A LOT COMING OUT ABOUT NEEDHAM, SALES OFF BY A THIRD.

LET'S HAVE A LOOK AT WHAT'S HAPPENING IN TERMS OF THE KEY

STOCK TO WATCH.

SALESFORCE, THAT'S DOWN 20% IN TWO DAYS. WHY?

WE ARE GETTING SOME REALLY PAINFUL GROWTH STATISTICS.

REVENUE IS SET TO GROW IN THE NEXT QUARTER, BUT IT'S WELL

DOWN FROM WHAT WE USUALLY SEE IN TERMS OF DOUBLE-DIGIT SALES

GROWTH. IS IT NOT ABLE TO CONVERT

GENERATIVE AI? BRODY FORD WAS THERE TO BREAK

THE EARNINGS AFTER THE BELL YESTERDAY.

PAINFUL IF YOU ARE NOT IN THE STOCK TODAY. BRODY:

HERE'S WHAT I THINK THE BIG QUESTION IS.

AS CORPORATIONS WANT TO SPEND MONEY ON GENAI, SERVERS FROM

DELL, CHIPS FROM NVIDIA, MICROSOFT, WHERE IS THE MONEY

COMING FROM? JETS ARE STILL TIGHT.

CORPORATIONS WANT TO SPEND MONEY, IT'S A WEIRD ECONOMIC

MOMENT. WHERE IT SEEMS TO COME FROM OUR

THESE ENTERPRISE SOFTWARE GIANTS.

IF YOU JUST BOUGHT A BUNCH OF NVIDIA H 100, DO YOU WANT TO

SIGN A SEVEN-FIGURE CONTRACT UPGRADE YOUR CRM SYSTEM?

SEEMS THESE ARE GETTING PUSHED OUT.

WHILE LOWER THAN EXPECTED, IT'S A CONCERNING SIGN FOR INVESTORS

THAT IN THIS MOMENT THEIR AI SPENDING IS ALL THE HYPE, THEY

MIGHT NOT BE THE MOST RELEVANT NAME. CAROLINE:

YEAH, EXACTLY ECHOED BY RBC OVER THERE, SAYING THAT MAYBE

THE AI SPEND IS COMING AT THE EXPENSE OF SOFTWARE PLAYERS

LIKE SALESFORCE OR WORKDAY, WHICH ALSO HAD PRETTY POOR

EARNINGS. THE EARNINGS ARE NOT BEING

REFLECTED BY MARC BENIOFF, OPTIMISTIC -- ALWAYS HAS BEEN

-- BUT HE IS STILL SHOWING EXUBERANCE SAYING THAT THEY ARE

WELL-POSITIONED. HOW DO WE BUY THAT? BRODIE:

HIS FRAMING WAS INTERESTING SAYING THAT THEY WERE

WELL-POSITIONED FOR AI IN THE NEXT DECADE.

THEY HAVE A LOT OF INTERESTING FEATURES AND PRODUCTS COMING

OUT . YOU CAN GENERATE EMAILS OR MARKETING STUFF.

BUT THAT IS NOT EXPECTED TO CREATE REVENUE UNTIL 2025 OR

2026. HERE YOU CAN SAY THAT NVIDIA

TRIPLED EARNINGS THIS YEAR. DELL IS UP DOUBLE THIS YEAR,

RIGHT? A LOT OF THE HARDWARE NAMES ARE.

EVEN AZURE HAS A BOOSTED POSTING .

OR I CAN WAIT FOR THESE SOFTWARE MAKERS LIKE SALESFORCE

TO GENERATE REVENUE NEXT YEAR OR THE YEAR AFTER.

IT'S TOO MUCH OF A WAIT AND SEE STORY FOR INVESTORS WANT TO

WAIT. CAROLINE: LOVE THAT PERSPECTIVE.

THANK YOU FOR UPDATING US ON ALL THINGS SALESFORCE.

TECHNOLOGY ON THE PRIVATE SIDE, SOME OF THE COMPETITORS COMING

THROUGH IN TERMS OF COMPETING WITH THE LIKES OF SALESFORCE,

WE HAVE THE MANAGING DIRECTOR AT YUMA CROSSING CAPITAL

ADVISORS.

THEY ARE PARTNERING TO FOCUS ON INVESTING IN PROMINENT PRIVATE

TECHNOLOGY COMPANIES, NOT JUST IN THE U.S., BUT IN EUROPE COME

OVER YOU ARE AT THE MOMENT, AND IN ASIA WHERE YOU HAVE A LOT OF

EXPERIENCE. I WANT TO GO TO YOUR EXPERIENCE

HAVING INVESTED IN ONE OF THE FIRST CHECKS, MESSAGE BIRD,

ALSO KNOWN AS BIRD, REALLY HELPING WITH CRM MORE BROADLY.

IS THAT THE AREA WHERE COMPANIES WANT TO SPEND?

THE STARTUP? AT THE EXPENSE OF, SAY,

SALESFORCE? HIRO: YES. FIRST AND FOREMOST, PLEASURE TO

BE HERE, THANK YOU FOR HAVING ME WE ARE IN THE EARLY INNINGS OF

AI AT THE APPLICATION LAYER.

MESSAGE BIRD IS IN THE COMMUNICATIONS SPACE.

THERE'S A BUNCH OF ACTIVITY HAPPENING WITH FINTECH AT AI

BEING THE UNDERLYING DRIVER OF A MASSIVE SHIFT OF NEW

COMPANIES ALSO TACKLING THOSE PAIN POINTS THAT INDIVIDUALS

HAVE, AS WELL AS ENTERPRISES. THIS WILL BE AN EXCITING MOMENT.

LIKE YOU SAID, THERE IS THE MIDDLE LAYER THAT'S RELEVANT TO

TODAY. THE COMPUTATIONAL POWER THAT

THEN COMES WILL ALLOW US TO GO FURTHER, WHETHER IT IS POWERED

BY OPENAI, PHILANTHROPIC -- THERE ARE A LOT OF GREAT

COMPANIES IN THE INFRASTRUCTURE LAYER THAT THEY WILL WORK WITH.

CAROLINE: HIRO, HOW ARE YOU SEEING THE

APPLICATION LAYERS WEATHERING THE COSTS OF DOING THAT

BUSINESS WITH ACCESS TO COSTLY LARGE LANGUAGE MODELS? HIRO:

THAT'S A SUPER GOOD POINT, THIS WILL BE AN ONGOING THEME.

