it's rival reported weaker microsoft alee repeated neake growth microsoft also repeated neake growthai a that of a! dropping a sectionithat ii ii ii iiiiii ii ii users that were rules out users that were to cause harm. it could ti'e'et'e' t�* �*eee lee-e it u" i iiii ii i ii ii ii ii use in weaponry. in a blog be use in weaponry. in a blog post, a senior google exactly argued businesses and democratic need to democratic governments need to work �* on democratic governments need to work �*on al to wgristeaether on attaisuaaer’t" " ’”” gggggai. i.—.j.la£ * i ii . national security were two negatives. national security v expenditure atives. national security v expenditure numbers was capital expenditure numbers was 75 for 2025. capital expenditure numbers was 75 for2025. using capital expenditure numbers was 75 for 2025. using the 75 billion for 2025. using the anti— growth figure similar to what you're in matter. what you're seeing in matter. they are getting a good return on and e eeare generally financial results are generally that. —— meta. i supporting that. —— meta. i take a diffe

amazonjoins microsoft and google in reporting the company is also contending with the fallout she gaver take on amazon's results. and we saw that run up in their share price over facing some headwinds. factor cited for the weaker outlook for 01. google and microsoft. particularly in the second half of the year, that it expect to see the web server aws growth accelerate once again once it can meet consumer demand. but i wonder as well if some of them took fright at that scale of the investment in artificial intelligence. those concerns about the chinese ai player, sorts of capacity constraints that face its rivals, google and microsoft. but it did indicate that in the coming months, particularly in the second half of the year, that it expect those constraints to ease off a bit, and we would expect what do you make of those factors which have clearly you know, you mentioned the strong dollar there, but i wonder as well if some of them took fright at that what's going through your mind when you but they bring their inventory to the us and they bear and fulfilment services. is in washingto

microsoft, smoother -- stuart, i think microsoft could test 400, and i would probably be a buyer there the other day, and i sold them pretty much break even when they came right back down. i thought we were maybe past that a dust-up with the deepseek issue but, no or, it's still out there, and with the tariff wars, these names are going to be under pressure. stuart: we've had a wonderful couple of years, couple of months and now maybe it's over, would you go that far? >> yes, i would emphasis -- emphasize maybe. a lot of that these company ifs do and offer in terms of their growth and balance sheets, etc., etc., cash flow amazing. but, still, they've had one heck of a run. the concentration at the top is concerning for a lot of folks. there are a lot of profits on the table with all of these companies, and if investors start to take some profits, yeah, they could start to see a lot of pressure and there's certainly a lot of other names that look cheap in the face of what's happening to some of the mag 7. stuart: i hate to press so hard on big tech because, well, most of our viewers if

you know, when i started microsoft, i had this crazy in washington, dc.you can have a company that isn't so, it's not necessarily a virtue to, you know, about a vaccine programme that you fund, what do you think mark zuckerberg should do about it? well, i'm certainly sad that in the covid pandemic sought out vaccines. and i think the online information, you know, impressed at how you navigate that boundary? and they both... you can cite examples where, ok, it's great that free and you can cite examples like the covid vaccine and even today people may not realise that. and so, i don't personally know how you draw that line, i mean, in the end, it's the government's decision. and you have a lot of different governments that are facing this problem. i wish i could tell you, you know, country x, you know, clearly has preserved free speech, but they've gotten rid of crazy, xenophobic, you know, things. and we should all benefit from that model. issues are going to be more important and more so there's you, katie, speaking with bill gates. that's his autobiogra

because the microsoft store i was a little bit different there. >> the common thread is google and microsoftre indicating slower growth. now, i want to be clear, growth went to 35. this last quarter, everyone is concerned about the magnets. growth in q4 is still up for the front half of the year so it is not like things are falling out of the sky. even for microsoft, they had below 30% growth. they wanted to see mid-30's and did not see that acceleration and took it off the table. we are still talking 30% growth across both companies. and we are at the beginning of the ai change. i would be careful to look at one quarter and say it is a massive trend. the trend has actually been pretty healthy. i think the other thing is you kind of have this bug zapper light with ai. everyone gets attracted to this light over here and says ai and then they forget about the core workloads. microsoft highlighted their ai piece was strong. the non-ai piece was a little weaker. i think part of this is we are on a journey. we are at the beginning of the journey. there will be some barking dogs that cross the pat

