>> from the heart all for innovation, money and power collide in silicon valley and beyond, this is "bloomberg technology" with caroline hyde and ed ludlow. ed: i am ed ludlow in san francisco. caroline hyde is off this week. this is "bloomberg technology." apple's vision pro is officially for sale. why big names like spotify,

netflix and youtube are snubbing the device. ford announcing plans for production cuts for the f-150 lightning truck. the 1400 employees impacted by the pullback. amazon's deal for irobot is expected to be blocked by the e.u.'s antitrust watchdog. happy friday. it is the end of the shortened week. this is what markets look like. nasdaq 100 up a percentage point. outperformance has been the story and semi-conductor shares. so much of that is the ripple effect from what we heard 24 hours ago. we are thinking about 2024. do we see improvement to end markets at all the chips go into.

next week is a big earnings week. texas instruments, intel reporting. do we continue the story or do some momentum get halted dead? yields creeping up a little bit. bitcoin back even near to $40,000 per token. there has been a pullback in volatility after the euphoria of the spot bitcoin etf improvements of last week. the single name of the week has been apple. catalysts of the upside and the downside. on a five day basis, 2.4%. one big catalyst was bank of america's upgrade to buy with enthusiasm about what vision pro does on the hardware and services side of the top line for apple. you can place a preorder for a vision pro. if you go on the website you will notice one thing -- the date of delivery is getting pushed back further and further. we have the perfect voice. mark is with us.

let's start with the data we see in real-time. if you try to order a vision pro right now, what do you see? mark: that is right. the vision pro went on sale at 5:00 a.m. pacific time. if you want to place a new order, it is likely if you are doing it for online delivery it will not come until mid-march. between march 8 and march 15 for all three storage capacities. if you are trying to do in-store pickup, the first day of availability is also booked up. depending on the sizing of the headset you need, you do a face scan when you order it and there is a custom size. you might be able to get pick up in the first couple days of availability. for the most part if you are doing availability to your home, you will not get one until deep into march. ed: we are using the delivery date as a property for early demand. the vision pro will be initially

a pro. high price point, small-volume niche product but it does seem like there is demand. do you agree with that? mark: people are quite excited about this product. there is absolutely demand. it could be a combination of demand, supply, both. you could be seeing fairly low demand but really, really low supply. it is not entirely clear what it means. based on what i am seeing on x and other social media platforms, the usual suspects, the early adopters in the apple community are all over this thing. i ordered one, personally. as you know, i have a deep interest in apple products. it is people in my category, early adopters, big time apple

fans, people who want to learn more about the company. i imagine once some tech enthusiasts start using it in apple retail stores on february 2, they will get a 20 minute demo, they will see sales going up and they will have some inventory for nonfree orders. the company is expecting a pretty big couple of weeks but for sales to taper from there, which is what you would expect for a new price category at this price. the people who are buying this have been wanting to buy so they will get their orders in early. it will take price cuts and new generations of the product to expand market share for apple in the view -- vr space. ed: it follows the iphone. we have vision pro and we are waiting on the vision sans pro. the news flow has been astonishing when it comes to apple. in the context of vision pro, we

did a lot of reporting about the developers or content creators that are choosing not to make a vision pro specific application. tell us those names and what we have learned. mark: someone deeply involved in development of the product told me it will be the applications that make or break the product. you are seeing some of the top-tier platforms discerning to not participate. netflix, youtube and spotify. spotify is interesting. you can use that through the web. it is a music streaming service. who really knows or cares to be honest if this will be a great platform for music listening. apple is positioning this as a movie watching device. if you will not have youtube or netflix applications, that is a real drawback. they have disney+, peacock, you name it. but the two biggest streaming services in the world, youtube

and netflix, is a big omission and a potential problem out of the gate. i have some theories about why they are not participating. both are taking a week and see approach. netflix does not want to prop up a rival. you do not -- you might see enough people tell youtube and netflix they do not want to use their services if they are not on the vision pro. they are ok to lose 1000 users but if you see tens of thousands of people saying they will not subscribe you will have to make a change but that will take many months if not longer. ed: the final story i want to touch on is on the context of the european union. if you are an iphone user and you go into a store or grab some food, you can pay by tapping your iphone on the receiver. what apple seems to be doing in the context of regulatory action is opening up the technology to some competitors. explain that one. mark: it is interesting.

