>> from the heart of were innovation, money, and power collide, in silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. >> live from new york and san francisco, this is bloomberg technology. it is m&a monday. it is to fight back against nvidia in the data systems space.

ed: general motors/as jobs. caroline: fubo continues to surge after rivals are blocked from launching the venue sports service. we managed to climb the wall of worry. all eyes on jackson hole at the end of the week. what is interesting is stocks rebound, bonds rebound, money moves into gold after significant concern about the u.s. economy in the last couple of weeks. that climbing back is not happening for the world of crypto. august showing a pretty dire month for the asset. this is more about actual supply-side. this is about crypto that has been taken away from certain wallets and gets confiscated. what are you watching on the micro side? ed: let's get right to the amd

deal in m&a. acquiring server makers et. the best-performing stock on the philadelphia semiconductor index. it was a pretty slow start with that news breaking this morning. this is about amd's move into being a systems vendor, which reminds us of another big name. caroline: it does. ian king covers amd, nvidia, which is the elephant in the room amd is trying to tackle. >> that is absolutely right. nvidia has made it easier for all of its big customers to adopt these systems. if you need a server, we will give you server design, we will bundle everything together and do a lot of engineering for you. amd is saying, we can do that too. here are the capabilities we have taken hold of. ed: these numbers we have used

before. nvidia will do $100 billion this year. on amd's side, m&a is being a tool and a theme. what are they trying to add? ian: it is all of these engineering capabilities that go beyond core competence. designing chips that we will give you the software, the models, the designs of the servers themselves, we will give you these things, we will help you to adopt our chips. it is a facilitator, if you like. it is what they are doing. ed: systems vendor. what does that mean in reality? in the real world when we talk about training ai models with high-performance gpu's? ian: you have to think about a data center is not a room full

of computers, but as a computer. it is almost like one entity in itself with all of the chips and servers connected tightly together to the memory and networking. putting all of that together is extremely difficult if you wanted to work efficiently. there are only a few companies that can do that. dell and hp want to offer that expertise says well. that is the area they are trying to step into. caroline: let's talk about zt systems. it is a new jersey-based company. what do they keep, what do they selloff? what executives come over? ian: that is a good question and there was a lot of confusion on the call this morning. a company that has about $10 billion in revenue. it is primarily from selling hardware. the manufacturing operations that produce that hardware are going to be sold by amd.

they want just about 1000 engineers and those engineering leaders who will show their customers how to better implement amd based systems. there will be a big breakup and amd is not going into the business of making servers. caroline: there are some other big deals across different industries. how acquisitive at this point? ian: they put that in the release. they said they have spent $1 billion or so on acquiring capabilities to make them a better company. it is reflective of the market they are trying to push further into. they have more money these days. they are solidly profitable and have been for years. trying to use that financial clout to make the company stronger. ed: they have just hit a session high this morning. ian king, thank you so much.

investors are becoming more nervous about some nvidia downside. tangible results from investments in ai remain to be seen. jason betts discusses the investors view. in the first instance of jackson hole this friday, but actually the macrolevel event is the nvidia earnings. >> the first thing is that there is a sale that the devil is in that details. the devil is in the data and that is refreshing. we have seen market complacency for much of this year. we saw the route 2.5-three weeks ago between weaker tech guidance in the lackluster jobs report. the market threw a temper tantrum. we have seen the data improve.

the market has clearly reacted positively to that. moving forward, everyone will have their eyes on jackson hole. just the rest of the tech earnings as well. i will have my eyes on that ended it is business as usual. ed: in the first part of the earnings season, the expenditure on the hyper scalers was a big story. what is unclear is the topline growth. do you analyze that part of the market? jason: there will always be concerned about when valuations seem like they might be stretched. a sharp eye on earnings. we will have our eyes on all of that. we are in a position where i would encourage clients to look under the hood and look carefully for any over concentrations in the tech space

and the ai space. investors have gotten away from that and have been rewarded for it. just because you have been rewarded doesn't mean you should continue to not do it. i would encourage investors to look under the hood. anything that is a high flyer concentrating the portfolio. caroline: more broadly, should you be selling down technology when we are still only 5% off the record highs of the nasdaq 100? jason: i think if we just look at the valuations as a whole come with these tech stocks sold off 20%-30%. back to the all-time highs or 5% below that. we need to see continued strong, very strong earnings data for