all includes activision which has now been fully absorbed by microsoft.illion acquisition that they made. all that regulatory headaches and all this kind of stuff. you got to wonder now was that worth it. especially as we see microsoft just spend all this money on capex that makes that $69 billion acquisition look kind of cute by comparison. >> i was going to. >> say right. >> the last. big thing they did before the arrival of. >> i before everything. >> else happened. and then. >> in the meantime here, we got bloomberg reporting last year that. take-two competitors, they're just waiting for this gta. six solid release date before announcing their own games. this is going to really dominate the entertainment industry. >> it's going to kill productivity. >> it's going. >> to kill. people are going to spend the entire where's kareem is kareem here today. >> kareem kareem is going. >> to buy it. what are you going to do when gta six comes out. am i going to see you for like a week. >> i'm putting in a leave of absence. >> yeah i wanted to see take two shares

microsoft will be 50 years old. so i thought, you know, looking back on what happened, and, you know, the incredible luck i had with my parents, the school i went to, a couple of early friends that helped me see the software opportunity. and, you know, a lot of people don't know about the school i went to or why i happened to know a lot about computers, including, with paul allen, the insight that software would be this magic thing. and if we built a company that was the best at that, you know, we could do something pretty big. "pretty big" is an understatement. i want to find out how a group of school friends, his microsoft co—founder paul allen, in a climbing accident, became the experts in the early days of computing. and how did gates�*s family shape a challenging child who didn't fit the norm? i love these stories. your mum set the clocks eight minutes early, so the family would always work to her time. when you went on a 1,000—mile carjourney to disneyland, you write, "the 1,000 miles we were about to drive "m

amazon, like microsoft, has already made deepseek�*s ai the japanese prime minister, shigeru ishiba,. administration, but both firms hope president trump will see things differently. our asia business reporter mariko oi has more. also block the deal, but the two companies are definitely trying to save the deal. so, for example, the boss of us steel reportedly met and this, of course, comes one day before with the us president. as you said, joe biden blocked the deal, citing national the previous administration. while the union is against it, not only the leadership and investors of us steel, but even some workers have also started to favour the deal because us steel has been struggling financially and nippon steel has made numerous promises, like investing in its domestic steel mills and protecting jobs. american citizens. when the union said they may import cheaper steel the deal, but the firms are hoping they can convince mr trump that the deal is good for the us economy. mr ishiba will likely bring this up in his meeting. former prime minister shinzo abe and the us president as he

, amazon, like microsoft, cost.s platform. turning to steel and moves by japanese nippon to try japanese giant nippon to try and buy us steel. a deal was blocked by former joe blocked by former presidentjoe who biden�*s administration, who said it posed a national threat. what does a administration mean for proposed takeover? f“:“�*f §§m“f**§*�*“�* “é?" 5“ 7 proposed takeover? could it of the conversation form part of the conversation japan's minister when japan's prime minister shigeru whenjapan�*s prime minister shigeru ishiba meets trump later today? teter teeeg? , wall is teter teeev? — wall is mergers teter teeeg? , wall is mergers and nick wall is a mergers and attorney, and me the talked me through the precess would be talked me through the process would be required to deal 77 the deal passed. look, there are two steps _ the deal passed. look, there are two steps that _ the deal passed. look, there are two steps that the - the deal passed. look, there are two steps that the deal l the deal passed. look, there

you know, when i started microsoft, i had this crazy view that we didn't need that isn't involved ingoing on in politics. mark zuckerberg has said that in the us, they don't need fact checkers any longer. about a vaccine programme that you fund, what do you think mark zuckerberg should do about it? or do you think free speech trumps it? well, i'm certainly sad that in the covid pandemic there were deaths that wouldn't have occurred if people had sought out vaccines. bears some responsibility for those deaths. and they both... you can cite examples where, 0k, it's great that free speech where that was awful. and even today people may not realise that. and so, i don't personally know how you draw that line, as well as we should. so you're not impressed necessarily with how mark zuckerberg has? that are facing this problem. i wish i could tell you, you know, country x, you know, clearly has preserved free speech, xenophobic, you know, things. thatithe challenge of those as the ai capabilities get even better. so there's you, katie, speaking with bill gates. that's his autobiography, but

