>> 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. ed: live from new york, this is bloomberg technology. microsoft and amd earnings on deck and big tech flicked with a correction. and we hear from the nvidia ceo on mehta and zuckerberg being the most important customers.

and a tesla test drive it hit a roadblock. william stein joins us after narrowly avoiding the car accident while testing full self driving. let's get this year and now in terms of earnings. sofi down a percentage point. interesting. second profit update, upgrade to the profit forecast for the full fiscal year. also upgraded their revenue outlook. we will hear from the ceo later in the program who was on bloomberg this morning. this is the starting gun basically formatted cap tech earnings. you start with microsoft and amd. talking about the money machine, the investment in the infrastructure, that is where we check on amd. soccer by a percentage point. the money coming out of the top line growth. will we see anything tangible from microsoft in particular? massive investment in terms of

into the gp use and infrastructure needed for their cloud business. how is that translating to topline growth? let's talk about it with nicole webb, financial advisor from the wealth enahancement group, 85.7 billion dollars in client assets. i've been talking about the money machine, the money for infrastructure, not knowing how much money is coming out in terms of topline growth. is that how you would approach earnings? nicole: it is unique, you have to look at each company differently. the setup going into this week is one where there has to be a hyper on the unique business model of each. when we talk specifically about microsoft, the thing that we know is that capacity is below demand. to your point, the spending is going to be high. we expect that in gpu's. at the same token, we expect bookings will be relatively strong this past quarter. we look to microsoft for

continued efficiency where they can offset some of that cost spend through other parts of the business. the other thing i would mention, our team thinks there will be a transition over where the forgotten subsector of software will be more of the conversation going forward. we expect that both for microsoft and we also think about that for salesforce as well. ed: let's focus on microsoft. language is important. last quarter, they told us they had more than 30% topline growth for the cloud unit, 7% on that was a contribution from ai. do you think a number like that is enough for investors to say, i believe the story. for all the investment you have made, you are actually making money from this ai thing? nicole: this is where we are in a pivotal moment in a valuation.

when you think about where exactly ai will take us five years from now, nobody knows the answer on that. what you are listening for is when can i expect any glimmer of return on the invested capital that is going to work today? you have seen that play out in the last few weeks where you really had to right size your positions as valuations looked stretched, if that is going to be a moving target. we are very much choppy in the short term, returns returns and the longer period of time, as you see that navigation of rightsizing positions year to date from that fast price movement, and also this expected drop down in earnings in the next couple quarters. ed: there is a line in one of our stories about how microsoft is one of the most widely held stocks in the world among retail

investors or institutional investors. what kind of a dynamic is that when you talk to clients? it seems microsoft has always been there and you want a piece of it. nicole: microsoft became the utility of business. when you think about the structure of both business and personal life today, microsoft is at the center of that. what microsoft has built out for the consumer is a unique story. you can look to them for having the free cash flow, the money to build the future of infrastructure will also provide subscription level services that are so necessary for day-to-day operations. from that perspective, it is really hard to break up with a position like microsoft in a portfolio. ed: i want to ask what this week will be like for you. if you are a technology investor, you have this

incredible calendar of the world's biggest names reporting, and then a fed meeting right in the middle of it. how do you operate like that in that environment? nicole: starting on friday, what we started to see one of the narrowing and divergence between nasdaq and small-cap. that gave us a better footing going into this week. when we think about the fed, we really see that as creating this backdrop where we believe there could be wider participation. we want diversified portfolios to have their moment in the sun again. seeing too much return from too few names creates an inventor sentiment -- investor sentiment that will systemically leave them in the wrong direction. at the same time, you've seen some names like meta where we have chosen to deploy more cash because you see where they are trading from a relative valuation perspective, 22 times,

