>> this is bloomberg technology with caroline hyde and ed ludlow. caroline: i am caroline hyde. ed: this is bloomberg technology. caroline: the ai hyper cycle is helping a company -- helping tsmc, but can it support the second half? caroline: microsoft takeover of blizzard, -- of activision

blizzard, taking a seat at the high stake hearing. we have the story. threads topping 100 million users in less than five days. can this hype cycle hold? let us check in on these markets. we are not seeing too much hype if you look at the broader indices. the tech sector is selling off a little bit and we have three days of losses over the course of the previous trading week when we saw the s&p 500 and the music was looking better in europe for example and in china, look at that come up more than a percentage point when you look at the golden dragon. that was support for the chinese economy. what is interesting about this one is the fact we will see rebalancing come july, the 14th, the strength of the magnificent seven has been so out they have to do a special rebalance income of 55% of the weighting of this index has been made up of those super seven stocks. we see weakness across the names

and we are off by .4%, the two year yield is off by seven basis points, interesting as we wait and brace for another big macro week, it is about fed speak and we will see how strongly he was economy is looking and moving on, we are seeing a big nothing burger in the world of crypto, we are up .4%. we hold at the moment and in the u.s., the dollar area, that is all looking at cpi and it means for now crypto is a little bit treading water. ed: the name we are watching carefully is rivian. the ninth straight day of gains, a record for this company, creating a $25 a share, that is a far cry from the money it hit post november 2021. in the hyperdrive newsletter it has turned a corner and two stories going around rivian and we will continue to track it and it is now softer, we will dig

into that evercore note at about $8 billion of revenue from threads by 2025 we will bring you those details, not doing much to support the stock. we talked about the weighting situation and actually most names on the nasdaq 100 in the green but microsoft and amazon, two names to the downs that are off by 2.6%. they are real drags on the index overall which is why broadly in the technology sector we are in the red. one we are tracking mostly is tsmc, we are looking at the u.s. adr, u.s. listed shares, sales are down 10% year on year. still, in a analyst expectations. this is about ai which is why we like it. caroline: we will stick on that, tsmc, let us bring in our in-house expert, another brick to add to the mix. ian, is it because we have seen

the stock already outperform so much and we are seeing a little bit of weakness or is it worried about the second half? >> it is a mixture of both. the way to look at this performance is not as bad as people thought it might be. there are no readily expectations of things getting better here, it is like they did better in a way that we may have expected and things really for the majority of the business which is the smartphone industry. it does not look that good. ed: if we simplify this story, tsmc is a contract manufacturer and it makes tips for others who designed them. the story, smartphone pc bad, ai good, basically? >> that is actually a, 40% of the sales are from the smartphone industry. fallible be down roughly 10% this year. not brilliant at all. it has wider implications. on the others are high-performance computing which is basically the data center, as

we have seen if you have people like nvidia giving you orders and giving orders for expensive chips, that is a good place to be. caroline: so many worries have been on the supply side. how much of that is tsmc's concern? >> what we are seeing in terms of this better than expected really a value story. you are looking at a smartphone chip which is 30 or 40 dollars a go compared to some of nvidia's chips which are in the thousands. your margins are good and you have revenue, you want those factories will as well and that will get you your gross margins of that. ed: we have been talking about an ai hyper cycle, behind the scenes ian has been teaching me things. it sometimes goes well.

this is a high-powered gpu, very specific use case, the training of inference side of the art language model. explain why being on the same board, gpu's, cpu, the rent is important. >> the better you can train and butter your inference is down the line. what do you need to handle those large data sets? better start and there are lots of memories that sit next to the. processors micron, although they companies should be benefiting from this. unfortunately, smartphones, pcs, not great. ed: ian king, mr. chip, we call him. coming up, what the fate of the microsoft activision deal in the video game space has in store for the industry at large. we will discuss that with josh chapman, his think of a the videogames industry.

