버라이즌의 프론티어 커뮤니케이션즈 인수: 전략적 인사이트

### 버라이즌, 프론티어 커뮤니케이션즈 인수: 경영진의 인사이트
* 📞 버라이즌은 경쟁이 치열한 시장에서 초고속 인터넷 서비스를 강화하기 위해 **프론티어 커뮤니케이션즈 인수**를 발표했습니다.
* 📉 이 소식이 전해진 후 **버라이즌과 프론티어의 주가는 모두 하락세**를 보였고, 프론티어는 **합의된 인수 가격보다 낮은 주당 35달러**에 거래되어 시장의 회의적인 시각을 반영했습니다.
* 💡 버라이즌의 CEO는 이번 인수가 고객에게 더 많은 선택권을 제공하려는 핵심 전략에 부합하며, 특히 **현재 프론티어 매출의 50% 이상을 차지하는 광케이블 서비스 분야**에서 더욱 그러하다고 강조했습니다.
* 🔄 이 거래는 모빌리티 및 광대역 서비스를 포함한 고객 서비스를 강화하기 위해 **약 18개월이 소요될 것**으로 예상됩니다.
* 📊 애널리스트들은 인수 시기가 **Verizon의 기존 레버리지**로 인해 의문을 제기했지만, CEO는 **대차대조표가 여전히 견고**하고 관리 가능하다고 안심시켰습니다.
* ⚖ 이번 인수는 **데이터센터와 AI 솔루션에 대한 수요 증가**에 대응하고 기존 자산을 활용하여 서비스 제공을 개선하기 위한 전략적 움직임으로 볼 수 있습니다.
* 💬 광범위한 기술 환경에서는 시장 변동성에 대한 우려가 논의되었으며, 전문가들은 투자자들에게 **단기적인 변동성에도 불구하고 장기적인 관점을 유지**할 것을 촉구했습니다.
* 🚀 최근 OpenAI가 **기업 사용자 100만 명**이라는 중요한 이정표를 달성한 것은 경쟁이 치열한 환경 속에서 AI 솔루션에 대한 강력한 수요를 보여주는 것입니다.

버라이즌은 주가 변동에도 불구하고 프론티어 커뮤니케이션을 인수하여 초고속 인터넷 서비스를 강화하는 것을 목표로 하고 있습니다.

ANNOUNCER: THIS IS BLOOMBERG TECHNOLOGY WITH CAROLINE HYDE AND ED LUDLOW. CAROLINE: COMING UP, VERIZON AGREES TO BUY FRONTIER COMMUNICATIONS. WE SPEAK WITH THE CEO. ED: NVIDIA PUSHES BACK SAYING IT HAS NOT RECEIVED A SUBPOENA. CAROLINE: ANOTHER CHIEF EXEC ON THE SHOW. THE FIRST, NASDAQ 100 OUTPERFORMS. NVIDIA AND TESLA DO THE WORK. ED: VERIZON TO BUY FRONTIER. BOTH STOCKS LOWER. 37% PREMIUM VERSUS TUESDAY. REPORTS STARTED SURFACING TUESDAY. THAT IS TUESDAY'S CLOSING PRICE. STORY IS ABOUT BEING MORE COMPETITIVE IN THE HIGH-SPEED INTERNET BUSINESS. CAROLINE: SHARE PRICE REACTION. WHY IS FRONTIER TRADING BELOW

THE CURRENT AGREED PRICE? WE WELCOME OUR AUDIENCES, VERIZON AGREES AND TO BUY THEM FOR CASH. THE NEW YORK PHONE GIANT LOOKS TO EXPAND ITS HIGH-SPEED INTERNET BUSINESS. IT WASN'T LONG AGO YOU OWNED THESE ASSETS. WHY GO BACK INTO THIS? >> THANK YOU FOR HAVING ME. THIS IS OUR CORE STRATEGY. WE SERVE ALL TYPES OF CUSTOMERS. THIS IS EXTENDING THE OFFERINGS CUSTOMERS WILL HAVE. THIS IS A GOOD DECISION. WE OWNED THESE ASSETS BEFORE BUT THEY WERE A TOTALLY DIFFERENT TYPE. NOWADAYS FRONTIER MORE THAN 50% OF THE REVENUE IS FIBER. A LARGE TRANSFORMATION HAVE BEEN DONE. ED: GOOD MORNING. FRONTIER'S TRADING AT $35 PER SHARE, BELOW THE OFFER. WHAT DOES THAT TELL YOU ABOUT THE REACTION AND WHAT MIGHT

HAPPEN NEXT? HANS: IT IS EARLY. WE FEEL GOOD ABOUT THIS DEAL. FROM CLOSING IT, WE BELIEVE IT WILL TAKE 18 MONTHS. ALL THE REGULATORY BODIES WILL DO A THOROUGH JOB. CUSTOMERS WILL GET MORE CHOICE. WE BRING MOBILITY BROADBAND TO CUSTOMERS. WE ALSO HAVE OFFERS ON STREAMING SERVICES, OTHER SERVICES, ETC. WE WANT TO BRING NEW OPPORTUNITIES FOR THE CUSTOMER BASE. I'M POSITIVE ON THE ACQUISITION. CAROLINE: THE SHORT-TERM IS THE CONVERGENCE TRADE. WIRELESS, WIRELINE CONTENT. THEN AI AND THE INTERNET OF THINGS -- WHERE DOES THAT COME IN? HANS: WE EXPECT THIS TO TAKE 18 MONTHS. WE HAVE AN AI-PREPARED NETWORK. WE'VE DONE A LOT OF COMPUTER