THE COSTS OF DOING BUSINESS, THE COSTS OF ENABLING ONESELF

WITH THESE LARGE LANGUAGE MODELS ARE BEING FINE-TUNED.

ALSO, THE VERSIONS BUILT ON TOP OF IT -- I KNOW THAT UBER HAS

THEIR OWN.

YOU WILL SEE A LOT OF THE ADOPTION HAPPENING, THOSE ARE

THE HYPERSCALERS. AS WELL AS THE BIG INSTITUTIONS.

BIG BANKS, BIG FINANCIAL INSTITUTIONS ARE THE AREAS

WHERE PEOPLE ARE ACTIVATING TO PERHAPS TAKE ADVANTAGE OF THE

AVAILABLE AI POWER. THIS WILL BE A COSTLIER.

CAROLINE: THEREFORE, WE'RE IN THE

ECOSYSTEM DO YOU WANT TO WRITE CHECKS? AT THE SCENE STAGE?

WHERE ARE THE MOST APPETIZING RISK REWARD? HIRO:

FOR ME, WHAT I HAVE BEEN DOING MY ENTIRE CAREER IS FOCUSING ON

THE MID TO LATE STAGE DEVELOPMENT AREAS OF THE

COMPANY LIFECYCLE.

WHAT'S HAPPENING AT THE SEED STAGE LEVEL, THEY ARE EARLY,

THESE AI NATIVE COMPANIES, THEY ARE THE VERSIONS HAPPENING AT

THE DAY -- HAPPENING TODAY AT THE EARLIER STAGE.

THESE COMPANIES WILL DEVELOP WITH MEANINGFUL TECHNOLOGY AND

WONDERFUL PEOPLE DRIVING THE BUSINESSES.

TO ME THAT CAPTURES THE VALUE IN THE TRANSITIONAL STAGE FROM

ADVENTURESS TO EXECUTION RISK. CAROLINE:

WHAT IS INTERESTING, OF COURSE, IS HOW UCD EXIT STRATEGY.

IF YOU ARE TAKING AND WRITING CHECKS IN THE OLDER MORE

BURNED-OUT -- BUILT OUT AS THIS IS, LIKE KARMA, SPENDING A LONG

TIME BEING VERY SENIOR, HIGHLIGHTING THE ACTIVITY IN

EUROPEAN-STYLE TUBS.

WHAT DO EXIT LOOK LIKE MORE BROADLY FOR YOU?

HIRO: I HEAR THE BROADER MARKET EXITS

OF 2022 IN 2023 HAVE BEEN RESTRAINED, TO SAY THE LEAST.

GOING INTO 2024, THESE COMPANIES ARE GREAT COMPANIES.

WHETHER IT IS EARLIER OR LATER, YOU HAVE COMPANIES THAT DEFY

CATEGORIES LOOKING TO TAKE ON PUBLIC CAPITAL TO GROW FURTHER.

THAT MOMENT WILL BE DICTATED BY MARKET REALITIES.

WE NOW HAVE TO REALLY FOCUS ON BOTH INVESTING AND TAKING THE

TIME TO LET COMPANIES DEVELOP. THINKING ABOUT WHEN THE RIGHT

TIME IS TO ACCESS PUBLIC MARKETS.

I THINK THEY WILL BE FOCUSED ON MARKET REALITIES IN ORDER TO

ENABLE THAT HAPPEN. CAROLINE: HERE WE ARE A GLOBAL SHOW AND

YOU HAVE A LOT OF GLOBAL EXPERIENCE HELPING ASIAN

COMPANIES CAP U.S. PUBLIC MARKETS.

YOU WERE WORKING DEEPLY WITHIN JAPAN AS WELL.

CAN YOU GIVE US A SENSE ON WHERE THE ENERGY LIES.

GENERATIVE AI IN PARTICULAR, WHAT'S GOING ON MORE GLOBALLY?

TOM: I THINK THAT TECHNOLOGY, THE

MARKET OF TECHNOLOGY INNOVATION, IT'S UBIQUITOUS AND

EVERYWHERE. THERE ARE VERSIONS THAT HAPPEN

IN ASIA AND VERSIONS THAT HAPPEN IN EUROPE.

AS WELL AS THE U.S.. THE CENTER OF GRAVITY HAS TO DO

WITH THE CURRENT AI LANGUAGE CENTER THAT WE KNOW ABOUT AND

SPEAK OF DAILY. THOSE ARE WEST COAST, YOU KNOW,

THAT IS HAPPENING IN THE U.S. AND ON THE WEST COAST. IN

EUROPE YOU ARE SEEING COMPANIES THAT ALSO ARE IN THE AI SPACE,

THERE ARE A LOT IN EACH REGION HAS THE ABILITY TO CREATE RATE

COMPANIES AND THIS WILL CONTINUE TO BE THE CASE IN THE

NEAR TERM. CAROLINE: WELL, COME BACK IN THE NEAR

TERM, WE HOPE, HIRO TAMURA, WITH HIS FASCINATING NEW FUND.

HIRO: THANK YOU SO MUCH. CAROLINE:

HE'S WORKING WITH A KEY WEALTH MANAGEMENT PLAYER, THE MANAGING

DIRECTOR THERE, HAVING A NEW FUNDING ANNOUNCEMENT.

COMING UP, WE SIT DOWN WITH THE CEO OF C3AI.

SHARES JUMP AS IT DRIVES THE COMPANY GUIDANCE HIGHER.

THIS IS "BLOOMBERG TECHNOLOGY."

LET'S JUST CHECK IN ON C3AI SHARES AMID DEMAND FOR

ARTIFICIAL INTELLIGENCE FEATURES.

JOINING US NOW IS TOM SEIBOLD. LOOKS TO ME LIKE IT'S ALL ABOUT

GOVERNMENT SPENDING. FEDERAL, LOCAL. WHY THAT FOCUS?

WHAT'S GOING SO WELL? TOM: FEDERAL, OUR FEDERAL BUSINESS,

PARTICULARLY THE DEFENSE INTELLIGENCE, GRADING 100%

YEAR-OVER-YEAR, THIS IS ABOUT GOVERNMENT SERVICES.

IT'S A HUGE ADOPTER OF ENTERPRISE AI.

SO IS PETROCHEMICAL AND ENERGY.