speaking of it, take a look at activision and microsoft. we expect eminently the judge to decide an outcome in the ftc hearing or trial for a temporary block on that deal. activision up as a percentage point, a soft proxy for the direction of travel where investors see this going but as we discussed, microsoft is down 2.6%. a big point strike on the nasdaq 100. this is bloomberg technology. ♪

ed: the microsoft activision deal is pretty important for the arbitrage community. portfolio managers and

specialized brokers who bet on whether mergers go through fluid from all over the country -- flew in from all over the country to be in san francisco. you have spent days and days in the courtroom. >> it was a five day hearing, yes. ed: alongside a some suited -- alongside some suited individuals? >> i noticed that they made way for folks in suits and former al clothes. they were merger arbitragers and taking notes, feverishly, and keeping a very close eye on all of the little grimaces and the body language of the judge, the new yorkers, what is interesting. caroline: they're trying to

discern any frowns or facial movements. basically how this court case is going. from your riding it seems writing. it does not seem to the ftc's advantage? >> from the last round of questioning the judge asked for a lot of evidence that was not produced in court. it seems like right now the company has had the upper hand. you never know, some of them, they may ask a lot of questions in court but they will not go very far in terms of taking drastic steps like blocking a deal. we have to see how it all plays out but definitely the sentiment now is among the arbitrage community even that perhaps the companies right now, things are looking good for them. caroline: there are some things we need to consider about outcomes and scenarios. ed: if this goes in activision's favor there is a deadline on the deal, the u.k. has a completely separate regulatory issue going.

bring us up to speed what could happen next? >> companies have to move quickly to close the deal. this would be the first round in the fight with the ftc which is trying to temporarily block its deal. also, uk regulators said this deal can go through, we have microsoft which has appealed the decision and how they plan to close the deal around that and there could be a scenario where they decide to go ahead and close the deal, but keep the entity separate for a while, perhaps they could do that globally or only in the u.k., we have to see how that works out in terms of how they work around the u.k. decision and the peace process around that. caroline: the clock is ticking. thank you for bringing us the legal expertise of what is happening in the courtroom. let us look at how it affects the ecosystem.

we have a d.c. firm investing in all things gaming. does this affect the ecosystem if it does not go through? >> has affect the ecosystem. there is about 40 billion sitting in cash and there is 130 $5 billion sitting on the balance sheets of tech companies that have gaming divisions such as meta or microsoft. this ruling does have quite an impact on what is going to happen next around vertical integration and m&a in the gaming industry. caroline: the argument in the u.k. has been about the cloud element to gaming in particular? ed: what is so interesting when we had already caught take on the show he said this is not anything to do with clout, it is a tiny market. we are not there yet. we write time and again that this deal will reshape. the landscape for video games as an industry does it?

>> in part. it is not reshape in the sense of upending the entire consol market, if anything this is a continuation of very competitive and healthy competitive markets. personally, i am on this site and do not believe this acquisition is anticompetitive. from a cloud gaming perspective, microsoft actually is the perfect cloud infrastructure platform to build an entirely new market. in addition to the only cloud gaming see more competition you also see the rise of more competition in the mobile market and the xbox store they want to launch. this adds competition to the industry and certainly, they could be responsible for creating an entire cloud gaming market. ed: when you think about the compromises offering call of duty on other platforms is an example, a kind of disruption does that give the industry because it changes how players

have access to those games? there is a lot of loyalty, you are either playstation or xbox or a pc gamer. does that mess things up a bit? >> it keeps the playing field specifically with call of duty which is the number one topic right now. call of duty is played by about a million people on playstation. from an economic incentive perspective xbox has no economic incentive to remove that game from sony. sony wants call of duty and so does microsoft and activision blizzard. when it comes to what is next i think that you can see the rise of cloud gaming being more affordable for people to gain which could be --game, which could be great for people who do not want to invest money into an xbox or the latest playstation. i think this is a net win for the consumer and over time you will see increasingly more

cross-platform games like fortnite, call, i think that will continue and what will thrive under the approval of the acquisition. caroline: if it does not get approved, how does that change your own investment thesis? do you hold back in terms of writing checks at the moment? >> we were not hold back. primarily into technology platforms and infrastructure of the gaming industry, we will continue investing in early stage which is proving to be quite vibrant right now. from an m&a landscape, our companies want to get to later stages, that is where this could have an impact. our vertical integrations in mergers and acquisitions are approved and i think as i mentioned earlier with the cash that is out there ready to acquire companies, they might be more hesitant because of revelatory concerns versus pure economic dealmaking.