you have a tiny risk there. you can play both sides of this leading into earnings when you have moments of volatility like we have had. ed: based on the idea that you separate out from the rest of the mega caps, something to look forward to, great idea. nicole webb, thank you. sofi's ceo anthony noto joined bloomberg moments ago. this is what he had to say about the company's results as well as plans were company diversification. >> over the next five years, i would expect our growth to result in revenue that is about 30% financial services revenue, 30% tech platform revenue, 30% lending. the business that is growing the fastest now, increasing as a percent of revenue the fastest, is financial services segment. record revenue for the quarter at close to $600 million, 22% growth, really driven by that financial services segment that

grew 80% year-over-year, now starting to reach real scale at $107 million of revenue. it is benefiting from growth in aum in our invest business, deposit growth of over 80%. it is benefiting from a high interchange growth as well. of course, 40% product growth in that segment. that will be the horse that we continue to ride to drive that diversification. the second element is the technology platform business which we believe is a mid to high teens grow our the rest of the year, for the full year, 20% next year as we have a great backlog of partners coming online hopefully in 2025. >> one major question is around interest rates. if you see the fed cut this year, what does that four .6% apy on your sofi money product looking forward? if it lowers, how competitive do you have to be to keep that money flowing in? >> we think we will still have a

competitive apy in a declining rate environment. several businesses will benefit meaningfully from a lower rate environment. loans on the balance sheet will be worth more. home loans will actually see more refinancing. that business should benefit for greater demand, greater marketing efficiencies, greater flow through. student loans financing business would also benefit. that will allow us to maintain a very high apy relative to competition. many of our competitors that offer and apy close to ours, 4.6% if you do direct deposit, we are still superior to others. those that are close to us will struggle to keep the same premium on because they are not origination platforms. we benefit from both of those businesses working well together. ed: that was the sofi ceo anthony noto. another story we are looking at is paypal. the company suddenly has a $60 billion market cap. shares higher by almost 8%,

jumping the most in 20 months. adjusted eps, the guidance will increase, lower single-digit beats expectations. one that seems to be holding its own in the earnings context. coming up, we will be joined by william stein from truist securities on his experience from using tesla's full self driving technology. this is bloomberg technology. ♪ of stepping b into wet sand. the perfect balance of instant comfort and lasting support. say aloha to olukai. anywhere comfort. anywhere aloha. (♪♪) (♪♪) (♪♪) (♪♪)

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ed: elon musk has said during tesla's last two earnings calls that investors will not understand the company unless they are using the driver assistant system marketed as

full self-driving. truist securities managing director william stein did just that, and he writes the version that he tried is "stunningly good but does not solve autonomy." in fact, he even narrowly avoided an accident. william stein joints me now. when i said on social media you were coming on the program, many people pointed out that the version of fst that you were using was 12.3.6, not the latest 12.5 which rolled out last friday in a limited release over the weekend. give me the basics of the test you conducted, where you conducted it, who is tesla you were using, the parameters around it, please. william: thanks for having me. the test initially after the q1 earnings report and the q2 report were done under very similar conditions.

sunny, dry, easy to see, easy to operate. this was a tesla-owned car. i approached tesla as if i were any other potential buyer. i went to a show room, signed up, plugged in a relatively local address seven miles away from the show room, near to where i live in suburban new york city. that was the set up. it mostly worked well in both cases. ed: when did this test take place? william: the first one i tried was right after q1, when musk first issued this directive to investors, potential investors that they must see this in order to determine whether they should invest in the company. that was a quarter ago. the most recent was done on friday. i want to acknowledge that we

didn't have 12.5. i have asked the company for access to it. has not been made available to me yet. i think they will. it was not available when i went to the show room, was using 12. 3.6. ed: did tesla respond specifically to the research report that you posted? william: i reached out to management in a proactive effort to not hide from them because i think it's important when one is critical of technology or a solution, a financial aspect of a company, that a company can view it as an attack, especially something that is unfair. there was a reply. it wasn't really substantial other than we understand your view. it is ok to have a difference of opinion. ed: we are showing some file