ACROSS-THE-BOARD WE ARE SEEING SUBSTANTIALLY INCREASED DEMAND

IN APPLYING ENTERPRISE AI TO BUSINESS PROCESSES AND

GOVERNMENT PROCESSES, TO DEFENSE AND INTELLIGENCE.

CAROLINE: WHAT IS INTERESTING IS WE HAVE

HAD A BIT OF WORRY ABOUT CORPORATE ENTERPRISE SPENDING

COMING MORE GENERALLY FROM THE RESULTS OF SALESFORCE TODAY.

WHAT ARE YOU SEEING IN TERMS OF ENTERPRISE?

IT LOOKS AS THOUGH THE REAL BEEF OF THE GROWTH IS COMING

FROM THE FEDERAL GOVERNMENT. WHAT IS THE SENTIMENT LIKE

COMPANIES YOU ARE WORKING WITH AND THE OTHER SECTORS? TOM:

OIL AND GAS, UTILITIES, CONSUMER BANK GOODS,

AGRIBUSINESS, WE ARE SEEING, YOU KNOW, VERY SIGNIFICANT

GROWTH AND INCREASED DEMAND IN ENTERPRISE AI.

YOU CAN THINK OF C3AI AS REALLY THE FIRST NATIVE AI COMPANY.

WE STARTED 15 YEARS AGO BUILDING ENTERPRISE AI BEFORE

GOOGLE CLOUD, WHEN AWS WAS THIS BIG, BEFORE THE GRAPHICAL GPU.

WE SPENT BILLIONS BUILDING A SOFTWARE STACK.

TODAY WE HAVE 90 TURNKEY APPLICATIONS FOR SUPPLY CHAIN,

DEMAND CHAIN, WHATEVER IT MIGHT BE. WE ARE IN A LITTLE BIT OF A

DIFFERENT CLASS THAN THESE LEGACY APPLICATION SOFTWARE

PEOPLE. THIS IS THE FIRST ENTERPRISE AI

PLAY. CAROLINE:

YOU KNOW THOSE LEGACY PEOPLE WELL, YOU SOLD TO ORACLE.

I'M INTERESTED AS TO WHY, TO BE BRUTALLY HONEST, YOUR SHARE

PRICE HASN'T BEEN WRAPPED UP IN AI.

IF YOU ARE SUCH A CLEAR PLAY, WHAT DO YOU THINK YOU STILL

HAVE TO PROVE TO THE MARKET AT THE MOMENT?

TOM: WE ARE AT THE EARLY STAGES OF

THE ENTERPRISE AI MARKET. THERE'S A LOT OF INTEREST RIGHT

NOW IN SILICONE INFRASTRUCTURE.

LOOKING AT THE VALUE OF THE STACK, ABOUT THAT YOU HAVE

INFRASTRUCTURE. ABOVE THAT YOU HAVE FOUNDATION

MODELS. THEN YOU HAVE THE APPLICATIONS.

THAT'S THE PORTION AT WHICH WE PLAY.

ALL OF THIS SILICOM BEING SOLD, ALL THE INFRASTRUCTURE THE

HYPERSCALERS ARE SELLING, THEY

ARE SELLING FOR ONE REASON, ENTERPRISE APPLICATIONS, AND

THAT'S WHAT WE DO. CAROLINE:

CAN YOU GIVE US AN ANECDOTE OF WHAT A COMPANY IS USING YOUR

TECHNOLOGY TO ACHIEVE? TOM: THE AIR FORCE IS USING IT FOR

PRODUCTIVE MAINTENANCE FOR 22 WEAPONS SYSTEMS. BY USING

PREDICTIVE ANALYTICS, WE CAN PREVENT UNPLANNED SYSTEM

OUTAGES WITH INCREASED AIRCRAFT AVAILABILITY ON A GIVEN DAY BY

25%.

IT'S DOWN HERE, STEAM CRACKING IT, ASSOCIATED WITH

POLYETHYLENE PRODUCTION, WORTH HUNDREDS OF MILLIONS.

THESE ARE, THESE ARE VERY REAL APPLICATIONS WITH SUBSTANTIAL

ECONOMIC RETURN.

THE APPLICATION AT THE AIR FORCE MIGHT BE THE LARGEST ON

EARTH. SHELL IS REALIZING, YOU KNOW,

$2 BILLION IN ECONOMIC YEAR,

THEY CALL IT SHELL AI WITH AZURE. RETURNS ARE SUBSTANTIAL.

THIS IS NO DRILL, THIS IS NOT HEIGHT, THIS IS REAL. CAROLINE:

IS THE RISK REAL? WE HEIGHT THE EFFICIENCY AND

MARKET VALUATION OF AI, BUT ALSO SOMETIMES IN THE MEDIA WE

LIKE TO HYPE THE RISKS. WHAT DO YOU THINK ABOUT THE

RISKS? TOM: RISKS ARE DAUNTING AND I WOULD

BE AFRAID. WE NEED TO BE VERY CONCERNED

ABOUT PERSONAL PRIVACY. I BELIEVE THAT PERSONAL PRIVACY

IS A FUNDAMENTAL HUMAN RIGHT, OK? AI THREATENS THAT.

I THINK THAT PRIVACY ISSUES WILL BE -- WE ARE SEEING SOCIAL

MEDIA, THE AI IN SOCIAL MEDIA HAS BEEN USED -- IT'S A PUBLIC

HEALTH HAZARD. THINK ABOUT DEPRESSION,

SUICIDE, BODY ISSUES AND YOUNG WOMEN.

THESE TECHNOLOGIES ARE BEING USED TO INTERFERE IN DEMOCRATIC

PROCESSES. THE RISKS ASSOCIATED WITH AI

ARE VERY REAL, WE NEED TO BE CONCERNED, PLAN FOR THEM, AND

AVOID THEM. CAROLINE: KEEP COMING WITH THOSE IDEAS

AND THE SOLUTIONS TO PLAN FOR. TOM, THANK YOU FOR JOINING US

THERE. COMING UP, WE TALK ABOUT ELON

MUSK WEARING MAYBE ONE TOO MANY HATS.

WE WILL DISCUSS THAT, NEXT. THIS IS "BLOOMBERG TECHNOLOGY."