AND STORAGE. WE FIBERIZED ALL OUR TRANSPORTS. THE FRONT TIER ASSET IS COMING IN AS AN EXTENSION TO THAT TO MEET MORE CUSTOMERS TO HAVE A PROCESSING STORAGE. THIS IS ANOTHER ADVANTAGE WITH MORE ASSETS ON THE GROUND AND SERVING CONSUMERS WITH HOME BROADBAND, IS A STRENGTH IN THE OVERALL ACQUISITION. ED: A QUESTION FROM AN AUDIENCE MEMBER WHO NOTES THE 2015 SALE OF WIRELINE ASSETS. WHAT HAS CHANGED AROUND THE ECONOMICS? YOU SAID THE ECONOMICS WORK. GIVE ME SPECIFICS ON WHAT IS DIFFERENT FOR FIBER IN 2024? HANS: AT CLOSING, WE BELIEVE IT WILL BE A BEAT ON DAY ONE. THAT WILL TAKE 12 MONTHS. THE REASON IS THERE ARE INTEGRATION COSTS AT THE

BEGINNING. VERY ECONOMICAL FOR US. THE ASSETS WE SOLD PREVIOUSLY WAS IN A DIFFERENT STANDARD. THE FRONTIER TEAM HAS PUT IN BILLIONS OF DOLLARS TO FIBERIZE THE NETWORK. MANY OF THE METRICS ARE FAIRLY SIMILAR TO FIOS, THE BEST FIBER NETWORK IN THE STATE. THERE'S A LOT OF SIMILARITIES ON THAT. CAROLINE: SOME ANALYSTS WERE SURPRISED BY THE TIMING, A BOLD STEP SOME CALL IT, BECAUSE OF YOUR LEVERAGE AND COMMITMENT TO REDUCING YOUR DEBT. ARE YOU WORRIED ABOUT LEVERAGE? HANS: WE HAVE A STRONG BALANCE SHEET. CLOSING THIS WILL MAYBE BE 0.2 ON LEVERAGE, WHICH IS LOW. WE ARE COMMITTED TO CAPITAL ALLOCATION. NUMBER ONE INVEST IN THE BUSINESS.

TWO, COMMIT TO A DIVIDEND. YESTERDAY WE CAME OUT WITH HER DIVIDEND, FOR THE 18TH CONSECUTIVE YEAR WE INCREASED OUR DIVIDEND. THEN TO PAY DOWN OUR DEBT. SINCE WE BOUGHT THE C BAND, WE WILL CONTINUE TO PAY DOWN THE DEBT. WE WILL BE IN A GOOD POSITION WHEN THE DEAL COMES TO FRUITION. ED: WHAT OPPORTUNITY IS THERE IN DATACENTER INTERCONNECT? HANS: THE DIFFERENCE IS WE HAVE SO MANY ASSETS ON THE GROUND WHEN IT COMES TO FIBER AND CENTRAL OFFICES. MANY ARE COMPUTE, STORAGE, POWER. MANY AI SOLUTIONS NEED TO BE CLOSER TO THE USERS, THE CORPORATIONS, ETC. BECAUSE THE TRANSPORT COST AND MANY OTHER THINGS, IT WILL BE AT THE EDGE OF THE NETWORK.

THAT IS HOW WE BUILT THE NETWORK. IN 2018, WE STARTED THE JOURNEY. NOW, WE ARE JUST ADDING FRONTIER TO IT. I SEE A GREAT OPPORTUNITY FOR US ON THE B2B SIDE. CAROLINE: YOU ARE ANNOUNCING ONE DEAL. WE ALWAYS LOVE TO PUSH FORWARD. ARE YOU GOING TO BE ACQUISITIVE? HANS: WE ARE HAPPY WITH THE ASSETS WE HAVE. I DON'T THINK WE NEED MUCH MORE. WE ARE GOING TO BE BIG. CLEARLY, THE ONES WITH THE LARGEST BROADBAND OFFERING. WE HAVE THE LARGEST DISTRIBUTION. WE WILL BE IN A GOOD POSITION TO EXECUTE FOR CUSTOMERS AND SHAREHOLDERS. I'M HAPPY WITH THE ASSETS TODAY. WHEN IT COMES TO CONVERGENCE, WE WILL HAVE THE SCALE OF ECONOMY FOR BOTH, THE OWNERSHIP FOR THE WIRELESS NETWORK AND

THE FIBER NETWORKS. IF CUSTOMER WANTS TO MAKE THE CONVERGENCE, WE HAVE THE ECONOMICS FOR DOING IT. I DON'T THINK YOU DISCOUNT ONE PRODUCT FOR CUSTOMER TAKING BOTH. IT IS W TWO GREAT PRODUCTS. EVERYONE NEEDS BROADBAND. A CORPORATION OR A PRIVATE PERSON, YOU NEED THESE SERVICES. THEY ARE MORE IMPORTANT TODAY THAN THEY WERE FIVE YEARS AGO. THIS IS FORTIFYING IT. WE WILL SEE CONVERGENCE BUT IT IS NOT LIKE WE ARE GOING TO DISCOUNT. IF CUSTOMERS WANT TO JOIN, WE HAVE IMPROVEMENTS. WE ARE GOING TO SEE HOW THIS PLAYS OUT IN THE MARKET. WE ARE GOING TO BE BEST POSITIONED ON CONVERGENCE. ED: THANK YOU VERY MUCH. NVIDIA SAID IT HAS NOT RECEIVED A SUBPOENA FROM THE U.S. DOJ.