footage of fsd coming from tesla. it is not the trip that you took. i am just stating that because you used a tesla showroom vehicle, you don't have access to the footage of your trip. william: that's correct. i had my son with me taking some videos but unfortunately we didn't capture the most interesting, most exciting parts of the trip, when i avoided a near crash. ed: one of the things you tested with the ability to look away from the wheel. i have 12.5 on my tesla at home, i put on my experiences with it, but it doesn't require me to have my hands on the wheel. it does require me to stay focused. the camera died as my ability to be attentive. you tested by turning your head away for 20 to 40 seconds. my question around that is whether nhtsa has reached out to

you. that is one area they have looked at. william: they have not reached out to me. i was very surprised the car allowed me to not just be distracted -- my head was completely turned away, looking in the backseat. luckily i was able to do this because i brought my son with me. tell me if there is anything dangerous about to happen. we were on a relatively underpopulated area, away from the highways, so fairly predictable. i trusted him to give me enough warning. the car allowed me to do this for about 30 seconds. you can do a lot of damage in that space. that was stunning. when i got back to the showroom, the service associate told me that is to make the experience more useful, perhaps easy for an

inexperienced user of this technology. for me it was a little frightening. ed: there are many on social media who are bemoaning that you didn't use 12.5. many acknowledge that 12.5 has also yielded some strange scenarios for those that have tested it. musk said that to judge whether tesla can in the future solve for autonomy, go out and use fst for yourself. the conclusion that i read in your research note, you don't see the jump from a consumer usingfsd in their car into a world where tesla operates a fleet of robotaxis itself. do i have that right? william: it is a very challenging thing to know with certainty. there are certainly improvements from version to version. as it stands in version 12.3.6,

this is totally inadequate to solve autonomy if there is such a thing as solving it. full autonomy is not there with 12.3.6. do i anticipate it could be with 12.5 or some later version? maybe. for me, the big question is, in near accident that i experienced -- ed: let's go through the specifics of that. you are approaching an intersection at speed. there was a vehicle in front of you making a right-hand turn. you write, they did not complete the turn. explain what happened, how you and your son reacted. william: slightly different from how you describe. it was in a very congested downtown street, suburb. we were lined up, stopped at a light. the light turned green, i think i was second in line. the car in front of me

progressed, making a right turn, but did not quite complete it. i was the second car in the line. as the car moved off to the right, the tesla just reacted as if it was all clear, just started accelerating. so the failure mode would havehit the back right corner of the car in front of us. i had to intervene. ed: we are out of time. i appreciate you coming on the show. coming up, we will discuss the impacts of the crowdstrike outage with shlomo kramer, ceo of cato networks. this is bloomberg technology. ♪ you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold.

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more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. ed: shares of crowdstrike down 9% right now after reports that delta hired a prominent attorney following that technology outage that led the kerry to cancel thousands of lights. the airline may seek compensation from both

crowdstrike and microsoft. another catalyst, evercore added the company to its tactical underperform list, cutting their price target from 325 to 320. let's bring in shlomo kramer, cato networks ceo. my goodness, the last 10 days, somebody of your expertise and experience, it must have been interesting. what happened? shlomo a mistake had been to mistakes will happen, but what is really important, that mistake caused tremendous disruption. i think what is really important is one is the learning from that mistake? ed: what is the learning? shlomo: we live in a very vulnerable world where everything is digital. imagine if this was not a mistake but an attack. ed: i wrote about this in my column.

in the crowdstrike example, microsoft and crowdstrike talked about how only 1% of windows pcs were impacted, but it was go that were mission-critical. think about the cost of securing them. is that just part of doing business in this day and age, something like this happening? shlomo: mistakes will happen. aws had an outage, gpc, everybody has an outage. but you have to take the economics of the outage and learn from it. everything needs to be gradual. you cannot deploy anything to all the computers in the world at the same time. you need to be very gradual in doing that. that is a cloud service learning. the second learning is that we really need to make security pervasive, because the next time it will not be a mistake, it will be an attack. ed: correct me if i'm wrong, you built cato because you looked at