the european union said apple agreed to open up the chip to third party payment systems. the tap and pay feature only works with the apple pay apple service. if you are a third party, you cannot integrate your own service using that hardware components are your application. apple said they are agreeing to open that up, to change that. on march 7 they will be doing that anyways. march 7 is when digital markets kicks in and that is a requirement of the dma -- to open up to third-party services. apple said they will be doing something the already plan on doing anyway. there is a scenario where they may lose some royalty on apple pay because of this but if it continues to fend off regulators , it is a positive for the company. ed: apple up 40% in the session,

up 2% on the week -- apple up .8% in the session and up 2% on the week. mark gurman, thank you. coming up on "bloomberg technology," ford is cutting its workforce that is responsible for making the f-150 lightning pickup truck. there is a lot of discussion when it comes to ev demand. we are watching apple shares. on the back of the boa upgrade, the stock has also been added to the tactical outperform risk. various risks surrounding the iphone maker could be overdone. this year, a lot of concern about growth and china. isi, a little bit more bullish. this is "bloomberg technology." ♪

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ed: breaking news just out a few moments ago. openai ceo is seeking billions of dollars specifically in an effort to secure supply for ai chips. it is part of a broader initiative we are reporting at bloomberg. the aim is to set up a series of factories globally with specific dedication to capacity for these ai chips. let's get to one of the co-bylines with me on this story. we have done reporting on this initiative. we know sam altman was looking at chips. what is new is the focus on

future capacity. >> that is right. in the wake of the sam altman ouster, reporters reported this chip initiative. what openai doing is what similar to what google does, what aws does, design their own artificial intelligence chips. in reality what we hear from our sources is what they are trying to address is the chip shortage. there is not enough capacity to make enough chips. that has been going on for a while. what sam altman would want to address is not the current shortage, what our sources tell us is sam altman a fierce there will be a significant shortage a few years out from now. when we come to the end of the decade -- he is very focused on heading toward agi.

there was simply not be, in his view, enough for what he think will be going on at that point. ed: there are still many questions about how, mechanically, this would work. what we are hearing is there are all these talks with all kinds of investors to raise a huge sum of money, tens of billions of dollars. in reality, it is not as easy as we have the funds, let's build chip factories. the market is dominated by samsung and a hopeful newcomer in intel. what do we know about what is on the table in terms of the proposed way this would work? >> what we are hearing, they're putting together a group. some of that is the capital of the investors. some of that is talking to the existing chip company. we are not hearing that openai

wants to start learning how to pour concrete or anything like that. just about three competitors in the business. it takes a ton of expertise to do. what we are hearing is the idea would be to work with the people who know how to do this. to figure out a way to dramatically expand capacity so five years from now, if the industry finds it is not in a position to produce what is necessary. ed: i want to relate to our audience that openai intel, softbank, microsoft and g 42, a firm we reported in the past wanted to give sam altman money for this, did not respond for bloomberg's request for comment or declined to comment. samsung is a key name and they did not respond. the take away i have is forget what happened with sam altman's

short departure from openai and then returned. he is able to go out and talk to people and raise money and come up with these big plans. let's be honest, this is a bold move in the context of how chip manufacturing actually works. dina: absolutely. he was in davos this week so we will see if anything comes out of any meetings as he tries to come to some sort of consortium. you mentioned microsoft. we have previously reported that sam altman has held talks with microsoft about this idea. the software giant remains interested in potentially being a part of it but they declined to comment. what we are reporting, you see sam trying to put together the pieces of what he would need to do this. financial backing and the rep in talks with softbank to put together the expertise around

