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This is Bloomberg Technology with Caroline Hyde and Ed Ludlow.
Live from New York. This is Bloomberg Technology coming up. All eyes on enveer As, a three trillion dollar chip maker, is set to report earnings after the closing Bell plus Comcast it plans to spin off some of its cable TV channels. We talk future strategy and the CEO of Qualcomm joins us as a company details growth of twenty two billion dollars in annual revenue over the next five years. But first you will know Qualcomm as the world's biggest
seller of smartphone processes. But the company is pushing into new markets and generating potentially up to twenty two billion dollars in additional annual revenue by fiscal twenty twenty nine. Look, eight billion dollars a year is going to be coming from an expansion into automotive chips. Fourteen billion dollars they
say will come from the Internet of Things. Qullcom CEO Christiana Amon was detailing that very vision yesterday and what your total addressable market now up to nine hundred million dollars. It is great to have you here after that investor meeting, you're looking out to twenty thirty. What gives you that confidence.
Look, we have been first of all, great to be here talking to you, but we have been on this trajectory since twenty twenty one when we had our last investor day and we outlined the plans to grow the company to other markets.
We realize that the.
Technology we produced for mobile could be very disruptive and we could build actually a leading position where we did in automotive, what we did in PCs, and we thought we'll be the right thing to tell investors as we look in the next five years how we're going to diversify the company. When you look at the company right now, most of our revenues mobile Mobile is a great market, but it doesn't grow as much until we have an AI of grade cycle. However, those other markets that we're
going it will drive higher multiple. So as those revenues from non mobile become a bigger percentage of Qualcom, we have an opportunity to actually see a multiple expansion. So we want to outline to investors our trajectory and what's exciting is really where we are right now. We're very happy with the results of the company in the near term.
We show on the last earnings called we're growing in all markets, including handsets, and we put out in five years we're going to have twenty two billion dollars of non handset revenue.
But bearing any sicklic.
Calid on the market, we'll expect to continue to grow annually into that into those.
Targets, bearing any sickl catesy, can you just talk through, like what are the downside risks to automotive demands? Two people actually upgrading to new and refresh Android phones, which are going to remain probably.
Yeah, what I mentioned about cyclicality, I think this in my conductor industry, we have seen on the first the past few years, we had a bunch of different cycles, different markets, inventory corrections, we have capacity constraints. We're not assuming that going forward, but some of that you know could happen. But when you look off the normalization of the market we see right now, if that continues, we
feel very good about the ability to grow annually. To your question, is cars is one that we're incredibly excited because people are now buying new cars because of the computational cupabilities and did those big screens in the digital cupabilities of the car. And I think that's what actually creating demand for our technology.
Going in before we get to cars. The Internet of things is really going to be something that we've been talking about almost for a decade the mobile or Congress and remember everyone's the zuberan about Internet of things and then reality never quite gets there. And that's where previous times you've made targets and perhaps have had to fall short because the ecosystem doesn't build. What makes you sure it will get to that fourteen billion this time?
Like, we're very confident, but I I would like to break that down for you. Yeah, So first PCs, because actually what I need to tell you is we talk about Internet of things, but the Qualcom Internet of Things revenue stream, there's a bunch of things in there. We have PCs, we have virtual reality, mixed reality devices, we have industrial we have networking and personal devices like wearables and watches. That's our Internet of things bucket. So we
gave a target of four billion dollars in PCIX. If you think what we're doing right now Snapdragon X series is the fastest processor is faster than Intel, faster than MD. We come in and within the industry as a new player with a leading platform, the only platform they could run Microsoft Copilot plus. If you look at this of the service market, the TAM or the SAM that we're I had an investigate of PCs in twenty twenty nine, it's thirty five billion.
We say we're going to do four.
It's very achievable target, especially when you think about we have the best platform the market today.
But everyone does indeed love that Silicon our om Bloomberg Intelligence saying you're in s Silicon and the AIPC is great, but there's been so much cynicism around the adoption of on based PCs. What is stopping that?