CAROLINE: FIRST UP, THE BIDEN ADMINISTRATION IS SET TO HOST

AN EVENT ON COMPETITION IN AI AND THE BIG NAMES HAVEN'T BEEN

INVITED. NVIDIA, ALPHABET, MICROSOFT,

ALL ABSENT FROM THE PANEL. THE WORKSHOP IS SET TO BRING

TOGETHER TOP THE FERNS ALONG WITH OTHER FORCES IN THE U.S.,

U.K., AND EU, ACCORDING TO THE ATTORNEY GENERAL ANTITRUST.

THEY SAY THE SPEAKER LIST WAS INTENTIONAL AND THAT THE IMPACT

IS JUST BEGINNING FROM THE ECONOMIC PERSPECTIVE.

SPEAKING OF A CONFERENCE IN SINGAPORE, THE COMPANY CEO SAID

THAT THE LATEST MODEL IS BECOMING MORE INTUITIVE,

SPURRING OR ADOPTION, SAYING THAT OVER A SHORT AMOUNT OF

TIME THE AI SYSTEMS HAVE ENTERED THE WORKFORCE AS

COLLABORATORS. DONALD TRUMP AND ELON MUSK

TALKING ABOUT A POSSIBLE ADVISORY ROLE FOR THE TRUMP --

FOR THE CEO IF TRUMP WINS THE ELECTION.

THAT IS ACCORDING TO "THE WALL STREET JOURNAL FORMAL INPUT

AROUND BORDERS AND THE ECONOMY. THE ROLE MAY NOT HAPPEN,

HOWEVER. THAT WOULD BE YET ANOTHER HAT

OR ELON MUSK. MEANWHILE, TESLA IS A COMPANY

IS IN A BIT OF DISARRAY. LAYOFFS ARE MOUNTING.

STOCKS ARE CRATERING, SEALS ARE ANEMIC, AND SOME SAY THAT THERE

IS A DESTRUCTIVE LEADER AT THE HELM BECAUSE ELON MUSK RUNS

FIVE OTHER COMPANIES.

IS EVERYTHING ALL RIGHT IN THE ELON MUSK UNIVERSE?

CAN YOU ARTICULATE THE UNIVERSE OF ELON MUSK?

WHO HELPS TO RUN IT? CAN YOU GIVE US A SENSE OF WHO

HELPED US TO DO THAT HE DIVE?

>> AS YOU MENTIONED, HE'S RUNNING SIX COMPANIES AT ONCE,

BUT THERE IS ONLY SO MANY HOURS IN THE DAY.

WHO ARE THE PEOPLE CARRYING OUT THE DAY END, DAY OUT TASKS OF

RUNNING THESE BUSINESSES. IT'S NOT ALWAYS CLEAR.

IT'S A TOUGH REPORTING CHALLENGE TO FIGURE OUT WHO THE

POWER PLAYERS ARE IN HIS ORBIT. WE TRIED TO MAP THIS OUT INTO

WHAT WE CALLED A SOLAR SYSTEM OF THE SUN AT THE CENTER WITH

ELON MUSK AND EVERYONE ELSE ROTATING AROUND HIM.

IS A SLIGHT TO SPACE X AND HIS AMBITIONS IN SPACE.

THIS ALSO JUST THE REALITY. IF YOU WORK FOR HIM, YOU ARE AT

HIS BACK AND CALL. WE TRIED TO MAP THIS OUT FOR

PEOPLE. WE GET A SENSE OF WHO THE

PEOPLE ARE DOING THE DAY IN AND DAY OUT. . CAROLINE:

IT'S A PRETTY DIVERSE CAST OF CHARACTERS, A COUPLE OF WOMEN

ARE IN THEIR FIG ABOUT SPACE X AND TWITTER.

>> EACH COMPANY HAS THEIR SENIOR LEADERS RUNNING. .

I FEEL LIKE IF YOU LOOKED, THOUGH AT THE ADVISORS THAT HE

HAS THAT TEND TO SHOW UP AT VARIOUS COMPANIES, LIKE HIS

LAWYER, ALEX SPYRO, YOU THINK OF JARED BURCHELL, HIS BUSINESS

MANAGER SHOWS UP REPEATEDLY. THERE ARE OTHER ADVISORS WHO

SHOW UP ON VARIOUS OR MULTIPLE BOARDS.

PEOPLE WHO DON'T HAVE A FORMAL ROLE AT THESE COMPANIES.

THESE SOLAR SYSTEM HERE IS SUPPOSED TO SHOW THESE VARIOUS

RELATIONSHIPS AND HOW THEY INTERTWINE. INTERTWINE THEY DO.

THESE THINGS ARE ALL COMING TOGETHER ON ANY GIVEN DAY.

CAROLINE: WHILE HE'S STILL FIGHTING FOR

HIS PAY PACKAGE, HE WANTS MORE OF A CONTROLLING STAKE IN TESLA

WITH SHAREHOLDERS PUSHING BACK, THINKING THAT HE IS DISTRACTED.

IS HE? OR IS HE DELEGATING?

>> I DON'T KNOW HOW YOU CANNOT BE DISTRACTED RUNNING THAT MANY

COMPANIES AT ONCE. IT'S A KEY THING, ALL OF HIS

WEALTH IS TIED UP IN TESLA. BUT THEY ARE NOT PERFORMING

WELL THERE IS A TRICKLE-DOWN EFFECT TO THESE BUSINESSES.

IT'S WHERE HE GETS HIS POWER.

AS A RESULT, XAI FOR HIS BORING COMPANY SUFFER. CAROLINE:

GREAT BREAKDOWN. THANK YOU. TALKING OF SPACE, ASD IS

LOOKING TO TAKE ON THE LIKES OF STARLINK.

CONVERSATION WITH THE CEO, NEXT. MEANWHILE, TELECOM ITALIA,

CAROLINE: WELCOME BACK TO "BLOOMBERG

TECHNOLOGY." LET'S GET A QUICK CHECK ON THE

MARKETS. A LITTLE BIT OF SUPPRESSED

ENTHUSIASM AROUND TECH STOCKS. EVEN AS BORROWING COSTS COME

DOWN. THE 10 YEAR, FOUR POINT 54 IS

WHERE RETRADE AND THAT'S MORE ON THE MACRO PICTURE.

GDP SLOWING WITH INFLATIONARY PRESSURES MEANING THAT THE FED

CAN CUT. WE COME DOWN ON BORROWING COSTS

WITH NASDAQ UNDER PRESSURE FOR MICRO DATA EARNINGS.

BITCOIN IS CURRENTLY OFF BY 1.5%.