-- regulatory concerns versus pure economic will making. ed: applevision pro in gaming, what do you make of it? >> i think we are a long way off from the vision we saw pitched. it is very cool, this will be great for their eight solo experiences. i view this as one of the -- just like the first oculus that came out, if you remember that, everyone was excited about it but through adoption did not happen until five or six or eight years later. i think the augmented reality world is coming and will absolutely be here. we actually got excited about one of the other announcements that they made where they are actually launching a gaming operating system to turn their pc industry with the mac into a gaming platform. that went under the radar and was one of the most exciting things you were watching is there opening up the ability to run high-performing games on top of macs. that will be more impactful in

456 years, the vision pro will enter a more affordable -- 84, 5, 6 year the vision pro will enter a more affordable version. wow now mass adoption. ed: we expect the judge to make a decision in the ftc pause rest request. protecting kids under 18 and how businesses treat consumer health data. that is next. caroline: amazon itself looking at health and ai, let us focus on amazon and what it has in store for the next couple of days and it is prime date. great reporting coming from bloomberg, the terminal saying prime date is not do what it used to be. when i first launched, -- when it first launched, it was great but now it has seemed to fade.

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alibaba is paying the price for the class with china, it is paying a fine, it is signaling a regulatory crackdown, alibaba and others have lost $850 billion in value since 2020, with alibaba's market value off of its peak according to data compiled by bloomberg. foxconn has determined it will not move forward on a joint venture with india's but into. -- india's vendanta. plus amazon's annual prime date is not as popular as it used to be. in the past four years the

stock has fallen in the two day sale as investors shift to its cloud computing business. caroline: let us take on how amazon is a company that has been embracing the want of a highlight everything. also more slowly been to embrace health care, it to talk about that little bit more, as we saw in connecticut, consumers are getting more control over how businesses preach information about their health and data, as particularly those aged under 18. new requirements to the data privacy act which took effect july the first, we have an expert in the field. you are trying to basically give advantages to clinicians in particular, ai, helping streamline their tasks. how much i have data and privacy when you had to navigate? >> significant. to be honest the biggest public health crisis in our country that people talk about is the

fact that clinicians are burning out. 88% of our clinicians do not recommend their own profession to their kids anymore. for every hour of clinical work you do you spend two hours doing administrative work. it is important to o actually figure out how to use ai in health care and the first place to start is automated clinician workflows. privacy, data, how do you take care of that becomes paramount. ed: when you are building a large language model, a foundation model, the quality and volume of data is key, how do you reconcile the need for privacy with the need for massive volumes of data to develop next-generation technology? >> is important to talk about what ai really is, the truth is here, even a dog walking app has ai these days.

it is a broad term echoes from the speech technologies, speech prescription technologies, understanding your commands. large language models is the next generation of language model work that has happened in ai and you can actually make a big dent in clinical workflows by using all of these. the truth is the data in health care is specific and therefore you do not need to remind us lad large bodies of knowledge and data to create a technology that works in this space. ed: we have so many founders on the show, we do talk broadly about ai, to be fair, they also find this in a spec is typically focused area where they are putting money, thematically or in a narrow field. caroline: think about the applications in the legal field and the health care field and to that end, how have you been taking a lot more calls and people want to put money to work in your own company? you raised funds, significant

route back in 2021 but have you been looking at adding on in this particular realm? >> the right time will become important and as you scale the company you have to prove that. the primary question to ask is what problem are you trying to solve? first and foremost you want to make that clinicians do not have to focus on thesscreens and typing and checking boxes when they are talking to the patient. imagine a world when you walk in and you ask suki which is a theory for doctors what is my daylight, it tells you the patient and show me the chest x-ray and summarize the findings and let us edit it a little bit and push it into the system and record. ed:suki does not replace human doctors, it is an assistant, an aide. mechanically, how does that work? >> imagine having something that is everywhere you go and when

you walk into an exam room you ask it to give a summary of the patient and you will talk to the patient, pay attention and if the doctor allows it it creates a clinical note and adds orders and says submit that to the system of record. that is an assistant for the doctor. that is the future of health care going forward. ed: he is the ceo and founder of soni. coming up on today's bloomberg technology, artificial intelligence gets a big push in the u.k.. we speak with the ceo of quant texa. ed: shares tromping around in the session, the news flow not much there, the amd was reinstated with an cumulated goal. this is bloomberg technology.