We actually we see a little bit different. We launched this platform in May. We have twenty designs right now. From May to today, we increase the design traction by two point five times. We have fifty eight now platforms across del HP, Lenovo, Sands on the Asia suits and people buying them and these sales are exceeding our expectations. So that's why we feel confident. And if you think about the target, were putting four billion in the thirty five billion SAM is not that high. The other one
is industrial. And you asked me about IoT. One thing Caroline did change the IoT in industrial is AI a d edge.
The ability to run AI a D edge.
We can run multi billion parameter model into a device at the edge. That changes the cost equation for a lot of companies that I actually think that it's going to be cheaper than doing in the cloud, or they have specific needs. That inflection point is what gives us confidence we're going to get four billion in industrial by twenty twenty nine. And the other two billion we provided was for augmented reality and the ray band Meta smart glass.
Everybody talks about it is probably the favorite Christmas gift this season.
Let's talk therefre about an inflection point when you go back to what had been your bread and butter, which is smartphones and cells. Are people upgrading? Are they going to upgrade, particularly on the Android devices that you sit with, because Apple is course is going to be pulling back for the next few years.
Look, Android is the largest global market for hintsts, and we have very focused on premion teer Android. What we see in the market that grows very you know, phones grow with GDP. Right, it's flat to single dishit growth because everybody has a phone. However, what we have seen is at the premium teer they're growing significantly. We see a mix change when people buy their next phone, they want a better phone, and that that actually allow us to be growing in many.
Cases like double digit on.
A market doesn't grow by expanding content, So what we expect is that is the trend as we people buy a premium smartphone with more AI and eventually as the AI use cases start to be as big as apps, we're going to see an AI driven upgrade.
We are sitting with the call com Cio Cristiano, a'man for worldwide radio and TV audiences. The upgrade cycle grows the GDP. You're saying, China's GDP and looking so great. You have exposure to that economy. What does it feel like by now?
Look, our China business is business that we're very happy with it. As geopolitics evolve, actually our business with China expended, especially because as we become relevant in automotive and industrial beyond phones, we have Chinese customers. I think, at the end of the day, regardless of GDP growth, China is a big market. If you are, as a my conductor company, that you have a leading technology that cannot be replicated by a domestic product, you're going to have a big business in China.
And that's what we have.
They're fighting to make things domestically because of the new administration and indeed the current administration still pushing back on China that you don't have any pause, any concern about taris rampop for example.
Look, you should think about our business. We are exporting semi conductors when the right direction of trade for the United States, especially when you think about trade balance so so in and if we have a leading technology, we expect that China will be interesting continue to buy our chips, So we're not concerned about that.
You know, have any procurement issues, you don't import anything. You're not having to.
Stop pile now.
We I think we have been We're fabulous company and we have been a big exporter of chips into China.
You've got an amazing bird's eye perspective of the technological race that we like to talk of between US and China. For example, you've got an array of large language models within your snap Dragon mobile system and platform. Some of those Chinese large language models, how do they perform compared to the US one.
Look, we can talk about this all day, but I'm going to try to summarize a few things.
There's a very.
Large number of models becoming available, and they're very specialized. I think we're heading towards AI as being a new computing and you have models specialized in voice, major specialized in imaging, like large visual models, et cetera. What we're starting to see is a lot of those models are becoming regionalized, especially when you think about text and converse or conversation. As the computer starts to speak the language of humans, every reason has a unique aspect that is
driving a lot of regional models. We expect the future is going to be like that. China's going to have their models, you know, Europe is going to have their models. We're going to have our models, and they're going to be model specialized for different things. And we're just the beginning of this exciting new transition.
You could talk about it all day. The thing that the markets that the media have wanted you to talk about all day is whether you'll be making any acquisitions and whether you will potentially making any acquisitions of Intel parts of the businesses. Your CFO outline that, look, you're actually gonna be giving money back to investors is M and A therefore not on the agenda.
Look, we have always been looking for opportunities. A lot of the Quaker M and A framework with the outline has been apportunistic or been very target to.
Accelerate our plans.
