>> 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: i'm caroline hyde in new york. ed: i'm ed ludlow in san francisco per this is bloomberg technology. caroline: tesla beats delivery estimates but still a second consecutive drop in quarterly deliveries paid we break down those numbers. >> microsoft a ideal faces risks

over national security concerns. we have the details. caroline: we sit down with the new ceo of amazon web services. he wraps up his first month on the job, let's check in on these markets. the nasdaq trying to shake off what is perhaps some slightly more hawkish signs for the data today. once again showing the labor market is strong in the united states. meanwhile we have more dovish tones from the federal reserve and the cpi printing europe that shows inflation is cooling. a lot of macro to be digesting. looking at the big tech benchmark. maybe that's off the back of the rally we saw. still digesting a lot of political risk in the ecb still saying we will be cutting in the rest of the year. 10 year yield pushing down. we are off of our lows but still moving into the market off the back of chair powell. as bonds rally.

we have that going higher. currently off by 2%. although interestingly we saw signs of a turnaround in terms of inflows with those etf's in the previous week. what have you got? >> let's look at the electric vehicle sector. the stocks on track for its biggest jump since april and trading at its highest level since january. let's get to the data in the second quarter. deliveries beat estimates just below 444,000 deliveries, production 411 thousand. as we spoke about it's the second sequential quarter where deliveries have dropped year on year so you beat the street expectations but that's the chart you want to see. deliveries in that direction. it was a really big bright spot which is energy installation basically doubled quarter on quarter. 1.i'll just make quickly, when we got those delivery numbers

for the first quarter which was very bad, tesla included paragraph explaining the factors at play. in release for the second quarter there was no paragraph, no expectation though we did get a lot with competition of hybrids, all the stuff the markets have been talking about for a fair few weeks. caroline: the excuses seem to be drying up when it comes to middle east supply issues. seemingly to blame for the first quarter. let's get to steve. your view on tesla a very early investor from the pre-ipo days. what you make of the slower slowdown in sales. >> note -- the number is better-than-expected. up from 387,000 last quarter. but still 5% year on year.

tesla's growth has slowed extraordinary 70 1% in 2021. 51% in 2022. 19% in 2023. this year could be the first negative year tesla has had. they lost 700 billion value since november of 2021. this all creates huge pressure for this big august 8 unveil of the fall self-driving remote taxi. it's a big question. can tesla pull a rabbit out of the hat. we will see in five weeks. caroline: a lower cheaper priced model? or still waiting on the robotaxi? >> i think what you're likely to see is an all new vehicle built on a smaller chassis. it could be the chassis of the future for the new car. i think he will also show full self-driving is almost ready to

go. the question is will it be ready for the regulators to allow it on the streets of the u.s. or will they do something different like launch in china first. if they can get these two things right, tesla may be back on top of the next decade. ed: down 8% so far in 2024. 13% of the last 12 months. this little bit of your history of tesla. a former board member. by the time you are a board member, energy was not as big of a component of business. we have a brilliant chart i hope we can bring up showing the big jump in energy installation in the second quarter this year paid what did you make of that? >> elon has the big picture. it's not just a car company. it is an energy company and frankly it is an ai company. energy division is the biggest

fastest growing division at tesla and may be the most profitable. and that is something we have been tracking for some time. the big picture here is 2027, they will be selling 30 million ev's, every automaker in the world is going all electric. getting this $25,000 car in with full self-driving, they will end up being the kings of ev's for a long time. ed: looking electric vehicle sales around the world, many more players in china a reporting really good numbers. a lot of folks have been getting hammered on social media from all sides the very pro-tesla shareholder owners and those were anti-elon. you cannot win. loads have been pointing out tesla delivered more pure battery electric vehicles than

byd. elon musk is talked about the challenge of hybrids. the legacy oems bringing hybrid models online. the health of the market at large in that context? >> the whole world is going electric. it's why we invested in tesla in 2008. we saw there would be a precipitous downward curve in the price of batteries and that is why every automaker is going all electric. you will see slowdown spray tesla is in the middle of, they called the valley of death between the wildly successful model 3 and the model y and the next generation of ai driven. as you move through that i think they will do well. in the meantime tesla is becoming one of the largest sources of energy in the world. they have applied and approved