microsoft announced. >> that deep. >> run is running on. copilot plus pc, starting. >> with with snapdragon. >> we're also seeing. >> a busy. >> morning. >> shaping up. >> over in europe. >> our julianna tatelbaum. >> is in london. >> with a. >> look at the. >> early action. julianna. >> always good to see you. >> that's right. frank. good morning. great to see you. it's been a busy morning on the earnings front here in europe. overall, the european market is trading higher. this morning. you got the ftse 100 in the uk hitting a fresh record high. in fact a lot of demand for the basic resources names here in the uk. astrazeneca also a strong performer providing some support for that index. a big day on the monetary policy front, with the bank of england decision coming out in a few hours. so a lot to play for. let me dive in for you to a few of the big movers this morning. we've got soc gen in the banking space delivering full year net income, up 69% to ■k74.2 billio. annual revenue growth exceeded the bank's target. that stock right at the

in the same neighborhood as that of meta, microsoft. boy, the market hated it. and that is the biggest takeaway from alphabet's quarter. and we have to see if this is an exception or if it's the new normal. maybe investors simply trust meta and microsoft to spend the money more wisely than these guys. it doesn't seem to be the case for me, though. now, i don't think this should be considered bad news for all of tech. in fact, you could argue it's somewhat bullish for nvidia and other ai hardware makers, which sounds like they'll continue to get robust orders from the tech titans. although after arm tonight, which wasn't that great, i'm sure people say, wait a second, maybe spending is cooling. i don't think it is. we'll find out more tomorrow. these huge companies certainly don't seem to be taking deep seat seriously, though. that said, if the market is becoming more skeptical about these types of massive ai investments and even punishing companies that commit to that type of spending as it did with alphabet today, then maybe the hyperscalers will start dialing

well, apple, amazon, google, microsoft tesla, meta, but also open. i o by shaping our lives pretty much regardless of where we live, even though they have to follow national and local laws, they often do. so reluctantly and beyond that, the technologies, i usually only slightly changed to meet local legal requirements. of the cool as o tech made in the us when the rules around how this tech is develop, change, it looks like all of us so far, 3 key areas that impacted the regulates and crypto. donald trump lost his own crypto currency and just before he took off, this is a so called mean coined without real practical value, but with potential as an investment object shortly after his wife milan yet did the same. some have called the move a blatant of financial conflict of interest on behalf of the president. in his 1st days of presidency, he order the creation of a crypto currency working group to deregulate the crypt unlock it. us the regulation of crypto currencies could significantly impact global adoption, according to estimates on the around 7 pe

did microsoft found it? are they actually involved at all?who was there and who spoke glowingly of the excel community, but it's actually excel, so they get...they get sponsorships and they sell but the focus, the dirty secret of the excel competition convention centre... you've got to do the training... you've got to do the training if you want to win the prize. is it streaming? how are people going to watch it next year? you can watch it on youtube. i mean, they... and plus, it's going on now. ..competitive excel fix. i don't think i've actually, by choice, ever gone i mean, sometimes you have to click on them for work. would you...? and then quickly close them. but, really, the question on this item is whether you i knew that would be your answer. and found i could settle in for some time. most of them are on youtube. other platforms as well. they're not for everyone, but i suppose our point is, they are for someone. bye. your bbc podcasts. after a january that delivered more than its fair share of stormy, turbulent weather, the start of f

in a post deep tech world, you saw meta and microsoft. they're not scaling back at all. i don't expect alphabet to either, because essentially the stakes have just been risen. they have to keep making these technological breakthroughs, but also get credit for it not only from developers but from users also. >> so, alex, where are they in the technological breakthroughs and the ai race? you were telling me that they're ahead of what i think many people believe. >> yeah, i just. >> think that they're very well positioned. >> so first of all, you. >> look at where the risks. >> have been that's. >> in search and search advertising. they're doing well. they're going to be up double digits in the quarter. so the big worry about them losing the lead that seems to have moved away. then when it comes to the technology, the ai technology that everybody's talking about, we already know that cloud is expected to go up 30% over the quarter, so that's huge for them. but if you break it down one level deeper, you have to think about the fact that they are playing in the mobile space w