chip manufacturing. this is a much more dramatic initiative. there are various forecasts for the ai chip field. there are some people who feel there will not be enough and some people who feel the industry is on a trajectory to increase the number of ai chips that are manufactured and will be just fine. ed: all i was saying was what we are reporting, the reality is it is the world's leading ai company trying to have more direct control over it supply chain. dina bass, great to work with you. thank you for joining the show. ford said it will reduce the number of workers making its f-150 lightning truck due to demand for electric vehicles weakening. 1400 employees will be impacted who work on the assembly lines were f-150 lightning. i want to bring in keith norton

out of detroit. the f-150 lightning production will be half of what ford previously estimated. explain the mechanics of how they are carrying that out. keith: they are eliminating 1400 people at the f-150 lightning plant. 700 of them will move over to a combustion engine plant in detroit. they build the ford bronco suv and ranger pickup truck. those traditional gas fueled vehicles are selling well. they are adding a third crew to that plant while going down to one shift at the lightning plant. it does reflect on this weakening demand we are seeing for electric vehicles. sales of electric vehicles are still up what their growth have slowed dramatically. the growth is that 11%. last year electric vehicles grew by 47%. ed: there in is the story.

they are saying there is still demand, globally, but it is even less than are already lowered expectations. at the same time we have to build enough of our popular combustion engine cars. tell us the summary of the ev story with ford. all i see is lightning and transit. what are their bigger picture plans? we did a lot of reporting on that historically and things seem stale. keith: what they have is their first ev vehicles. they arrived with a lot of fanfare. they have really slowed. there is incentives on the mustang. they are talking up there nexgen ev vehicles, which would be ground up electric vehicles with all kinds of digital capabilities that are to be discovered by consumers. they promised they will be very

exciting. those are still a ways away. 2025, 2026, that is one of the reasons that ford was cut. they feel like the payoff on ford's ev strategy will take longer than expected. ed: keith in detroit, thank you for joining the program. coming up on "bloomberg technology," an all european commercial crew is on their way to the space station. we will have the details coming up next. i'm taking a look at shares of amd, currently up 3.5% in the session. amd pushing fresh record highs. it is nonperforming relative to nvidia. they closed in a record high thursday. the momentum of the stock continues. it is a 12% gain on the week. this is a name that reports earnings. mi33\00x.

how many are they really selling in the real world? investors seem bullish around this name. this is "bloomberg technology." ♪ fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

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next day direct deposits, and automatically files my taxes. ooh, taxes! sounds like you know the drill. good one! can i run payroll too? sure, after this. choose payroll without the pain. that's working with gusto. >> 3, 2, 1, ignition. power. and lift off. ed: they are on their way. the spacex rocket blasting off yesterday, carrying the first all european commercial crew to the international space station. the space industry has been struggling to get off the ground due to a number of delays on the launch system side. i want to bring in the bloomberg

space correspondent. this is business as normal for spacex. for acxiom, it is an important moment. give us the basics of this mission. >> this is the third mission for acxiom space, a company based in houston, hoping to build their own private space stations in the future. the missions have been doing with spacex, they had a contract to do a number two the international space station's. they are practice missions to when acxiom has its own private space station in orbit. this is a dress rehearsal for when they send humans to their own station one day. ed: what you said is interesting. i see the mission as more evidence to momentum in the public sector in space agencies handing over to the private sector. you know i love the numbers. spacex charges $55 million a

seat to carry people up. acxiom wants to be the travel operator, the broker, the middlemen. is that a good summary? loren: that is essentially what is happening with the acxiom missions. and then they will move to their own space station. the idea is to eventually transfer or give the keys over to the commercial space industry. right now the main destination for astronauts in lower orbit is the international space station, which is overseen by nasa. eventually the space station will have to come down. it is destined to stay up until the end of the decade but the idea is private space stations will take over what the international space station has provided for astronauts. acxiom space hopes to be one of the companies to take over the reins with the space station has to eventually come to its end. ed: i know you cannot be in two places at once, but there is a

