슈퍼마이크로의 감사 사임으로 투자자들의 우려를 불러일으킨다

### 기술 수익과 시장 역학: 블룸버그 테크놀로지의 주요 인사이트
* 📈 구글의 AI 발전은 **강력한 클라우드 성장**에 힘입어 **급등한 주가**에 반영되어 인공지능에 대한 투자의 수익성을 보여주고 있습니다.
* 🚗 업계의 주목할 만한 변화 속에서 **BYD는 처음으로 분기 매출에서 테슬라를 제치고** 전기 자동차 시장 경쟁에서 중요한 순간을 맞이했습니다.
* 📉 EY가 감사인을 사임한 후 **슈퍼마이크로의 주가는 30% 이상 급락**했고, 회사의 무결성과 재무 관리에 대한 심각한 우려가 제기되면서 이전 회계 문제로 인해 상황이 더욱 악화되었습니다.
* 🧐 브로디 포드는 EY가 **슈퍼마이크로의 재무 보고서를 승인할 수 없는 우려스러운 정보**를 받았다며 회사 내부에 더 심각한 문제가 있음을 시사하며 사임의 심각성을 강조했습니다.
* 💡 슈퍼마이크로에 대한 논의는 진화하는 기술 환경 속에서 고급 서버에 대한 수요가 증가함에 따라 **AI 인프라에서 슈퍼마이크로의 중요한 역할**에 대해서도 다룹니다.
* 📊 AMD는 이전에 낙관적이었던 AI 관련 매출 전망에도 불구하고 **실망스러운 성장 전망에 따라 10% 가까이 하락**했으며, 이는 실적에 대한 투자자들의 불만을 나타냅니다.
* 🌐 반대로 알파벳은 강력한 클라우드 성장에 힘입어 **주가가 5% 상승**했으며, 순다르 피차이 CEO는 **제너레이티브 AI 기술을 수용하는 회사의 모멘텀에 대한 자신감**을 표명했습니다.
* 🔋 유럽연합이 중국산 전기 자동차에 높은 관세를 부과함에 따라 **BYD와 테슬라의 경쟁이 심화**되면서 글로벌 전기차 시장의 복잡한 역학 관계가 강조되고 있습니다.

### 소셜 미디어 수익 급증: Snap, Reddit, Meta의 영향력
* 📉 슈퍼마이크로는 **2018년 이후 가장 큰 폭의 하락**을 경험했으며, 감사인인 EY가 사임하면서 **서버 제조업체에 큰 어려움**을 예고했습니다.
* 📈 Snap은 광고 전략 개선에 힘입어 사용자 증가와 예상을 뛰어넘는 매출에 힘입어 **6개월 만에 주가가 가장 큰 폭으로 상승**했습니다.
* 🌐 Reddit은 또한 **데이터 라이선싱과 AI 파트너십**을 통해 사용자 기반과 수익을 확대하면서 **기업공개 이후 눈에 띄는 증가세**를 보였습니다.
* 💰 Snap의 구독 수익은 **약 1억 2,300만 달러**에 달해 구독 서비스를 효과적으로 활용할 수 있는 능력을 보여주었습니다.
* 🔍 분석가들은 지출에 대한 우려에도 불구하고 **AI의 발전과 강력한 데이터 센터 인프라**에 힘입어 **Meta가 강력한 매출 성장**을 기록할 것으로 예측합니다.
* 📊 기술 업계에서는 **Microsoft와 Alphabet과 같은 기업이 AI 투자 증가**로 인해 수익에 긍정적인 영향을 미치는 추세를 목격하고 있습니다.
* 🗳 대선이 다가오면서 이민 정책에 대한 논의에서 **고숙련 이민자에 대한 초당적 지원**이 강조되고 있으며, 이는 인재를 찾는 기술 기업에게 매우 중요한 사안입니다.
* 📅 전반적으로 기술 업계는 **메타, 마이크로소프트와 같은 주요 기업의 실적 호조에 대한 기대감**과 함께 중요한 실적 발표를 앞두고 있습니다.

감사가 사임한 후 슈퍼마이크로의 주가가 크게 하락하면서 회사의 재무 건전성에 대한 우려가 제기되었습니다.

>> FROM THE HEART OF WHERE INNOVATION, MONEY, AND POWER COLLIDE, IN SILICON VALLEY AND BEYOND, THIS IS BLOOMBERG TECHNOLOGY. WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: LIVE FROM NEW YORK AND SAN FRANCISCO, THIS IS BLOOMBERG TECHNOLOGY. GOOGLE'S AI BED IS PAYING OFF. SHARES SURGING ON THE COMPANY'S CLOUD GROWTH. ED: BYD BEATS TESLA ON QUARTERLY REVENUE FOR THE FIRST TIME IN THE BATTLE BETWEEN THE TWO EV GIANTS. CAROLINE: SUPERMICRO SHARES PLUNGE AS EY RESIGNS AS THE AUDITOR FOR THE TROUBLED MAKER. ED: SUPERMICRO IS A SERVER MAKER. IT TAKES THOSE HIGH-PERFORMANCE CPUS FROM NAMES LIKE NVIDIA AND

AMD packages them up for data centers. EY, its auditor, has resigned, citing worries about the company's integrity, and specifically management in the audit committee. The stock is down more than 30%. That puts it on track for its biggest drop since 2018. This is complex, and there is a backstory and a series of events that went on with Supermicro. Let's bring in Brody Ford to discuss. Eli told us about this in a regulatory filing. First off, what did they say? Brody: These are some words you never want to hear from your auditor, right? We only got a snippet of the resignation letter, but EY said they received some information that made them feel that they could not continue with this.

IN ADDITION, THEY FELT THERE WAS INFORMATION THEY WERE NOT GETTING, RIGHT? SO, THERE WAS SOMETHING THAT MADE THEM FEEL THAT THINGS WERE NOT RIGHT, AND THEY SAID THEY WERE NOT WILLING TO PUT THEIR NAME BEHIND REPORTS THAT CAME OUT FROM THIS MANAGEMENT COMMITTEE. OBVIOUSLY, INVESTORS HAVE TO READ A BIT OF TEA LEAVES HERE, BUT THEY ARE NOT MINCING WORDS. IT DOES NOT LOOK GOOD FOR A COMPANY WHOSE FINANCIALS ARE ON PAUSE. THEY SAY THEY ARE NOT GOING TO RESTATE, BUT CLEARLY, THE SHARES TODAY, THERE IS ANXIETY THAT THEY WILL. CAROLINE: TO THE POINT OF TEA LEAVES, THIS TEA HAS BEEN BEING MADE FOR A LONG TIME. WE HAVE HAD THE HINDENBURG RESEARCH, ANY PEOPLE CALLING OUT CONCERNS IN THIS WAY. BRODY:

EVEN GOING BACK TO 2020, SUPERMICRO PAID TO SETTLE CLAIMS FROM THE FCC ABOUT ACCOUNTING ISSUES, RIGHT? THERE HAVE BEEN THESE MURMURS FOR A LITTLE WHILE THAT SUPERMICRO HAD SOME ACCOUNTING ISSUES GOING ON. AS YOU SAID, THERE WAS A LARGE HINDENBURG REPORT ABOUT A MONTH LATER. THE COMPANY SAID WE ARE GOING TO DELAY OUR ANNUAL FILING. A VERY RARE STEP OF THE COMPANY OF THE SCALE. IT IS SOMETHING YOU DO NOT SEE OFTEN, AND WHEN YOU DO OFTEN THERE ARE ISSUES AT THE END. NOT TO SAY THAT THERE ARE. WE ARE STILL WAITING TO SEE, BUT, YES, THIS HAS BEEN BUBBLING FOR A WHILE. THIS IS A MOMENT WHERE THE POT SEEMS TO BE TIPPING. ED: I JUST WANT TO DO THIS. THIS IS IMPORTANT FOR OUR

AUDIENCE. SUPERMICRO SETTLED IN 2020 WITH THE SEC. BUT THIS APRIL A FORMER EMPLOYEE ACCUSED THEM OF EXAGGERATING OR MISSTATING REVENUE. AND YOU HAD TO HINDENBURG REPORT IN AUGUST, AND LAST MONTH THE STOCK SANK BECAUSE OF REPORTS THAT THE IS INVESTIGATING. THAT IS THE BACKGROUND, BUT WE CARE ABOUT SUPERMICRO BECAUSE OF ITS ROLE IN AI INFRASTRUCTURE. EXPLAIN THAT PART, BRODY. BRODY: YES, VERY EXPERT HISTORY THERE. I APPRECIATE YOU GIVING THAT IN SIMPLE ENGLISH. WE CARE ABOUT SUPERMICRO BECAUSE ALL OF A SUDDEN EVERYBODY NEEDS TO RUN THESE ADVANCED WORKFLOWS FOR AI, AND IT REQUIRES A MUCH MORE POWERFUL SERVER. THERE IS REALLY THREE COMPANIES SELLING THESE RIGHT NOW, RIGHT? HP, DELL, AND SUPERMICRO.