spending if you are microsoft, meta, amazon and google a.i.n 2025, that is astronomical. i spoke with joel kaplan the chief global affairs officer i republican not meta and he said what we appreciate which is echoed by mark zuckerberg about this new administration they are proud of what we do there proud of american tech leadership and we want to owner on the world stage and we finally think there's someone that will stop dylan eisen as. >> that's why i brought up elon musk and the moves he's been making look what he's done with spacex and tesla. he's somebody that understands and this is the model the twitter model on the u.s. government right now it's making all the bureaucrats so angry in washington. clean it up, make it efficient. >> he overshadowed them look at how much subsidies it turns out making a product that people want is how you get tesla to become a successful company nice and enjoyable same thing with spacex the federal government's own attempts to explore space. it's amazing unlike president trump we should be encouraging and n

and competition remains fierce — google cloud its rival microsoft also reported weaker—than—expected azure cloud platform last week. that was looking at the numbers and some of the reaction among competitors. investigation into google. blocked in china since 2010. and he gave me his take on results. i mean, looking at the cloud and the search results on the cloud front — especially, you know, given that microsoft also reported some weakness there, i think what's going on here is we're seeing some pullback security in this ai era, as well as to just cut costs. and so... aside to invest in al just this year. and did not deepseek illustrate that, actually, so the investments are really a long—term strategy and i think it's going to reap the rewards down the road. we must mention that google, of course, is in the crosshairs of regulators around the world. we've talked about china looking into google, it faces being broken up. so what's the outlook from your perspective on that? yeah, i mean, ithink alphabet...is feeling the pressure, you know, with these international to the tariffs — es

and then obviously microsoft with their open ai relationship. so again i just don't think this is as interesting. i think about their cloud growth was what 19%. and you know google and microsoft got punished for coming in a little below that $30 billion number. so i don't know. they have market share issues here too. i think those other names have kind of kind of nipped at the at their butt a little bit. so that sounds good. but i don't know. i'm just saying i don't know. it's you know. >> fx impact. we're hearing it more and more and. >> they actually made a. >> point of it. >> in their guide to talk. >> about the. >> potential, the outsized impact of foreign exchange, which is, i think, again, we had caleb on the other night and he talked about that was something that's crept into the vernacular. so again, i don't think there's anything to. run away from. >> we've seen sell. >> offs before post earnings. >> with amazon. >> if you go back and look at a chart, you'll see a number of them over the last year and a half. and i just think this is so

drive the. >> stock based upon microsoft. based upon google. there's a little bit. >> of an. unclear dynamic here, but anywhere. >> 19 to. >> 20%. >> aws growth again, we're back into growth here. >> and i think. >> this would be continuing a. >> trend that really. >> did start to get a whole lot better. so i think that is key. we know workloads are increasing. we know demand is increasing. so i. >> just think. >> it's getting back to both what that number is. but then the margin overall. >> i'd say. for. >> both e-commerce and overall. >> for aws. i mean, i think. >> the margin dynamics. >> are a. >> pretty good story. >> operating income. >> seems to be moving higher. the stock overall. >> despite really. >> outperforming most of the mag seven over the last six months. >> i mean, it's up 50%. >> over. >> six months. >> it's outperformed the nasdaq. >> by about. >> 15% over. the last year. >> but it's not it's not expensive relative. >> to itself. it's about 26 times forward. it's double. >> that on a five year historical. >> so i really. >> l

microsoft up fractionally. nvidia off of its lows but still down just about 1% in the premarket.rms up almost a quarter of a percent. we also continue to follow etfs tied to china, canada and mexico, the three countries involved in those tariff disputes. all three actually outperforming the s&p week to date. you see right here. big upside moves for the mcci that tracks chinese equities. the e w w similar upside move about 3.5% week to date. this is one tracks mexican equities. the w that tracks canada actually the laggard. when you look at this list up just about 1.5%. we're also looking at treasuries this morning. bond yields holding pretty much steady ahead of that jobs report. that could have a big influence on the fed and its rate decision. take a look. the benchmark at 4.43%. talking to a few traders. some questions about if these yields if they've been less volatile because people are pouring into bonds in a flight to safety. again, bond yields right now at 4.43. we're looking at the benchmark not a lot of movement in recent days. looking at gold different story. gold hitti