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caroline: let us give you a quick update, a little bit more caution here in the united states, in big tech the nasdaq bodily is a benchmark, -- more bodily is a benchmark. we look ahead to what the cpi print shows us. interesting that europe picked itself up after a few days of selloff. for macro data showing that europe could do with a little bit more purchasing power on the day, the golden dragon index in china showing that there was a lift in asia trading. chinese stocks on the high side.

1.2% as we understand the chinese government in particular will be showing some support to its property sector. may the chinese economy is a bit of a boost. because on the downside, the nasdaq 100 is under scrutiny because of the magnificent seven which microsoft is one of them and so is amazon, it has too heavy a waiting. rebalancing coming july the 13th. the qqq for example, trading down by amazon, we look ahead to the all important time day at kickoff and i do this for you because i know you have been all over this stock after the exclusive conversation last week. now nine straight days, a record run. >> it is a good stock to watch. analytics software maker qu antexa invests into new ai research, the firm helps to uncover hidden risks and opportunities for financial

services businesses. joining us now is the ceo from london. is this a case of advanced in ai -- investin ai or get left behind? >> thank you for having me on. i think it is a couple of points here. ai machine learning has been in the dna of our company since we started in 2016. conceptualizing data and supporting those insights for our clients to make better trusted decisions, machine learning and ai has been through the platform end to end. the investments we are doing today what we have announced this morning is to catapult further investment in all things ai and machine learning to better serve the harder applications when it comes to regulating markets. caroline: you are based in london but also here in new york, you name it, you are across europe and where did you allocate some of your money that is in investment? is it london or elsewhere?

>> we are headquartered in the u.k. and as you correctly state we are in 20 plus cities worldwide. you mentioned a few and from the engineering perspective, our engineering is done here in the u.k. and if that is data engineers and scientists working with the core platform, appetite -- helping with patient 360 areas like ky cna nl, those applications are here in the u.k.. those clients are globally. there in the u.s. we have the bank of new york or shirley companies like germany, these are major clients of context. we work very close with them in the u.k.. caroline: we sit here as three brits but it is notable that the u.k. has had a rich history with ai. we know that be mine built there and it is something that the u.k. is trying to show off with the u.s. visit. ed: there is a history of

research in the u.k.. also president biden on his visit to you the u.k. i am told that the prime minister brought up this cooperation between the u.s. and the u.k.. what is your assessment of that cooperative work in the field of ai? >> i think the field of ai, it is an ecosystem coming together when it is to do in academia, regulation or government but also the enterprise and the providers working in a broader ecosystem it is critical for the success of ai. one thing i would also add to your point of the visit today, the ai regulations and ai standards is really important to put in play because one thing that is critical here is ai is here to stay. i studied ai 20 plus years ago and this is not a new technology. it is a technology that is at the forefront, it is in prime

time today, we to stick carefully in a trusted and transparent fashion, it is really critical. if there is any standard or any collaboration between governments as a key topic i think it is only important for organizations to be doing that. ed: do you go back to the point that caroline made about the global footprint when you listen to president biden and you listen to prime minister sunak, who is more convincing in the leadership of driving ai forward? where do you want to put your money and find your talent? the u.k. or the united states? >> great question. i think from a talent perspective we must always put our customers at the center of everything we do, when i started the company it was to ensure that we put our clients if those are large banks, government organizations, insurers, or health care organizations, putting them at the center to our innovation is critical.

working closely with our clients and working closely with academia is a critical part to any ceo strategy who is running a tech company and we have done incredibly well both him and the u.k. as well as in the u.s. and other countries in recruiting the best talent. we work very closely with a number of universities to ensure we are working with the hardest working -- the hardest problems with those universities and looking at that talent from that perspective too. caroline: when you are in the intersection of finance and ai and tech, you are used to trying to navigate regulation when it comes to financial institutions. what about regulation of ai? looking at the eu, or in amsterdam, brussels, and clearly they are trying to act quickly on an ai act. >> coming back to the early point, everything we have done here at quantexa is fully transparent and scalable and

most importantly within our platform we have adopted a wide set of algorithms that are clear to explain to any regulator and any model risk management department in a bank on how you state that data and more importantly why did you come to an outcome to say this person is of interest or this party is not of interest? the transparency, the explain ability and the ethical use of such data. ed: when will you make a return on the big investment in ai? >> just like many investments backed by business case this investment is completely following that path greatly obviously closed our series at the beginning of april where we raised over 130 million of evaluation of a .8 billion dollars led by gic. as part of the investment there is an investment case and where