the big guys out there, the names that we have talked about, and thought i can do this better and differently. your phone must have rung a few times. shlomo: i want to correct, i thought i could do it in a way that simplifies security. aws, digital transform i.t. security, making it more affordable, accessible to all types of organizations, which means security is pervasive in cases of such mistakes and attacks. ed: you are experienced, well known, have invested a lot in the sector. how do you assess how crowdstrike handled the fallout, respondent? shlomo: i think george and his team responded really well to this mistake. i really commend them for that. ed: philosophically, quickly, do

we change how we approach security now at the corporate layer? shlomo: i think we need to operationalize security. we need to make security available to any type of enterprise. we need to digitally transform security and make it simpler. ed: shlomo kramer, ceo and cofounder of cato networks, thank you for joining me in new york city, also drawing on your wealth of experience in this domain. coming up, we are being joined by navrina singh, creator of credo ai, to talk about the company's latest funding ramp. i think we will get some interesting takes about what is happening in ai as well as politics. stay with us. this is bloomberg technology. ♪

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♪ ed: welcome back to "bloomberg technology." ed ludlow in new york city. in the last 30 minutes markets have moving. nvidia particularly is dragging down the nasdaq 100. off by a percentage point. the story is weak earnings. microsoft off at the bell down a percentage point. that would be the main focus this. tuesday the a.m.d. reporting also which is taking into account in the story around a.i. infrastructure. overnight there was some news so to speak about two names that are a business relationship.

two names well-known in the industry. nvidiac.e.o. and meta c.e.o. mark zuckerberg. it's nvidia that's been the main mover. not entirely clear what the catalyst is. either way last night they both sat down at the side graph computer graphics conference to discuss the future of generative a.i. and how open source will help a.i. developers and creators. here's meta c.e.o. mark zuckerberg. >> there is a lot of new stuff to build. i think even if the progress on the foundation models stopped now, which i don't think it will, i think we would have five years of product innovation for the industry to basically figure out how to most effectively use all the stuff that's gotten built so far. i just think the foundation models and the progress on the fundamental research is accelerating. that is a wild time. ed: his break down what was said

at the conference is bloomberg's ian king. this was the second appearance of the day. he started by talking about mims. we have a new acronym in the world of a.i. and high performance g.p.u.'s. nvidia is trying to say to us, all the rest of you, don't worry, we got you. >> that's right. this is something they previously announced. now it's coming to market. these are microservices what they call them. software that says, hey, you just tell us what you want to do in your business, we'll sort everything else out. we'll provide you with the model and all the links to the hardware and other pieces of software and data you need. this is a big push for the company. right now they have got four or five big customers and great customers. but they want this to be out there in the economy to be pervasive. that's what they are trying to facilitate. ed: nvidia is down sharply. don't see a clear catalyst other than the mechanics of the market

trying to work things out. the conversation between hwang and zuckerberg highlighted one thing which is meta is a critically important customer for them. could you just explain to our audience what meta does with nvidia's technology and a sense of how important a customer they are. >> they are one of the biggest spenders on nvidia's g.p.u.'s and other stims. they are putting these massive super computers in place to do training of a.i. models that they then use for the services they offer through the -- through facebook and their other platforms. zuckerberg was talking about that yesterday. he was begrudgingly acknowledging how many hundreds of thousands of g.p.u.'s he's bought. ed: one thing what ian said, that's why we are watching microsoft and watching others in the earnings context. the infrastructure commitments probably will have an impact on nvidia down the line. ian king, thank you very much.