We has showed that with the M and A that we've done for Auto, the M and A that we've done to enter the PC space. So you're probably going to continue to see qualk on doing that right now. At this point, we have not identified any large.
Acquisition that.
Is necessary for us to execute on this twenty two billion, and we're super focused on executing on the twenty two billion in the next five years.
So give us the confidence. Give the investor base that's currently seeing perhaps your share price off by six cent a moment, give them the confidence that this transition away from Apple and focusing on an Android but focusing in on the Internet of things opportunity that you articulated the autos, You're going to get that smoothly and with clarity on time frame.
Yeah, Look the way I see it, and I think that's probably you know, I can't really you know, talk about what's happening with the stock, but I think there may be some confusion. Our plan in the investor day is to tell investor there are strategies working.
We don't need a new strategy. It is working.
We had executed on what we said we're going to do in those new markets like Alto, for example, we have been have five consecutive quarters of record growth, and we would grow even when the market doesn't grow because we're gaining share. We had deliver on our entrance on the PC and a well positioned to ramp, and we told investors how this is going to play out with the other markets. We had said since the beginning that our planning assumptions assume that Apple is coming off the model.
We had said our contract implies that we have twenty percent share in twenty six Would that be the case, I don't know.
I think we have had two renewals of Apple, but.
We have to make a planning assumption that Apple's coming.
Off the model.
Even with that, we are well positioned to continue growing to the period and get to a point in twenty twenty nine that we have twenty two.
Billion of revenue non mobile, and when we.
Get to the end of the decade, we have a potential about but fifty to fifty mobiles about fifty percent fifty percent.
Of the revenue from growth market.
So I don't know what the anxiety is, but I think we feel confident about the plan and we'll continue to execute on that plank.
Let's get Hannah. Analyst Christopher Roland saying, we continue to have confidence in CEO Amount's ability to move Quillcom beyond modem and cellular IP company. We appreciate you, thank you for being here. Quil Come CEO Cristiano Aman. Now as a quick checkout on this particular chart of a chip company that you're not looking at every day. Semiconductive Manufacturing International Shares SMICK, as it's known they've more than doubled over the past two months, even amid the risks tied
to competition to geopolitical tensions in China. The stock is up one hundred and twenty percent from September, trancing global sector names including nvidiomc As you see China autperforming particularly on land in Beijing trading, I mean, while speaking of Nvidia, look all eyes on the company reporting earnings after the closing bell, we'll discuss what to expect, particularly with Blackwell.
This is Blue meg Technology, oh in vidious quarterly results and the forecast they're out after the closing bell Today.
Analysts will be on the lookout see whether the world's most valuable company can sustain what has been a remarkable run, fueled by spending, of course, on AI hardware. Relumeg Intelligence analyst Kundren Savani joins us, now everyone wants clarity on the supply side of Blackwell and demand for the Hopper too.
Yeah, I mean, look, second half, we have seen the demand for the Hopper expand not just said the top large cloud service providers and hyperscalers, but beyond them to the sow end, which now we expect them to be low double digits this fiscal year with the enterprise, with the tier two cloud service providers. So we don't see any limiting in terms of demand for Hopper, and everyone's anticipatingly waiting for the Blackwell ramp, which we think will see major portion of it next year.
We allls seem to focus on revenue. It's going to double for the full year. We anticipate it's going to be up eighty percent for third quarter, up a little bit less than that for the fourth quarter is the expectation. But what about margins, what about profitability conngin?
Yeah, I mean, look, we have seen the peak of the margins there behind us. Going into four Q, we expected to not as low as some people are concerned. We expected to still stay above the seventy three percent mark. But going into twenty twenty five with Blackwell as a new product ramping, we expected to stay at the same levels. We are also seeing the cost of the new products increase, but their ability to charge equivalently more pricing is not
going there because there's a lot of pricing pressure. These are very expensive GPUs.
May sure, and it's a very expensive stop bluing bag intelligence. As of Bonnie, we thank you. Let's turn about that valuation now with Kim Forest, founder and CEO Booker Capital Partners. Kim, we've had almost two hundred percent run up in in video over the last year, and indeed that's on top of a tripling the previous year. We have a massive valuation. Is it too high?