MORE NEW MUSIC TO THE UPSIDE. 68,000 ON THE CRYPTO, THAT'S

WHERE WE DIG LATER IN THE SHOW. MOVING ON TO THE INDIVIDUAL

MOVERS, PERHAPS TUGGING DOWN THE OVERALL RISK SENTIMENT

PROTECT STOCKS. DOWN 21% FOR SALESFORCE.

SEEING THEM SLIDE THE REST -- THE MOST, SLOW QUARTERLY SALES

GROWTH, SLOWEST IN THEIR HISTORY.

WITH THE GENERATION OF ARTIFICIAL INTELLIGENCE, IT

WON'T GENERATE REVENUE ANYTIME SOON. IT'S DOWN BY 35%.

SMALLER BUSINESS, YES, WITH A FOCUS ON AUTOMATION SOFTWARE

AND WHAT GENERATIVE AI AND COMPACT -- COMPETITION MEANS

FOR THEM. ALSO THE FACT THAT THEY ARE

SEEING THE CEO TAKE A SURPRISE DEPARTURE.

DELL TECHNOLOGIES, OFF BY 6%. IT HAS HAD A RECORD WINNING

STREAK UP UNTIL THIS DAY. WE HAD BEEN NEAR RECORD HIGHS.

DELL GOT THE EARNINGS AFTER THE HIGHS.

WHAT WILL IT MEAN FOR DELL? SERVER DEMAND, MANY THINK THAT

IT'S GOOD NEWS, BUT IT IS TRADING A HIGH VALUATION MOVING

ACROSS TO THE THEME THAT WE HAVE BEEN SEEING, SATELLITE TO

PHONE SERVICE PROVIDER AST SPACE MOBILE ADDED TO THE

RECENT DEAL WITH THE COMPANY FOR AT&T AND AS YOU SEE, SHARES

HAVE SURGED SO FAR THIS MONTH. IT IS ALL ABOUT THE NEWS OF

100% COVERAGE COMING AND THE END OF DEAD ZONES.

IS IT BECKONING? JOINING US IS THE CTO.

THIS IS WHAT YOU ARE SAYING, THE DEAL BEING STRUCK WITH

VERIZON AND AT&T, YOU CAN OFFER 100% COVERAGE SATELLITE TO

MOBILE IN THE FUTURE. WHY DO YOU NEED THIS SPECTRUM?

WHAT DOES IT MEAN TO HAVE THESE PARTNERSHIPS?

>> THE SPECTRUM IS AN ESSENTIAL PART OF THE SERVICE.

AT&T, VERIZON, THEY HAVE A PREMIUM SPECTRUM ACROSS THE

UNITED STATES. WE NEED THAT IN ORDER TO MAKE

IT AVAILABLE ON EVERYBODY'S PHONE.

THAT'S WHERE THE PARTNERSHIPS MAKE A LOT OF SENSE.

THE PLAN IS TO ELIMINATE IT WITH THE UNITED STATES AND WE

DON'T DO THAT ALONG. WE DO IT WITH TWO OF THE

LARGEST COMPANIES IN THE COUNTRY, ENABLING CONNECTIVITY

FOR PEOPLE REGARDLESS OF WHERE THEY ARE AND THE PHONE IN THEIR

POCKET.

IN FACT, -- CAROLINE: IN FACT, THIS IS A WORLDWIDE THEME THAT

WE ARE SEEING WITH YOU. WE -- WE IMMEDIATELY THINK OF

COMPETITION WHEN IT COMES TO SPACE X AND STARLINK.

HOW ARE YOUR OFFERINGS DIFFERENT ?

T-MOBILE HAS GONE WITH STARLINK. ABEL:

DIFFERENTIATION IS, FIRST OF ALL, WE DON'T NEED A SPECIAL

TERMINAL OR DEVICE TO CONNECT TO THE PHONE.

IN THE CASE WHERE THEY HAD SERVICES THAT WERE SIMILAR, WE

BELIEVED THAT OURS WAS THE ONLY ONE OFFERING BROUGHT AND

CONNECTIVITY IN A SUSTAINABLE WAY.

ONLY 90 SATELLITES WITH 3400 FOR PENDING CLAIMS AND THE

LARGEST SATELLITES LAUNCHING INTO LOW-EARTH ORBIT.

SO, OUR, OUR TECHNOLOGY REALLY DIFFERENTIATES US FROM

EVERYTHING ELSE IN THE MARKET. THIS HAS BEEN PROVEN.

WE GET CONSTANT OVERWHELMING SUPPORT BY THE WIRELESS

INDUSTRY. NOW, THE ADDITION OF VERIZON

WITH AT&T IS LIVING PROOF OF THAT. CAROLINE:

LET'S TALK ABOUT THE LOW-EARTH ORBIT GET THE SATELLITES YOU

HAVE TO PUT THEIR. NOW YOU WILL BE USING SPACE X

TO DO SO. WHAT DOES THE PIPELINE LOOK

LIKE IN TERMS OF GETTING THEM GOING?

ABEL: WE HAD AN IMMEDIATE LAUNCH THIS

SUMMER, SATELLITES TO BE USED FOR OUR PARTNERS AND BY THE

GOVERNMENT. SO, WE ARE LAUNCHING THIS

SUMMER AND WE WILL CONTINUE TO LAUNCH THROUGH 2025 AND 2026.

WE HAVE EMERGING SERVICES SOON. CAROLINE:

I LIKE THAT YOU SAY COMMERCIAL SERVICES.

THE DEAL WITH VERIZON ISN'T YET COMMERCIAL, IT'S STRATEGIC.

WHEN DOES IT BECOME COMMERCIAL? ABEL:

THE DEAL IS ACTUALLY PREPAYMENT TO USE OUR SERVICE.

COMMITTING $100 MILLION TO USE OUR SERVICE, $35 MILLION WITH

65 MILLION IN PREPAYMENTS.

WE PLAN TO ENABLE VERIZON UNDER A 50 MEGAHERTZ THREE-MINUTE

SPECTRUM, TOGETHER WITH THE MEGAHERTZ FOR AT&T.

IN TERMS OF GETTING ACCESS TO THE NETWORK. CAROLINE:

YOUR SHARE PRICES HAVE ROCKETED IN THE LAST MONTH.

NOT AS HIGH AS WE HAVE SEEN IN PREVIOUS YEARS, 2021, BUT WHAT

DOES THAT VOLATILITY FEEL LIKE WHEN YOU HAVE BEEN IN THE GAME

OF SPACE FOR OVER TWO DECADES?