sticking with a.i., credo a.i. complete add funding round of $21 million. it doubled their valuation to about $101 million. that's bloomberg exclusive reporting. the company focuses on a.i. governance. an area of particular significance during a time where deep fakes are increasingly interfering with election cycles. i'm delighted to bring in and welcome back, navrina singh, the founder and c.e.o. of credo a.i. i'll start on the funding round. we bring "bloomberg technology" because the world of a.i. is basically on a collision course with society and the world of politics. that's what we talk about. focus on credo for a minute. why did you raise the funds. what are you going to do with it? navrina: thank you so much for having me, ed. certainly a very exciting day for credo a.i. we just raised $21 million in new capital. this capital round is focused on making sure that the a.i. oversight and accountability is

pervasive as zuckerberg pointed out we are living in wild times t can get really wild if the risk of this technology is not assessed and managed proactively. this is where from our founding in 2020 we have been heads down focused on bringing a.i. governance to full front. my belief has always been governance really unlocks the understanding of this very complex technology which is just getting more and more complex. with the coming of the foundation models and frontier capability of the with this found of funding we are doubling down on making sure that one understanding risk of these new frontier models is at the hands of these enterprises. secondly, making sure these organizations are well equipped for all the regulatory changes happening globally. lastly to adopt generative a.i. with confidence at scale. ed: you are a vocal. you have official positions in

government appointed panels in the domain of a.i. and some of the safe guards around its use in society. i just wonder if this funding gives you the ability to have a louder voice in the things you think are important? navrina: absolutely, ed. governance is many times seen as a barrier to innovation. we have spoken about it lots of times. government will be an enabler and competitive advantage for every organization whether you are a meta or microsoft to really make sure that you can bring the frontier a.i. capabilities with confidence in the market. with this round of funding what it is providing us is an ability to continue delivering to our customers who are becoming responsible by design and not waiting for failures to happen in this world where a.i.'s transforming pretty much every business at scale. ed: i think we should probably talk about the presidential election cycle.

a lot was made particularly from small tech so to seek about j.d. vance in particular being a running mate who supports entrepreneurship and technology advancement. does credo have a position on what will happen with a.i. safeguard rails and safety depending on the outcome of that race? navrina: we are living through a very important time, especially with the upcoming election. i don't want to speculation what the outcome of that election is going to be. i think the key thing i want to bring our focus back to is that irrespective of the outcome of the election, governance of this transformational technology, artificial intelligence, will be paramount. we are seeing at scale the traditional g.r.c., governance risk and compliance tooling that exists in the market does not serve the needs of this very complex and emerging technology. and this is where not only the bitcoin, but bringing in tools that can keep up with this very

increased sense of capabilities that a.i. is presenting and also the increased risk it's presenting. irrespective of the election outcome what is going to be critical is enterprises for governance front and center as they adopt this technology. ed: we have heard a lot from mark zuckerberg about open source. we heard again. listen to what had he to say. >> i don't think there will be one a.i. model. this is something that some of the other companies in the industry, they are like -- they are building one central agent and, we'll have the meta a.i. assistant, but a lot of our vision is we want to empower all the people who use our products to create agents for themselves. whether that's all the many, many millions of creators that are on the platform or hundreds of millions of small businesses. ed: your reaction to that and the idea that he said people will go out and create their own a.i. agents? navrina: absolutely true. i think we are already reaching the stage where the relines on a

single nod -- reliance on a single model won't happen. we at credo from switching from open a.i. to open source. the innovation in that space has been accelerating. what we are going to see is a need for a single governance. that can actually not only connect with different a.i. toolings but be able to adapt to these new plethora of a.i. models and agents showing up in the market. the consistent governs which provides oversight and accountability will be critical. ed: founder and c.e.o. of credo a.i. thanks. we have to get back to shares of nvidia down more than 6%. the stock trading at its lowest level since lay may of 2024. in the mom down 5.29%. this has happened before. go back to even last week there was severe trading on nvidia. we'll continue to pay attention to it in the context of works. worth noting this is a stock that is more than 110% year to

date. as the engine of everything we are talking about in the context of large language models and generative a.i. technology. my goodness, so much more to discuss. stay with us. this is "bloomberg technology." ♪