Well, if you get to it today, maybe I don't know. We'll tell you at the end.
Of the day.
The problem that I see, and let me just say this, I'm a believer in AI in general. I'm a little bit skeptical of generative AI. I think it has a lot of issues that just can't be solved through the brute force throw more chips at it. But that being said, I'm.
Rooting for AI. Now.
The problem with evaluation on in Nvidio is you laid it out. It's already had a triple, a double, you know everything. It's as if it's a quarter being tossed and coming up heads heads heads. There is a day it's going to come up tails and momentum investors are going to freak out. And with every earnings call now that we have, that day gets closer. Is it today?
I don't think so, But I don't know.
And that's really my problem with this, that it's a stock driven by momentum.
To be fair, they have freaked out before after earnings, even when they meet and beat. But the forecast isn't living up to expectations. So what is it that you therefore need to hear from Jensen to give you the confidence. It feels like you're pushing against the scaling laws that actually he continues to think thrive at.
The moment exactly.
Well, there's a couple of things that concern me. There is a handful of companies that are willing to spend unbelievable amounts of money on this. Now, if one of them blinks, well the other ones kind of cool down and you stop shoveling money to the end of this problem. That's the one thing. So who are we talking about? Apple, Meta, and Microsoft are the big ones, right, maybe Amazon as well, but those are certainly the companies that have the cash flow that.
They don't even have to question it.
They're going to spend, spend, spend, But you know, that's a very narrow market if you're going to think of it that way. So you know, I'm just a cautious investor and everything has gone right, so that demand is key, and blackweil is a little bit of a concern. Yes, it's not really shipping yet. They'll probably modify the problem that's causing overheating. You know, when these things get over into the world, they're used differently than they've been tested for.
We've seen this many times in other semiconductor cycles. But it's all a concern for you know the thing that leads the market now it you know, it drives all the markets. It's such a high component of the S and P five hundred game.
It's a macro event. Do you buy all wetness?
If I buy on weakness, I'm going to look at it very hard on weakness because again I still think, given what the other makers of chips and even the people who are dreaming of being competitors of Nvidia, and Vidia has a nice long runway to have people not catch up to them. So there's some safety in there, but valuation is steep at this point.
Proceed. We're caution O Capital Partners, CIO, Kim Forest. It's time now for talking tech them First Up Global Foundries has been awarded one point five billion dollars by the Buyer Administration's chips at The grant will support the chip makers expansion of two factories and one new plant in the United States and is estimated to create a thousand production jobs and zeploint nine thousand construction workers plus salesforce. Plans to cut workers from its recently acquired data management
startup own. The company says some roles will not be required. Quote post harmonization and set an end date of January thirty first for those employees, while others will remain on a short term basis if needed for the transition and shares of MicroStrategy rising today, catapulting the market value to more than one hundred billion dollars. This is the company announced plans to increase the amount of convertible senior debt it plans to sell in an effort to buy more bitcoin.
Now it's about forty billion dollars worth coming up. We're joined by Strike Fanner and CEO Jack Mallers as traders and making bullsh bets on bitcoin alongside Michael Sailor clearly over at MicroStrategy from New York. This is blom Meg Technology. Welcome back to bloue Meg Technology. Look what else is moving crypto? But actually there has still been that risk on sentiment in bitcoin that drives us up another one
and a half percent. We're at ninety three six hundred and sixty one and this as it's more about the feel good factor around future policy in the United States and indeed some heavy buyers continuing for their balance sheet. Let's talk about it in the industry at large, because of course it's spent a lot in terms of lobbying on candidates across party lines during the twenty twenty four election,
and those efforts clearly seem to have paid off. Stand with Crypto, a group that tracks those results, say two hundred and seventy five pro crypto candidates were elected to the US House, twenty in the Senate. Now they're looking at how those lawmakers will influence the industry, including the policy of President elect Trump. Here to detail what the political effects are, what just buying is like at the moment.
