mandeep: it is now at genai, now that you have a model that can reason and can be condensed, can you run it on your device, whether it is on your phone or in a robotics area where it can do more things. obviously, the price point will be higher. all of these companies want to control the system from hardware to operating system. meta-does not want to rely on apple or android echo system. -- ecosystem. vonnie: thank you so much. that is mandeep singh. coming up, moderna reporting its earnings and another loss. let shares are up more than 3% in the session. it fetched -- it faces a changing policy landscape in washington. we will break it down. this is bloomberg. ♪ (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus -what've you got there, larry? -time machine. you gonna go back and see how the

all about genai investment.e november 2023, holiday bookings beating expectations. amazon, the juggernaut. going through so many stocks. let's start with amazon. most analysts seem to be upgrading targets. they are convinced this investment is worth it. >> look, amazon does have the largest cloud business. almost $115 billion. it is quite impressive what they are able to do. the one negative i would cite here is that microsoft is the only one that has quantified their ai contribution. they said it was a $13 million run rate this quarter. in the case of google and amazon as well, we don't know exactly what the ai workload contribution is. remember, amazon only competes in the infrastructure levers. crosoft is selling you office copilot. google is also selling you other types of software. if we had kind of known what the ai contribution was, it would be more clear in terms of how things are shifting between traditional cloud and ai workloads. jackie: this crossed the wire not too long ago. bill ackman said pershin

when you look at ai, the genai powered search is now in 100 from companies and the monetization is atn par with traditional search. when you look at the ability to take pictures to search, 20 billion are being done every month. when you look at circle, the search of the people using that, they are using that for 10% of all searches. google is being successful in innovating within search and successful innovating using ai beyond search. look at youtube which is crushing it in the u.s.. they don't articulate that very well. that continues to hold back the multiple. lisa: the narrative is moving on. seems as if people are saying last year was the year of big tech and the cloud providers. this is the year of the adopters. meta made a good story about why they were an adopter. is that premature? that people are shortsighted when it comes to how much more spending has to go into cloud computing at a time when demand is far outstripping how much supply the risk? -- supply there is? stefan: when you look at what google said, what meta said, they are delivering on a huge amount of demand. micr