ed: this is "bloomberg technology." you are looking at a live shot of the principal room. check out the "bloomberg technology" podcast. find it on terminal as well as apple, spotify, and i heart. this is bloomberg. ♪ >> hi a fantastic experience with j.d. i worked with him for about a year when he was just starting out in silicon valley. >> when it comes to deregulation, tax policy, a.i., crypto currency there is some degree of what j.d. vance wants and the tech stli. >> j.d. vance and the business side doesn't make me comfortable. when it comes to privacy,

competition, they are going to be at odds. >> good for silicon valley anti-country because he is pro-growth, pro-innovation, and he's also pro-eliminating those regulations that strangle industry, that strngle growth. >> having somebody who has been as part of a fund who has seen the way innovation works, been on the board, things like that it's a unique experience and opportunity that can be helpful. ed: those are some of the our recent guests weighing in on donald trump's v.p. pick, j.d. vance and what that can mean for the silicon vally. some others have come forward more recently in support of democratic candidate kamala harris. as we await her decision for a running mate, let's dig into it with katie jacobs stanton founder and general partner of moxxie ventures. it's been interesting. you will have noticed your peers and colleagues, call it venture capital, but small tech maybe as

well. that weak following the assassination attempt on former president trump and j.d. vance emerging as the pick. x in particular was a place where everyone was quite vocal. now we are hearing more from the kamala harris side. your position, katie? katie: thank you so much for having me. we live in a democracy. and everyone has a right to their own opinion. i think our industry just like our country has a diversity of opinions. i think there are a lot of people like myself who are really enthusiastic and excited about what the kamala harris campaign stands for or hope for optimism, for innovation, and move the country forward. ed: one of the areas of focus with j.d. vance particular is his experience as a venture capitalist, his experience of so call silicon valley and what that might mean for an environment where entrepreneurs want to thrierve. do you -- thrive. do you feel kamala harris has the same attributes she can provide a similar environment if

she were to be re-elected? katie: first, she's way better. she's way better. she's from the bay area. she understands technology. she understands innovation. she also understands responsibility. she is somebody that, i think, we are very enthusiastic from the tech industry what she can bring to the future. and really excited for her campaign. ed: finally on the election, i was not in america in 2016. i arrived 2018. the capital community how vocal they are. bit of surprised this time around. do you see a difference in how active your industry is now versus 2016 and 2020? katie: i think right now we have enormous challenges in front of us. we have climate change. we have economic uncertainty. we have a lack of access to health care affordability and housing affordability. it's important to be able to support a number of entrepreneurs and innovators.

to help provide better solutions that make life and work better. i think there are enormous challenges, enormous opportunities, and again really excited about teams that can move us forward and help us build services for more people. ed: katie, we welcome you to "bloomberg technology" because moxxie has raised $95 million for a third fund. there is interesting, quite unique factors behind the l.p.'s and how you went about the raise. explain the basics. katie: we are thrilled to announce our third fund which is $95 million and a really challenging, funding environment we are looking for founders who basically make life and work better for millions of people around the world. most of our founders are technical. 50% are immigrants. a third are women. and we are really excited to have a diverse group of founders. we are proud of the investors that have backed us. we have a number of world class

mission driven investors from gem to the children's health. we are delighted and honored to be able to work with them going forward. ed: mention quickly, you were within the obama administration at one point. in tech, twitter, google. you are on the board of yahoo!, how is that c.v. going to influence your investments and where you write checks? katie: i think it's helpful. i vested in seed stage companies. but i'm on the board of a company started by napoleon. that's a wide range. i think it's important to be able to cross-pollinate our network, our experiences, and to enable ourselves and our team at moxxie to be able to help support our founders, helping them grow, helping them build, helping them hire. ed: katie jacobs stanton founder and general partner of moxxie ventures. thank you. coming up, we'll turn back to earnings. microsoft and a.m.d. reporting after the bell the market is