to become a utility providing mega packs to utilities all over the planets -- all over the planet. in the old days you mentioned utilities, that was a boring industry now they are reshaping. >> before we get to your new fund, in the old days you are on capitol hill when you were serving as california co-chair the obama for america campaign. do people come to you and say elon is the problem here it comes to buying a tesla? steve: elon is without a doubt one of the most polarizing figures of the age and then some. having said that, he has transformed the global transportation industry. he's transformed the american space program. he appears to be on his way to

proving a revolution in artificial intelligence. it's hard to cast too many doubts. look at the cyber truck numbers. but i still think he is likely the best person to lead tesla into the new future. ed: you are looking for the next tesla. your firm with a new fund, the focus is on the seed stage. it sounds tough, how do you find the next tesla being the energy component. infrastructure, at the very nascent stage. steve: investors are waking up and they want to invest in this new future of sustainability, ev's, green energy. we use that seed funds to transform, to help transform the world's largest industrial complex. yielding a 17 year track record of having raised four funds.

so we are already had nine companies go public including tesla, three other multibillion-dollar, real secret sauce is the expertise we gain from having 32 of the world's largest energy companies as investors. they help us on deal flow. we have about 4000 companies a year that keeps us on our toes. caroline: duke energy, alaska air, so many wanting strategic investments here steve. is electric vehicle the strategic place to deploy capital right now? is it energy, where are you going to get the real bang for your bucket do you think? steve: that's exactly the right question to ask. unbelievable changes in the utility sector, ev's, autonomous vehicles, ai. the electricity demand globally

to double by 2050. now they've become the linchpin of the global economy. renewable energy, long-duration, virtual power plants, the mobility sector, every company going electric and that's because ev's this year will start costing less than comparable internal combustion engines. the ev's are coming quickly in the industrials it's all about ai and every thing happen faster. it's the most exciting time in the world to be an investor. ed: for what it's worth, elon musk said the delivery of electric vehicles is a very small part relative to what he's expecting for optimist robotics and autonomy. we will see if he's right or not. steve wesley, a former tesla board member, a terrific start to the program.

coming up, microsoft's ai deal with the uae company g 42 is raising concerns in washington. we will have those details coming up next. this is bloomberg technology. ♪

caroline: remember back in may, microsoft, the arab emirates ai firm announced plans to spend $1 billion on projects together. it was a deal negotiated with input from the u.s. and uae governments while some see this

as a way to help the u.s. combat chinese influence in the global south, others are concerned about potential national security threats. a story out today on absolute deed -- deep dive and the key issue here is a transfer of ai knowledge to the middle east and beyond. >> microsoft earlier this year announced they would invest $1.5 billion in g 42. this deal was blessed by the united states and the uae governments at the time but since then there have been concerns cropping up in all corners of washington. ranging from human rights concerns, we really want to be shipping advanced ai to gulf states with questionable surveillance measures? two cybersecurity risks related to microsoft. the commerce secretary's email was hacked on a microsoft server. the most fundamental question

facing u.s. officials is whether to approve shipments of the advanced ai chips microsoft and g 42 would need to make these a success. ed: big numbers, mckenzie what is g 42? mackenzie: it is the preeminent ai company in the uae and the middle east writ large. other countries are pouring massive amounts of money into ai development and it is sort of the crown jewel of the uae ai empire. particularly the uae is jockeying over ai and data center initiative but the u.s. has concerns about the entire region. they added much of the middle east including all for those gulf states to a framework that originally focused on china and restricts u.s. companies from shipping advanced chips or advanced chipmaking equipment to

countries on that list without a license from the u.s. government. since implementing that in october they've slow brought licenses to the region well officials jockey over whether or not to allow companies to access american technology over concerns it could also be a way for china to get access to those chips. caroline: if they don't build the ties with the middle east will china win out in the global south? will we see this ongoing narrative of a battle escalate. mackenzie: that's exactly the concern and the consideration. there is so much money going around that if middle eastern companies are not spending that on american companies and american equipment they will spend that money with china. part of dealing with microsoft is g42 would strip huawei out of its supply chains.