. >> and microsoft. >> of late, but microsoft stuck in the range that it's been. >> you know, look at amazon. >> you know. >> look. >> at google and obviously meta. >> they're trading at all time highs. >> so you. >> know you've seen a. >> rotation out. >> of some. of these. >> names where there's been some deceleration. >> the numbers have. >> not continued to go up. >> but we're going to get a good. i don't know. >> if we're. >> doing that later in the show. i didn't. >> read the rundown, but. >> like we're going to get. >> a. >> good. >> look of the. >> amazon and the. >> google and. >> what they. >> have to say about capex. >> and, you. >> know, and. >> there's some issues. >> potentially there. >> you know, if you think. >> about. >> it. >> they both have cloud businesses. they both have been investing in around this. they've both. >> been tripping. >> over each other to. >> invest in like anthropic. >> that. >> sort of thing. so if you think about the reasons. >> why microsoft sold off, because. >> there's. >> been a decel in their growth of. >> their cloud business, i think tho

one of the bigger issues impacting microsoft was the capacity constraints. so much demand, they don't have data centers online to handle all of that, so that is a good reason to see a little bit of a disappointment, suggest that alphabet, their cloud business which has been strong, maybe we see another strong read there. amazon comes out later this week. it seems like a lot of the signs are pointing positive for alphabet. scarlet: anyone with an elderly parent or child knows how popular youtube is. how much detail does alphabet disclose when it comes to youtube, where their viewers, revenue generated, any numbers we can get our hands around? ryan: not a ton of detail out there but people just don't appreciate just how big youtube is. there is an estimate, if it was a standalone bank, would be worth more than 500 billion dollars. people consider netflix to be the leader in streaming but they are actually smaller in terms of the over audience, time spent. i think that is an underappreciated business. certainly if it was on its own, it would be considered a tec

microsoft turns 50. my foundation will be 25.dible luck i had with parents, and timing, and so many things that set me up for an amazing life. >> jimmy: yeah. you do talk about your mom a a lot in this book, and what a a big influence your mom -- i know everyone's mom is -- i love my mom, too. yeah. [ scattered cheers ] what examples do you have of anything you remember of your mom being very influential? >> well, when other families would come over, you know, we'd talk about what their kids were up to. and then after they left, my mom would say, "oh, they must feel terrible their kid didn't go to college" or, you know, "they're not doing very well." and i would i'd be like, "oh, okay. i get what you want me to do." >> jimmy: yeah, oh, yeah, yeah, yeah. [ laughter ] yeah, that was a side way of saying, "you better go to college," yeah. and then you went and dropped out. >> i did. [ laughter ] >> jimmy: yeah, good for you. good for you. >> i went on leave actually. >> jimmy: keep her on her toes. yeah, you did. you actually wrote

microsoft with school friend paul allen. with social media.icial. did you used to play hearts? i think it's in the book. a lot of hearts. with their grandmother. outsmart the competition. days, he'd probably be diagnosed on the autism spectrum. he was really nice. he was not a normal kid. to the lead, which... it's good for you. he had a three—hour dinner with the president ahead of the inauguration. that opportunity. you can be cynical. robert f kenneder, who denies he's anti—vax i've given over 100 billion. but i still have more to give. now let's take a at some other news. the eu has condemned what it called a condemned'whet'it called a crackdown on peaceful brutal crackdown on peaceful protests georgia. the second of 77 of arbitrary and violent round of arbitrary and violent arrests were taking place late arrests were ta icing place late the evening during in the evening during anti—government protests. hours anti—government protests, hours two opposition anti—government orotests, hours two opposition leaders earlier, two opposition leader

>> we have seen other companies lift their targets, microsoft.major cloud hyperscalers and would not be surprising to see amazon do a similar boost, although some of these were 50% more than we were expecting. it would not be surprising to see them bring up their capex some want. >> we were talking about impact on chinese competition to amazon from an e-commerce perspective. when we hear about how it will impact the business and duties on chinese rivals. >> so far we have not seen much reaction to the idea of a trade war or tariffs against china, but to the extent that we see less competition from lower-priced rivals, that is a good thing for amazon and e-commerce market share. caroline: that does it for this edition of bloomberg technology. do not forget to check out our podcast on the terminal as well as online and tune into the earnings after the bell, amazon across the deck. this is bloomberg technology. ♪ the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comca

amazon, has already like microsoft, has already made the model of deep seek available via its platformcause it was a strong in general for do well because it was a strong in generalfor us christmas in generalfer us but i wonder how at retail but i wonder how much at this point is simply this point is amazon simply a bellwether for the health of qqlhnetherfor the health of consumers? it m , american consumers? it very much is and _ american consumers? it very much is and in _ american consumers? it very much is and in that _ much is and in that respect consumers keep american consumers keep and there is no spending and there is no indication in their outlook that there are fundamental e health of with health of the "sef tt'ith the hea'th ef the . ~ , ~ ~ ~ �*or the consumer or that they would be outlook or that they would be there which is facing headwind there which is really core of their business. and the largest source of revenue for their i expectations a think expectations became a bit heavyin think expectations became a bit heavy in weeks and heevv ih recefiteeehaeéhe' that run up