that trajectory to continue in my opinion or we will see hangover effect. we will see a market that gets more sober on this ai trade. what are the costs? what is that going to look like an due to net profits? i guess that is all i have to say about that. caroline: i'm reading between the lines that you feel there is height in ai. if you don't want to remain so committed on ai high flyers, is there anywhere to put it? jason: this is going to be our ron act that i say this because there valuations also appear to be stretched and they are only 5% off their highs and that would be cybersecurity. the difference being in my opinion a much clearer picture

on tangible earnings. we know there are bad guys who will continue to get better regardless of if the ai trajectory moves at this perfect case scenario that the market is pricing. we will need a lot more cybersecurity. the bad guys will still be working hard and getting better. i think cybersecurity is probably the strongest. it might be a bit more defensive in the technology space. ed: do you include crowdstrike in that? [laughter] jason: can't talk about individual names unfortunately, but as a whole, i would say cybersecurity in my opinion, it is a pretty big thing. ed: it sounds like it is the economic data that ties all of this together. your action rating depends on that data, but why?

because of your view of what the fed will or won't do? jason: i think what i heard was just asking about we are going to the fed and what it will or won't do. first off, i think we will get 25 basis points in september. i think it is funny, not funny in a good way, but a few weeks ago, we had calls for emergency rate cuts of definitely 50 basis points and all of a sudden this guy was no longer falling and the date it seemed. i think the fed does 25 basis, may be more. we will have a better idea after friday. regardless of the fed's movement, i'm not convinced that has a huge impact on stocks over the short term. caroline: jason betz, we thank

you for it. british tech entrepreneur mike lynch, the ceo of autonomy, is among the people missing after a super yacht sank off the coast of sicily in italy. one person has died, six others including four u.k. nationals are missing after the 56 meter boat sank this morning near porta cello. that is according to the associated press. his wife was among those rescued. ed. ed: ok, coming up on the show, gm is laying off more than 1000 software engineers. we will have all the details next. apple is working to make another key component in house. is the investment worth it? this is bloomberg technology. ♪ best thing i've ever done. that's what freddie told me. to change my life, it was the best thing i've ever done. really? yes, without a doubt.

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ed: general motors is cutting more than 1000 software engineers as the automaker moves to lean up its software organization. more than 600 of these layoffs will happen in michigan. david welch broke the story and joins us now. you have written a lot about gm's big push into software and services. it seems like they are peeling that back a bit. >> the bigger picture is they are peeling back on a lot of these big technology bets. you have to go back a few years to their investor day presentation when they said they would double company revenue by 2030 with electric vehicles and autonomous vehicles and software

related services. they didn't explain exactly what those were, nor did they give examples. with the electric chevy blazer, they had things that could find you charging and planet on your route. they have their own version of car play, sort of a competitor or replacement for it. this group developed stuff like that as well as a system that would control the car, breaking, battery management, all of it. what they said is they wanted to streamline the growth, so they could move faster. i have to think that with him delaying some of their electric vehicle production, canceling at least one ev, may be more, and the slowdown in autonomy, that maybe they don't need as many of these people because they aren't going to be doing quite as much as they thought they were. ed: we are showing this statement from gm which confirms the broad idea of cuts, but doesn't quantify them.

does gm have a business yet selling software and services? it is a big focus. how much money can you make selling updates essentially? david: they don't have much of a business. they have had onstar for years, which has had some concierge services and navigation and that sort of thing over the years. they do still make money off onstar. they have tried certain things with linking their drivers to starbucks or vendors like that. if they still make any money off that, it is negligible. it is something they do want to build. the whole idea of their internal software system was to control the entire car, not give control to apple, google, or anybody else. apple was the one they wanted to avoid. if there was money to be made off services, they would be the one to do it. it is not something generating revenue now.