there concerns concerns maybe they are not to make good on this. they've hired a third-party to say we actually will and have an independent party that will show you that. you can go down a million rabbit holes here. the reality is china has decades worth of investment in the middle east and global south. where china has made inroads for generations. they have this digital silk road where huawei and cte have invested massive amounts of capital across africa and central asia it might be the u.s. is best chance of coming back with that. ed: we finally see the flow of capital for the chips act in the workforce context. there's also this war for tech hubs on the east coast, explain

those developments to us? mackenzie: we saw a couple of workforce and tech related developments in the past 24 hours or so. one of them is we have the first application process for chips act funding dedicated to workforce development. the chips in science act is bigger than just grants to companies like intel and tsmc to build factories here. there's a fund for research and development which houses this new center and this workforce funding is coming out of that and it's calling for everybody from community colleges to companies partnering to apply for relatively small amounts of money but still seeing that process opening up for progress around workforce development. the u.s. could be short as many as 90,000 semiconductor can -- technicians by the end of the decade. that's the time we want to be making more than 1/5 of the

advanced chips in the world. so we have that on one side. and then we also have this announcement of a dozen with the biden administration's calling tech hubs and that comes from the and science portion of this chips in science act. it was offered as a $10 billion program trying to use federal money for private capital outside of traditional tech hubs like where you both said. the administration announced a dozens of those yesterday spanning from florida to upstate new york and tulsa. >> across the labor issues, the geopolitical issues so much when it comes to chips, we thank you. this is bloomberg technology. ♪

we invent them, we design them, we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪

caroline: u.s. auto sales may see a slowdown. vehicle sales are expected to slow to an annualized rate of 50.8 million in june. which is down from a year ago. this comes based on steep borrowing costs and impacted dealerships and deliveries across the country. according to sources, northern data is weighing an ipo of its power, computing and data center businesses. banks have put valuations between 10 to 16. it could become -- it could come in as early as the first half of next year. union workers at south korea's largest company say -- they announced a decision yesterday evening after its latest wage negotiations. what are you looking at? >> someone knew his enter the paramount party, barry diller is

exploring a possible paramount bid. he led paramount pictures decades ago but lost a bidding war for the dutch joining us out of new york city. what are the details in the new york times report? >> this came together after sherry redstone walked away with david ellison sky dance media and that -- nondisclosure agreement have been signed. >> isn't it interesting that barry diller lost out when wanting to get some of these assets previously. there's talk about paramount plus being weaved into another streaming company as well. >> there is something very nostalgic about this i think for him. he did have dutch head paramount

pictures so i'm sure, we heard a lot of talk about a joint venture on streaming. it will be interesting to see what he's gravitating towards. it's film and television so what's not to love. ed: i feel it we've been talking about this for a long time. i've lost track of who isn't who is not trying to buy paramount, who are the other players still in the race. >> byron allen has made a bid and been very vocal about that. we also have bain capital but also put in an offer. sony and apollo they've had to rethink their strategy. there's a lot of bids and i've been hearing sun valley next

week the conference will be really pivotal on this. >> you poetically yourself said tv and movies what's not to love. the margins are what people don't love. how much is this ultimately become a difficult to sell assets. >> there are serious viability -- viability issues. we know paramount is embracing the cut cost looking to cut five and a million dollars in cost. there are some strings attached. this won't be an easy road whoever takes this over. as streaming strengthens and deal talk circulate around paramount plus. caroline: everyone's could be watching who is shaking hands with who. coming up, we will be joined by the aws ceo to talk but his vision for the company and where's the growth.