i would be a little careful with the stocks they had great multiyear runs and even microsoft after earningst get again. >> teresa have a a.i. light is anything will they need less power to drive the big servers. >> potentially, that is 100 a lot of energy stocks this week, the unregulated independent power producers, consolation, they all got hammered on the exact concern. people are worried about the regular utilities maybe not so much. >> the interesting thing, consolation which got racked with the best-performing stock in the s&p 500 this month. >> we also saw the pipeline companies like williams, kinder morgan, i think that's a little bit of an overreaction in the pipelines are incredibly capital-intensive asset, nobody will swoop in and build another one in the current administration is pushing. jack: they want to export it which means you'll need the pipelines. john galloway has an interesting theory, basically every sector that bifurcate scummy opportunities and walmarts. his deepseek to walmart and openai is going to be the tiffany or is this a real threat to the american exception

microsoft announced. >> that deep. >> scar one is running. >> on copilot plus pc.th with snapdragon. >> we'll have more from the chip sector later today when our u.s. colleagues speak to arm ceo renee hoss. that first on cnbc interview is coming up at 1500 gmt. now, arjun joins us now with more. thankfully, he's been poring over these numbers over the last 12 hours or so. raj, what do you make of the share price reaction? what should we read into how investors are thinking about these companies? because ultimately they delivered pretty good numbers. >> yeah, investors are jittery. >> they're on edge, particularly. >> when it comes to any tech stock. now that really. >> has. >> any sort of relationship. >> to ai. and i think that's. >> come from the earnings. reports we've seen. >> thus far, the. >> likes of microsoft, the likes. >> of google and alphabet as well. >> you know, the alphabet numbers. >> in particular, seeing. >> sort of a miss on cloud revenue and concerns over. capex and whether all this. >> capex. >> big tech. >> is spending. >> is going. >> to be w

like microsoft, apple, they sold better than feared numbers.general about can they continue sustaining it? if any little thing happens, a flight in the light meant, the stock gets crushed -- a fly in the ointment, the stock is crushed. six month we look back at this as a golden buying opportunity, not the time whether something structurally wrong. dan: or we have found better vehicles to play the theme? palantir. dan: that is a -- if you look at their quarter, they can print out that press release and put in the louvre and choose what they are doing in terms of palantir is one of the best place in ai. as is the second and third derivatives take hold to google and salesforce and others, is not just about the mag7. there are others that play into this. jonathan: next to the mona lisa, untamed ai demand. dan: right to the left. lisa: a qr code to an nft. jonathan: special vip tickets. good to see you. thank you. a lot to talk about in tech right now. dan ives. here is your bloomberg brief with yahaira jacquez. yahaira: president trump says the adm

microsoft. >> people are knocking microsoft and come down from 460 to where it is right now at 412.d what they're doing and innovating and how they'll monetize artificial intelligence going forward and i think the 50 point haircut it's taken recently is too much. i also own it ask plan on owning for a long time. ashley: very good. mike, thank you very much. now this, president trump reportedly prepared executive actions to dismantle the department of education. all right, madison, come back n. doesn't something like that need congressional approval? madison: yes, ash, it does. but that's not stopping trump. listen to what press secretary karoline leavitt said to stu earlier this morning. >> so you can't confirm that he is going to try to abolish the department of education? can't confirm that for us? >> i will say that president trump campaigned on that promise, and i think the american people can expect him to deliver on it. madison: there you have it, president trump's team is reportedly preparing executive actions that are aimed at dismantling the education department. officials

then microsoft, of course, which has been its partner. as we've reported, and others have as well, that partnership while still in place, is not exclusive. certainly microsoft and openai making that clear with the latest effort called stargate in terms of building data centers all over the country and spending as much as half $1 trillion over a number of years to do so in partnership with softbank and oracle, and as well, some foreign investors, mgm being a key one there. also softbank can syndicate, i'm told as much as 10 billion of the ultimate 40 billion in commitments it has made. so could bring its overall number down to 30 billion. it would obviously need openai to approve whoever those investors were. and we're going to go back to sort of some of the questions here is where all the money going to come from for softbank, the commitment to stargate and the commitment here. well, it adds up to a very large number. they do have 140 billion in liquid securities. obviously significant position 90% of ownership of arm. significant ownersh

the world knows bill gates' is co-founder of microsoft. and one of the richest people on the planet. he's here live opening up like never before on the start of his journey to the top and why it almost didn't happen. ♪ fly like an eagle ♪ and philly fanatic. >> fly, eagles, fly. thank you. >> the young eagles fan surprised by playoff tickets and winning millions of hearts with his own kindness. >> everything is free. >> that's so nice. >> joining us live in studio 1a. his inspiring story as we count down to super bowl lix, today, tuesday, february 4th, 2025. >> announcer: from nbc news, this is "today" with savannah guthrie and craig melvin. from studio 1a in rockefeller plaza. >> and a very good morning to you. welcome to "today." glad you are with us on this tuesday morning. >> it is going to be a special one. little declan. a lot of people remember him. he was surprised with a trip to the nfc championship game. a big eagles fan. well, he will be right here. and we may have something up our sleeves for him. >> what i love about his story

he worked in many large companies including microsoft, but he gave up everything and moved to russia with his wife and 6 children. and now they're about to have a 7. so apparently they had a very good reason to relocate. did he talk you interested? no, i think to be honest, we 1st rich the same conclusion. some states have had issues where they've come in and they've removed the child from here because they're claiming the child's being abused by not being able to think it was uh, is 6 states in less than 6 months past these laws that even a 5 year old kid can be taken away from their parents and take them to the hospital and shop a lot. yeah. that's just the reality we've uh and people ask us okay, well, i mean like, is it ramped and is it happening to like everybody have you been threatened with that? no, i'm not an idiot. i don't wait around for this stuff to continue to progress because that's what's been going on for the last several decades. a lot of people with traditional values wouldn't take the agenda, right? they wouldn't. okay. i know that they flash a lot of traditional

microsoft of course investing 80 billion this year. scale a.i.ump administration officials and lawmakers in d.c. this week to discuss the china threat on a.i. joining me now is the ceo of sand box aq, jack hitery is with us, sand box was spun outs of alphabet three years ago, the models deliver critical add advantaadvancesin life sciences. thank you for being here. >> it's wild times in a.i. maria: it really is. the name of your company, sand box aq -- >> a for a.i., q for k quantum, bringing it together. maria: do you need quantum and a.i. together as a company. >> we're all b2b. we're here to make new medicines for alzheimer's, dementia, cancer, diseases we need to address. we're here to make new chemicals for industry to light weight vehicles to address also financial analysis. when we think about the financial projections of the future, portfolio optimization, you need a.i. and quantum coming together. maria: why? >> these are higher dimensional areas. when you think about for example a new pharma product, a new medicine, we don't need an a.i

microsoft has been a little bit of a more challenging story. some of them have lower valuations. >> anything there. well and i'd be careful. i mean it's kind of a not correct that value investors don't like growth. love growth. just don't want to pay a ton for it. so we. i love google. google, at least until it had its recent run, was the only mag seven stock that was selling below a market multiple. so it's nice to go there. it's love to have both growth and valuation. don't get it a lot but but there's still some out there. >> cole i don't take you as the type who's like all that excited to comb through the mag seven. you know ever or at least at these valuations. where are you looking right now? >> yeah. thanks for having me kelly. i think a really interesting theme that we're going to dig into a lot more in discussion with investors is talking about asset light businesses who produce low returns versus capital intensive businesses that are producing attractive returns. so let's just use your discussion a second ago of meta. if i back out th

microsoft, meta, alphabet and apple are. >> all. >> top ten holdings in this growth fund. >> it's great. >> to have you here. and when other people talk. >> about whether. >> we're going to rotate out of big tech, it's like existential for you because this is your whole portfolio. so just on on alphabet specifically, what do you make of the market's reaction? >> well, i actually think the market's reaction today is actually it's not that exciting. it comes down to margins. i think alphabet is a stock that tends to trade pretty sensitive to how they do on margins and profitability. it's a company that doesn't provide a lot of investor outreach. and i think changes in margins can really swing the stock. and they kind of missed on margins last night. they also provided an initial 2025 capex outlook, which was quite a bit ahead of where the street is. so i think this combination of softer margins and higher investment markets not liking that. >> it makes it clear that this is a company in transition, right? i mean, the reason why people loved the profit margins was because they just printed