ABEL: LISTEN, THE OPPORTUNITY THAT WE

HAVE IS VERY, VERY LARGE . THERE IS A $1 TRILLION MARKET

GROWING FASTER THAN THE POPULATION.

WE HAD THE FACT THAT 90% OF THE EARTH'S SURFACE HAS NOT SETTLED

ON BROADBAND. WE HAVE 5 BILLION PHONES

GETTING IN AND OUT OF CONNECTIVITY EVERY DAY.

THIS IS A MASSIVE MARKET. WE ARE JUST AT THE BEGINNING.

WE ARE JUST KICKING OFF WITH INITIATING SERVICES, STARTING

WITH THE LAUNCHES OVER THE SUMMER.

LOOKING AT IT FOR THE INVESTORS, I THINK THE

INDUSTRIAL SUPPORT AND THE ON TAKE OF OUR CUSTOMERS, YOU

BASICALLY HAVE THE GLOBAL OPERATORS

TALKING ABOUT THEMSELVES. CAROLINE:

THE DIGITAL DIVIDE, WHEN BILLY SEE AND END TO IT, DO YOU THINK?

WHEN CAN WE GET 100% COVERAGE FOR THE WORLD AND EVERYONE

LUCKY ENOUGH TO HAVE A CELL PHONE?

ABEL: ABSOLUTELY. THIS IS AN AREA WHERE WE SHARE

COMMON GOALS, ELIMINATING THIS NOT ONLY IN THE UNITED STATES

BUT ALSO AS AN AMERICAN COMPANY, WE ARE EXTREMELY

FOCUSED ON THE UNITED STATES WHERE IT REMAINS TO BE A

PROBLEM, INCLUDING GLOBALLY. THE U.N. COMMISSIONER FOR GLOBAL

CONNECTIVITY IS COMMITTED TO DEMOCRATIZING ACCESS TO

KNOWLEDGE AND INFORMATION. WE BELIEVE THAT THIS TECHNOLOGY

CAN MAKE A HUGE. THERE IS NO REASON WHY WITH

TODAY'S TECHNOLOGY AND ADVANCEMENT CAPABILITY AND OUT

TYPE OF SATELLITES, THERE IS NO REASON WHY PEOPLE CANNOT GET

ACCESS USING 5G ANYWHERE, WHEREVER THEY ARE. CAROLINE:

AST CEO, ABEL, WE APPRECIATE YOU COMING OF IT ALL THE DEAL

FLOW. COMING UP, WE WILL BE JOINED BY

ADAM WHEN SHAW. REALLY PITTING LLM VERSUS LLM.

MEANWHILE, WHAT SHARES OF AMAZON , NOT OF THE AI FOCUS

BUT BECAUSE OF THE FOOD FOCUS. WHY? THE GRUBHUB UNIT, AMAZON IS

INCREASING A STATION IT TO AS MUCH AS 80.

EXPANDING THE PARTNERSHIP TO GET FOOD DELIVERY SERVICES

WITHIN THE AMAZON. DOING WELL FOR THE TAKEAWAY

THAT JUST STOPPED TRADING IN EUROPE.

THIS IS "BLOOMBERG TECHNOLOGY."

THE TERMINAL, AS WELL AS APPLE, I HEART, YOU ARE TUNING IN WHEN

IT'S GOOD FOR YOU. THIS IS BLOOMBERG.

IT'S GOOD FOR YOU.

ARTHUR, THE COMPANY THAT PROVIDES FIREWALLS FOR LARGE

LANGUAGE MODELS, JUST RELEASED THE GENERAL ASSESSMENT OF THE

LARGE LANGUAGE PROJECT.

VARIOUS MLM OFFERINGS FROM INDUSTRY LEADERS, WE SPOKE IT

ALL DOWN WITH THE CEO, ADAM WENCHEL.

IT OFTEN FEELS THAT WHEN OPENAI COMES OUT WITH A LARGE LANGUAGE

MODEL, THEY SAID THEY ARE BETTERING THINGS, GRADING THEIR

OWN HOMEWORK, BUT HOW DO YOU DO IT FROM A BENCHMARK PERSPECTIVE?

ADAM: WE WANT TO GIVE PEOPLE THE TOOLS TO GRADED ON HOW WELL IT

DOES. ANSWER CUSTOMER SERVICE OR HELP

WITH FINANCIAL ANALYSIS, HOW WELL DOES IT DO AT YOUR

PARTICULAR TASK? A LOT OF TIMES, THAT'S A

COMPLETELY DIFFERENT NUMBER THAN THE INDUSTRY BENCHMARKS

GETTING THROWN AROUND. CAROLINE: WHEN YOU HAVE DONE THIS

PARTICULAR REPORT, ONE OF THE KEY FINDINGS SEEMS TO BE --

DOES IT NEED TO BE EXPENSIVE? CHEAPER OFFERINGS ARE GOOD AND

POWERFUL. ADAM: ABSOLUTELY.

WHEN WE FIRST STARTED TO MEASURE AND ASSESS, EVEN SIX

MONTHS AGO, THERE WAS A HUGE DIFFERENCE IN THEIR ABILITY TO

ANSWER BASIC QUESTIONS WITH FAST FORWARD TO TODAY, WE ARE

FINDING THAT THERE ARE SO MANY OPEN-SOURCE COMMERCIAL MODELS

DOING A GOOD JOB OF ANSWERING QUESTIONS.

NOW WHAT YOU WANT IS ONE THAT IS REALLY FAST, REALLY

EXPENSIVE, USES THE DATA THAT YOU GIVE IT, ANSWERING BASED ON

THAT. THAT IS A LOT OF WHAT WE FOCUS

ON. THAT IS WHAT THE BUSINESS USERS

CARE ABOUT, THE PEOPLE TRYING TO RUN THE ENTERPRISE AND BUILD

APPLICATIONS ON TOP OF THAT. CAROLINE:

POSITIVE ACROSS THE BOARD, SEEMS TO BE COMING DOWN, MAKING

IT UP AND BRINGING IT DOWN. WHO IS COMING OUT ON TOP?

FROM YOUR STANDARDS, WHO IS BENCHMARKING WELL? ADAM:

THERE ARE A LOT OF GOOD OPEN-SOURCE ONES, BUT ONE OF

THEM IS THE NEW HAIKU MODEL FROM THE ANTHROPIC.