SUPERMICRO HAS BEEN SEEING AN INCREDIBLE RAMP IN REVENUE. THERE ARE DEBATES OVER THE MARGINS, SOME OF THAT REVENUE, BUT -- BECAUSE IT REQUIRES SUPRA-EXPENSIVE CHIPS. THE SERVER MAKERS, WHICH WERE A SLEEPIER SEGMENT OF THE TECH INDUSTRY TWO YEARS AGO, HAVE REALLY COME INTO THE CENTER OF THE ZEITGEIST, WHICH MAKES THIS WHOLE DISRUPTION AND OF ALL CINEMATIC. CAROLINE: CINEMA IS WHAT POTENTIALLY WE WILL GET ON NOVEMBER 5. NOT BECAUSE IT IS ELECTION DAY ONLY, BUT BECAUSE THAT IS WHEN WE WILL SEE THE EARNINGS BE RESTATED BY THE COMPANY. AS YOU MENTIONED, SUPERMICRO DOES NOT EXPECT THE ISSUES TO LEAD TO REVISIONS IN PREVIOUSLY-ISSUED FINANCIALS.

NOW WE HAVE A LOT TO DIGEST TODAY. EARNINGS. AMD, ALPHABET. START WITH THE BAD. AMD ONCE AGAIN DISAPPOINTING THE MARKET IN TERMS OF THE PACE OF GROWTH FOR REVENUE COMING FROM PARTICULARLY THE FOCUS ON DATA CENTERS AND AI. AT THE MOMENT WE ARE SEEING IT NOT RATCHETING UP AT THE PACE THE MARKET HAD ANTICIPATED. REMEMBER, THE END OF 2023 AMD WAS SAYING IT WAS GOING TO GET ABOUT $2 BILLION FROM ITS AI FOCUS AND NOW SAYS IT WAS GOING TO BE $5 BILLION, BUT THAT WAS NOT ENOUGH TO SATIATE THE MARKET. WE ARE DOWN ALMOST 10%, WITH THAT FORECAST BEING A DISAPPOINTMENT FOR REVENUE, EVEN THOUGH THEY MEET ON THE FISCAL QUARTER THEY REPORTED. ALPHABET UP 5%.

WE SURGED ON THE BACK OF AI, PAYING OFF FOR ALPHABET. THEY MIGHT NOT BE BUYING THEIR CHIPS FROM AMD AT THE MOMENT, BUT THEY ARE INVESTING. THEY ARE RAISING THEIR CAPEX -- CAPITAL EXPENDITURE. BELOW BUYING INTO THE CLOUD OFFERING. IT 35% GROWTH IN CAR. LET'S SEE WHAT SUNDAR PICHAI WAS PLEASED ABOUT. TAKE A LISTEN. >> I AM VERY PLEASED WITH OUR GROWTH. THIS BUSINESS HAS REAL MOMENTUM AND THE OPPORTUNITY IS INCREASING AS CUSTOMERS EMBRACE GEN AI. WE GENERATED Q2 REVENUES OF $11.4 BILLION, UP 35% OVER THE LAST YEAR. CAROLINE: LET'S GET AN INVESTOR TAKE. MEL LAGOMASINO IS HERE. LET'S HEAR ABOUT ALPHABET'S

PERSPECTIVE. MEL: ONE OF THE INTERESTING THINGS AS EVERYBODY WAS WORRIED ABOUT HOW MUCH MONEY THEY WERE SPENDING ON AI, AND NOW THEY ARE USING AI, AND I HEARD THEIR CFO SPEAK YESTERDAY, TALKING ABOUT HOW THEY ARE GOING TO BE USING AI TO BECOME MORE PRODUCTIVE AND REDUCE EXPENSES. SO I THINK THEY ARE ALREADY STARTING TO BECOME MORE PRODUCTIVE, USING AI ITSELF. CAROLINE: USING AI, MANAGING TO BUILD UP IN TERMS OF THE CLOUD OFFERING? WE ARE ALSO SEEING NOT MUCH COMPETITION EATING INTO THEIR SEARCH OFFERING. THEY DID MANAGE TO KEEP THAT MOAT THERE. MEL: WITH THE SEARCH OFFERING, AND SUNDAR WAS TALKING ABOUT THAT YESTERDAY, CUSTOMERS ARE ASKING MORE IMPORTANT QUESTIONS, MORE

COMPLEX QUESTIONS. AND AI IS DELIVERING. THIS OPPORTUNITY IS TREMENDOUS. ED: FINAL QUESTION ON ALPHABET, SORT OF LOOKING AHEAD TO MICROSOFT AND LATER AMAZON. THE CALCULUS IS THE SAME, RIGHT? YOU LOOK AT CAPITAL EXPENDITURES GOING FORWARD AND THEN DECIDE IF IT IS SHOWING UP IN REVENUE GROWTH AND BOTTOM-LINE GROWTH IN TERMS OF AI. DO YOU SEE THAT WITH GOOGLE? MEL: YES, I DO. AND I SEE IT WITH THE OTHER TWO AS WELL. I THINK WE SORT OF UNDERESTIMATE JUST THE INCREDIBLE IMPACT OF AI IN TERMS OF PRODUCTIVITY AND EFFICIENCY IN THESE COME -- THESE COMPANIES. AS WELL AS REVENUE GROWTH. ED: AMD IS GOING TO DO ABOUT $12 BILLION OF DATA CENTER SALES THIS YEAR. WHAT DO YOU MAKE OF AMD? MEL:

I THINK THEY HAVE GOT TO CATCH UP. ED: EXTRAPOLATE? MEL: OPPORTUNITY IS THERE. CAROLINE: LET'S TALK ABOUT THE OPPORTUNITIES THAT ARE THERE. IS IT THAT THE MARKET WANTS TOO MUCH TOO QUICKLY? 2025 IS WHERE THEY ARE MAKING INROADS. SHE ANTICIPATES THAT THEY ARE MAKING BIG MOVES. ANALYSTS CALL OUT THE MIDDLE EAST IN PARTICULAR GOING WELL. THEY TALK ABOUT META BEING A KEY BUYER OF AMD, THEY THINK, AT LEAST. IS THAT LIKELY TO MAKE INROADS? MEL: HOW YOU MANAGE THE NARRATIVE IS IMPORTANT, AND THE STREET TENDS TO GET AHEAD, THERE IT IS ABOUT INTEREST -- [LAUGHTER] WHETHER IT IS ABOUT INTEREST RATES OR REVENUE OR WHATEVER, AND I THINK THAT IS A LITTLE

BIT OF THE STORY HERE. SHE HAS BEEN SIGNALING WHAT ACTUALLY HAS HAPPENED, BUT THE MARKET WANTED MORE. ED: IT IS A REALLY INTERESTING TIME TO BE A TECHNOLOGY JOURNALIST, AND I IMAGINE AN INVESTOR IN THE TECHNOLOGY SECTOR. I KNOW THAT GOOGLE SAID THE ELECTION WAS A TAILWIND FOR THEIR SEARCH BUSINESS AND OTHER PARTS. TRY TO TIE THAT TOGETHER FOR US. IF YOU ARE AN INVESTOR THIS WEEK LOOKING AT THE SECTOR, WHERE IS YOUR ATTENTION FOCUSED? MEL: I'M NOT FOCUSED ON THE ELECTION AT ALL. I'M FOCUSED ON THE LONG-TERM TAILWINDS FOR THE TECHNOLOGY SECTOR, AND FOR RISK ASSETS IN GENERAL. ALL WEEK GET IS GOOD NEWS. HAVE SUNNY SKIES OUT THERE. LOOK AT THE GDP REPORT THIS MORNING, UP 2.8%. LOOK AT THE EMPLOYMENT REPORT