we deploy our funds but we will take a long-term strategic view on this. so will my investors. as i mentioned, ai is not just here today and gone tomorrow, it has been here before and it will stay here continually. it is important that organizations like hours to a long-term view when it comes to investments and i am delighted in my clients and partners and investors, they are all on our journey with us to ensure we are making an impact in the market. caroline: great to have some time with you. meanwhile, coming up, we are taking the pulse of the crypto industry. remember when we talk about crypto and now it is all about ai? where is the intersection of that? robert le. ed: i am looking a-shares a snowflake, down, another name at the intersection of clout and ai -- cloud and ai.

the ceo and chairman did put a regulatory filing in friday night to exercise options and insider selling going on in that name. the factors impacting the stock to the downside. we keep looking. this is bloomberg technology. ♪ oh booking.com, ♪ i'm going to somewhere, anywhere. ♪ ♪ a beach house, a treehouse, ♪ ♪ honestly i don't care ♪ find the perfect vacation rental for you booking.com, booking.

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crypto in the second quarter of 2023 was at lowest amount since 2020. ai is the green shoot every vc on bloomberg technology is talking about. let us talk about the data, this is data from pitch book largely, what does it tell us?

>> we have seen a continued steep decline in crypto venture funding, especially compared to last year, it is the worst quarter since 2020, we had thought maybe they had bottomed out, funding would pop back up and that is not happening. i think vcs are looking for a way to reignite interest in the crypto industry and founders are scrambling to get funding when they can. caroline: where is the legit intersection of ai and crypto? >> it is hard to tell because it is so nascent, people arguing that crypto and blockchain can bring more decentralization to ai which is dominated by a few companies right now. the companies that are building in the intersection of crypto and ai are still very nascent, they are working on stuff, they have not released anything yet. it is hard to tell whether this will carry through and whether crypto and ai can go hand and in hand.

ed: when we consider global investments, the u.s., $31 billion here today that year to date is the most global spend -- $31 billion year to date is the most global spend. >> hey decline quarter over quarter but overall, things are happening here in the space. caroline: talk about how the service or pivoting out a joint prowess into the intersection of ai and crypto. what about the dedicated funds to crypto investing? how are they allocating in the moment? all of them have a lot of overhang from money lost in previous rounds. >> they have mandates that require them to back the space, they are still going to be deploying capital. your looking for ways to spend their money wisely and some of them are being drawn to the center section of crypto and ai and looking at companies like

those for humanity which developed world point as well as a decentralized marketplace based on a blockchain for compute power. caroline: if in doubt, block some out seems to be the take away. building up to what is now a conversation with crypto analysts which is right here in new york. we were hearing crypto vc and crypto allocations. does any of it look better going into q3 do you think? >> we think it will look better. a lot of these crypto vc funds have to deploy capital. a part of the diligent cycle is a slowdown. look at 2021 and 2022 some of the deals are happening in one in or two week timeframe and -- caroline: not much time to deliver. >> investors are taking the time and meeting the teams and of the founders and understanding the

business model and the product and product market fit and they will deploy capital. we are looking at last year alone there is $25 billion raised for crypto funds. they capital has to be a point over the next two or four years. investors have some time because they raised fresh funds, but we think as investors get comfortable with the different business models or opportunities in the crypto space available deploy more and our a look at the beginning of the year is that we will see an uptick in the second half of 2023 and it will bottom out in december and we are seeing that right now. ed: it is so interesting to compare and contrast what is happening in ai and what happened in crypto. ashton kutcher is on technology saying that he raised his 232 million dollars fund in five weeks. we are talking about crypt so broadly -- crept out so broadly

like ai broadly, is there any underlying technology or marketplaces where there is activity for crypto? >> there are areas that investors are to capital in rain and it is three broad categories, infrastructure, the underlying blockchain's and the scaling solutions to make the blockchain's faster and having higher and put, the service providers, think about a lot of institutional financial institutions, still moving into the crypto space, we heard about blackrock and fidelity, reviling for the bitcoin spot etf, there is a lot of institutional interests. what are the technologies and software services you can provide help institutions move into this space? custodians is one type of technology or prime brokerage, a printing services, anything that can help them better facilitate the interest into the space and providing service to their customers out of the last area is what we call ashley call it