key lunar mission being carried out by japan's. . space agency give us a quick summary of what is happening. loren: japan attempted to land its first probe on the surface of the moon and we were left in a state of ambiguity when they said it landed but we could not confirm the status of the lander. i believe we got confirmation it did indeed land. we are not sure if it is generating power within solar panels, which is not necessarily a good sign. i believe there is a press conference going on as we speak so maybe we can get more details once i sign off. ed:'bloombergs loren grush, it is great to have you on the program. amazon's billion-dollar irobot deal is due to be blocked by the european union's antitrust regulator. we will talk about that and go broader on what is happening in

the antitrust context in europe. mark will be joining us. we are fresh off the back of the conversation with the e.u. competition chief who joined the onset 10 days ago. this is "bloomberg technology." ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

ed: welcome back to "bloomberg technology." as it stands in the markets, the nasdaq 100 on track to close on a fresh record high on a five-day basis of two percentage points, second straight week of declines. but despite all the news flow we are only two weeks into the year. the story here has been about mutual hedge funds being very long technology which they were not at the beginning of 2023. there is an element of fomo,

that you need exposure to tech, because if you are not in 2023, you missed out on that rally driven by the magnificent seven. the fed also factors into the depth and cadence of rate cuts that we will or won't get in 2024 driven by all the fed speak this week. next week, the story is about earnings. valuations and expectations are high. how does ai factor into that equation next week? in the news flow, two movers. irobot down. bloomberg reporting that according to sources, the eu will move to block a 1.4 billion dollar acquisition by amazon of irobot because they have not offered remedies and have not address the eu's concerns with arguments. 10 days ago, the eu competition

chief joining me here in studio, and at that time, we knew that amazon had not offered remedies. she said simply we need to understand what arguments are. >> in any merger, it is so that if we have concerns, it is for the businesses either to address these concerns by debunking them or by addressing them by coming up with remedies that will solve the problem. if a company says we will not come up with remedies, then of course we expect that they have good arguments that our concerns should not be sustained. we are still in the process of assessing our concerns compared to a situation where we do not have a remedy to the concerns we have drawn up. ed: that was the eu competition commissioner 10 days ago, talking to me about this amazon-irobot deal, saying we don't have remedies so we need

good arguments on why these should proceed. mark parker is in london. it seems like amazon didn't have good arguments and it also seems like the issue here is that some kind of meeting has taken place. our understanding according to sources is that there was a meeting between eu officials and there was a meeting between amazon representatives, had been informed that the eu -- i think we are having some problems with our reporter. we will go back. i want to go to m&a and acquisitions. valsoft specializing in acquiring and growing vertical software businesses announcing the closing of a $170 million funding. sam youssef and sonali basak join us now. sam, this is an unusual financial transaction. you are raising money but the

investors are basically handing over to you so that you can go shop it? sam: thanks for having me on. a pleasure to be here, sonali. we are at a point where in 2022, 2023 were very good years for m&a with interest rates going up, uncertainty around the economy. for an acquirer like us, it was a good environment, we did well. we went out to the market to get additional funding, to execute on our pipeline. adoption to raise money through equity but we had this offer that involved a hybrid type of arrangement where they give us money, there is a payment in kind rather than cash interest, allowing us to preserve maximum liquidity to execute our pipeline and diminish the dilution.

given we had a clear way to allocate the capital, we decided to go with that because it could increase the value of the company and increase more shareholder value that way, delay the equity financing. sonali: tell us about the process here. there are lots of questions about crossover investors, hedge funds in the venture capital space. how hard was it to raise money at this point in time, why did you go to viking and code- -- coatue? sam: viking was already an investor in the company, 15% or so equity stake in 2022, 2023 and chose to participate in this funding, backing us to do more of what we've been doing. coatue has this new crossover fund that suited our needs perfectly. it was not hard to raise equity. i think there's a big divergence happening in the market between speculative growth and quality.