IT'S GOOD, DOES GREAT WITH THE MATERIAL THAT YOU GIVE IT,

FEEDING CORPORATE DATA, IT DOES A GOOD JOB ANSWERING THE

QUESTION BASED ON THAT DATA, LIGHTING FAST AND INEXPENSIVE.

THESE ARE ALL DOING EXTREMELY GOOD JOBS, THE VARIOUS MODELS.

PEOPLE ARE CHOOSING OUT THE OTHER THINGS AROUND HOW LITTLE

DOES IT HALLUCINATE, HOW WELL DOES IT WORK FOR MY BUSINESS

APPLICATIONS? THAT IS WHAT WE HELP PEOPLE

MEASURE AND NAVIGATE. CAROLINE: HOW ARE YOU MEASURING COSTS?

THERE MUST BE COSTS TILL 10, ALL SORTS OF LAYERS.

PERMITTING SERVICES, GIVING YOU THE ACCESS TO COMPUTER. ADAM:

WHEN YOU WORK WITH SOMEONE LIKE OPENAI OR ANTHROPIC, THEY

EXTRACT AWAY AND YOU PAY ONE PRICE.

OPEN-SOURCE MODELS, THERE ARE

SOME RIDERS THAT LIKE AWS, BUT A LOT OF TIMES WHAT PEOPLE WANT

TO BE ABLE TO DO IS RUN THEIR OWN GP USE THEIR, GIVING THEM

MORE CONTROL IN BETTER GUARANTEES AROUND DATA PRIVACY

AND OTHER ADVANTAGES. IT ALSO COMES WITH A LOT OF

ASSURANCE ABOUT WHAT’'S GOING ON AND YOU CAN KIND OF

GUARANTEE WHERE YOUR DATA IS GOING. CAROLINE:

ULTIMATELY, YOUR BUSINESS IS ABOUT MAKING SURE THESE

COMPANIES CAN ADOPT LARGE LANGUAGE MODELS SAFELY, MAKING

IT THE BEST FIT FOR THEIR BUSINESS.

WHAT OUR BUSINESS IS DOING RIGHT NOW?

I'M HEARING DATA THAT THEY ARE FEARFUL AND NOT ADOPTING

GENERATIVE AI AS QUICKLY AS WE WOULD LIKE. ADAM:

THERE ARE SOME BUT WE HAVE SEVERAL CUSTOMERS ADOPTING THEM

VERY AGGRESSIVELY. THEY ARE BEING CAUTIOUS.

THEY ARE STARTING WITH INTERNAL USE CASES, TYPICALLY.

EVERYTHING FROM GENERIC COPILOTS TO ANSWERING TECHNICAL

PROBLEMS, LIKE AN INDUSTRIAL FIELD REP EQUIPMENT

MANUFACTURER ADDING COMPLICATED QUESTIONS.

THE ABILITY TO ANSWER THOSE QUESTIONS HAS BEEN TRANSFORMED

BY GENERATIVE AI.

A LOT OF USE CASES, THERE. THERE'S A REAL DIFFERENCE

BETWEEN THE COMPANIES THAT MADE ANNOUNCEMENTS WHAT WE WOULD DO

WITH AI TO GET A BUMP IN THE STOCK PRICE IN THOSE WHO ARE

PUTTING IN THE WORK TO CREATE BUSINESS AND REAL-WORLD VALUE

FROM AI, BECAUSE THAT AND THAT IS WHAT HELP PEOPLE MEASURE.

AI PERFORMANCE AND THE VALUE YOU ARE CREATING FROM IT.

CAROLINE: MANY HAVE THE ANXIETY THAT IT

COMES AT THE COSTS OF JOBS. BUT MANY ADOPTING QUICKLY HAVE

TO GET IN THEIR OWN TECHNICAL TALENT.

HOW IS THAT GOING FOR THEM? ADAM:

WE HAVE SEEN NO EVIDENCE THAT PEOPLE ARE LOSING THEIR JOBS.

WHAT WE HAVE SEEN OUR PEOPLE BECOMING MORE EFFICIENT, LIKE

LARGE FUNCTIONS WHERE YOU MIGHT HAVE TO HIRE 500 FOOT PER YEAR,

YOU COULD DO 300 OR 400, MAKING THAT MORE EFFICIENT.

THEY ARE GOOD AT INCORPORATING THE COPILOTS WITH OTHER SYSTEM

TOOLS INTO THE WORKFLOWS. WE USE IT ON DEVELOPERS, WE USE

IT IN A NUMBER OF WAYS. I USE IT ALL THE TIME TO WRITE

YEAR-END REVIEWS AND THINGS LIKE THAT.

THERE ARE ALL SORTS OF WAYS YOU CAN INCORPORATE IT INTO YOUR

DAY TO DAY. CAROLINE: ALL ABOUT BEING A FIRST ADOPTER

IN THESE MOMENTS. THANKS FOR DROPPING IN, GIVING

US A TAKE ON ACTUAL ADOPTION OF GENERATIVE AI.

PLENTY OF NEWS TO DISCUSS, COMING OUT, WITH GEL LACK --

JALAK. APPLE RIGHT NOW, THE SHARE

PRICE IS ONLY UP 7/10 OF 1% ON A DOWN DAY.

THEY ARE LOOKING FOR A SENIOR ENGINEER TO HELP BUILD A

TELEVISION SPORTS APP FOR ANDROID, A SIGN THAT WE COULD

BE RINGING TV PLUS SERVICES TO RIVAL PLATFORMS. THIS IS

CAROLINE: -- >> IS A FOUNDATIONAL PIECE

OF THE ECOSYSTEM.

>> I'M NOT A FAN OUTSIDE BITCOIN.

>> IT'S GOING TO D -- DEFINE CRYPTO.

>> YOU HAVE THE BIGGEST SECURITY, THE MOST DEFI

PROTOCOLS.

>> BITCOIN IS THE ONLY MONEY WITHIN THE CRYPTOCURRENCY SPACE

DESIGNED AND TREATED AS A MONETARY ASSET.

THEORY M IS A TECHNOLOGY -- ETHEREUM IS TECHNOLOGY.

>> IT'S BUILDING THE FINANCE.

>> ONE COMPANY, IT LIKE THE FIRST ONE, CAN RIDE THE

COATTAILS.

>> WITHOUT QUESTION, IT'S THE MOST ACTIVE IN THE SPACE.