decentralized physical infrastructure networks, we call it dpen. it is any infrastructure that can facilitate services. think about decentralized servers, mobile networks, is utilized servers, they mentioned they decentralized computing for -- they decentralized computing for ai at models. anyone who has a computer can help facilitate and contribute power and contribute to the network. caroline: like a version of file coin. i am wondering when this is getting built. there was a bit of revelatory arbitrage going on at one point, is that happening? are the founders going out of the u.s.? >> we just do not see that happening, we think the talent and it is still here in the u.s..

a lot of the founders are still building here and they are recruiting talent here in the u.s., a lot of folks talk about the strict regulations happening right now with the sec and the fed all coming after crypto. that i think is not going to push founders abroad and i can give you a quick example, we know typically there are regulations that are a lot more progressive, even with fintech, you have open banking that happened a few years ago a lot of folks have moved to europe, we never saw that happen, a lot of the fintech innovations happening in the u.s. and expect the same for crypto. caroline: all of our talk of the founders leaving, things can move so quickly, right? ed: the question i have is what is the rebound for crypto coming? what moves the needle? >> it is going to be mostly the funding. they need funding to grow and scale. at what point will investors get comfortable?

our calls hold it will be sometime towards the end of the year. investors looking or projects are the strongest products out there. what are the underlying business models and how are they getting the product market fit? the ones who are going to get that are going to get the funding and we will expect to see that towards the end of the year. three. is hard to say but we are hoping for some time next year or early 2025 we will see a lot more capital and a lot more founders coming. ed: that is the backward looking data but also the forward-looking forecast. thank you very much. coming up, models alternatives to twitter come about, threads could be the rising star among them. is it too early to tell how large or profitable the appleby? -- the app will be? more on that. caroline: there may be

rebalancing coming for the nasdaq 100, that has put pressure on the sock after a good rally last week as people anticipated and then saw successful on board in terms of 100 million already on that thread that. we will assess it, next. ♪ ♪ ♪

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100 million people are saying it is threads is going viral, there has been much hype over the newly launched social media at the has twitter on high alert. threads could actually have 200 million active users and generate about $8 billion in revenue by 2025. 8 billion per year for the next couple of years, that is but a drop in the ocean of the 150 billion in revenue that meta-as a parent company brings in. it is more than twitter was making! ed: i wykle reconcile -- how do we reconcile it will ever make money? one is it become twitter? the early engagements i had authorizes everyone is saying that we like and that there is no ads, it is just a text! simple platform. caroline: we all said that about all of the previous and then we slowly but surely realized that is the quid pro pro.

it cannot just be free but what is more of a stumbling block is the decentralized element of it. it is not part of the metaverse quite yet but it will be and what does that mean for advertising within the use on its own servers and the like and what does it mean when it becomes more distributed? ed: elon musk haslinda do that in has jabs -- has said in his jabs. we are talking about how much money this is going to make whatever courses 8 billion by 2025, that is a pretty nice. caroline: it all comes back to the money but to that point it is also a baby and they probably rushed it coming to the fore because they were capitalizing on a difficult moment for twitter.

they will have hashtags i am sure, who knows when they have a cross on that one too. ed: it is just a baby but it has grown fast. 150 billion users in a week. caroline: they are easily importing over from instagram. john felton is going to be joining amazon worldwide operations and talking about the shopping extravaganza, you do not want to miss that conversation. ed: if you want a recap, do not forget about the podcast, there is a lot going on in every show from ai to what is happening in hardware and video games, the podcast on apple, spotify and of course on our bloomberg platforms, we have a massive week in the world of technology coming up. from here in san francisco and in new york with caroline, this is bloomberg technology. ♪

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katie: welcome to bloomberg etf iq. matt: we have a lot to talk about in bonds today. katie: we also have cpi on wednesday, so a lot to look forward to. matt: for the next half, we will be speaking with salim ramji of black rock for a wide-ranging interview about the industry. katie: with blackrock being one of the many funds three filing for a spot bitcoin etf, we will speak about the impact on the industry. matt: as active etf's continue to outperform, we will see whether