valsoft's mission is around the software, small to midsize companies. the market is consolidating and valsoft has been able to build a global platform to be a significant player in that consolidation. market participants appreciated that. sonali: what about the valuations you are seeing in the market? presumably they are still falling. how are the pricing mechanisms behind the assets that you are buying for? sam: around 2022, all of 2023, it was a good market for us. we are a value-based fire, -- buyer, looking at buying things that we think could be accretive to our shareholders. with interest rates going up, private equity being more cautious, the private equity

doing less deals. it was an exceptional environment for us because we are cash buyers. we do deals on levered basis. we saw a record pipeline. that continues for now, but you could see, with the rally that has been happening in the markets, we are starting to see a little more competition than we saw over the course of 2023. sonali: what about the potential to go public? if you think about your own path moving forward and arrivals around you, potential things you could buy, are the public markets attractive or are people preferring private hands? sam: for a company like ours, the market would be reacted, private market interest is an indication of that. it would be our plans to execute on an ipo potentially in the

next 20 months or so if the opportunity comes. ed: in the market but also in your operations, i have got to ask, how is ai factored into all of this? sam: of course. the jury remains out. i was reading about this new startup where they are promising to build 80% of the futures at 90% less of the cost. our feeling is we deal with vertical market software, so the integrations in a specific industry are very difficult to replicate. we have not seen any meaningful impact, have not seen any impact other than it has offered us to enable more to our customers for a similar price. so far it has given us some efficiency in terms of reporting our customers.

we have seen the productivity of our developers go up significantly and that is accelerating. the jury remains out. it is still not clear but you could see a world where software companies become more efficient and you could also see a world where software companies become more commoditized, especially more horizontal companies. ed: valsoft ceo, sam youssef, sonali basak, thanks. breaking news crossing the terminal moments ago. within google deep mind, some of their key scientists are in talks to leave and start a new ai startup. bloomberg also reporting those scientists are looking at fundraising. let's bring in mark berger, who is out in london. you let some of the reporting on this. what do we know? mark: not a great deal but we know the names involved are two

long-term scientists in deep mind come along considered the most leading ai research lab in the world, based in paris where there is a lot of activity around french ai. we saw the mistral competitor that came out, now worth $2 billion. we have heard initial funding round, talks with investors at 200 million euros, which is a huge amount even for generative ai. but these are researchers, two of them at least, that have had multiple experience. one of them was involved with the alpha go papers, where deep mind bill that act already -- algorithm, the first to master the game go. seminal work in the field. ed: mark bergen, one of the team reporting that story. 200 million euros, mistral's

debut round was just north of 100 million. these are big sums for eight two-person act. thank you very much. coming up on "bloomberg technology," we continue talking about all things tech m&a in 2024 with masha bucher. as friday's go, there is a lot going on. this is "bloomberg technology." ♪

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ed: after the adobe-figma deal was called off, where do we stand with tech m&a looking to 2024?

we will talk about that with masha bucher in today's vc spotlight. she is the general partner and founder of day one ventures. lots of assets under management. masha, we got obsessed in september about a very short-lived ipo window and then we lamented that a lot of deals got shut down. if you are a venture capitalist with a portfolio of touring companies, what are your options in 2024, what do you advise them to pursue? masha: first of all, figma was one of the most interesting and important companies of our time, squeezing value for freelance, entrepreneurs, and people. this deal being called off meant a lot. it meant for later stage investors, look into investing in later stage. investors realize, there is

someone who wanted to acquire your portfolio companies, ready to pay a sizable amount for this opportunity, it might not go through because the regulator may not allow the deal to go through. i think it will lead to decreased amounts of investments in later stages. for early-stage it could also mean a lot. if this deal went through, it would have been $7 billion of fresh capital that could go back to vc's, to some of the early investors in figma. $7 billion that would have gone to top-tier funds, other funds that have not benefited in figma , so they could reinvest in other opportunities. right now they wouldn't be able to do so. right now, everyone understands that if you invest in a company at a very early stage, like our fund does, you can still have a good and sizable return because you have secondary opportunity,

can still make a lot of money if your company doesn't have to grow as far as 20 billion. near-term, it will increase competition on early-stage, the stage that we operate in. ed: the ai case study is very interesting. if you look at early private market investor enthusiasm, take examples like health care or biotech, those types of companies do seem ripe for acquisition for mature or long-standing publicly traded health care companies. they could be a destination for a smaller firm with a micro focus. masha: i think ai is very exciting. i personally think ai is the only way for us to solve some of the most pressing problems that are related to climate change, related to some horrible diseases like cancer.