THIS MORNING. INTEREST RATES ARE GOING TO COME DOWN. MAYBE NOT AS FAST AS THE MARKET WANTED, BUT THEY ARE GOING TO COME DOWN. THE HOUSING MARKET. HOUSING SALES ARE ACTUALLY UP. EVERYTHING THAT WE HAVE IN THE ECONOMY, ALL OF THE DRIVERS OF THE ECONOMY, OR POINTING GREEN. AND SO, I THINK IT IS NOT ABOUT THE ELECTION. THE ONLY THING I THINK COULD MESS UP THIS SUNNY OUTLOOK IS MISTAKES THAT POLITICIANS MIGHT MAKE. BECAUSE WHEN WE LOOK AT THE FUNDAMENTALS OF ECONOMIC GROWTH, THEY ARE ALL THERE. THE U.S. ECONOMY IS IN A FANTASTIC SPACE, AND FROM AN INVESTOR PERSPECTIVE, MATTER WHETHER YOU ARE INVESTING IN FIXED INCOME, IN REAL ESTATE, IN THE EQUITY

MARKETS, IT IS ALL GREEN LIGHT AHEAD. CAROLINE: OF THESE VALUATIONS WITH NVIDIA TRADING AT 49 TIMES FUTURE EARNINGS. THE RIGHT LEVEL FOR THESE GREEN SKIES, THE OUTLOOK OF BEING A POSITIVE ONE? MEL: IT DEPENDS HOW LONG YOUR TIMELINE IS. I WOULD NOT BE WITHOUT NVIDIA. IN MY PORTFOLIO. I WOULD NOT BE WITHOUT ANY OF THESE HYPERSCALERS IN MY PORTFOLIO, BECAUSE THAT IS THE FUTURE. AND YOU BUY THEM AND YOU HOLD THEM. ED: IF WE HAD MORE TIME I WOULD ASK YOU HOW ON EARTH YOU KNOW WHAT IS GOING TO HAPPEN IN THE WORLD, BUT WE DON'T. SO WE WILL SAVE IT FOR NEXT TIME. MEL LAGOMASINO, CEO OF WE FAMILY OFFICES. READ IT IN PARTICULAR, ITS FOURTH-QUARTER OUTLOOK.

THAT IS A STOCK UP 41%. YES, IT WAS A STOCK THAT POST-IPO IN MARCH WAS ALREADY UP 140%. BASICALLY, THEY ARE MAKING MONEY IN DIFFERENT WAYS. THE AD BUSINESS IS STRONG, BUT THERE IS THE DATA LICENSING. IT IS A PRETTY ASTONISHING JUMP, AND LOTS OF OPTIMISM THAT REDDIT WILL CONTINUE TO GROW. EVEN THOUGH KAREN POINTS OUT SOMETHING INTERESTING. USER BASE, VERY SMALL. THEY ARE JUST GOOD AT SQUEEZING DOLLARS OUT OF THEM. CAROLINE: WITH A MARKET CAP IN EXCESS OF $20 BILLION. COMING UP, ANOTHER EARNINGS STORY. BYD IS NOW BEATING TESLA ON QUARTERLY REVENUE FOR THE FIRST TIME. WE WILL HAVE ALL OF THE DETAILS.

THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: THE EUROPEAN UNION HAS IMPOSED HIGHER TARIFFS OF UP TO 45% ON ELECTRIC VEHICLES FROM CHINA, RATCHETING UP TRADE TENSIONS BETWEEN THE WORLD'S LEADING EXPORT POWERS. GOING INTO FORCE TODAY AFTER MONTHS OF NEGOTIATIONS. ED: LET'S STICK WITH EV'S. CHINESE CLEAN ENERGY GIANT BYD POSTED QUARTERLY SALES THAT ECLIPSED TESLA'S FOR THE FIRST TIME. BUT THE RACE TO DOMINATE THE EV MARKET IS VERY MUCH STILL ON. DANNY LEE IS STILL AWAKE FOR US IN HONG KONG. WHEN I POSTED ON SOCIAL MEDIA ABOUT THIS METRIC, MANY WOULD POINT OUT THIS IS NOT APPLES TO APPLES BECAUSE YOU NEED TO EXPLAIN TO US THAT WAS IN -- WITHIN THOSE SALES INCLUDE

WAGON HYBRIDS AND SCALES ARE COMPLETELY DIFFERENT. WHAT DID WE LEARN IN THE QUARTER JUST GONE? DANNY: WE LEARNED HOW BYD IS CONTINUING TO DOMINATE THE CHINA MARKET, WHERE IT GETS MOST OF ITS SALES. BUT WHEN YOU LOOK AT HOW BYD AND TESLA ARE BOTH BUILDING OUT THERE LIKE -- BUILDING OUT THEIR ELECTRIC VEHICLES, BYD HAS HYBRIDS, SO IT HAS AN ADVANTAGE, ESPECIALLY AT A TIME WHEN DEMAND IS SKEWED AND THE INFRASTRUCTURE IS NOT ALWAYS THERE AROUND THE WORLD. WHEN YOU LOOK AT HOW BYD IS DOING ON A PER-EMPLOYEE BASIS, TESLA EARNS SIX TIMES MORE PER EMPLOYEE. AS MUCH AS THE FIGURE SHOWS A NEW LANDMARK FOR BYD, CLEARLY THERE ARE OTHER METRICS TO SHOW

JUST HOW EFFICIENT TESLA IS. AND WHETHER YOU GET THOSE WHO SUPPORT MUSK, THOSE WHO POINT OUT OTHERWISE, CLEARLY IT IS STILL A GOOD RUN FOR BYD. WE HAD THAT RUN LAST YEAR OF THEM ECLIPSING PURE EV SALES, BUT THIS TIME ON REVENUE. CAROLINE: TALK ABOUT THAT VERTICAL INTEGRATION THAT WE DO SEE WITH UID AND ITS SUPPLY CHAIN. CAN IT WRING OUT MORE EFFICIENCIES? CAN IT PRODUCE MORE PER CAPITA? DANNY: IT HAS ALREADY GOT THE EFFICIENCIES THERE. WHAT IT IS DOING NOW IS SCALE. TRYING TO BUILD AS MANY CARS AS POSSIBLE. NOT JUST IN CHINA, BUT NOW AROUND THE WORLD, WITH ALL OF THE FACTORIES IT HAS COMMITTED TO. IT HAS THE EFFICIENCY THERE AND NOW IT CAN USE THAT TO ITS ADVANTAGE.

THAT IS WHAT IS SCARING THE U.S. AND EUROPEAN AUTOMAKERS, WHICH ARE REALLY STRUGGLING WITH THE EV TRANSITION. WHEN YOU LOOK AT TESLA AND BYD COMBINED MIGHT OF THEM, THEY CAN SHOW THAT PROFITABLE PATH TO GETTING TO THAT EV TRANSITION. THE OTHERS OUT THERE, THE MAKERS ARE STRUGGLING, WHICH IS WHY YOU SEE TESLA AND BYD AT ONE AND THREE IN TERMS OF VALUATIONS. ED: IT IS HARD TO COMPARE THEM. I LOOK AT GROSS MARGIN. TESLA, JUST UNDER 20%. IT IS NOT APPLES TO APPLES. MANY POINT OUT TESLA IS AN AI AND ROBOTICS COMPANY AND IT IS INVESTING THERE. HOW IS BYD DIFFERENT? WHAT ARE ITS PRODUCT LINES? WHAT IS IT MOVING TOWARD? DANNY:

BYD HAS VERY MUCH FOCUSED ITSELF ON THE CAR ITSELF, SO IT DOESN'T NECESSARILY HAVE THOSE WILD EVALUATIONS TESLA HAS, WITH THAT. DRIVING THAT HAS BEEN PUSHING CONSTANTLY. UID IS STARTING TO THINK ABOUT HOW IT IS LOOKING TO BE MORE SAVVY WITH ITS DISTRIBUTION SKILLS, BECAUSE ON THE ROADS IN CHINA IT DOES HAVE THIS LEVEL OF AUTOMATION WHICH COULD MATCH TESLA, FRANKLY. WITH ITS SCALE IN CHINA, WITH ALL OF ITS LEARNINGS, PERHAPS THAT CAN BE EXTRAPOLATED TO SOMETHING MORE MEANINGFUL IN A LONG RUN. CAROLINE: DANNY LEE, WE THANK YOU. DESPITE MORE THAN SIX YEARS OF U.S. TARIFFS, EXPORT CONTROLS, FINANCIAL SANCTIONS, CHINA IS

MAKING PROGRESS IN POSITIONING ITSELF TO DOMINATE THE INDUSTRIES OF THE FUTURE, LIKE THE ONE WE WERE JUST DISCUSSING. THERE ARE SOME METRICS DIVING IN THE KEY TECHNOLOGIES AND SHOWS THAT CHINA ACHIEVED A GLOBAL LEAD POSITION IN FIVE OF THEM, CATCHING UP IN SEVEN OTHERS. JARED TAKES PART IN THE REPORT, JUST OUTLINING THE FIVE WHERE THEY ARE DOMINANT AND THE AREAS THEY ARE GROWING? >> WE LOOKED WITH OUR BLOOMBERG INTELLIGENCE AND ECONOMICS COLLEAGUES AT TEN KEY TECHNOLOGIES THAT ARE PART OF CHINA'S MADE IN 2025 INITIATIVE. THE AREAS WHERE CHINA IS LEADING WOULD BE DRONES, HIGH-SPEED RAIL, EV'S, AS YOU WERE DISCUSSING, SOLAR PANELS, AND SOME MATERIALS.