THE COMPANY SAID IT INQUIRED BUT IS HAPPY TO ANSWER REGULATOR QUESTIONS. BLOOMBERG REPORT CITING A SOURCE NVIDIA RECEIVED A REQUEST FOR INFO, A CIVIL INVESTIGATIVE DEMAND. IT IS ALSO COMMONLY REFERRED TO AS A SUBPOENA BUT IS OFTEN ISSUED BEFORE ANY LEGAL PROCEEDINGS ABROAD. THE REQUEST FOR INFORMATION ISSUED FOCUSES ON ITS ACQUISITION OF RUN AI AND ASPECTS OF THE CHIP BUSINESS. BLOOMBERG FIRST REPORTED THIS IN JUNE. CAROLINE: WE WILL BE JOINED BY THE CEO OF C3AI. CAROLINE: C3AI REPORTING SUBSCRIPTION REVENUE FOR THE THIRD QUARTER SEEMS BELOW EXPECTATIONS. LET'S DIG IN. THE CEO IS WITH US. IT'S A PAINFUL SELLOFF. WHAT IS IT THAT WAS NOT ENOUGH IN THE NUMBERS TODAY? TOM:

IT WAS A GREAT QUARTER. YEAR-OVER-YEAR GROWTH 21%. THAT MAKES US ONE OF THE 10 FASTEST-GROWING COMPANIES IN THE PUBLIC SOFTWARE UNIVERSE. PILOT VOLUME UP 115%. IT WAS A SOLID QUARTER. SOMETIMES MARKETS REACT IN FUNNY WAYS. NVIDIA GROWING WELL OVER 100%. WHAT'S NOT TO LIKE? THE MARKET REACTS BY TAKING 270 BILLION DOLLARS OFF THEIR STOCK PRICE THE NEXT DAY. IT WILL ALL SORT ITSELF OUT IN THE LONG RUN. ED: I'M TRYING TO UNDERSTAND THE BUSINESS MODEL. THE SUBSCRIPTION PART AND THEN SERVICES. WHAT'S THE STORY BEHIND SOFTWARE? TOM: IT'S A LITTLE CONFUSING. 70% OF THE SERVICE IS REVENUE. SOFTWARE DELIVERED TO THE CUSTOMERS PART OF OUR CORE PRODUCT THAT THEY PAY FOR OVER

A LONG TIME. IT'S CORE PRODUCT FUNCTIONALITY. ORDER OF $10 MILLION. DUE TO NEW ACCOUNTING REGULATIONS, WE HAVE TO TREAT THESE AS PROFESSIONAL SERVICES. IT LOOKS LIKE SOFTWARE, IT SMELLS LIKE SOFTWARE. IT'S COMPILED. IT'S SOFTWARE. UNDER THE CURRENT REGULATIONS, WHICH WE COMPLY WITH, IT GETS RECORDED AS PROFESSIONAL SERVICES. CAROLINE: STRIPPING AWAY ACCOUNTING, PEOPLE ARE TRYING TO PEEL BACK PROFITABILITY AND HOW LONG THEY HAVE TO WAIT. YOU HAVE TO INVEST TO SCALE. ARE YOU TELLING INVESTORS TO BE PATIENT? TOM: OUR PROFIT MARGINS ON THE PROFESSIONAL SERVICES, 93% GROSS MARGIN. IT'S GOOD WORK IF YOU CAN GET IT. OUR REVENUE GROWTH RATES ARE SUBSTANTIALLY GREATER THAN OUR EXPENSE GROWTH RATES.

EXPONENTIALLY. THEY WILL CONTINUE TO BE GREATER. OUR GROSS PROFIT MARGINS ARE GREATER THAN OUR COST OF SALES. NON-GAAP PROFITABILITY IS A MATTER OF SCALE. THIS HAPPENS WITH TIME. ED: I'VE BEEN READING THROUGH YOUR REGULATORY FILINGS. THE DISCLOSURES AND THE LAWSUIT AGAINST NL SEEMS TO CENTER AROUND A TRADE SECRET ISSUE. CAN YOU HELP US UNDERSTAND? TOM: THIS IS AN UNFORTUNATE SITUATION. NL WAS A VALUED CUSTOMER THAT ACCESSED A LOT OF OUR TECH. APPEARS THEY MAY HAVE COPIED THOUSANDS OF LINES OF OUR SOURCE CODE INTO A COPY OF, BASICALLY COPIED OUR PRODUCT. IT APPEARS TO BE A SIGNIFICANT IP THEFT. WE ARE PURSUING THAT IN CIVIL COURT IN ITALY. IT IS SAD.

THIS IS THE FIRST TIME I HAVE SEEN THIS IN MY PROFESSIONAL CAREER, THAT A COMPANY WOULD DO SUCH A THING. WE HAVE TO PROTECT OUR IP RIGHTS TO BENEFIT OUR SHAREHOLDERS, AND WE ARE DOING THAT. CAROLINE: WE WILL SEE COMMENT FROM NL. GOING BACK TO THE WINNING OF CLIENTS -- HOW IS MARKET SHARE? HOW ARE YOU ABLE TO COMPETE WITH THE BIGS? TOM: THE COMPANY'S PERCEIVED AS COMPETING WOULD BE MICROSOFT, AWS, AND GOOGLE. 71% OF OUR TRANSACTIONS LAST QUARTER WE CLOSED WITH ONE OF GOOGLE CLOUD, AWS, OR AZURE. THESE ARE GREAT MARKETING PARTNERS. THEY ARE PERCEIVED BY SOME AS COMPETITORS, BUT THEY LOOKED TO ME LIKE PARTNERS, AND THEY LOOK TO OUR CUSTOMERS LIKE PARTNERS. WE APPRECIATE THE PARTNERSHIP.