it looks like they will be rating it in a bit. caroline: interesting to stop the money flowing to apple they took executives from apple. david richardson and another joining to help lead the software team. maybe they are thinking about doing more with less? david: they are certainly. gm has described it as a streamlining. there are times when companies launch into some big initiative like this and they just hired too many people and once they get into it, they realize they can develop what they need without so many. this is a pretty significant cut though. more than 1000 people, most of them being in michigan. it is quite a group to trim out. caroline: well said, david welch, we thank you. let's turn our attention to apple. it is hardware technologies group, the chip builders behind the in-house processors is working on a new critical

component and the payoff may not be seen for years. iphones used cellular modems developed by qualcomm right now. in the years to come, apple hopes to have a better in-house replacement. this is a longer-term bet. when will the payoff come? why have they shifted away from qualcomm in the long term? >> this is an interesting one. the project really started because they were upset with how much qualcomm was charging them, the royalty fees they had been charging for years is something the company is not used to. apple typically gets the best bang for their buck. they are typically getting more control in the supply relationships. that was spun on its head with qualcomm. apple had no choice but to work with qualcomm because if they wanted to move to 5g, there was no other game in town other than the chipmaker from san diego.

that was the start back in 2018 when they started working on this modem. development ramped up around 2020. they inquired intel's modem group in 2019 to really jumpstart that development. it is interesting because unlike the move to apple in-house processors in the mac and earbuds and smart watches and set-top boxes, the modem from qualcomm is best in class at this point. you are not going to bring better performance to the table. if you do, this is not something that can be noticed by the consumer. the vet is that this will save costs and maybe five years from now being able to shrink the modem down to an apple-sized chip to put it on the same motherboard and same soc as the existing apple components, maybe you can shrink down the internals of the phone to add other new features. it is a mix of cost now and hopefully new designs later. ed: you also went back to the

idea of a tabletop robot in this week's power on. explain the basic design. we don't have a visual. in basic terms, it is worth telling the audience what it is they are planning to bring to us. mark: apple's next big thing is robotics. the first robotics device you will see from apple will be a tabletop robot. it is essentially a gigantic ipad screen connected to a robotic arm or neck and the display can move to follow your head movements. if i want to face time call with someone and that other person begin speaking that is in the room with me, the display can know that it is them speaking and tilted toward them. if you are on a face time call was someone else and the person on the other line is nodding their head or making various said movements, that screen will be able to follow the head movements of that other person. you will be able to tell the device to look at you and it will turn toward you.

this is a robotics exercise. the company is aiming to get down to a price of around $1000. the big picture is apple is trying a lot of new stuff. one day, we will have more in-depth discussions about mobile robots similar to the amazon astro. the idea of apple getting to humanoid robots is a possibility a decade from now. ed: terrific, thank you very much. coming up on the show, a broader market upswing this month, but bitcoin has been left behind. we take a look at the 10% drop in bitcoin in the month. food bow up more than 27%. they gave 60% after a judge blocked rivals, that coalition of streamers from launching its own sports platform a week from its scheduled launch. this is bloomberg technology. ♪

caroline: let's talk crypto. bitcoin and the wider market are seeing some sharp losses this month. even as global stocks have pushed back toward highs. global stocks if you look at the msci index, gold is at all-time highs. why the lagging? should not lay bass sick is here for more. -- sonali basick is here with more. >> what is the next catalyst? if you thought about the beginning of the year that drove bitcoin to record highs, now you do see financial advisors thinking of are starting to adopt comfort in investing in the five bitcoin etf's. maybe they will buy the dip. there have not been enough dip

buyers. we are floating below 60,000 still. on the supply side, news in recent days, arkham intelligence finding the u.s. intelligence has moved 600 million dollars worth of confiscated bitcoin from silk road over to a coinbase wallet. are they selling them up or not? especially interesting when you think about donald trump's proposal to think about a national bitcoin reserve, that would therefore be backed by confiscated bitcoin. the u.s. has 12 billion worth. we are talking about 600 million more recently. the question is whether they are actually selling it. the issue of what is the next catalyst, at what point do people buy, not sell, what would cause them to? ed: is this just bitcoin or the market broadly? sonali: the market broadly. you have bitcoin and other assets, top 100 digital assets dropped to the worst level since november of 2022.