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you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. for nearly 160 years, pnc bank has been brilliantly boring so you can be happily fulfilled... which is pretty un-boring if you think about it. ♪ ed: once again going viral. the olympics, paris olympic games organizers postpone the men's triatholon to wednesday morning due to insufficient water quality levels in the

seine river. the delay is one of the game's flagship events -- came when athletes were already at breakfast leading to anger and disappointment. meanwhile the u.s. is leadling the field in total medal count picking up the gold in fencing and swimming. however japan and china are leading the gold medal count at six just ahead of france, australia, and south korea. everyone is talking about it on the socials. back to the other big story of the day. which is earnings. out after the bell. a.m.d., microsoft reporting. mandy of bloomberg intelligence joins me. nvidia in terms. context. the stock is down significantly with no news headline. if you read the markets and listen to them there is a growing skepticism either for the flas spend is going to pay off in top line growth or that the infrastructure spend is going to remain. what's the b.i. take? >> i look at it this way google last week told us they were

racing their cap hits. we expect something similar from microsoft tonight, meta. that's all good news for nvidia. i'm surprised by the market reaction given hyper scalers still make up almost 50% of nvidia's data revenue. why is the stock going down? given what we have heard has been -- ed: that chart maybe. i was talking a few blocks ago this is still a stock up 110 3erz to date. >> that's where evaluations come into play. there are a lot of good news. and there could be some negatives in terms of the r.o.i. as you alluded to. companies probably aren't able to monetize the g.p.u.'s as fast as they would like. ed: the "bloomberg technology" audience is global and diverse. not everyone is an i.n.s. teugal investor. not even retail. the way we have talked about it the money ma sheefnlt you have capital spending going on. what everyone is trying to understand how many dollars are

coming out. you gave alphabet as the example last week. year to date we have made billions of dollars in a.i. infrastructure. and generative a.i. essentially. it doesn't seem very tangible. you know what i mean? >> to me nvidia is more about the supply-demand imbalance. as long as we are supply constrained when it comes to g.p.u.'s and demand exceeds supply i think it's positive for nvidia. once we get to the point where you have enough chips and custom a-6 and companies can train outside of nvidia g.p.u.'s that's when they'll have a problem sustaining the pricing. ed: bring up the calendar. it's a huge week. good week to be in new york city with you. i think microsoft is a big one. what is the b.i. expectation? >> the estimates have to go up for the stock to sustain this kind of valuation. when i say estimates last quarter they said contribution

to adiseur was seven percentage points. you want to see that number go up. even if it's flat, what it's telling you is gwen a.i. is not translating into revenue to answer your prior question. and the co-pilot side of it has to boost the office segment. what we saw last quarter was a low growth. you want meaningful upside to office come interesting these co-pilot sales. ed: the other one is a.m.d. that's the c.e.o.'s coming on the show tomorrow. we'll get the opportunity to review the rest of the week is also massive. maybe like in aggregate amazon, a.w.s., apple, meta what's the common thread? >> in the end it comes down to what these companies are spending and how does it translate into revenues. clearly for cloud guys like amazon and microsoft it's azure growth. but for meta it's about how they deployed on their social media.

think talked -- they talked about custom chat bot tools on instagram. that's huge. if they can monetize it to more ad revenue. ed: it's a busy week for us on "bloomberg technology." my colleagues at bloomberg intelligence are just as busy and handle those earnings so well. mandeep of bloomberg intelligence leading our tech team. it's a big week. there was a lot that happened in the show. recap that may do it for this edition of bloomberg throsmght we always have the podcast find on the bloomberg platforms like the bloomberg terminal, apple spotify, and also on i heart. after the bell, microsoft a.m.d. tomorrow a.m.d. c.e.o. on this program. these are big ones you don't want to miss. any questions, you know where to find me. i would be happy to look at them and field them to lisa. thanks for tuning in. "bloomberg technology." ♪

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>> live from bloomberg's world headquarters in new york, i'm sonali basak. >> at times to -- and i'm tim stenovec. buckham to bloomberg crypto. >> bitcoin is sliding below the $67,000 mark. has not been able to sustain the rally after pro crypto remarks by former president trump. tim: we discussed these remarks and how crypto is playing a role