CAROLINE: WE APPRECIATE YOU COMING ON AFTER EARNINGS. SHARES OFF ON THE DAY. APPRECIATE THE TIME AND EXPERTISE. COMING UP, ANTONIO JOINS US. THAT IS COMING UP NEXT. ED: THESE ARE LIVE PICTURES FROM THE POWER PLAYERS CONFERENCE, NEW YORK CITY. HAPPENING RIGHT NOW A PANEL FOCUSING ON THE FUTURE OF WOMEN'S SOCCER WITH JESSICA BERMAN. YOU CAN TUNE IN. CAROLINE: HP COMING OUT WITH EARNINGS. SUGGESTING LOWER MARGINS, CERTAINLY ANTICIPATED. SEEM TO BE HOLDING NOW. ANTONIO, LET'S DWELL ON THE MARGINS. SOME CALL IT LOW CALORIE NATURE OF AI SYSTEMS REVENUE. ANTONIO: GOOD MORNING. WE HAD A STRONG QUARTER. DOUBLE-DIGIT YEAR-OVER-YEAR

REVENUE GROWTH. ALL ON THE BACK OF CONVERTING AI. WE CONTINUE TO ADD TO THAT BOOK. IT IS ALSO FAIR TO SAY WE IMPROVED OPERATING MARGINS QUARTER OVER QUARTER BY 50 BASIS POINTS. THE REASON WHY THE GROSS MARGIN IS YEAR-OVER-YEAR DOWN IS BECAUSE WE HAVE LESS CONTRIBUTION FROM THE NETWORKING BUSINESS, WHICH IS GOING THROUGH A MARKET TRANSITION TOWARD THE CYCLICALITY WE NORMALLY SEE. THE MAIN DRIVER WAS NOT AI. OUR AI AND SERVER BUSINESS GREW OPERATING MARGINS YEAR-OVER-YEAR BY 70 BASIS POINTS. ED: THAT IS AN INDUSTRYWIDE ISSUE. THE DIFFERENCE WITH YOU IS THE CUSTOMER BASE IS MUCH MORE ENTERPRISE CENTRIC. YOU TALKED ABOUT IMPROVEMENT IN MARGINS RELATING TO THAT. CAN YOU TALK MORE HOW THE

ENTERPRISE CUSTOMER WILL PUSH YOU FORWARD? ANTONIO: WE INTRODUCED AN HPE PRIVATE CLOUD OFFERING, I CALL IT AI IN THE BOX, WHICH IS A TOKEN SOLUTION FOR ENTERPRISES OF ALL SIZES TO TRAIN AND DEPLOY INFERENCE FOR SPECIFIC APPLICATIONS. THAT OFFER IS TARGETED FOR ENTERPRISES INCLUDING SPECIFIC SOLUTIONS ON TOP. WE MADE THAT OFFER AVAILABLE TO DOES AGO. IT'S NOW AVAILABLE FOR GLOBAL AVAILABILITY, WE ARE EXCITED ABOUT THAT. IN THE OTHER BOOK, WE HAD $1.6 BILLION OF NEW ORDERS. CAROLINE: LET'S TALK ABOUT MACRO CHALLENGES TO THOSE ENTERPRISES YOU SELL TO. ARE WE SEEING A PULLBACK IN CONFIDENCE IN SPENDING? ANTONIO: I HAVE NOT SEEN IT. WE SAW ORDERS GROWTH IN ALL BUSINESSES ON A SEQUENTIAL

BASIS WHICH TELLS ME WE ARE ON RECOVERY. OUR TRADITIONAL SERVER BUSINESS HAD DOUBLE-DIGIT YEAR-OVER-YEAR AND SEQUENTIAL GROWTH IN ORDERS, WHICH TELLS ME, IT IS NOT THE AI SERVERS INTO TRADITIONAL. IT MAKES SENSE. WHEN YOU THINK ABOUT LEGACY WORKLOADS, IT MAKES NO SENSE TO PUT IT ON A MORE EXPENSIVE STRUCTURE, WHICH SHOULD BE FOCUSED ON TRAINING MODELS WITH DATA SO THEY CAN GET VALUE THROUGH THE BUSINESS PROCESS. ON THE WORKING SIDE, WHICH HAS BEEN A MORE NEGATIVE STORY, IN LINE WITH PEERS, WE SAW SEQUENTIAL ORDER GROWTH ACROSS ALL GEOGRAPHIES, WORK BEING DRIVEN BY THE WIRELESS, THE SAAS E DEPLOYMENT, AND DATA CENTERS WORKING. ED: YOU TALKED YOUR FIDUCIARY DUTY.

IN PURSUING DAMAGES IN THE INCIDENT AROUND MR. LYNCH. THIS IS THE FIRST TIME OUR AUDIENCE IS HEARING FROM YOU. EXPLAIN THAT DUTY AND WHAT YOUR END GOAL IS IN THAT LITIGATION? ANTONIO: DR. LYNCH'S DEATH IS A TRAGEDY AS WELL AS OTHERS ON THE SHIP. IT WAS A SAD MOMENT. IT DOES NOT CHANGE WHAT HAPPENED. U.K. JUDGE RULED THE COMPANY IS A VICTIM OF FRAUD. AS A FIDUCIARY DUTY, WE NEED TO SEE THE FINALIZATION OF THE PROCEEDINGS AND RECORD THE DAMAGES. WE HAVE TO SEE IT THROUGH. THAT'S WHERE WE ARE. WE HOPE TO HEAR SOON THE NEXT STEPS. CAROLINE: WE APPRECIATE YOU TACKLING A SENSITIVE SUBJECT AND YOUR EARNINGS.

COMING UP, TECH STOCKS ARE REBOUNDING. CONVERSATION ON THE MARKETS NEXT. ♪ CAROLINE: WELCOME BACK. WHIPSAW ONCE AGAIN. YESTERDAY WE SAW A RECOVERY ON THE CHIP SECTOR BUT TODAY IN THE RED. IT WILL BE VOLATILE LOOKING AHEAD TO TOMORROW REPORTING LABOR DATA. THE CHIP STOCKS DOWN A PERCENTAGE POINT. CRYPTO IS A RISK-AVERSE DAY. MOVING ON, AMID A VOLATILE TIME ON THE MARKETS, COMPANIES STILL HAVE THE ABILITY TO SPLASH CASH. WE JUST SPOKE TO VERIZON. NVIDIA MANAGING TO BE ABOVE WATER. THIS IS WHAT HAS DRIVEN SOME OF THE SELLOFF. THE MAGNIFICENT SEVEN NOT DOING ENOUGH TO STABILIZE THE BENCHMARKS. TESLA UP, ALL EYES ON THE ROBOTAXI.