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soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title.

ed: welcome to our tv and radio audience worldwide. it's been one month since the changing of the guard at the top of amazon web services. matt garman joins us for an update and to lay out his vision for aws, of the leader in the cloud market. let's start with the basics paid what have you spent the last 30 days or so doing and how quickly have you tried to implement changes you think were helpful or important for aws? matt: thank you for having me this morning. it's been a great first month. diving into various teams and

understanding where all the teams are working and in particular i'm excited about the opportunity to spend some time sitting down with customers and understanding what's important to them. spent much time last week talking to some small startups to understand in the generative ai space. there's a lot of excitement about new technologies that are coming and the potential for businesses go. i'm incredibly excited and looking forward to the business. caroline: we will talk about generative ai. you've held pretty long periods of engineering sales responsibilities in the cloud market at aws. before we were talking about ai the story with cloud was clear. there was this massive total addressable market where companies around the world had not yet transitioned workloads and storage to the cloud and increasingly were talking about that being back a little bit.

talk to me about the strategy of going after that addressable market. the basics of cloud computing? matt: the opportunity ahead is enormous for the business. -- the vast majority of customers weren't quite yet in the cloud. some estimates were only 10 to 15% of workloads transitioned to the clouds dust of the cloud. if anything they're are looking to accelerate the transition. if you think about generative ai or other technologies most customers are finding it's hard to take advantage of these that are out there if their data is not up in the cloud so we talked a lot of customers and they see this new era of generative ai as an accelerator for reasons to get their data in the cloud and to be organized in a secure and safe environment where they can actually go and innovate and deliver value for their business. we are seeing this as an accelerator. they are trying to find ways

they can moderate more of their workloads and get into the cloud faster than ever before. we think that is a huge opportunity for aws business and for our customers as they can gain agility and can innovate faster for their own customers once the work notes are in the cloud. caroline: alphabet and microsoft and ibm and the others might also see this as their opportunity. i'm interested is someone who helped build cloud as a business model how you think amazon and aws are different at this moment. matt: as you mentioned i've been working on aws since 2005, 2006. so if you look about where we are different there's a couple of things i would focus on. we have a lot of experience going and helping customers in the cloud world and from the beginning when we started we said priority zero for us is security.

customers are trusting us with their business, with critical workloads so security is first and foremost. second is operational excellence. we know for our customers if we have to be secure and perform in an outstanding way, performance and security, those of the things we focus on. then we think of how we help customers innovate. want to lean in and understand where their struggles are, where they are having problems with their environments or where they are slowing down and doing too much of the mock instead of for their customers. we deliver a robust set of services. we have by far the widest set of services and capabilities that allow customers of all sizes to go and innovate out there for customers. when you have that baseline of security and operational excellence and the broadest set of capabilities for most customers it's a no-brainer as

to what the optimum platform to go for. >> are you still accelerating for aws growth as we see that pivot point? are you accelerating profits? matt: absolutely. it's growing faster than any cloud provider and we see customers leaning in so we see this is such early days for the cloud. so we see massive growth and acceleration ahead of us and huge opportunity for the business. >> since you've been in the job for 30 days what's your understanding of what a run rate in the billions of dollars tied to generative ai actually means? what if you come to see across your desk is that being a business of? matt: generative ai is already a multibillion-dollar business for aws so it is a big business for us today and when we sit down with customers you look at where this transition is going. it started out with chatgpt and

everybody thought this is a fantastic technology and it is ended was. so the first thing everybody did was they built chatbots for their website. as customers are transitioning they are trying to say where is the real enterprise value? how my delivering value to my customers. when they think about aws they say what about a platform i can build on that secure the baseline and has capabilities i can build value for my customers. we are seeing customer say how do i get value from the business how are they delivering revenue growth and real cost savings. how are they transforming their business that's different from how anyone has done it in the industry before. even though today it's a multibillion-dollar business i think it really is the nascent part of this technology because what it's capable of doing is progressing so quickly that i think a year or two years from

now you will see many industries out there have completely changed how they think about work and delivering value to their customers and it's a super exciting time for innovation and technology as a whole. ed: we are speaking with the aws ceo garman 30 days into the job. an important development of your predecessor, most recently the hiring more focused on non-dub -- eight of u.s. amazon. how much have they had to bring in engineering talent to work on large language models? matt: the potential is massive and when you look at the ai space there's not going to be one solution for everyone. does not could be one model perfect for all use cases. our view is customers will need a variety of capabilities, they will need large models to do reasoning.