the dnc gets started. there are a lot of questions about whether the harris administration would be tough on bitcoin. interesting days ahead. caroline: such a pro. that is exactly what we are talking next, the dnc in chicago. this is bloomberg technology. ♪

caroline: welcome back to bloomberg technology. ed: i'm ed ludlow in san francisco. caroline: let's talk about the dnc as kamala harris is gaining momentum. republicans are looking to attack her economic agenda. kailey leinz is there. i'm interested as we think about from a tech perspective and more broadly what are we generally waiting to hear from the dnc?

kailey: this is certainly going to be defined by energy and enthusiasm as the democratic party has been reinvigorated by the candidacy of kamala harris. four weeks ago, president biden decided to no longer seek reelection and she became the democratic nominee. that is official thanks to a virtual roll call earlier this month. this week is all about ceremony and trying to unite the party around her. president biden will be speaking this evening in a speech that may be about his legacy and pitching it forward to the kind of president he believes harris could be. he will then be getting out of town, but we will have a number of other high-profile democrats speaking through the week with tim walz, the vice presidential nominee speaking wednesday, culminating with harris' address thursday. the question will be how much it is about policy. she outlined her economic agenda friday in north carolina.

it is being met by criticism by republicans, even some economists. donald trump was trying to characterize her as comrade kamala. you will see those attacks coming from the other side of the aisle this week. the democratic side of the aisle will be here in chicago trying to capitalize on the momentum. a new poll shows her leading trump nationally by four points. ed: the principal difference between what is happening this week in the dnc and the rnc is we had the ticket. harris-walz. are there areas of unknown or surprise that make each of the days exciting or something specifically to tune in for? kailey: there always is room for surprise. we have come to learn that in this election cycle in

particular as many of us have been surprised to quite a few occasions. what could be more uncertain about this convention is the degree to which protests over the war in gaza could be disruptive. we have already started to see some in chicago. there were some issues with traffic as we tried to get to the hotel. there are more planned for the duration of the week. to what extent will that remain outside of the convention itself? to what extent will it bleed into the united center where the proceedings are taking place? how disruptive could they be, whether or not there could be any violence? we haven't had reports of that yet, but we are keeping a close eye on that. that is one of the very tangible divisions within the democratic party. while it has been able to unite around harris to a large extent, especially with sitting lawmakers, there does remain that deep division within the democratic electorate. some devil against -- some

delegates were showing up as uncommitted. over protest of the ongoing war between israel and hamas. caroline: are there any technology elements we will keep an eye on? for our audience in particular. we are always thinking about the crypto viewpoint for the harris ticket. any other viewpoints? kailey: certainly, there is an element questioning what kind of crypto policy harris could adopt. there was a crypto for harris virtual event that happened last week that even chuck schumer took part in. we have spoken with a big crypto advocate from north carolina and congress is said he is actively involved in pushing the campaign to be more open to the industry. we have seen this campaign embraced technology, especially social media. we have seen the viral meme aspect of this campaign showing

up much more for the harris ticket than the trump-vance one. we are seeing that in the advise. $370 million of add buys between labor day and the election, 200 million dollars of that is digital advertising for harris. really venturing into that realm beyond traditional tv ads. as for other technology policy, we will be looking to hear more of that through the course of the week, but we could expect this speech harris will give will be much broader strokes than getting into specific policy recommendations or platform. ed: another very busy week for you in of the ground and we will tune in each day. thank you. the democratic ticket is said to address a number of key themes. one of them is labor unions. from apple and amazon to samsung and tesla, recent unionization efforts have been hitting the tech sector. i will break it all down with i

an. a recent spark point probably was the complaint or enforcement complaint by the uaw in reaction to that musk and trump. this is a focus on both sides of the selection race. ian: it is certainly one of the big ones. it is one of the tools that the uaw and unions as a whole are using to divide themselves from trump and who they see as trump allies, like elon musk. this was certainly not an expected complaint and it had the net effect of really changing the teamsters and some of the middle-of-the-road unions from being ambivalent about trump and may be willing to entertain his side to being fully against trump now. caroline: what is interesting is