WE HAVE TO STICK WITH OVERALL OUTLOOK FOR CHIPS. ED: TSMC'S SUPPLIERS SAY AI DEMAND IS HERE TO STAY, DISMISSING CONCERNS OVER FATIGUE. >> FROM MY PERSONAL PERSPECTIVE, THIS BOOMING OF THE AI INDUSTRY JUST BEGINS. THERE'S A LOT OF APPLICATION. ED: FOR MORE ON THE MARKETS, KRISTINA HOOPER, WE ARE LEARNING ONE SINGLE SESSION A MARKET DOES NOT MAKE, BUT WHERE DO YOU GO? WE HAVE IMPORTANT DATA AND WE ARE THINKING ABOUT THE FED. WHAT DO YOU FIRST THINK OF WHEN YOU WAKE UP? KRISTINA: IT'S IMPORTANT FOR INVESTORS TO RECOGNIZE THEY HAVE A LONG TIME HORIZON. IT'S IMPORTANT NOT TO BE TOO REACTIVE. VALUATIONS ARE HIGH. WHEN STOCKS ARE PRICED NEAR PERFECTION, WE ARE LIKELY TO

SEE JITTERS. ONE OF THE OVERARCHING CONCERNS NOW IS FEAR IT CANNOT CONTINUE. THAT WE WON'T SEE COMPANIES CONTINUE TO SPEND/INVEST ON AI. THAT'S PROBABLY MORE FEAR THAN REALITY. INVESTMENT IN PRODUCTIVITY, ENHANCING AREAS HAS IMPROVED PRODUCTIVITY GROWTH. COMPANIES RECOGNIZE. I BELIEVE THE RISK OF NOT INVESTING IS GREATER THAN THE RISK OF INVESTING. THAT MIGHT NOT CALM INVESTORS TODAY. DIVERSIFICATION HELPS. WE ARE LIKELY TO SEE VOLATILITY BUT THAT DOES NOT MEAN WE WON'T SEE GAINS OVER THE YEAR, TWO YEARS AND LONGER. CAROLINE: NVIDIA BACK IN THE RED AGAIN. THERE HAS BEEN ANXIETY WE HAVE PUT TOO MUCH INTO TOO FEW

COMPANIES. WHEN YOU SAY DIVERSIFY, WHAT INTO? KRISTINA: OTHER TYPES OF COMPANIES. IF ALL GOES WELL, THE THESIS FOR A SOFT LANDING HOLDS AND WE SEE THE FED START TO CUT, THAT COULD CREATE A SUPPORTIVE ENVIRONMENT FOR RISK ASSETS. THAT DOES NOT MEAN TECH WILL OUTPERFORM. IT WILL KEEP UP OR FOLLOW CLOSELY BEHIND. CYCLICALS, SMALLER CAPS ARE MORE SENSITIVE TO THE ECONOMY. THIS COULD BE A POSITIVE ENVIRONMENT. I THINK ONE INVESTORS WILL APPRECIATE EVEN IF WE SEE SPASMS OF FEAR AND LACK OF CONFIDENCE. ED: YOU TALKED ABOUT DURATIONS. IN THE CONTEXT OF NVIDIA, INVESTORS AFTER EARNINGS WERE LONG-TERM INVESTORS WHO SAY WE ACCEPT SHORT-TERM VOLATILITY.

BUT WE ARE HOLDING BECAUSE WE UNDERSTAND THE DATA CENTER BUILDOUT. IS IT IMPORTANT TO BE DIVERSIFIED EVEN IF YOU TAKE THAT MINDSET? KRISTINA: IT IS CRITICAL TO RECOGNIZE THERE ARE COMPANIES THAT WILL BENEFIT FROM AI. IF YOU ARE FEELING CONFIDENT ABOUT THE STORY, THAT WILL HELP COMPANIES IN A VARIETY OF SECTORS/INDUSTRIES. WE HAVE HEARD ON EARNINGS CALLS IN THE LAST QUARTER COMPANIES HAVE BEEN USING AI ALREADY, SEEING SIGNIFICANT RESULTS IN TERMS OF SALES. PERHAPS TAKING THAT AI THEME AND LOOKING TO OTHER SECTORS/INDUSTRIES ESPECIALLY SERVICE AREAS TO FIND OPPORTUNITIES. THERE CAN BE A DIVERSIFICATION BY DOING THAT. ED: HOW IMPORTANT IS TOMORROW'S JOB REPORT? KRISTINA: SORRY? ED:

HOW IMPORTANT IS FRIDAY'S JOBS REPORT? KRISTINA: WE ARE LIKELY TO SEE JOB GAINS AROUND 150 IN LINE WITH EXPECTATIONS. THAT'S APPROPRIATE GIVEN WHERE WE ARE IN THE CYCLE. THE FED WILL BE SATISFIED. IT SAID IT DOES NOT WANT TO SEE DETERIORATION IN JOBS FROM HERE. I DON'T THINK WE SEE THAT. THAT'S A PRE-PANDEMIC TREND LEVEL, TO GET ABOUT 170. I DON'T THINK THERE'S ANYTHING THAT WILL COME OUT OF FRIDAY THAT CHANGES THE FED'S DECISION IN SEPTEMBER. I THINK WE GET A 25 CUT. IF WE GET A WEEK JOBS REPORT, I DON'T THINK THAT WILL CHANGE THAT. I DON'T THINK WE GET 50. THE FED REALLY BELIEVES IT'S DOING THE RIGHT THING, IT'S ON