THEIR COMPETITORS ARE THINGS LIKE SEMICONDUCTORS, AI. THEY HAVE A BIG SHIP TARGET, AND DRUGS LIKE PHARMACEUTICAL. WHERE THEY ARE REALLY BEHIND HIS COMMERCIAL AIRCRAFT. ED: INTERESTING. YOU JUST READ OUT THE DREAMS SMORGASBORD OF BLOOMBERG TECHNOLOGY STUFF. I THINK ONE THING WE REFLECT ON IN THE SHOW IS SOME OF THOSE KEY AREAS, SEMICONDUCTORS, EVEN DRONES AND EV. IT IS VERY POLICY-FOCUSED. IN OTHER WORDS, THE GOVERNMENT CHANGED THEIR MIND, BUT ARE OFTEN WILLING TO SUPPORT THOSE INDUSTRIES THROUGH FINANCE OR POLICY TO MAKE THEM SUCCESSFUL. GERARD: INDEED. INDUSTRIAL POLICY IS A BIG PART OF IT. CHINA'S NEW ENERGY VEHICLE

PARKED -- PROJECTIONS, IT IS HARD TO QUANTIFY, BUT THERE ARE A LOT OF SUBSIDIES FOR BUYERS, FOR FIRMS. THERE IS STATE-BACKED CREDIT, STATE-BACKED INVESTMENT FUNDS, GOVERNMENT PROCUREMENT, ETC. BYD IS A GOOD EXAMPLE. THE EV SECTOR CLEARLY BENEFITED FROM CHINESE INDUSTRIAL POLICY, BUT THE INDUSTRIAL POLICY DID NOT PICK WINNERS. UID IS THE ONE THAT ROSE TO THE TOP. NOW IT IS A GLOBALLY-COMPETITIVE FIRM. CAROLINE: LET'S TALK ABOUT WHAT THIS MEANS FOR THE U.S. AS WELL. THE U.S. HAS BEEN TRYING TO PREVENT GREAT STRIDES IN CERTAIN AREAS OF TECHNOLOGY. AI CHIPS COMES FIRST TO MIND. BY LIMITING TRADE FROM THE U.S., BUT ALSO FROM ITS ALLIES. WHAT DOES THIS DO IF CHINA GETS

THERE ANYWAY? GERARD: U.S. MEASURES, THE TARIFFS ARE MORE MACRO. THE EXPORT CONTROLS ARE FOCUSED ON ADVANCED SEMI-CONDUCTORS AND THINGS RELATED TO THAT LIKE ARTIFICIAL INTELLIGENCE. THE U.S. CONCERN IS BASICALLY THAT THEY ARE AFRAID THAT CHINA HAVING ADVANCED LEAD WILL HAVE MILITARY APPLICATION, PARTICULARLY FOR THINGS LIKE ARTIFICIAL INTELLIGENCE. BUT THERE IS ALSO AN ECONOMIC SIDE. FROM A COMPETITIVE PERSPECTIVE, ESPECIALLY IF YOU THINK CHINA IS BENEFITING FROM ITS OWN INDUSTRIAL POLICY, THE UNITED STATES THINKS IT IS UNFAIR, AND DON'T WANT TO BE LEFT BEHIND. ED: LET'S DO SEMI-CONDUCTORS AS ONE FINAL CASE STUDY. YES, U.S.

EXPORT CONTROLS. BUT CHINA HAS RESPONDED AND TRIED TO CHAMPION SPECIFIC NAMES. WHAT DID YOUR RESEARCH FIND IN THAT SPACE? GERARD: SO, CHINA'S MAIN FAP IS SMIK. IT RECEIVES HEAVY SUBSIDIES, BUT THERE ARE OTHER FIRMS, LIKE HUAWEI, THAT ARE BUYING THE CHIPS, BUT ARE ALSO BEING STATE-SUPPORTED. IN GENERAL, I THINK THE U.S. EXPORT CONTROLS HAVE DONE LESS DAMAGE THAN MANY IN THE U.S. GOVERNMENT HAVE HOPED. CHINA IS MAKING STRIDES, BUT IT IS ALSO DEBATABLE HOW GOOD THOSE STRIDES ARE. EVEN RECENTLY, BLOOMBERG WAS REPORTING THAT MAYBE FOUR WAY WAS GETTING CHIPS FROM TSMC THROUGH A CARVE-OUT. SO, THERE IS STILL LEAKAGE IN THE EXPORT CONTROLS, AND THIS IS SOMETHING THE BIDEN IS LOOKING

TO ADDRESS. ED: GERARD DIPIPPO FROM BLOOMBERG ECONOMICS. JUST INCREDIBLE. EARLY APPRECIATE IT. LET'S STICK WITH CHINA. LOOK AT SHARES OF PDD, THE PARENT COMPANY OF TEMU. THE MERCK IS REPORTING THAT THE EUROPEAN UNION IS LOOKING AT PARTICULAR IN ACTIVITY IN THAT JURISDICTION RELATED TO COUNTERFEIT GOODS, BUT ALSO LOWER-PRICED GOODS. CHECK OUT THAT REPORT ON BLOOMBERG.COM AND THE BLOOMBERG TERMINAL. WE WILL BE RIGHT BACK. THIS IS BLOOMBERG TECHNOLOGY. CAROLINE: TIME NOW FOR TALKING TECH. UP FIRST, X AI IS SEEKING FUNDING. THE COMPANY'S VALUATION WAS $24 BILLION, INCLUDING THE $6 BILLION RAISED DURING ITS LAST FUNDING ROUND IN MAY.

MUSK SAID HIS AIM WAS TO DOUBLE AI'S ACCESS TO COMPUTER. OPENAI IS WORKING WITH BROADCOM TO DEVELOP A CUSTOM CHIP FOCUSED ON RUNNING AI MODELS. THE CHIPS WILL RUN SOFTWARE THAT RESPONDS TO USER REQUESTS AND IS EXPECTED TO BE IN SOME HIGH DEMAND. APPLE AGAIN THIS OUR UNVEILING AN UPDATED MACBOOK PRO LINEUP, LOOKING TO ENTICE SHOPPERS WITH SPEEDIER PROCESSING AND AI CAPABILITIES. IT IS PART OF A FLURRY OF UPGRADES THIS WEEK. THE COMPANY ALSO RELEASED APPLE INTELLIGENCE EARLIER IN THE WEEK. AND, WHAT ARE YOU WATCHING? ED: AN ASTONISHING DAY IN TECHNOLOGY EARNINGS. THIS IS WHAT SHARES OF SOME OF THE BIGGEST TECHNOLOGY NAMES WHO REPORTED EARNINGS ARE LOOKING LIKE. AMD IS DOWN 10%. IT DID NOT DO ENOUGH TO PERSUADE INVESTORS IT IS

BRIDGING THE GAP TO NVIDIA. ALPHABET, STRONG GROWTH IN CLOUD, DRIVEN BY AI. READ IT, THAT 42% GAIN IS THE BIGGEST JUMP SINCE MARCH 21, EACH OF COURSE WAS THE DAY THAT REDDIT IPO'ED. ONE NAME THAT DOES NOT OFTEN GET REWARDED BY INVESTORS IS A SNAP. UP 14%. NEXT BLOCK, A LITTLE DEEP DIVE INTO REDDIT AND SNAP? CAROLINE: I THINK WE HAVE TO BE THINKING ABOUT WHY WE ARE SEEING A RECORD HIGH IN TERMS OF ITS SHARE PRICE. WHAT IT IS DOING IN TERMS OF UNDERLYING THE -- LICENSING THE DATA AND HOW IT IS GOING TO BE BUILDING UP ITS USER BASE. SNAP INTERESTINGLY UP 14%. THIS IS ALL ABOUT SUBSCRIPTION GROWTH FOR THE BUSINESS. BUT HOW CAN THEY MANAGE TO REFUEL DAILY ACTIVE USER GROWTH?