and amazon and microsoft and alphabet, we heard as well over the past few days. and i think what was interesting is jassy's comments about deep tech were exactly to that. but i thought he did a very good job, perhaps, versus some of the other companies we've heard from so far in justifying that capex spend, because i think the stock would have been down a lot more than it was if the market wasn't happy with that. you know, he said this, as you heard from the sound byte, there a once in a lifetime opportunity. and it's important to put this in context. yes, the $100 billion figure is more than microsoft has committed and more than alphabet has committed. but amazon also is the biggest cloud player in the world. and so, you know, it's kind of, you know, reasons. yeah, there's different needs. and we have heard also on the call that there are supply constraints around the availability of chips, and that this capex number is really a response to demand. so i think the market was probably okay with it, or you definitely would have seen that stock down further. >> let'

amazonjoins microsoft and google in reporting weak increasingly impatient with big tech ploughing billionsmpany is contending with the fall—out from china—based of the cost. platform. who said it posed a national security threat, but what does and could it form a part of the conversation trump later today? through if it's going to successfully go ahead. we'll see what happens over the coming months. biden, then it goes back and then they will reconduct the analysis. is it a bellwether? look, there are clear steps that the deal has to go through if it's going to successfully go ahead. the first step is litigation. the case is currently in front of the us courts to try and overturn the decision of president biden. whether that happens or not, ithink — i think it will be difficult. we'll see what happens over the coming months. if the courts overturn the decision of president biden, then it goes back and then they will reconduct the analysis. if it reaches the same conclusion, it will go to president trump to make a final decision and we'll see what happens there. what does this deal with us

almost the same exact portfolio of the nvidias of the world microsoft amazon alphabet.some investors holding berkshire as well, but still there. they fear the bubble, but they're not willing. to let go. >> of it. late entry to the top concern us china relations. i haven't seen this one on your list. >> yeah it's. >> been down the list, but now it's climbing the list and it's all tied into the tariffs, which could produce inflation. more anxiety over the us-china relations. but we also saw for the first time on this concerns about deep fakes, right. concerns about technological developments in ai that may make that pricing model look a little bit weird. that's why we had that big sell off for last week. so that's starting to creep into the psyche. >> caleb. >> when you look at the. >> 33% expected 10%. >> drawdown, is that usually. >> a contra indicator? what are we hoping for? >> what gives. >> that the most accuracy. >> the higher the number? >> is it a. >> is it a more. >> it's a little. >> bit of a. >> contrarian indicator because i. >> think everyone was. too far on

are you saying there was a reset lower because of both alphabet and microsoft? >> well, i think. >> yeah, absolutely. >> i think there was a reset lower, but i. >> don't want to. >> be too. >> finite about it, but. >> i will. i think 19%. >> is your over under scott. so you know, 20% green, 18% red and gray. that's the middle color that's going to be that's going to be that's. >> going to be 19%. >> so i think that's really your over. under on aws growth. >> because 20% would. >> show you acceleration. >> what the. >> problem that both azure and. aws that google cloud. >> talked. >> about was supply constraints. >> the question is whether aws. >> has. >> been more capable. >> of handling supply constraints. >> than those other two cloud vendors. i don't know, so. >> i think. >> i'm sticking with this 19% number. we'll find out in an hour. >> yes we will. all right. jay, what do you what are you looking for most. yeah. no. >> i think i think. >> mark summed. >> up the aws piece i think is going to be huge clearly. there's no doubt about that. i think. >> the othe

and also never could microsoft. i covered the middle east and africa and i had several intelligence agency trying to recruit me to work for them. and when i kept saying no, they wanted to make an offer. i couldn't refuse and they have a history that to and is approvable, know because when they try and recruiters not like they leave behind a business card and say, hey, you know, i'm from the intelligence agency, but very clearly there are 3 recruitment attempts. why is it that the f b i is looking for you on the website? they say that i legally retain my son, which is not because i had custody of my son in new or is already lived in europe the and you can prove this. yeah, i do all that. and then they said they told the newspaper, the indictment, they said that i physically kidnapped him with the problem was, i was a united states and neither was he the and just 2 months prior, the same judge who set this whole thing up, put him on a plane using please return to me because he was visiting his mother for the summer in