that tesla, elon musk, certainly not the only technology name that has seen movement for unionization pushed against it in some way. but apple store workers in oklahoma city, they have given union leaders permission to call a strike of talks don't go well. what is the technology sentiment toward unionization and organized labor? ian: well, it has been a little bit mixed. traditionally, the technology sector has not been in favor of unions, has been rather against unions and seeing them as an impediment. innovating quickly. increasingly, workers are turning to unions to solve some of the more top-down kind of quality-of-life problems that workers started seeing in some of these businesses, especially

as you noted in the apple store in the retail front. that started in the pandemic when many workers who i've talked to felt like they weren't being listened to by their bosses. ed: we set the scene and it is that we think the issue will be broadly discussed at the dnc, but as someone covering the beat, do you have a real sense of the harris policy. is there something codified that this is what harris' policy will be in the selection race? ian: well, certainly there are plenty of open questions right now to see if harris really will pick up the torch from biden in being as he described it the most prounion president in history. many unions agree with that sentiment and it is notable that unions really stuck with a until the very bitter end. there was not one major union

that came out against biden even privately, as far as we know, told him to drop out of the race. that said, they were also very quick to back harris, rallying around her as the next best choice. they noted she shared a labor task force biden had convened. it is debatable how much that did for unions and how much of that is just for show. they are taking her at her best word right now that she will be as prounion as biden was. one thing we will be watching closely is the constant tension between some of these big silicon valley donors who tend to give to democrats and this more organic worker organizing that democrats say they are for on paper, but can conflict with some of their best interests in the moment.

caroline: we thank you. meanwhile, it is time for talking tech. first off, lime is entering the japanese market. it is the uber backed scooter company launching in tokyo. it is a san francisco-based startup. it is entering growing market putting it against the tokyo-based loop which controls 90% of the domestic market. x will close operations in brazil. a showdown between musk and brazil's supreme court justice. operations will be shutting down, but the service will remain available. africa's mtn group posted its first loss since 2016. the largest wireless carrier by revenue has reported a loss of $450 million in the six months since june. mtn has 77 million customers in

nigeria. ed: good summary of the news. let's get to the technology sector in equity markets at the index level. the nasdaq 100 is interesting. modestly higher. the gains are on for the eighth straight day of gains. the sox saw a modestly lower or flat. it had been down 4% earlier in the session in an area of real outperformance. the u.s. listed shares of a number of chinese technology names. the golden dragon china up almost 2%. the story is jackson hole this week, but we are treading water until nvidia earnings. we will talk about the investing landscape in gaming. so great to have amy back on the program. this is bloomberg technology. ♪

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caroline: you are looking at the technology room. find the bloomberg technology podcast. this is bloomberg. it is time to discuss investing trends. we will hone in on the gaming world. epic games launching a new mobile storefront after a tug-of-war with alkyl -- apple and google. joining us with a deep dive is amy wu. always great to have you. what did you make of it? after four long years how much does epic have to get -- give back by taking on this? amy: the costs are very large. they also gave up market share. you saw call of duty mobile.

several billion dollars in revenue. it is really exciting for everybody. tim sweeney, the developing community. seeing them back in the mobile platform. ed: you were at a previous vc with this as a focus of yours. do you still think this is the company you should be writing away on? is fortnite still dominant enough? amy: right now, i think that vc and epic games are trying to expand their audience. they are really trying to expand beyond their young shooter audience into something more general. i think those are really smart moves. tim has been fighting the mobile battle. good to see them coming onto that platform when they have games like fall guys that are conducive to a more mobile audience.

we are looking in mobile. there has been a little more m&a activity. we are looking at the intersection of aia and games right now. leonardo ai got acquired by canva recently. that is more in the tooling space. we are really actively investing in that space. ed: great to have you back on the program. on the developer side of the community, you make a great point. this is about the consumer having options to access. what does that mean for marketplace for developers when there are more than one or two platforms in which you can access mobile games in particular? amy: i think it is seen as a full curo to a lot of indie developers. choice is better for developers. having multiple competitors, they can negotiate better pricing before it is just

apple's 30% fee app store. i think epic had to go through a lot of hoops just to get their storefront launched. not the u.s. yet and android globally. they are at the forefront fighting this fight and it will develop --benefit developers worldwide. ed: you worked previously as an investor. tim has this goal, 100 million new installs and quite it tight time period. reflecting on your knowledge of the company, is this a win for them? how are they doing? amy: they are putting a lot of i work. they are a privately held business, so tim can be more aggressive. when they launched their marketplace, they had the most advantageous payout of any platform. that is again really great for