they are fantastic on the new claude 3.5 model it's by far the best in the world right now. but a lot of customers we find our combining those with small models and they also need capabilities and one of the areas we are excited about is workloads where models are going to be able to call out and do things, not just summarize data or give you information but actually go and perform actions. that's part of where were excited about the technology from adapt. we think there's a lot of these different components. many of them have been built in-house with aws. many of them come from external capabilities and we think there will be a rich ecosystem of capabilities that customers want to build from. many provide first party offerings. caroline: how are you seeing the need for energy growing in aws and how are you satisfying it

with nuclear for example. matt: it's a great point and needs a lot of energy. if you rewind several years ago we are the single largest purchaser of renewable energy for many years and around now. part of that we saw this coming and have been thinking about how do we build up enough power in a sustainable way that's carbon neutral that we can support the energy needs for technology. we think that that growth will be significant and there's a lot of work that's in a go forward in continuing to make sure we have enough power to power the workloads our customers need. that's part of what we bring to the table. we spent a lot of time getting good in this space, thinking about how we make sure we have enough sustainable power and how we have enough components in our supply chain and how do we manage that spend. it's a pretty significant investment. how do we make sure we manage that in a reasonable way so it's

good for the aws business and that were being responsible with how much capital we spend but we can also grow the power footprint the world needs in a sustainable way. caroline: can i ask about that profitability? there has been marked improvement in profitability but the question is at the time of investment are you managing this by cutting costs and having to ultimately let go of people? with more higher pricing for these ai related surfaces -- services question mark matt: this business will have ebbs and flows over time as we make large investments in the future, whether it's large investments of power or data centers. the profitability of the business will go up and down over time but in the long term we think aws will be a profitable business for amazon. for us it's about investing in future making sure we have the right set up in place and that of a long-term vision of what the business will be paid were

not thinking about particular short-term but how do we really go after that long-term potential so aws continues to grow at a rapid rate for many years. we want to make sure we have the right team in place and the right investments in place so we can be there for customers when they need us. >> with dedicate a lot of time covering those efforts. could we focus on nvidia and discuss your relationship with that company, how supplied their ai accelerators is and whether you give us a forecast of how many accelerators you think you'll take from nvidia in the next 12 months or calendar -- of calendar 24. matt: nvidia is an incredibly important partner of ours. they make a fantastic processor, they have executed by far the world's best technology in the space. we believe ai technologies are

gone rely on nvidia and gp use for many years to come. we are getting deeper with them. jensen has set on stage aws is there technology they are building their own models on top of. they have seen aws has by far the best performing technology whether it's on the network side or availability which is a super important part of building models. we lean in on nvidia for that and learn about what's working well in the next generation of technology will they need from the data centers and we really have a great collaboration to ensure our ai customers can join and take advantage of the best technology nvidia has to offer and in combination so they can deliver the best technology for the world. >> thank you for joining us

today. aws ceo. ed, what have you got coming up? caroline: it's a fed story this morning. the fed chair saying the u.s. is on a disinflationary path, progress on inflation you look at how that's looking in equities. u.s. 10 year yield, semiconductors up slightly but there's been pressure with the aws ceo. another quick look at tesla. deliveries down for tesla, the stock up 9% on track for its biggest jump since april trading at a january high. muska posting the delivery of electric vehicles just a small part of the big picture which is robotics and autonomy. >> coming up we will be joined by vanessa talking ai and investing in the private markets.