IN THE UNITED STATES? ED: WE ARE QUICK, SUPERMICRO, THE SERVER MAKER, REMINDER IT IS DOWN SIGNIFICANTLY. BIGGEST DROP SINCE 2018. EY, ITS AUDITOR, RESIGNED. CAROLINE: WELCOME BACK TO BLOOMBERG TECHNOLOGY. I'M CAROLINE HYDE IN NEW YORK. ED: AND I'M ED LUDLOW IN SAN FRANCISCO. SOCIAL MEDIA KIND OF A FOCUS. SNAP US UP THE MOST IN SIX MONTHS. USER GROWTH LOOKS GOOD. SALES HAVE GONE ABOVE EXPECTATIONS. THEY HAVE DONE WORK ON ADVERTISING TO MAKE THEM MORE RELEVANT. ALSO REDDIT, BIGGEST JUMP SINCE IPO DAY, MARCH 21. A STRONG OUTLOOK FOR THE HOLIDAY QUARTER. AGAIN, ADD A BUSINESS, BUT THEY HAVE THE DATA LICENSING SIDE.

WITH AI AS WELL. AND THEN META UP .8%. I THINK THIS COULD BE A MEGA-PRINT. THE SOCIAL MEDIA COMPANY, THE AI COMPANY, THE BIGGEST RUNNER OF DATA CENTERS THAT NO ONE TALKS ABOUT. THAT KIND OF STUFF. CAROLINE: SOMEONE TALKS ABOUT ALL OF IT. WE ARE PLEASED TO HAVE AGE ACCOUNTS, ACROSS A FLURRY OF SOCIAL MEDIA MOVES. LET'S START WITH SNAP. THEY ARE MANAGING TO SHOW THAT THEY CAN STILL GET GROWTH OUTSIDE OF THE U.S., IT SEEMS, AND ALSO PEOPLE SUBSCRIBING. >> SNAP STORY IS INTERESTING. AS YOU MENTIONED, THEY TEND TO HAVE A LOT OF VOLATILITY. SOMETIMES THEY ARE NOT REWARDED IN -- AWARDED, BUT THEY PUT A LOT OF MONEY, SPENT A LOT OF MONEY ON ARTIFICIAL INTELLIGENCE.

IT REALLY IS COMING TO FRUITION ACROSS MULTIPLE AREAS. BETTER ADS, BETTER RECOMMENDING VIDEO CONTENT. AS YOU MENTIONED, SUBSCRIPTIONS. SUBSCRIPTION REVENUE IS ABOUT 100 TO THREE -- 123 -- ONE HOW TO $23 MILLION. THEY'RE ONE OF THE COMPANIES THAT HAS BEEN ABLE TO BENEFIT FROM SUBSCRIPTIONS AND TURN THAT INTO A NOTABLE BUSINESS. ED: LET'S TALK ABOUT REDDIT. A BIT OF A SURPRISE IN THE SESSION. YOU SPOKE TO STEVE HUFFMAN, THE CEO. WHAT HAVE WE LEARNED ABOUT HOW IT IS GOING AND WHAT THE REDDIT PLATFORM IS DOING TO BE DIFFERENT? AISHA: OF COURSE THE SIMPLE ADVERTISING STORY, THEY HAVE BEEN ABLE TO CONVINCE ADVERTISERS TO ACTUALLY BUY ADS. PART OF THAT IS EXPANDING

REDDIT TO OTHER LANGUAGES SO THEY CAN HAVE MORE USERS AND ADVERTISERS ACROSS THE WORLD. PART OF IT IS INVESTING IN ARTIFICIAL INTELLIGENCE, MACHINE LEARNING, THAT ARE TARGETING ADS. AND THEN AN EDUCATED MARKET. REDDIT IS DIFFERENT THAN OTHER SOCIAL MEDIA PLATFORMS. YOU TARGET BASED ON TOPICS, NOT SOCIAL MEDIA. THEY HAVE DONE A LOT OF EDUCATING THE MARKET, AND -- AND THAT HAS SEEMED TO PAY OFF. THEN THERE IS THE AI STORY, SELLING THEIR DATA, HAVING PARTNERSHIPS WITH OPENAI AND GOOGLE. THAT HAS BEEN PUSHING THE REVENUE OVER THE EDGE. AGAIN COMING INTO THE HOLIDAY QUARTER, A HUGE BEAT ON WHAT THEY ARE FORECASTING. ALL OF THAT HAS LED TO THAT STOCK CAROLINE: IT IS SO INTERESTING, THOUGH.

WHEN YOU LOOK AT THE UNDERLYING amount of users on both of these platforms, Reddit has got just over 97 million users. Snap has way more, and they also have far bigger revenue, four times that of Reddit, yet their market capitalizations are about the same at this level. Where is the market seeing the future potential of Reddit versus Snap? Aisha: I think it really comes down to that data licensing business. When I was talking to Steve yesterday, one of the things he mentioned was that that shows you the potential of the value of the data on this site. I think investors are really seeing that. Some investors are projecting as much as $6 million a year, which is huge. I think part of it is that.

THEN SNAP HAS BEEN PUBLIC FOR A LOT LONGER, SO THE EXPECTATION MIGHT BE HIGHER. REDDIT BEAT EXPECTATIONS EVERY QUARTER. WE WILL SEE IF THEY CAN CONTINUE TO DO THAT. ED: THE BIGGEST OF THEM ALL IN THE SOCIAL MEDIA CONTEXT, BUT A LOT MORE IS META, AFTER THE BELL TODAY. WHAT IS GOING TO HAPPEN? AISHA: I EXPECT REVENUE TO BEAT EXPECTATIONS. THEY ARE GOING TO HAVE A HIGHER BAR. THEIR PEERS HAVE DONE REALLY WELL. GOOGLE ALSO DID REALLY WELL IN THEIR EARNINGS. THE BAR IS GOING TO BE HIGH, BUT OVER THE PAST QUARTERS THEY HAVE ACHIEVED DOUBLE-DIGIT REVENUE GROWTH. SO, EXPECT THAT. AND ALSO TO HEAR ABOUT THE AI STORY. WHETHER IT IS ABOUT THEIR AI VIDEO GENERATOR THEY JUST

ANNOUNCED, THEY HAVE NEW TOOLS FOR CREATORS, FOR ADVERTISERS. THEY REALLY DOUBLED DOWN ON FINDING WAYS TO PUT AI IN FRONT OF USERS. NOT TO MENTION THEIR AI ASSISTANT THAT HAS 500 MILLION USERS THAT ARE CHATTING ACROSS FACEBOOK AND INSTAGRAM. EXPECT TO SEE THAT. EXPECT TO HEAR THEM TALK ABOUT HOW THEY ARE GETTING A RETURN ON THEIR INVESTMENTS IN AI. AS YOU MENTIONED, THEY HAVE TONS OF DATA CENTERS, SO PART OF THE STORY WILL BE, WILL THEY NOT SPOOK INVESTORS WITH HOW MUCH THEY ARE SPENDING ON INFRASTRUCTURE? INVESTORS WERE WORRIED ABOUT HOW MUCH MONEY THEY WERE SPENDING THERE, SO WE WOULD BE LOOKING AT ALL OF THOSE THINGS. ED: STAY TUNED. AISHA COUNTS, THANK YOU VERY MUCH. LET'S KEEP TALKING ABOUT

TECHNOLOGY EARNINGS WITH JEFFERIES ANALYST BRENT THILL. IF YOU ARE TRYING TO FIND THE COMMON DENOMINATOR, PARTICULARLY IF IT IS THE HYPERSCALERS, META, ETC., FOR ME IT IS THAT THE CALCULUS IS THE SAME AS LAST QUARTER. CAPEX, MONEY COMING IN, HOW MUCH MONEY IS COMING OUT? PARTICULARLY IN AI? HAVE YOU SEEN EVIDENCE THAT IS THE CASE SO FAR? BRENT: WE ARE EARLY IN THE CURVE, SO THE REVENUE IS NOT COMING IN. FOR MICROSOFT, WE ARE ON A RECURRING SUBSCRIPTION MODEL. EVEN IF THEY PLOW $10 INTO AI TODAY, YOU ARE PAYING THEM A MONTHLY FEE. SO, NO, WE HAVEN'T, BUT I THINK WE ARE SEEING PROOF THAT ALL OF THE HYPERSCALERS, THEIR TOTAL

BOOKINGS RELATIVE TO THE CAPEX SPEND, THEIR BOOKING NUMBERS HAVE ACCELERATED. THAT IS NOT ALL AI, BUT WE ARE SEEING THAT RETURN. MICROSOFT HAS DOUBLED THE COST OF OFFICE. YOU ARE PAYING $30 AND YOU JUST DOUBLED YOUR AI, IT DOESN'T COST DOUBLE THAT TO SERVE. THEY ARE MAKING A LOT OF MONEY. AMY HOOD GAVE ME 100 BASIS POINTS OF MARGIN IMPROVEMENT IN THE BEGINNING OF AI, AND THIS YEAR THEY ARE GOING TO END UP ABOUT 100 BASIS POINTS OF HEADWIND. THIS IS NOT LIKE THEY ARE LOSING MONEY, RIGHT? THEY MADE MONEY. THESE ARE INCREDIBLE NUMBERS, SO THIS IS NOT A WASTELAND, AND THIS IS THE NUMBER ONE QUESTION WE ARE GETTING? WHERE IS THIS CAPITAL GOING? YOU CAN SEE IT IN THE MARGINS,

YOU CAN SEE IT NOW IN THE INCREMENTAL REVENUE. THEN YOU CAN START TO SEE IT IN THE CUSTOMER CASE STUDIES. ED: YOU ARE EXCITED ABOUT MICROSOFT. I CAN TELL. BRENT: NEVER BEEN EXCITING. ED: THEY HAVE ALWAYS BEEN GOOD AT SELLING SOFTWARE YOU CAN OTHERWISE GET FOR FREE SOMEWHERE ELSE. META IS A DIFFERENT BEAST. IN THE AI STORY IT IS LIKE, INTERESTING, THE BUSINESS MODEL. I HAVE USING THE RAY-BAN METAS FOR ABOUT A MONTH NOW. THAT IS HOW I USE AI. WHAT ARE YOU EXPECTING IN THE EARNINGS PRINT, THAT THEY CAN DEMONSTRATE THIS FUTURE BUSINESS MODEL? BRENT: I THINK, AGAIN, WE ARE SUPER EARLY ACROSS THE INDUSTRY WHEN WE THINK ABOUT AI IN APPLICATIONS, RIGHT? WE ARE NOT EARLY IN INFRASTRUCTURE.

WE SEE IT IN THE NUMBERS, RIGHT? IT IS GOING TO BE A DELAYED REACTION. YOU ARE NOT GOING TO -- THIS IS NOT GOING TO POP OUT OF THE CAKE AND SURPRISE EVERYONE. THIS IS GOING TO BE SLOW, STEADY, AND A GRADUAL RAMP. LIKE WE HAVE SAID, THIS IS GOING TO BE GAME-CHANGING. I AM A BELIEVER IN META. I THINK ULTIMATELY OVER TIME WE AS USERS WILL GET A BETTER EXPERIENCE BECAUSE OF AI. THE ADVERTISERS, WHICH PAY THE BILL -- AGAIN, NONE OF US PAY THE BILL, IT IS ALL AD-DRIVEN. IF YOU CAN CREATE AN EASIER AD CAMPAIGN AND DO IT QUICKLY AND DO IT MORE COST-EFFICIENTLY, LIKE, ALL OF THE USERS ARE GOING TO STAY THERE. AND MORE PEOPLE ARE GOING TO BE

THERE BECAUSE THE EXPERIENCE IS SO GOOD. SO, AGAIN, I THINK IT IS A PHASED APPROACH. I DON'T THINK IT IS GOING TO BE OVERNIGHT SUCCESS. BUT I THINK WHAT ZUCK HAS BEEN DOING, HE IS VERY CONFIDENT. YOU CAN SEE IT IN HIS STYLE, HIS T-SHIRT, HIS NECKLACE, HIS HAIR. YOU CAN SEE IT. CAROLINE: HE HAS A STYLIST, MAN. AND WE ALL LOVE TO SEE IT. WHAT IS ALSO INTERESTING IS THERE WAS SOME NEWS AS TO WHETHER OR NOT META AI IS TRYING TO BUILD ITS OWN REAL-TIME SEARCH WITHIN ITS OFFERING, BECOMING LESS DEPENDENT ON THE LIFE OF BEING, WHICH IS MICROSOFT'S SEARCH. HOW MUCH DO YOU THINK THESE FRENEMY'S WILL CONTINUE TO USE EACH OTHER? BRENT: META HAVING ITS OWN SEARCH IS A

NO-BRAINER. THINK ABOUT IT. IF YOU BUY A GOLF SHIRT OR YOU BUY SOMETHING FOR YOUR HOUSE AND YOU WANT TO FIND SOMETHING ELSE ON THE PLATFORM, WHY CAN'T YOU JUST GO ON THEIR PLATFORM AND SEARCH FOR IT? IT IS NOT A GOOD SEARCH EXPERIENCE TODAY. IT SHOULD BE BETTER. IT IS AN AREA THEY CAN IMPROVE UPON. DOES THAT MEAN I'M NOT GOING TO GOOGLE MAPS BECAUSE I'M GOING FROM SAN FRANCISCO TO THE VALLEY AND I'M GOING TO JUMP ON -- I'M NOT GOING TO SEARCH THERE FOR TRAFFIC AND ALL OF THE OTHER THINGS. BUT I THINK THAT THE EXPERIENCE IS GOING TO BE BETTER. BECAUSE IT IS NOT GREAT RIGHT NOW. THERE IS NO QUESTION ALL OF THE DATA TRAPPED IN THAT PLATFORM, I MEAN, IT IS REALLY HARD TO FIND SOMETHING YOU HAVE SEEN AND GO BACK AND TRY TO FIND IT.

ON META. THE EXPERIENCE IS GOING TO BE BETTER, BUT IT IS NOT GOING TO BOXED -- EXPOUND OUT GOOGLE. IT IS NOT GOING TO CHANGE THE OPPORTUNITY FOR THE OTHERS. WE SAW THAT IN GOOGLE'S NUMBERS. CAROLINE: TALK TO US ABOUT ALPHABET. TALK TO US ABOUT HOW THEY ARE MINING -- MANAGING TO FIND THE REWARDS OF AN AI INVESTMENT. BRENT: WELL, I THINK YOU GO BACK TO, IT IS NOT ALL AI-DRIVEN, WHICH IS YOU GET IN YOUR CAR YOU USE WAZE TO GET TO WORK. YOU DON'T GO TO OTHER ENGINES LIKE PERPLEXITY OR OTHERS FOR THAT INFORMATION. YOU MAY SAY, HOW DO I STOP MY WASHER AND DRYER FROM BLINKING? YOU MIGHT GO TO PERPLEXITY. I THINK THE THING IS, WE ARE HAVING A HIGHER QUERY VOLUME,

AND ALL OF US HAVE BECOME MORE COMFORTABLE THAT THEY ARE DIFFERENT TOOLS, SO WE ARE INCREASING OUR USAGE ACROSS ALL OF THESE PLATFORMS. EVERYONE WANTS A, THIS VENDOR IS GOING TO DIE AND THIS VENDOR IS GOING TO WIN. EVERYONE SEEMS TO BE IN A GOOD SPOT OR WINNING, AND THAT IS, AGAIN, THESE BIGGER PLATFORMS. AI NEEDS THREE THINGS: CAPITAL, USERS, AND DATA. WHEN YOU THINK ABOUT ALL OF THE BIG PLATFORMS, AMAZON, MICROSOFT, THEY ALL HAVE THAT INCREDIBLE USAGE, OBVIOUSLY. OUR VIEW IS THE BIG KEEP GETTING BIGGER, AND IT IS A REALLY BORING STORYLINE. I WISH I HAD A BETTER STORYLINE, BUT I'M SORRY. THEY ARE JUST GOING TO KEEP GETTING BIGGER AND BETTER.