COURSE. A 50 CUT WOULD BE AN ADMISSION OF GUILT. EVEN WHEN IT WAS BEHIND THE CURVE IN MARCH, 2022, THEY ONLY HIKED 25. THAT SHOULD BE POSITIVE FOR MARKETS. IF WE GOT 50, WE MIGHT SEE MORE VOLATILITY AND SOME KIND OF SELLOFF, SUGGESTING THERE IS WEAKNESS IN THE ECONOMY. CAROLINE: DEJA VU, NOW VERSUS BEGINNING OF AUGUST. ARE WE GOING TO GET BOUTS OF VOLATILITY AS AGGRESSIVE AS WE SEE? KRISTINA: I SUSPECT. THERE'S A LOT HAPPENING. THE FED MEETING. PRESIDENTIAL ELECTION. CENTRAL BANKS CUTTING AT THE SAME TIME. THAT CREATES AN ENVIRONMENT WHERE THERE IS CONCERN/UNCERTAINTY. WE HAVE A DUELING CONCERN AMONG

INVESTORS LOOKING TO THE CUTS AND THE OPPORTUNITIES PRESENTED, BUT THEY ARE STILL WORRIED. THERE IS A CONCERN WE COULD STILL GO INTO RECESSION. THAT COMES TOGETHER IN TERMS OF OUTSIZED REACTIONS TO ECONOMIC DATA RELEASES. CAROLINE: SO GREAT TO GET THE MACRO. COMING UP, OPENAI CROSSES ONE MILLION CUSTOMER MILESTONE. MORE DETAILS NEXT. ♪ FIND THE BLOOMBERG TECHNOLOGY PODCAST ON APPLE, SPOTIFY AND I HEART. THIS IS BLOOMBERG. ED: POWER PLAYERS IS UNDERWAY IN NEW YORK AS JASON KELLY SITS DOWN TODAY WITH PROMINENT PEOPLE IN THE SPORTS INDUSTRY DISCUSSING THE GLOBAL SPORTS BOOM. >> PROBABLY SHOULD. MANY BUSINESSES AND INDUSTRIES, LEAGUES AND TEAMS HAVE GONE

THROUGH THIS EVOLUTION. IT TAKES A LONG TIME FOR LEAGUES AND FRANCHISES TO MAKE MONEY TO SHOW THE EVALUATION. THE MARKET IS SEEING. THIS IS AN ASSET CLASS, $3 TRILLION ASSET CLASS, HAVE PEOPLE TAKE A STEP BACK. WHAT ARE YOU EVEN SAYING? THE NFL. 32 FRANCHISES. AVERAGE FRANCHISE, $6 BILLION. $180 BILLION VALUE IN FRANCHISES. EACH OF THOSE HAS ALL SORTS OF ANCILLARY BUSINESSES. STADIUMS, REAL ESTATE DEVELOPMENT, TECHNOLOGY RELATED BUSINESSES, RETAIL, FOOD AND BEVERAGE. WHEN PEOPLE SAY WHAT IS THE SIZE OF THIS INDUSTRY? I WOULD ARGUE MOST FOLKS LOOKING ARE WOEFULLY UNDERESTIMATING THE VALUE GLOBALLY. THIS IS A MEANINGFUL ASSET CLASS THAT IS NOT JUST FOR RICH

PEOPLE. IT IS FOR INVESTORS. INVESTORS THAT HOPEFULLY DO WORK AND UNDERSTAND THE DIFFERENCE. SOME LEAGUES ARE NASCENT. SOME ARE COMFORTABLY SEEING FRANCHISES MAKE CASH FLOW. THERE IS AN ANALYSIS REQUIRED. THE SIZE, SCOPE AND EXCITEMENT OF THE INDUSTRY IS GREATER THAN MOST ANTICIPATE. JASON: THERE IS SO MUCH TO UNPACK. I WANT TO PUT A POLL UP. WE WANT TO ASK THE AUDIENCE WHAT THEY THINK ABOUT U.S. SPORTS TEAMS VALUATIONS. GOLDILOCKS QUESTION. I MIGHT WAIT TO SEE WHAT THE AUDIENCE SAYS BEFORE I ASK YOU. IT IS NOT QUITE A HOCKEY STICK BUT IT IS CLOSE WHEN YOU LOOK AT NBA VALUATIONS, YOUR FRIENDS IN L.A. JUST BOUGHT THAT TEAM, ANGEL CITY FOR $250 MILLION VALUATION.

THAT IS REAL MONEY FOR WOMEN'S SOCCER. HERE'S WHAT THE AUDIENCE AS. IT SEEMS LIKE THE AUDIENCE AGREES WITH YOU. HOW DOES THIS PLAY OUT IN THE NEAR AND MIDTERM AND HOW DO YOU THINK ABOUT IT? >> IT IS HARD TO ANSWER A QUESTION LIKE THAT. EACH LEAGUE AND FRANCHISE HAVE ENORMOUS DIFFERENCES. TEAMS THAT HAVE THE ABILITY TO HAVE A GLOBAL FOLLOWING, THOSE SPORTS THAT EXPECT TO INCORPORATE BETTING, THEREFORE INCREASING THE OBSESSION OF YOUNG PEOPLE INTO THEIR SPORT HAVE ADVANTAGES. THOSE THAT HAVE HUGE AMOUNTS OF CASH AND STARS THAT CAN ATTRACT GLOBAL MEDIA RIGHTS, THESE DISTINGUISH THE LONG-TERM WINNERS. THERE MAY NOT BE AS MANY LOSERS AS PEOPLE ARGUE. THERE WILL BE SOME.