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caroline: you are looking at a live shot of the principal room. check out our podcast on the terminal as well as apple, spotify and i heart. this is bloomberg. time for vc roundup. resolute nearly doubled to $.2 billion but -- revolut offset by losses. the 2023 accounts before ahead of deadline as they try to secure a u.k. license. meanwhile over in the u.k., the former ceo of the british arm of silicon valley bank joint hsbc

in march of 23 when the company was acquired by svb u.k. and now she will be joining octopus ventures in january as their ceo. platts will remain as a special advisor to hsbc. 17 labs raised $85 million in a spending round. 17 labs placed of -- pays developers for emerging ai tools and ranks among the largest for ai startups so far. ed: time for our vc spotlight and we are joined by vanessa and there have been so many themes we've been passing over, just what -- asked what the main one -- guess what the main one is pretty it's generative ai. they are saying that is the untapped market or they are saying you have to be in a large language model level as the parameters get smaller there's a higher volume being built.

where do you see that divide. vanessa: i'm an application play or investor -- application layer investor. i think there's a lot of value in that. it showed that the majority of the funding was going to infrastructure and the bulk of that was going to the large line with model companies and much of it was going to ai applications. i think there's a lot of reasons for that. one being it still such a early feelings of how people will adopt it and which applications will be the one that emerge. where is the infrastructure level it seems a lot more clear as to where those large language models are going. caroline: this is where having

done ipo's before comes into bear. which of the applications should be the area of growth? where will they align that you're making the bets on? vanessa: for me i like to take a step back and think about what are the behaviors that are going to change because of its technology. i think about it as three core behaviors. matt alluded to this in your previous segment around chatbots and everybody using it to find information. i think there's the creation once you find information you want to create and add, change it. and then the third is taking action or make a decision. i think generative ai will affect all three of these things where i feel like people are comfortable using generative ai is in these low value repeatable tasks. customer support, customer success and some strategic analysis so looking at the data

and figuring out what's happening so taking that first step but may be not completely trusting to do everything and have access to all your data today paid -- your data today. caroline: you have bets and companies that might tangentially use ai but are not ai first. making sure children are understanding saving but maybe not first and foremost an artificial intelligence company. is there money outside of ai? vanessa: absolutely. i've never been more excited about the consumer. every time the economic environment shifts whether it's booms or busts, consumers change their purchasing behavior and that's an exciting time for start ups because it means behaviors are changing and the incumbents may or may not serve the maturation of consumers whose behaviors are changing based on the environment.

i'm really excited because i'm seeing purchasing behaviors from consumers shift. startups are getting a really good shot at a new customer basis. to be honest the consumer does not care if it's generative ai or not, they have something they are trying to accomplish and if you are serving them and accomplishing that that's all that matters. a lot of companies do want to use that to improve margins. for the consumer the end of the day and that doesn't change. >> we talked with the tech hubs backing that in south carolina and georgia where you've been active. vanessa: atlanta is a really interesting ecosystem because

they have great technical talent , you also have a bunch of other schools in the area that are phenomenal schools and great producers of talent. the other unique thing about atlanta is they have a lot of fortune 500 companies and these are not your stodgy old companies, they are very committed to adopting new technology so they have a lot of programs to produce and procure technology from start ups. startups can sell into their neighbors and get these big deals out of the gates. the other thing i like is they have had exits. they have ipo's, giant acquisitions and those companies create a bunch of other entrepreneurs who have huge aspirations. ed: we are out of time i'm afraid.

vanessa, thank you so much pride this is bloomberg technology. ♪

ed: former microsoft ceo steve ballmer has passed the company's cofounder bill gates to become the sixth richest person in the world, the total gains year to 21%. more than 90% of balmer's net worth is in microsoft shares

according to the bloomberg billionaires index. gates has diversified its portfolio and dedicated it to philanthropic courses. caroline: interesting changing of the guard. that doesn't for this edition of "bloomberg technology.' don't forget about our podcast. this is bloomberg. ♪

tim: welcome to "bloomberg crypto." pres. compos: -- sonali: solana with matthew sigel. we are seeing a slowdown in trading volume for bitcoin as the etf boom appears to subside. we discussed with steve kurz. sonali: