>> this is bloomberg technology with caroline hyde and ed ludlow. caroline: welcome to a special edition of bloomberg technology. i am caroline hyde cut right here in las vegas. we are live from the conference and we are talking to some of the biggest industry leaders and

decision-makers in the ai space. you can see a key lineup of expertise. we get into these public markets because anxiety builds around further tariffs and we see a national state for emergency declared around electricity with concern about further tariffs on goods coming in from canada. nvidia down by .6 percent. oracle is not living up to expectations. tesla higher by .5%. they sink more than 15% yesterday but president trump says he is buying it has left as he sees some of the concerns surrounding elon musk and how it is feeding into the demand side. but let's move on to the discussion of how public markets feed into private markets. how does one think about startup space as we contend with this growth anxiety? as we contend with tariff anxiety?

sequoia capital partners, someone who thinks about early-stage investment, has been at the forefront of artificial intelligence investment before many others. how does the public market feed into the private market from your perspective? >> thank you for having me on the show. it is a great honor to be here. to answer your question directly, we just think about building great companies and partnering with great founders and helping them. so in terms of thinking about public markets, we just think about longer-term. we work with founders at the idea stage. in a decade, that company could be worth $1 million. in three decades, like for nvidia and google and apple, they become potentially a trillion dollar company. so markets can go up and down. there might be bumps in the road, but i would encourage viewers to think about the long-term.

when you are behind a trend such as ai, it can last for a long time. caroline: that trend needs infrastructure and electricity and power. it is one of the keying zaidi's at amazon. is it something ceos are contending with? >> it is something they think about and something we need to work on and there are a lot of great minds working on it. but you are right. power is something we need in data centers and the bigger the data centers we builds, the more powerful the applications. so i'm sure it will get solved. caroline: you mentioned how sequoia was early into jensen huang's vision for ai. we are also going to physical ai. the application of robotics. where is the next growth story? >> there is still lots to do in

the foundation layer model. they are not done. companies like openai are still continuing to build a foundation model. that allows application founders to build applications we have not seen before and we will continue to see innovation there. caroline: will you continue to see private rounds for the sort of companies? >> it goes up and down, but the point is over time these companies are always surprising us on what they are capable of doing. in the short term, they may surprise us and technology tends to surprise us mac the opposite direction, but in the long run it always surprises us in a positive direction and in terms of other companies we work with, they are providing automation and a lot of workflows today. so companies we work with are trying to help people and enriching leads so salespeople

can focus on actually growing their business and contacting the right leads. ambient scribe is helping doctors focus on care, not administrative work. they take notes on what seems like something small but once you take the notes they become insurance claims and that allows doctors to focus on care. we will see more and more innovation because we are left to deal with some of the more interesting things that humans do better than machines. >> so you're looking at the applications there. we have had this feel in the latest from openai going up and starting their own company without even really a product out there. would you still back him at that valuation? are you doing follow on investment? >> if you think something could

be worth a trillion dollars, whether it is the entry price today -- is important but not as relevant as when you think of order of magnitude in the future. the order of magnitude with ink about today will surprise us in the long run. do not forget a decade ago we did not think a trillion dollar company was possible. if you compound year-over-year for the next decade, we will have $20 trillion companies, so you just have to think about the order of magnitude that is possible and we need to change our mind space around. caroline: help change our mind space. you have been seeing around these corners longer than nearly anyone. how can you see that a founder is an individual you want to see the vision of an think they are going to build a trillion dollar company? >>ders.

jensen huang at nvidia, larry at google, salmon openai. today's founders are ryan at airbnb and the list goes on. so these founders are special because they have a vision of the world. they view the world -- they want to go change it. we get a front row seat to see how they want to change the future. >> is this going to be a name we know? are you backing her? >> we are talking to her. caroline: you are in the latest funding round? tell us about the thesis when it comes to llm's and robotics of fiscal ai.

what is pushing us forward in the next value coming from companies? are rigging to a stage where we will see $1 trillion across those spaces? >> i believe that to be true. when i started, we thought all the value would accrue to the software layer. that is why we invested in software companies. today, the magnificent seven all of them are hardware and software companies. i think the physical world is going to be the next boundary we are going to break, which is why i'm excited to be here. caroline: elin himself is busy looking at robotics from his tesla perspective. how are you thinking about who wins in the robotics space? or are there going to be countless winners and applications? >> there are many winners. i believe there will be many

winners in robotics. tesla was building cars before appear they also built software and elon is one we have backed across a variety of companies such as spacex and the physical world is something we will continue to attack and make progress over the coming years. caroline: how frustrating or illuminating is it when you're founders are having arguments in public? does that bother you? >> no. founders have a view of the world and they like to express those views, so it is good people talk about what they believe and how they are willing to change the world. i believe discussion is always a positive thing. caroline: who and where are they going to be from when he think about china versus the u.s.? deepseek, you wrote a thoughtful blog about the impact and the

opportunities for learning from powerful generative ai models and the innovation and data and efficiencies we are going to see. are we going to see so-called winners on either side and around the world? >> i believe in humanity. i am an immigrant to this country and i believe the way we cooperate here is more innovative, so i am waiting for the united states but more than that i'm rooting for humanity to continue to progress and the more progress we make the more progress people in china will make and the more progress they make there the more we want to continue to make progress, so that is the thing i am most focused on, which is making each other better. competition has always made us better and i believe in the united states and its ability and free society to do things in more innovative ways than almost any other country in the world.

it is our innovation and free spirit and capital markets. think about our place in the world. we have 4% of the world population, but we have a disproportionate number of amazing companies. we have a disproportionate amount of capital and we have and control and are able to invest. that is why reviewers listen to you and this show, because bloomberg is a place where a lot of information about capital is talked about. caroline: they are listening to you and thinking about how money comes back ultimately to your lps and it will be about exits. how are you thinking about the ipo market? >> that is a great question. lots of people ask that. at sequoia over the last five years we have distributed $43 million back so this is a

business if done right can generate returns for our partners. on top of that, i kind of tell our founders it does not matter what is going on in m&a markets. just focus on building long-term great business. if you do that, as others are doing today, you will always have options and that option may come in ipo. i will contend the ipo market is always open for great companies. caroline: we first saw ai come into existence almost in a not-for-profit mentality and now we think about trying to restructure and become a for-profit entity. is that something you want to see a clearer division of for-profit and not? >> if you go back in history, ai has existed for longer than what you are talking about cut which is openai. jensen huang was building gp use

longer than what we are talking about today and the first set of applications that were ai applications were like what google built or platforms many of your viewers and largest of two shins have been using. those were called machine learning. we just changed that term. for-profit and nonprofit are just structures for accomplishing what the mission of the company wants to do and i am supportive of whatever the right model is to do that, but as an investor i want to make sure the equity we invest in has appreciation and that is separate from the mission. caroline: you have an extraordinary realm of portfolio companies and you have had a long history of being a founder and builder yourself and we thank you for sequoia capital. we want to return to the public markets. get us up to speed.

>> we saw it dip buying early this morning but that changed after donald trump he would be doubling the already planned 25% tariffs on canadian imports of aluminum and steel from midnight tonight. that was a shock to the markets and you saw a spike up. yesterday, we did not move past 27. it was over 29. we are seeing some recovery, so right now we have more than 400 stocks lower in the s&p 500, about 100 stocks still higher, but the s&p itself still down about 9% since its high in february. the nasdaq 100 is now down nearly 12% from its peak less than a month ago. in canada, there is an incoming prime minister in the next few days who will be sworn in as leader of the liberal party, so there is a lot to be said on the part of leaders in canada and the next few days.

the canadian dollar is weaker versus the u.s. dollar, trading now at 14512 on the idea that trump is upping the ante on tariffs. we knew the 25% tariffs were coming in already at midnight, now 50% tariffs. you are seeing steel and aluminum producers jump on the news that aluminum is higher, but other tariffs that were due to come into place in april are still going ahead and trump said he would substantially increase some of those on canadian auto parts of canada does not drop certain levies on dairy products and other u.s. goods, so there's a lot more to come before the story is over. caroline: so appreciate you getting us up to speed on an underlying level of anxiety in these markets. i want to return to the private markets and people building in that space. generative ai platform for the

enterprise. i have to ask at this time when you are really seeing growth accelerate for your business, more and more fortune 500 businesses want to work with you, what are the ceos telling you about the landscape and putting money into generative ai when they do not know the next tariff is hitting? >> there is no question that has to be an roi first story because they are trimming down their teams so it puts a big focus on the kind of return and the reality is a couple weakens ago -- there has never been such a big gulf between what technology can do and what is actually happening inside the enterprise. we have a survey coming out for fortune 500 executives saying generative ai efforts have been disappointing so it is -- caroline: why is it disappointing? why is it so hard to bring this once in a lifetime ai exuberance

to bear on productivity? >> we are bringing knives to a gunfight when it comes to building with generative ai. people are taking long, software develop in cycles, and i.t. is taking projects to the business and the business is saying this is not really good enough to benefit my work, so we take a different approach. this is purpose built for that kind of collaboration you need between the business and i.t. to deliver generative ai projects and applications and agents that work for the business. caroline: so legacy software is the issue. >> it is the legacy tooling of building these products, so llm's are powerful. you need to wrap it with data and workflow and that is not happening right now in most i.t. departments. caroline: so how are you articulating to those saying you will get r.o.i. with us? >> it is a solution oriented

approach. we are not talking about how great we are. we are talking about actual user productivity and use cases, so it is very -- oriented. caroline: you have set yourself apart from a crowded field, like generative ai seems to be in everyone's lexicon, but you are coming at it that we do something different with the type of model building we go through. you are saying do not look at a reasoning model. look at our type of model. >> look at this exhibition floor. it is hundreds of startups and such an exciting opportunity. when it comes to the enterprise, they are looking at vendors they trust, ones that already have their data. yesterday i was with the cio of a fortune 500 company where an employee needs to touch 100 systems. only 10, 15 of them might be a service now application, so we

see ourselves as that switzerland that try -- ties together disparate systems and it is bringing together structure and unstructured data to build the tooling. caroline: when we had jensen huang come out with his latest earnings, he tried to paint a vision of roosting models but you are taking issue with reasoning models in generative ai application. you thinks -- you think self evolving models is where we should go. >> he just wants more tokens and he is right in the spirit of what he is saying, which is the revolution is just getting started. the majority of enterprises are still not benefiting from ai, so imagine what is going to happen once they do. when it comes to the actual llm's, we are saying the path to super intelligence is through self evolving models. models that can update training data in real time in response to making a mistake and then getting nudged by a user.

if we need to go out and retrain or fine-tune or rebuild every time a model is wrong, we are never going to get to super intelligence that is possible. >> what about the talent needed? we have a new administration the seems to be cutting funding for science in united states, for university is an education. is that something that worries you? >> talent is a struggle no matter the political environment. we just opened our london and singapore offices for this reason, to be able to hire outside the united states. most of our employees are here, but we are going to be growing internationally. >> what about inorganic versus organic? who are the startups you are looking at? is it still rich pickings to buy other businesses? >> there are hundreds of startups doing exciting things and finding it difficult.

we have risen above the noise, so there have been some interesting things we are looking at as acquisitions to the platform. caroline: it is always great to catch up with her. let's return to where we are going next and look at what happened to oracle shares after they had their numbers after the bell. the revenue growth was not quite matched, off by 5%. they did say next fiscal year, 20% revenue growth. here and now, they disappoint in terms of cloud infrastructure demand. from las vegas, this is bloomberg technology. ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana

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caroline: welcome back to a special edition of bloomberg technology. we are live at the humanx ai conference. after the biggest selloff for the nasdaq 100 yesterday since 2020 want to see what the magnificent seven is up to. this is not the sort of bounce back we anticipated after the selloff yesterday. anxiety is still there when it comes to u.s. growth, tariff pressure, and canadian goods. let's talk about what it means for the private sector. this is one of the biggest artificial intelligence gatherings. are they feeling exuberance? are they worried about what is happening in the public markets? >> it is a little of both things. people are concerned about what is going on with the stock market. i see a lot of people excited about ai. this is a conference that has

not happened before so people are excited to be here and see what is going to happen here and a lot of people have not been together in this space. the vibes are pretty good. caroline: we were talking with alfred lynn about ilya potentially raising $30 billion. just these bigger and bigger valuations with fewer and fewer products actually being offered. people are getting in at such an early stage. is that going to stay? rachel: good question. it is hard to say but it is still the case that you only have a handful of people able to command these kinds of valuations and amounts of money without even saying here is my minimum viable product. they have set specifically we are not going to show anything oral anything out until we get to this extremely high level of

product, so i think you are not going to have a ton of people like that but you are right to the are asking questions about how much money we should put toward these things if we have not gotten a hint of what it is going to be yet. caroline: you are speaking with international ceos as well. how are they viewing the u.s. as the place to be building versus what is happening in the middle east or asia? rachel: people are feeling like it is not totally clear yet how things are going to shake out. i think there's probably a little bit of hesitation but also i am not sure anybody is really saying i am not going to do that right now. caroline: and we are not worried about scaling? rachel: people should be thinking about it. for a variety of reasons. it is getting more and more expensive to build larger ai models but that also uses more resources so i think you see

people thinking about how else we might be able to build these things and make them powerful and cost-effective and also decent for the environment. caroline: thank you for joining us. live from las vegas, this is bloomberg technology. ♪ you think those phone guys will ever figure out

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caroline: we are live from the humanx ai conference. we have technicians playing with the sound system behind us. we are bouncing around, volatility is real today. nvidia is bouncing off 1.8% but has been in the red today trying to digest the latest wave of tariffs and an electricity state of emergency being declared by president trump. president trump also says he is going to imac a tesla -- buy a

tesla. apple is down 2.8% as they unveil that they are bringing us an updated operating system across ipads and iphones. not enough to settle some of the worries about implementation with ai and what is happening with the google doj investigation. it seems the current administration is still looking at stopping flows of money from google to apple, but let's dig into what the mindset is now, how ceos are feeling, how is the labor force. sarah franklin is the person to talk about it, bringing artificial intelligence within the hr spectrum and helping companies navigate progress and culture within their business. i have a feeling output has fewer people.

>> we are in a new economy. it has transformed from a data to an ai economy and you're seeing questions like what it means for jobs, people come and business and everything you were talking about as well. how it is impacting public policy, tariffs, electricity, fuel the economy. the ai economy is real and about jobs and we want to put people at the center and success of people at the center so ai can be helpful for a people powered future. caroline: you are one of those forces who against the grain said we are going to have new coworkers and they will be artificial intelligence. what does that mean for disruption of the labor force? we are seeing a bump in unemployment. >> in july, we had this vision. we saw what was coming with ai and wanted to be ahead of it

because we believe we need to put successive people as a primary. how do we help people understand how to work together with ai where they are your coworker? how do you manage ai when it is not just about automation but autonomy? people need to understand ai will be acting on your behalf and your brand's behalf, so we are ahead of this and helping hr leaders be the people that are helping their companies bring ai in responsibly so we can make sure every career and job that is changing, we can put ai into it in a way that helps people be successful in the future. caroline: there's a survey coming out showing ceos are disappointed with generative ai productivity gains. how are you measuring success? how are you showing is helping in the world of hr? sarah: this is new. people do not know what to do. people are saying let me bring

in ai and then you have blank slate problems or you do not know how to use it so we have to invest in education and career pathways. between to invest in how people can be successful. caroline: are ceos willing to do that? >> ceos are. this is where hr leaders have an opportunity to be that rock for them to lean on and for them to really go forward and know what to do to invest in their people and performance because the ultimate judge is your company and they are engaged and passionate and know what to do and how to use the tools. you cannot just throw ai at them. you have to say this is how you're going to use it and we want to do this in a way that puts success as the primary. caroline: i am going to ask an uncomfortable question, but how are women adopting it?

how's is it disrupting women more in the workplace than men or is that too simplistic an idea? sarah: what i love come as two incredible women here, women have that curiosity and resilience and ability to adapt to change and they say this is new. let's bring this in and figure out how it can help me and my team and having that mindset of how we can use this technology to be helpful is the mindset. we do not want to automate people out of work. we want to bring people into the future we are creating. this is a responsibility we share because we cannot just create technology for technology's sake. we have to created it for the better of world and business and people. caroline: will people be automated out of work? sarah: jobs are going to change. there is a reshaping that every ceo is how do i reshape my

business? how do i reshape career pathways? there are so many questions we do not have answers to, so i encourage that we be accountable and transparent in the decisions we are making and that is what lattice helps caroline: hr workers deal. is it rich pickings? you came from salesforce. is it for years get hold of the people you need? sarah: we are hiring and we have a great talent pool coming in. we invest in our people. i am proud as a ceo i know my company trust me and they know i will be transparent and accountable to decisions we make and investing in the people. we need to also as leaders invest in ourselves. we are not immune to this. who's to say we will have ai salespeople that are ai ceos?

who knows what the future will be? we all have to embrace this change in a way that it is just a reality in the workforce. how do we make people the primary benefactor? caroline: what about globally speaking? is there is much willingness to bring into the space in europe and asia? sarah: what i see is a tech ceo is that globalization that ai provides us helps us to battle misunderstanding that we have when language is a barrier, when culture is a barrier and that is something i am optimistic about. if we can use this technology in a way to help us collaborate better and remove misunderstanding and understanding nuance better and that is bringing ai into the workforce can help us have better understanding. caroline: you have been ranked as one of the fastest-growing

private companies. what is holding back growth at the moment? if you could ask anything, what would it be? sarah: uncertainty. we are in an uncertain time now, so the way we get everyone together and go to growth is by being certain in our pathway and calming the fears that we are going to eliminate people from all jobs, saying we are committed to a people powered future and to building success. it is a change. it is happening fast. we cannot be living in that do not look back. we have to know this is going to happen and embrace it and have courage and support to go into this future and be responsible and transparent because trust is the currency of the ai economy. >> is great to catch up with you here. have a wonderful time. let's get back to inside in the public markets. vonnie: we are off our lows, but

that dip buying at the be getting the session for what was looking to be a better session after the awful selloff yesterday had a pitstop after president trump tweeted that he was going to double tariffs on steel and aluminum imports from canada from midnight tonight double the 25% already do come into effect. this is in response to a move to place a levy on electricity sent to certain states in united states. we know that canada tends to match u.s. tariffs, so anxiety spread across the market. we saw the index above 29, slightly calmer now, but still above 28 and it reached 28 yesterday so you can see the two day move has seen some definite spikes and the market is not sure who to believe or what to wait for next. we are waiting for a response from canada, but we have the current prime minister handing off to his successor, who is due

to be sworn in as leader of the liberal party and prime minister in the next few days, waiting on a response from those, but we are seeing the canadian dollar weekend, though it is trading below 145 now and we are seeing shares of aluminum companies hire today. century aluminum is up more than 9% and you have u.s. steel rallying off the back of the idea that the u.s. will literally import canadian steel at a cost of more than 50% higher than today. we have carmakers down as well. the other story volatility is the crypto story. we had crypto trading earlier -- we are now above $81,000 a coin and that is helping crypto related stocks. caroline: thank you.

as we come back here in las vegas, the music is pumping because we've got a mixture of euphoria around artificial intelligence and also anxiety around public markets. andrew joins us now, in the market of updating access to compute and the new wave of thinking about bring the data center to life. i asked you if we were worried about electricity state of emergency. you need power for your data centers. i know you have efficient data centers that means less powers necessary than the usual architecture, but does that worry you, and electricity state of emergency? >> as a nation, we have underinvested in our infrastructure and ai uses a fair amount of power and even countries that have the most efficient compute in the market use a fair bit of power so it is not unreasonable that the

ministration recognizes that power is fundamental and ai is fundamental. they have taken steps to think eliminate some of the red tape. it takes a long time to worry about new power plants and deliver those to new data centers. caroline: has it been holding your growth back? andrew: absolutely. where these facilities are and how limited and scarce they are is limiting everybody in the industry right now. these are hard to find. they are expensive and driving up the cost of ai, about half the cost of ai distributed to power so if we can do a better job in the infrastructure level as we provide more compute across the country we will benefit from ai as the price drops. >> letter my people of your system.

this is a way of bringing compute in a different way with a smaller surface area than usual text and gp use. how is that selling into this narrative? how are you able to distinguish yourself because you need less power? andrew: we chose a different strategy. we chose to build the largest chip, 56 times larger than previous trips. that meant we had to move less information and that allowed us to use less energy and we are awash in demand, buried in to right now. we just announced large customers like complexity that -- ai is made with training and used and everybody wants to use it. so there is tremendous demand for fast, low-power and that is what we are bringing to market.

caroline: you have had exposure to a middle eastern player. how are you changing that exposure? there had been anxiety that you were too dependent on them. >> the way you catch three large customers is to begin with one large customer. we began with a strategic partnership with g 42 and they have been everything we can hope for in a partnership. we began deploying with them in the u.s. and through this deployment we proved to the world we could build some of the largest data centers and train the largest models and deliver the fastest in the world and that has opened the door for others. now we are in conversations and they were a door opener for us. caroline: is that door wide open when you have the ai diffusion rule limiting you selling to allies as well as so-called

adversary countries? >> we have worked closely with commerce. that is a confusion rule and it is not quite a rule yet. it is a recommendation to be a rule and will come in in june as a rule. i think there are other ways we could have achieved the same goals, but we support what commerce says. if that is the path, that is the playbook. my view is we can achieve the same objectives with a less intrusive approach and i hope they navigate away. we were selling china long before. we thought that was the right thing to do, so we chose to follow our ethics. so we will do whatever is right. caroline: how will you do whatever is right in these public markets? is now the right time? >> there are a lot of things

when you go public you cannot control. you cannot control with the president says or sentiment. you can control how you run your company. you can build or short and treat people well so they want to stay. you can hire the best people around the world. you can deliver and keep customers happy. these are things we can control. whether you go out in a month or year, those are things that fall into place if you build extraordinary business. that is what we can focus on. caroline: you cannot control others' innovation. i'm interested in the innovation that deepseek brought. are we going to scale applications? andrew: that wasn't exactly what deepseek showed. what deepseek showed was -- people and a fair bit of commute. may be less than others, but a lot of compute can produce

interesting results in the open source community, so we are building on the work of others. it could be moved forward with innovation added. public markets have almost all taken the wrong first step when cost to compete -- of compute comes down. our market grows and it has done that every time for the last 50 or 60 years and every time the public says the market is getting smaller but that is not what happens. the cost of compute when we can do more for last, new applications. this is making the market bigger, not smaller. caroline: and you will be there. a delight to have him here. coming up, so much more. the poolside ceo discussing the future of his business as he focuses on coding with generative ai. jason warner joins us. as we know, tumult has been upon

the text said there. we are now up on the nasdaq 100 after we lost almost 4% and wiped out $1 trillion of market cap. this is slight recovery but still worries with the semi conductor index down. this is bloomberg technology. ♪ putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. oh actually, i have a question ... keep up, nick. do you have to be sick to take a sick day? patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. agents like secret agents? secret agents i control. with your mind? you know ... i played a secret agent once. - we know. - oh gosh ... i liked it. over here, ai gives tina the info she needs to get the job done. nick, what did we say about touching? no touching. good. ai helps jim solve customer problems before they're problems. for reals?

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caroline: we are live at the humanx ai conference. when you look at a magnificent seven, managing to be up a percentage point, having been in the red in earlier trade. we tried to understand the impact of an energy state of emergency. we try to understand the latest tariffs on aluminum for broader we sentiment. -- we sentiment. people sold their winners with magnificent seven names. we want to think about the impact and what is happening in terms of innovation. jason warner is here, poolside ceo, previously of github, which

is now in the area of helping coders and engineers. you are building basically super intelligence for engineers going forward. how? jason: we are building towards a human intelligence future where artificial intelligence and humans live side-by-side and artificial intelligence can do most of the things humans can do. we have proprietary research techniques but what the layperson used understand is we are going to give them the superpower to write software in the future. anyone who currently knows, it will feel like being augmented. caroline: will that displays the number of engineers we need or free them up to do more? jason: the conversation of a placement is always one that pops up but i tend to look at these things about what we are going to be able to do more of and faster. this is where i get excited. i think about what software does currently and it underwrites

almost the entire economy. if you think about what it can do in the future, it can take something that might take 10 humans to do and reduce that to compute ours. that is great for someone like a biologist or physicist or person doing cancer research. this is what i think about, compressing human knowledge learning into compute ours. caroline: you are not the only ceo thinking about giving superpowers to an engineer. we just had reflection ai on the show yesterday. how is the space? how is there a lot of startups trying to do the same thing or different things? distinguish ourselves from the competition. jason: they are all slightly different. we are going after what we might call agi. we are a frontier ai company similar to openai and pushing the boundaries on that. we do not need to get into that,

but it is very technical reasons and many folks end up in what i would call the ai consumer camp. they will be five or six large winners who build out the core infrastructure of artificial intelligence and the rest of the folks will consume artificial intelligence produced by those companies. caroline: so you see yourself as an infrastructure player. do you see yourself as a valuation perspective? tell us about funding needs and whether you are out there raising money to do this. >> we are building artificial intelligence models and at some point we have to consider how much compute capacity we have and that is a proxy for how fast you can go or how big you can go. that is always going to be a topic. caroline: so you are not raising money. jason: not right now. caroline: what about compute and what is holding you back? is it energy infrastructure? is it access to data centers?

jason: i would love more time for us to go do more experiments , but the thing i think holding us back is really where we are in the world. if we were in a world of infinite access to energy and compute and data, we would be at agi or asi already but we have a constrained world so we must make different choices. my main choice is how i spend my compute budget. my primary concern is always access to more compute. caroline: at the moment, where'd you get it from? jason: we have partnerships across a wide variety of folks, though our primary cluster is amazon. caroline: perhaps people got you modeled up with a french company at one point. where are you thinking about your future? jason: we are a u.s. company. we have a presence in france. we have primarily fired ai

researchers across europe and the u.k.'s we have an office in paris. but we are a u.s. company. caroline: u.s. company wishing for more compute alongside other u.s. companies. keep track that company in the private sector. in the pub looks sector we are looking at shares, nasdaq stocks in the chips sector and nvidia, a very volatile day after a brutal selloff yesterday, the worst since 2022. the semi conductor index is still underwater. oracle numbers as well perhaps dampening the demand for ai and how quickly we can get data centers on track. this is 15% to 20% revenue growth for the next fiscal year, so demand remains insatiable when it comes infrastructure but it did not live up to expectations. nvidia rebounding 2.6% after it

has lost more than a trillion dollars for market cap the last couple months. that does it for this edition of bloomberg technology but we have more to come. we have coverage coming up. this is bloomberg technology. ♪

>> welcome to bloomberg's crypto come i look at the people and transactions shaping the world of decentralized finance. sonali: bitcoin has been hit by overall market volatility and souring sentiment. tim: a big part of that crypto volatility coming from president trump as he continues to take aim at canada with tariffs. we discussed u.s. energy