THERE WILL BE SOME THAT ARE NOT EXTRAORDINARY. I GO BY SPORT. I BELIEVE THAT AT THE END OF THE DAY, GLOBAL MEDIA RIGHTS IS SOMETHING YOU HAVE TO ASPIRE TO. I'M BEING PARTIAL TO THE NBA. THERE ARE ADDITIONAL ANCILLARY VALUES THAT COME FROM A GLOBAL FOLLOWING. SPORTS ARE NOT A SINGLE ENTITY. WE WOULD ARGUE UNDERSTANDING THE BENEFITS AND DETRIMENTS OF NOT JUST THE SPORT BUT THE MARKET AND THE LEAGUE THEY OPERATE IN -- I DON'T WANT TO DISPARAGE A CERTAIN CITY VERSUS ANOTHER. IF YOU ARE THE 30TH LARGEST METRO IN AMERICA VERSUS THE FIRST, SECOND, OR EVEN THE TOP 10, DRAMATIC DIFFERENCE. THAT IS RELEVANT. JASON: LET'S TALK ABOUT THAT. CAROLINE: TONY RESSLER, CHAIRMAN OF ARES.

TUNE INTO THE REST OF POWER PLAYERS LATER TODAY IN NEW YORK WITH STEPH CURRY AND SO MANY MORE. ED: OPENAI HIT A NEW MILESTONE REACHING ONE MILLION PAID USERS FOR THE CORPORATE VERSION OF CHATGPT, UP FROM 600,000 IN APRIL. RACHEL, ONE MILLION ENTERPRISE. THAT'S WHERE THE MONEY IS AT? >> ABSOLUTELY. THIS GROWTH IN A SHORT TIME INDICATES DESPITE COMPETITORS AND BUSINESSES HAVING TO THINK MORE ABOUT RETURN ON INVESTMENT IN AI, THEY ARE STILL BRINGING USERS. IT'S A LOT OF GROWTH, 67% OVER THAT TIME. THEY STARTED SELLING THE ENTERPRISE VERSION ONE YEAR AGO. CAROLINE: IT'S LOOKING TO RAISE FUNDS AT A HEADY VALUATION. OTHER COMPETITORS ARE ROLLING OUT ENTERPRISE.

HOW FIERCE IS IT? RACHEL: PRETTY FIERCE. COMPANIES ARE INTERESTED IN SPENDING. THERE'S MORE PRESSURE TO SHOW WHAT YOU ARE GETTING. COMPANIES -- OPENAI HAS DONE CUSTOMER SERVICE THAT SHOW CUSTOMERS ARE LIKING THIS STUFF AND GETTING PRODUCTIVITY GAINS. FOR A LOT OF BUSINESSES, IT IS HARD TO TELL WHAT CAN YOU USE IT FOR? WE KNOW THESE THINGS MAY MAKE THINGS UP. IF YOU HAVE TO CHECK RESULTS, IS IT THAT HELPFUL? PAPER MEANS TO BE SEEN FOR A LOT OF BUSINESSES. CAROLINE: WE THANK YOU. ALL THINGS CHATBOTS. WE PREVIEW BROADCOM, SET TO RELEASE EARNINGS AFTER THE BELL TODAY. THEY ARE POISED FOR ANOTHER STRONG QUARTER. YOU AUTHORED THIS NOTE. THE TAILWINDS CAN OUTSTRIP

LAGGING SOFT AREAS IN THE MARKET? >> THE AI IN SEMIS IS LIKELY TO OFFSET THE CYCLICAL HEADWINDS IN THE LEGACY BUSINESS. WE THINK THE ENTERPRISE WIRELESS AND SERVER STORAGE, THE RECOVERIES WOULD BE MORE MARKETED BUT THE KEY NUMBER THIS QUARTER WILL COME FROM SOFTWARE. ED: BROADCOM'S BECOME A BIG CHIP COMPANY. IT'S IMPORTANT IN DATA CENTERS. TWO PRONGS. NETWORKING STUFF, EXPLAIN THE CUSTOM STUFF. KUNJAN: NVIDIA HAS CUSTOMER DESIGNING ITS OWN CHIPS. THEY NEED A DESIGN PARTNER WHICH HAS EXPERIENCED TO BUILD TIPS. THAT'S WHERE BROADCOM COMES IN. THE LARGEST SHARE WHEN IT COMES TO DESIGNING IN LIEU OF THE GPU'S. DO INVESTORS ANNOUNCE A NEW INVESTOR WHICH IS LIKELY TO BE

OPENAI? IF THE UPSIDE FROM FULL-YEAR, WHICH WE THINK THEY WILL, THE ANXIETY. RIGHT CAROLINE: STRONG -- CAROLINE: RIGHT NOW THE REVENUE GROWTH IS STRONG. HOW COMMITTED IS THIS AI SPEND? KUNJAN: IF YOU LOOK AT THEIR CONNECTIVITY, BOTH OF THESE MARKETS HAVE JUST STARTED THEIR BEGINNING RAMP. BOTH HAVE FORECASTED TO GROW SIGNIFICANTLY FOR THE NEXT THREE TO FIVE YEARS. BROADCOM BEING THE DOMINANT IN BOTH AREAS, WE EXPECT THESE SOURCES OF REVENUE FOR BROADCOM TO CONTINUE. AT THIS POINT BROADCOM IS LIKE A CONGLOMERATE. IT HAS A LOT OF LEGACY SEMICONDUCTOR BUSINESSES AND SOFTWARE BUSINESSES. ED: WE USED TO TALK ABOUT BROADCOM IN THE CONTEXT OF SMARTPHONES,

NAMING THE APPLE. I WILL GO TO APPLE PARK ON MONDAY. WHAT ARE THEY DOING? KUNJAN: IT IS RELEVANT, SIZABLE. WE DON'T EXPECT HIGH-GROWTH CATALYSTS. THEIR BUSINESS HAS BEEN STICKY WITH APPLE. THEY INCREASE THEIR MARGINS SLOWLY EVERY YEAR. THERE MIGHT BE SMALL CONTENT GAINS. NOTHING SEXY. STILL A HIGH CASH FLOW GENERATING BUSINESS. CAROLINE: WE THINK ABOUT HOW CHIPS PERFORM AFTER SMASHING EXPECTATIONS. YOU ARE A FUNDAMENTALS GUIDE. HOW ARE WE POSITIONED? KUNJAN: BROADCOM IS NOT KNOWN FOR MASSIVE RAISES. IF THEY ADDRESS A COUPLE POINTS, A NEW CUSTOMER ANNOUNCEMENT, UPSIDE TO AI REVENUES AND VM UPDATES, THAT WOULD BE A SIGNIFICANT POSITIVE. CAROLINE: SO GREAT TO HAVE YOU.