CAROLINE: REGULATORS MIGHT HAVE SOMETHING TO SAY ABOUT IT. BUT YOU HAVE TO BUY ACROSS THE BOARD ON ALL OF THOSE NAMES. BRENT THILL, WE THANK YOU FOR JOINING US TODAY. IN MAJOR IMPACT -- LOOK AT THE RESULTS THE ELECTION COULD HAVE ON TECHNOLOGY. LYNDEN MELMED IS JOINING US FROM BAL STRATEGIES TEAM. FIND IT ON THE TERMINAL, AS WELL AS ONLINE. THIS IS BLOOMBERG. CAROLINE: CONSPIRACY THEORISTS BELIEVE THAT DONALD TRUMP WON THE 2020 ELECTION ARE MAKING PLANS ONLINE TO MONITOR AND FILM POLLING PLACES IN SWING STATES. A MOVE THAT SOME GROUPS ARE -- GROUPS ARGUE AMOUNTS TO VOTER SUPPRESSION. THIS IS SURROUNDING THE MESSAGING APP TELEGRAM IN

PARTICULAR, WERE THESE CONVERSATIONS ARE HAPPENING. >> THAT'S RIGHT, CAROLINE. TELEGRAM IS A POPULAR APP, AND IT HAS GAINED MORE ATTENTION IN THE UNITED STATES OVER THE PAST COUPLE OF YEARS. THERE ARE LARGE COMMUNITIES, TENS OF THOUSANDS OF PEOPLE, MANY OF THEM IN SWING STATES, WHO ARE MAKING PLANS AND TRYING TO COORDINATE TO TAKE EFFORTS TO DO WHAT THEY DESCRIBE AS STOPPING ANOTHER STOLEN ELECTION. ED: JEFF, I'M NOT A TELEGRAM LOSER. IT IS A CLOUD-BASED MESSAGING APP, RIGHT? EXPLAIN LITERALLY WHAT PEOPLE ARE DOING TO COMMUNICATE, BUT WHY IT IS NOTEWORTHY, WHY THIS IS A NEWS ITEM IN THE CONTEXT OF THIS ELECTION. JEFF: THIS IS IMPORTANT BECAUSE THE

WAY THAT FACEBOOK AND FORMERLY TWITTER HAVE COME YOU KNOW, REALLY REMOVED A LOT OF CONSPIRATORIAL AND FALSE ELECTION-RELATED CONTENT, THAT DOES NOT EXIST ON TELEGRAM. TELEGRAM WAS A RUSSIA-FOUNDED APP. IT HAS NEARLY ONE BILLION USERS, AND PEOPLE COMMUNICATE IN LARGE COMMUNITIES. THEY ARE LIKE LARGE GROUP CHATS, ALMOST LIKE WHATSAPP. WITHOUT THAT MODERATION THINGS CAN GET PRETTY EXTREME AND RADICAL. SOMETIMES THERE IS CALLS FOR VIOLENCE. AND, REALLY, WHAT IS HAPPENING NOW IS THAT SOME OF THESE GROUPS ARE CIRCULATING PETITIONS, THEY ARE CIRCULATING CALLS FOR VOLUNTEERS, LOOKING FOR PEOPLE WHO ARE WILLING TO STAND OUTSIDE OF BALLOT BOXES IN THE BEEN LOVE THE NIGHT. AGAIN, SOME PLACES THAT ARE KEY

TO THE ELECTION. ED: IT IS WORTH POINTING OUT THAT IN OUR REPORTING, TELEGRAM'S PRESS TEAM DID NOT RESPOND TO REQUEST FOR COMMENT. THANK YOU SO MUCH. LET'S STAY WITH THE ELECTION AND THE TECHNOLOGY INDUSTRY. IMMIGRATION IS ONE OF THE MOST HOTLY-CONTESTED TOPICS IN THE ELECTION, BUT THERE IS ONE AREA OF GENERAL AGREEMENT. A RECENT POLL FINDS THE VAST MAJORITY OF BOTH HARRIS AND TRUMP VOTERS SUPPORT ALLOWING HIGH-SKILLED IMMIGRANTS INTO THE COUNTRY. FOR EXAMPLE, DOCTORS, ENGINEERS, BUT ALSO COMPUTER SCIENTISTS. LET'S DISCUSS THIS WITH LYNDEN MELMED, A PARTNER AT BAL. THIS IS INTERESTING. IT IS A POLICY TOPIC AT THE HEART OF THE ELECTION, BUT DO YOU HAVE A FIRM UNDERSTANDING

OF EITHER CANDIDATE'S POSITION ON THIS? EVEN IF THE VOTING BASE AGREES? LYNDEN: FIRST, THANK YOU FOR HAVING ME ON TODAY, AND YOU ARE CORRECT THAT THE CRISIS ON THE BORDER HAS CERTAINLY DOMINATED THE CONVERSATION. BEHIND THE CURTAIN, THERE IS A LOT OF COMMONALITY ACROSS VOTERS OF BOTH PARTIES THAT HIGH-SKILLED IMMIGRATION IS BENEFICIAL FOR THE UNITED STATES. AND I THINK AMERICANS UNDERSTAND IMMIGRATION BETTER THAN A LOT OF PEOPLE GIVE THEM CREDIT FOR. THEY SEE FOREIGN-BORN CEOS AT COMPANIES LIKE GOOGLE, AND THEY KNOW THAT THEY WANT THOSE INDIVIDUALS INVESTING IN CREATING JOBS IN THE UNITED STATES. BUT THIS ELECTION WILL BE THE MOST CONSEQUENTIAL ELECTION FOR IMMIGRATION POLICY, BOTH IN TERMS OF THAT ASYLUM CRISIS,

BUT ALSO HIGH-SKILLED IMMIGRATION. BECAUSE CANDIDATES WILL IMPLEMENT VERY DIFFERENT POLICIES, AND THAT WILL AFFECT HOW COMPANIES HIRE AND ATTRACT THEIR TALENT PIPELINES. CAROLINE: I'M AN EMPLOYER. I WANT TO GET ACCESS TO AI TALENT. I NEED TO GO ABROAD FOR IT. HOW DO I NEED TO ALIGN MY BUSINESS HIRING WITH EITHER OUTCOME FROM THE ELECTION? LYNDEN: LET'S START WITH THAT. SO, IF PRESIDENT TRUMP IS ELECTED, WE ALL RECALL BACK IN 2016 THAT HE PUT TRAVEL BANS IN PLACE, AND WE ARE PLANNING FOR THAT EVENTUALITY. IF HE IS ELECTED AGAIN, WE COULD SEE TRAVEL BANS GO INTO EFFECT AS EARLY AS THE FIRST WEEK. THEY WILL NOT NECESSARILY TARGET AI SPECIFICALLY, BUT THERE COULD BE PERIPHERAL

DAMAGE IF THEY TARGET NATIONALITIES. CHINA, FOR EXAMPLE, OR JUST PARTICULAR VISA CATEGORIES THAT EMPLOY NUMBER OF AI PROFESSIONALS. IT REALLY IS AS EARLY AS THE FIRST WEEK WE COULD SEE AN IMPACT ON THE ABILITY TO BRING NEW AI TALENT INTO THE UNITED STATES. BUT THAT IS ONLY PART OF THE STORY. I THINK APPROXIMATELY TWO-THIRDS OF GRADUATE STUDENTS IN AI FIELDS ARE FOREIGN-BORN. WE ARE EXPECTING IS THAT THERE WILL BE RESTRICTIONS ON THE ABILITY OF COMPANIES TO HIRE FOREIGN-BORN TALENT OUT OF U.S. UNIVERSITIES. THAT IS ON TOP OF A BROKEN SYSTEM THAT EXISTS TODAY. IT IS DIFFICULT TO TRANSITION SOMEONE, BUT HE COULD GET WORSE IF TRUMP IS ELECTED. ED: WE ARE SHOWING THIS BRILLIANT CHART OF THE TOP TECHNOLOGY

COMPANIES THAT ARE THE BENEFICIARIES OF H-1B VISAS. AMAZON THE MOST, AND APPLE THE FEWEST. YOU MUST KNOW WHAT THE COMPANY'S ATTITUDES ARE TOWARD THIS. HOW ACTIVE ARE THEY IN THIS ELECTION CYCLE ON IMPRESSING THE IMPORTANCE OF SKILLED LABOR TO EITHER CANDIDATE? LYNDEN: ALL OF THE COMPANIES HAVE BEEN OPERATING UNDER A DEFUNCT -- A DYSFUNCTIONAL IMMIGRATION SYSTEM AS LONG AS THEY HAVE BEEN AROUND. THIS IS NOT THE FIRST ELECTION THEY HAVE TO PREPARE FOR DIFFERENT SCENARIOS. EVEN WITHIN ANY PARTICULAR ADMINISTRATION THERE IS VERY COMPETING VIEWS ABOUT HOW TO IMPLEMENT IMMIGRATION POLICY. ALL OF THEM ARE PREPARING FOR BOTH EVENTUALITIES, AND PUTTING REALLY THE TEAMS AND PEOPLE IN PLACE TO BE ABLE TO REACT.