it is really one of the very few ways to increase the quality and give economic opportunities to less-developed places. at the same time, if you are a company, you operate so differently compared to the rest of economies. i don't think it is a good pathway for any progressive ai company to be acquired by old-school, big, public companies or biotech. i think ai companies will be bigger than the old school companies that are not ai companies. in a few years from now, i wouldn't tell you which companies would be bigger, openai or microsoft, i could think it could be openai. we could use this analogy when we think about any other ai companies. ed: what does 2024 look like for you, where will you be focused,

writing checks, the medically or geographically? masha: really focused on humans my entire career from two perspectives. there is only one topic right now that is as exciting for me as ai. this is the future of humans. i think there are different things that fall into this package. it can have to do with longevity and help. it has to do with future reproduction. it has to do with mental health. i do want to explore what it is the future of human. i think we need different new leaders like brent johnson who are pushing the boundaries of what is possible. i do think of brian himself creating a blueprint economy, where people can organize their entire lifestyle around that. i do like to say the future of consumer is longevity. you cannot get too healthy or too happy.

more and more people are finding about the opportunity to improve their health, mental relationship. the future is really interesting. investors that invest early, i invest in founders, and i keep being excited about meeting new founders which are different from anybody else, can change the world. tech founders and tech on trip and hours are the ones that drive the biggest change for humanity, excited to meet new companies and find out what are the other crazy things they come up with that could change the world that we live in right now. ed: day one ventures general partner, farland or -- founder, mash-up butcher, thank you. sticking with ai for the rest of the program. ai-powered wearables will take on the smartphone market. have you heard that before? this is "bloomberg technology." ♪

ed: here is some news in talking tech. tsmc's outlook for capital spending and revenue is lifting hopes of a bounce back in smartphone chips and computer demand for between 24.

other chip stocks like nvidia, tokyo electron gained more than $160 billion in market value after tsmc gave its outlook. and fast fashion giant sheen firmed up plans for a u.s. ipo last year but despite selling nothing in china, it will still be subject to review by chinese regulators. the revelation casts a cloud over the debut of an estimated $90 billion company that could be the fifth-largest computer company ipo of all time. the judge providing over epic games has challenged google's business model, wants to hear from expert economists, saying he is not confident about setting a fee for mobile app developers without expert input. google play currently charges commissions as far as 30% to software developers to fully don't have any other options. ai-powered wearables are taking on smartphones. a new crop of pins, sunglasses

are coming to market, trying to challenge the dominance posed by traditional smartphones. we have been writing about this. i must say, at ces, this was the thing. ai is in these devices. what have you been writing about? >> i think we are seeing the most excitement around ai wearables since perhaps 10 years ago when google glass first came out. people are really trying to capitalize on the rapid advancements that have been made on the software side with jen ai and bring that into hardware. ed: a part of this story is a bet that human beings change how they interact in terms of communication. we had the ceo of this device on the show. but it will be different from having something in your hands, seems to be the takeaway. >> for a lot of these devices,

they are not aiming to completely replace the smartphone but try to be a supplement to it. kind of like how we have an apple watch. humane is a pin you can attach to your clothing. there are monaco's you can add to your glasses. meta has the smart ray-bans. and then we are seeing the apple vision pro, which seemed to be pitched in an enterprise fashion, coming out in a few weeks. ed: the monocle, $300. it makes me think about that emoji which i will post after this. which of all of those things are you most inclined to use? >> for me, it is a classic sunglasses. on a recent trip to hawaii, i crushed my normal glasses and i had to use themeta ray-ban testers i had for fun. they were sort of seamless because they looked like regular shades.

i didn't look strange if i was walking around public wearing them. for me, something sweet, looks normal is what i value. ed: check out her newsletter. thank you. that does it for this edition of "bloomberg technology." check out the pod. new times start next week. this is "bloomberg technology." [inaudible] [inaudible] filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. start for free at godaddy.com

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>> from new york city, i am sonali basak. "bloomberg real yield" starts right now.