THANK YOU. THAT DOES IT FOR THIS EDITION. ED: TOMORROW, INTERESTING INTERVIEW. THE WAYMO CEO, EXCLUSIVE. A LOT OF NEWS AROUND WAYMO OF LATE. IT WAS A SHORT WEEK WITH A LOT IN IT. YOU KNOW EXACTLY WHERE TO FIND

Verizon's Frontier Deal and Nvidia Pushes Back | Bloomberg Technology

Welcome to the Bloomberg Technology YouTube channel. Subscribe for original series and mini-docs on game-changing technologies, profiles on innovators, live conversations with experts, and breaking technology news & analysis from Bloomberg TV.

Bloomberg Technology

버라이즌의 프론티어 커뮤니케이션즈 인수

버라이즌은 초고속 인터넷 사업 확장을 위해 프론티어 커뮤니케이션을 현금으로 인수하기로 합의했습니다.

Frontier의 주식은 합의된 가격보다 낮은 가격에 거래되고 있어 시장의 반응에 대한 의문이 제기되고 있습니다.

버라이즌의 CEO는 이번 인수를 통해 고객에게 더 많은 선택권과 새로운 기회를 제공하는 동시에 회사의 전반적인 네트워크를 강화할 수 있을 것으로 기대하고 있습니다.

배당 및 비즈니스 성장을 위한 노력

이 회사는 18년 연속 배당금을 인상했으며, 특히 C Band 인수로 인한 부채 상환에 집중하고 있습니다.

데이터 센터 상호 연결 분야에서 큰 기회를 보고 있으며, 광범위한 광케이블 및 중앙 사무실 자산을 활용하여 사용자에게 더 가까운 곳에서 AI 솔루션을 제공하고 있습니다.

C3AI의 CEO는 구독 수익에 대한 시장의 부정적인 반응에도 불구하고 전년 대비 강력한 성장과 파일럿 볼륨 증가를 보고했습니다.

이 회사의 핵심 제품은 소프트웨어임에도 불구하고 회계 규정상 전문 서비스로 기록됩니다.

이러한 서비스의 총 마진은 93%에 달하며, 비용 증가보다 매출 증가율이 더 높습니다.

이 회사는 이전 고객인 NL의 심각한 IP 도용에 대해 법적 조치를 취하는 한편, 고객 거래를 위해 Google Cloud 및 AWS와 같은 주요 업체들과 파트너십을 맺고 있습니다.

HPE의 프라이빗 클라우드 오퍼링 및 시장 전망

HPE는 모든 규모의 기업을 대상으로 추론 훈련 및 배포를 위한 프라이빗 클라우드 서비스인 "AI in the Box"를 출시했습니다.

거시적인 어려움에도 불구하고 HPE는 모든 비즈니스에서 순차적인 주문 증가를 보이며 회복세를 보이고 있습니다.

회사는 린치 박사의 사망과 관련된 소송에서 손해배상을 청구하고 있으며, 소송 절차를 끝까지 지켜야 할 신탁 의무를 강조하고 있습니다.

기업들이 AI에 대한 투자를 중단할 수 있다는 우려가 있지만, 투자를 하지 않을 때의 리스크가 더 큽니다.

다른 유형의 기업 및 분야로 다각화하면 기회와 안정성을 확보할 수 있습니다.

다가오는 일자리 보고서는 예상에 부합하는 일자리 증가를 보여줄 것으로 예상되며, 이는 9월 연방준비제도의 결정에 큰 영향을 미치지 않을 수 있습니다.

연준의 결정과 스포츠 산업의 성장에 미치는 영향

연방준비제도의 50bp 인하 가능성은 잠재적인 경기침체 인정으로 간주되어 시장 변동성과 매도세로 이어질 수 있습니다.

동시다발적인 중앙은행의 금리 인하와 대통령 선거와 같은 다가오는 이벤트로 인해 투자자들 사이에 불확실성이 커지면서 경기 침체 가능성에 대한 우려가 커지고 있습니다.

한편, 미국 스포츠 팀의 가치가 상승하고 스포츠 산업의 전반적인 가치와 영향력이 과소평가되는 등 글로벌 스포츠 산업은 상당한 성장을 경험하고 있습니다.

글로벌화가 스포츠 프랜차이즈에 미치는 영향

스포츠 프랜차이즈는 글로벌 팔로워, 현금 흐름, 미디어 판권 유치 능력에 따라 성공 여부에 큰 차이를 보이고 있습니다.

스포츠 분야에서 장기적인 승자는 베팅을 통합할 수 있고 강력한 글로벌 입지를 확보한 기업입니다.

OpenAI의 기업용 버전인 ChatGPT는 유료 사용자가 100만 명으로 빠르게 성장하여 경쟁이 치열함에도 불구하고 AI 서비스에 대한 강력한 수요를 보여주고 있습니다.

AI 및 반도체 시장에서의 Broadcom의 전략적 위치

Broadcom의 AI 이니셔티브는 이번 분기 소프트웨어에서 상당한 매출 성장이 예상되는 등 기존 비즈니스의 주기적 어려움을 상쇄할 것으로 기대됩니다.

특히 NVIDIA와 같은 고객사를 위한 칩 설계 분야에서 우위를 점하고 있어 이 시장의 핵심 플레이어로 자리매김하고 있습니다.

기존 반도체 및 소프트웨어 사업을 포함한 Broadcom의 다양한 포트폴리오는 향후 3~5년 동안 꾸준한 매출 성장을 이룰 것으로 예상됩니다.