IF PRESIDENT TRUMP IS ELECTED, A LOT OF THOSE ACTION PLANS WILL GET STARTED RIGHT AWAY, YOU KNOW, DURING THE LAME-DUCK PERIOD OF TIME. THERE MIGHT BE A SMALL WINDOW TO GET SOME POLICIES DONE UNDER A BIDEN ADMINISTRATION DURING THOSE FINAL FEW WEEKS THAT MIGHT BE BENEFICIAL TO THOSE COMPANIES. I'M A BUT I THINK IT IS BEST TO DESCRIBE THEIR ACTIVITY GOING INTO THE SELECTION AS PREPARING FOR ALL EVENTUALITIES. NO ONE KNOWS HOW THE ELECTION IS GOING TO PLAY OUT NEXT WEEK. BUT THE COMPANIES ARE PREPARED FOR A WORKFORCE PERSPECTIVE. PROBABLY THE MOST DIFFICULT CHALLENGE FOR THEM IS A LOT OF THEIR FOREIGN WORKERS LIKE TO TRAVEL ON HOLIDAYS, LIKE THE REST OF US. THAT COULD BE DIFFICULT FOR THEM TO PUT IN PLACE QUICKLY.

CAROLINE: LYNDEN MELMED, THANK YOU SO MUCH. A PARTNER AT BAL. COMING UP, EARNINGS. META, MICROSOFT, AND MORE. MAJOR REPORTING AFTER THE BELL. CAROLINE: MORE THEY COULD AFTER THE BELL. SENIOR ANALYST MANDEEP SINGH JOINS US NOW. WE WERE JUST SAYING HOW THE GARGANTUAN BEAT YOU SAW WITH ALPHABET, IS THAT GOING TO BE A READ ACROSS TO THE METAS, TO THE MICROSOFTS? MANDEEP: THE INDUSTRY IS DOING WELL. THAT IS WHAT WE SAW WITH REDDIT AND ALPHABET CALLING THAT OUT. $2 BILLION ON THE TOP LINE WAS IMPRESSIVE. YOU NOT GOING TO SEE THAT SORT OF BEAT FROM MICROSOFT OR META, IF I HAD TO TAKE A GUESS, BUT

CLEARLY WE -- CLEARLY WITH ALPHABET, THEIR INTEGRATION ACROSS THEIR FAMILY OF APPS, IS WHAT IS DRIVING THE POSITIVE SENTIMENT TODAY. ED: REALLY QUICK, DO YOU SEE THE MARKET SHARE SPLIT IN CLOUD CHANGING BASED ON GOOGLE'S PROGRESS? MANDEEP: IT COULD, SOME GOOD BECAUSE EVERYONE IS GETTING THE SAME ALLOCATION OF GPU'S. IF GOOGLE IS USING MORE OF THEIR TPUS FOR TRAINING THEY CAN HAVE NVIDIA GPU'S THAT CAN GENERATE REVENUE, WHEREAS SOME OF THE OTHER CLOUD PROVIDERS ARE USING IT FOR TRAINING. FROM THAT PERSPECTIVE IT WILL BE INTERESTING TO SEE IF AZURE PRINTS MORE THAN 41% GROWTH TONIGHT. ANYTHING LESS THAN THAT WILL BE DISAPPOINTING. CAROLINE: WE HAVE SO MUCH STILL TO DIGEST WHEN IT COMES TO THESE MAGNIFICENT FIVE FOR THIS WEEK.

THAT ARE REPORTING. JUST NVIDIA. WE ARE LACKING NOW FOR THE WEEKS TO COME. MANDEEP SINGH, LOVE HAVING HIM. THAT DOES IT FOR AN EXTREMELY BUSY ADDITION OF BLOOMBERG TECHNOLOGY. ED: IT WAS, AND IT IS JUST GOING TO CONTINUE. IT IS AMAZING. THERE IS SO MUCH FOCUS ON TECH ALL THE TIME. REPAIR -- RECAP ON THE PODCAST. THANK YOU, TEAM IN NEW YORK. THANK YOU, TEAM HERE IN SAN FRANCISCO. GET SOME REST, BECAUSE THERE IS MORE TO COME. THIS IS BLOOMBERG TECHNOLOGY. ♪

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슈퍼마이크로의 도전과 AI 인프라에 미치는 영향

EY가 회사의 무결성과 경영에 대한 우려를 이유로 감사인을 사임한 후 슈퍼마이크로의 주가는 30% 이상 급락했습니다.

이번 사임은 회계 문제와 조사가 이어지면서 투자자들의 불안감이 커진 데 따른 것입니다.

슈퍼마이크로는 AI 인프라에서 중요한 역할을 담당하고 있지만 최근 문제가 발생하면서 강력한 서버에 대한 수요 증가를 충족할 수 있는 능력에 대한 의문이 제기되고 있습니다.

알파벳은 제너레이티브 AI에 대한 고객 수요에 힘입어 2분기 매출이 전년 대비 35% 증가한 114억 달러를 기록하는 등 상당한 성장세를 보이고 있습니다.

이 회사는 자본 지출을 늘리고 생산성을 높이고 비용을 절감하기 위해 AI를 활용하고 있습니다.

알파벳은 경쟁사들과의 경쟁에도 불구하고 검색 시장에서의 강력한 입지를 유지하는 동시에 클라우드 서비스에서도 진전을 보이고 있습니다.

레딧의 주가 급등과 BYD의 전기차 지배력

Reddit의 주가는 광고 사업과 데이터 라이선싱의 호조에 힘입어 41% 상승했으며, 지난 3월 기업공개 이후 140%나 올랐습니다.

이 회사의 사용자 기반이 작아 우려의 목소리가 높았지만, 효과적으로 수익을 창출하고 있습니다.

한편, BYD는 하이브리드 차량과 공격적인 글로벌 확장을 통해 분기 매출에서 처음으로 테슬라를 제치고 전기차 시장을 장악했습니다.

산업 정책이 기술 분야에 미치는 영향

중국의 산업 정책은 보조금과 국가 지원 투자를 통해 전기 자동차(EV) 부문에 상당한 혜택을 주었으며, BYD는 세계적으로 경쟁력 있는 기업으로 부상했습니다.

미국은 반도체 및 AI와 같은 핵심 기술 분야에서 중국의 발전을 제한하고 경쟁력을 유지하기 위해 수출 통제와 관세로 대응하고 있습니다.

이러한 조치에도 불구하고 중국 기업들은 여전히 발전을 거듭하고 있으며, 미국 수출 통제의 효과에 대한 논쟁이 계속되고 있습니다.

소셜 미디어 기업의 강력한 성장세

Snap은 사용자 증가와 성공적인 광고 활동에 힘입어 6개월 만에 가장 큰 폭의 주가 상승을 경험했습니다.

Reddit 역시 다양한 사용자 기반, AI 기반 광고, 데이터 라이선스 파트너십의 혜택을 받아 주가가 크게 상승했습니다.

Meta는 강력한 매출 성장과 함께 인프라 지출에 대한 투자자들을 안심시키기 위해 AI 이니셔티브를 공유할 것으로 예상됩니다.

Jefferies의 Brent Thill은 Microsoft와 Meta와 같은 하이퍼스케일러의 공통적인 재무 패턴에 대해 설명하며, 이들의 총 예약이 CAPEX 지출에 비해 가속화되었다는 점에 주목합니다.

그는 Microsoft의 반복 구독 모델과 AI 투자 단계에서의 마진 개선을 강조합니다.

Thill은 더 나은 사용자 경험을 제공하는 Meta의 잠재적인 실시간 검색 기능을 통해 AI가 비즈니스 모델에 미치는 영향이 점진적으로 증가할 것으로 예상합니다.

빅 테크와 선거 역학 관계의 영향

거대 기술 플랫폼은 자본, 사용자, 데이터를 기반으로 지배력을 높여가고 있습니다.

텔레그램은 투표소를 감시하려는 음모론자들의 중심지가 되고 있으며, 유권자 탄압에 대한 우려를 불러일으키고 있습니다.

이번 선거 결과는 이민 정책에 큰 영향을 미칠 수 있으며, 양당 유권자들은 미국을 위한 고숙련 이민의 중요성에 대해 공통적으로 동의하고 있습니다.

이민 정책이 미국 내 AI 인재에 미치는 영향

국적과 비자 카테고리에 대한 제한은 미국 내 AI 전문가 채용에 상당한 영향을 미칠 수 있으며, AI 분야 대학원생의 3분의 2가 외국 태생입니다.

기술 기업들은 다양한 선거 결과에 대비하여 이민 정책의 잠재적 변화에 대응하기 위한 실행 계획을 마련하고 있습니다.

숙련된 노동력을 확보하기 위한 경쟁과 기능적인 이민 시스템의 필요성은 이러한 기업들에게 지속적인 과제였습니다.