developers. but i think they have a long way to go in terms of feature parity with roblox. in terms of the discovery algorithms, right? the epic community primarily likes shooting games, so to really expand their audience to a much more general audience has to be baked into their algorithms as well in terms of discovery. they are working on all of that and developers are patiently waiting for it. but patience is finite. caroline: what is interesting is you were looking at the ai theme within gaming and much has been said as to how ultimately we will have user generated content so much more built-in. whether or not games will be building themselves. how are you starting to cai in gaming start to lead to efficiencies or not? amy: my partner matt murphy loves investment. we are really excited about code generation.

it will be a pretty exciting application of generative ai lom's. i think the challenge and we saw this with the blockchain cycle is settled to motley consumers care less about the technology. they want to play something fun. we have to prove and ai needs to prove that it cannot only generate code, but generated in a way that is quite creative in something that consumers want to play. proof is out. we haven't seen anything quite yet. there are a lot of really interesting attempts in low fidelity, 2d games, but we are actively looking at a lot of the teams trying to push that technology in the absolute farthest it can go in order to generate games. ed: we just have 15 seconds. just an area in gaming or adjacent you are really excited about? amy: i'm excited about user generated games. whether it is more social, also

easier to build. most roblox developers are semi professional developers. i think this trend about making it even easier is a really exciting one. it gives the consumer more choice. ed: menlo ventures partner amy wu, great to have you back. a judge bars new streaming platform by fox, warner, and disney from a sports service a week before launch. we break that down next. this is bloomberg technology. ♪

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caroline: let's get back to fubo . shares were soaring and they still are after fox, warner bros., discovery, and disney were blocked by a judge from launching their sports streaming service just one week before its rollout. hannah miller joins us for more. it took investors that bloomberg by surprise. did it take you by surprise, the fact that this was so close to the unveiling? hannah: it was a bit of a shock. they were very optimistic about it, a lot of excitement. the fact that this is blocked so close to the launch is pretty crazy. ed: the only question i guess is how much chance is there that the injunction kills it altogether? that it just doesn't launch? hannah: we know that warner and fox, they are going to appeal on

this. they are arguing that they have a strong case, that fubo doesn't actually add to the tv market that much and that they are providing a skinnier option for customers to use. we are waiting to see what happens. you can't rule it out yet. caroline: we speak to laura martin often on the show, she thinks the injunction gives it a 75% chance of killing venue. she then says look, maybe because of them having lost the nba rights, may be disney and fox go it alone, or espn and fox ado. what ultimately is the fight against? what are the grounds with which the lawyers? hannah: a lot of this comes down to antitrust and making sure there isn't a monopoly raising prices for consumers. there are gaps with the venue product.

they are missing football games. with the nba rights being lost from warner bros. discovery, there will be fewer basketball options for this service. you could kind of see it both ways, that there could be a place for this skinnier bundle or that it really could end demand for services like fubo. ed: kind of real quick, but how is it supposed to work? it is a number of companies in coalition? hannah: this is supposed to be a skinny bundle to provide an offering for people into cord cutting, they don't want to do with cable, they want to jump on this. it is targeting a younger demographic. this is supposed to be something you could see offering all three of these players. you could jump to what you wanted, tailor it and customize it to the sports you like. fubo is saying, we already offer a ton of sports. it will be interesting to see what happens. ed: so many streaming bundles

with sports already. hannah miller, thank you so much. caroline: exasperation. that does it for this edition a bloomberg technology. ed: what a start to the week. check out the podcast. from the team in san francisco in the team in new york, this is bloomberg technology. ♪ sleep number does that. can i make my side softer? i like my side firmer. sleep number does that. your ideal firmness and effortless comfort, all night. can it help us sleep better and better? please? sleep number does that. 9 out of 10 couples report better sleep. during our biggest sale of the year save 50% on the sleep number limited edition smart bed plus get 0% interest for 36 months. shop now at a sleep number store near you.

just stop calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat) okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah.

♪ >> from the world of politics to the world of business, this is balance of power. ♪