>> IT'S MORE ABOUT TRUST. >> THIS IS AN ASSET THAT PEOPLE

WANT TO OWN. ASK THE MARKET NEEDS TO SORTED

OUT.

>> I'M VERY BULLISH ON ETHEREUM AND THE ENTIRE ECOSYSTEM.

>> JUST A FEW OF OUR GUESTS WEIGHING IN ON THE ETHEREUM ETF

AS WE WAIT ON U.S. INVESTMENT NUMBERS.

LET'S CHECK IN WITH JALAK, MANAGING PARTNER AND FOUNDER OF

FUTURE PERFECT VENTURES. YOU FOCUS ON DECENTRALIZED

TECHNOLOGIES. MORE BROADLY, IT'S A

DECENTRALIZED SPACE.

IF YOU WANT TO LOOK AT THE DECENTRALIZATION, MANY FEEL

THAT IT WON'T BE AS POPULAR AS THE BITCOIN.

JALAK: GREAT TO BE WITH YOU AGAIN.

I LOVE THOSE CLIPS OF MY COLLEAGUES AND FRIENDS

DISCUSSING THE DEVELOPMENTS WE HAVE SEEN IN THIS SPACE.

I THINK THAT THESE ETF'S, WE HAVE THE BITCOIN ETF THAT WAS

APPROVED EARLIER THIS YEAR. ETHEREUM WAS APPROVED LAST WEEK.

WE BELIEVE THAT WE ARE GOING TO ALLOW RETAIL TO HAVE A LOT MORE

ACCESS TO THESE CRYPTO ASSETS. WE ARE GOING TO SEE MANY MORE

OF THESE ETF'S BEING APPROVED. ITS RETAIL INSTITUTIONS THAT

DON'T WANT TO CUSTODY THEIR OWN ASSETS, THEY WANT EXPOSURE TO

THE UPSIDE THAT THESE CAN PROVIDE.

BUT IT'S VERY CLUNKY TO GO OUT AND BUY ETHEREUM CORE BITCOIN

AND LEARN TO TRADE IT. THESE PROVIDE AN ALTERNATIVE

FOR MILLIONS OF PEOPLE AROUND THE WORLD. CAROLINE:

MANY PEOPLE WILL FEEL THAT THE ISSUE THEY HAVE WITH ETHEREUM

IS THAT THEY WON'T BE GETTING MONEY AND REWARDS BACK IF YOU

ARE FIDELITY, RUNNING THE ETF.

IN THAT WAY, IS THERE GOING TO BE LIQUIDITY ISSUES OR A LACK

OF ULTIMATE DEMAND COMING? PEOPLE DO WANT TO OWN ETHEREUM

AND STEAK AT THEMSELVES.

JALAK: TO GET APPROVAL, A NUMBER OF

THE APPLICANTS FOR THE ETF TOOK OUT THE STAKING PART OF IT.

I BELIEVE THAT THERE IS ENOUGH UPSIDE ON THE CORE ASSET.

THERE ARE SO MANY DEVELOPERS. THIS IS STILL ONE OF THE

LARGEST CHAINS OUT THERE. IT'S BEEN AROUND THE LONGEST.

THERE ARE DECENTRALIZED APPLICATIONS BEING BUILT.

STAKING CAN PROVIDE EXTRA YIELD, I DON'T THINK IT'S

NECESSARY TO BE ABLE TO REALIZE THE UPSIDE OF THE UNDERLYING

ASSET. CAROLINE:

JALAK, YOU LAUNCH YOUR FIRST DECENTRALIZED FOCUSED FUND BACK

IN 2014. THIS MUST FEEL VERY STRANGE AS

SUDDENLY THE GOVERNMENT, PIVOTING ALMOST ON A DIME, IS

GETTING MORE INTERESTED. IS THIS BECAUSE OF IT BECOMING

POLITICIZED AHEAD OF THE ELECTION? JALAK:

THERE IS NO DOUBT THAT IT IS BEING POLITICIZED.

DONALD TRUMP CAME OUT AND SAID THAT HE WOULD SUPPORT THE

CRYPTO INDUSTRY. THIS ADMINISTRATION, THE

CURRENT ADMINISTRATION, HAS BEEN VERY ANTI-CRYPTO.

WE STARTED SEEING THAT, YOU KNOW, LAST YEAR WHEN THEY SHUT

DOWN SIGNATURE BANK. THEY MADE IT VERY DIFFICULT TO

PROVIDE CLARITY THESE ASSETS. SO, YOU KNOW, I THINK THAT WE

DO, WE WILL HEAR MORE ABOUT CRYPTO DURING THE ELECTION.

WE ARE ALSO SEEING CONGRESS TO REALLY START TO PUSH THROUGH

LEGISLATION THAT WILL PROVIDE CLARITY THAT THE INDUSTRY HAS

BEEN FOR. LAST WEEK, FOR 21 WAS PASSED BY

THE HOUSE. IT WAS PRETTY BIPARTISAN.

THERE WERE MORE REPUBLICANS THAN DEMOCRATS WHO VOTED FOR IT.

THE BILL WILL PROVIDE CLARITY ON WHICH TOKENS WILL BE UNDER

SE JURISDICTION. WHICH WILL BE UNDER SEC

JURISDICTION.

IT'S BEEN A BIG STICKING POINT AROUND SECURITY AND COMMODITY

AND KNOWING WHICH IS WHICH. THERE IS ALSO, THERE ARE ALL

SORTS OF OTHER RELATION PUT IN THERE FOR CUSTOMER PROTECTION.

MOVING FORWARD, IT GOES TO THE SENATE NEXT.

WE WILL SEE WHAT HAPPENS. BIDEN HAS SAID HE ISN'T GOING

TO VETO IT, A POSITIVE SIGN. CAROLINE:

JALAK, GREAT TO HAVE YOUR EXPERTISE THAT HAS BEEN BUILT

OVER MANY YEARS. I'M SURE EVERYONE WILL BE

DISCUSSING THE POLITICIZATION OF YOUR AREA. JALAK, THANK YOU.

MEANWHILE, THAT DOES IT FOR THIS EDITION OF "BLOOMBERG

TECHNOLOGY ." DON'T FORGET TO CHECK OUT OUR

PODCAST. YOU CAN FIND IT ON THE TERMINAL, BUT IF YOU ARE AN

APPLE, SPOTIFY, I HARD, THERE