Strike CEO Jack Manners, who actually has a pretty close relationship with one of the senators who has been long with the Red Eyes. Yes, Heir Loomis, And I'm interested in ultimately what you've seen in terms of trading on the platform since the election.
The day post election, the Wednesday post election, our business doubled. We saw one hundred percent growth in bitcoin purchases. Our customers are predominant purchasing bitcoin, and over ninety percent since election are actually taking the bitcoin off the platform and holding it in their own custody. So we're not seeing active speculative trading on gambling on this short term price. We're seeing long term accumulation on our platform, and our
customers are excited. We serve bitcoiners, and bitcoiners are excited right now.
Okay, so you're maybe supporting those that are focused purely on the ecosystem, but people are going elsewhere to trade, whether it's gambling or not. We now got options trading on the bitcoin spot ETFs. What do you think of that? What do you make of this transition from well DeFi and crypto into more traditional finance.
Well, the last time I was on this show, I told you and ED, which ed congrats.
By the way, I'm thinking of you.
I told you, guys, I thought bitcoin was the only money in crypto. I wasn't sold on any of the other cryptocurrencies, and that my business, we're predicated on Bitcoin is money, and we sell our customers financial services. So if you're a customer of mine, you want bitcoin financial services. You want to buy it, you want to store it, you want to move it, you want to pay your bills with it, you maybe want to loan against it. These are the type of products that we want to
serve our customers in the future. We do not think of ourselves as a speculative exchange. So that's my customer base options ETFs MSTR. All of these things are pro liquidity for bitcoin. What you want in a money or a store of value is you want it to be syllable. You want it to be liquid at any point twenty four to seven, three sixty five globally.
You want to be able to sell it.
And so all of this is pro liquidity, which enhances the profile for bitcoin to be a better asset for a government and corporation and individual. So everything is bullish for bitcoin. That's what I always say. So another day, more bullish activity for the asset.
Okay, convince me of why for this liquidity, for this vision for the future of money, you need a strategic Bitcoin reserve because I know that's what you've been speak with Youll Loomus about. So we're having infrastructure issues, not your fault.
Not your fault here, you know.
I think the unique positioning on the Bitcoin Strategic Preserve, I think if this happens, this will be one of the most important economic announcements in US history. I think it'd be on par with nineteen seventy one and Nixon. However, what I think is not being talked about enough is it's positive caroline.
Because you'd have to go out there and buy in the market. But will it actually happen. No?
My meaning is this.
In nineteen thirty three, the US had a really big economic announcement. What was it, We're taking all your gold. In nineteen seventy one, the US had a really big economic announcement. What was it, We're divorcing ourselves from the gold standard so we can print money. In two thousand and eight, the US had a really big economic announcement.
What was it?
It was, we're bailing out all the big banks that misbehaved. In twenty twenty five, if the US has a really big economic announcement, what is it, it's we're pro technology, We're pro innovation.
What principles in morals?
In ethical alignment?
Does bitcoin have equal rights, equal opportunity and open network? These are American ideals, American values. This isn't as that was accessible to the people fifteen years ago, that the people own. Governments only own two three four percent of this asset. This asset is held by the people. It acts in the best interest of the public. It's pro jobs, it's pro energy, it's pro industry, it's pro growth, and does anyone else have a plan to get us out of debt. We were going to start a lemonade stand
out here in Times Square. No, how about the best performing asset in the history of mankind.
We lean into it. We buy it.
Coinbases in an American company, strikes in an American company, crackings an American company. Tether sells the US dollar. Let's support these businesses. Let's support this industry.
The market cap is less than in video for the entire crypto ecosystem. When does that become bigger?
I think when people buy it. Listen.
I think that ego gets in the way of many people. People think they're late to bitcoin. I don't understand that, right. I think that late according to who oh, because you're comparing yourself to Michael Saylor, you're comparing yourself to your college roommate, you're comparing yourself.
To your coworker.
Over the last fifteen years, the best thing you could have done is buy bitcoin. And I think that's going to be true for the next fifteen hundred years. And so as a country, I think we have a choice. I think everyone else around the world is understanding we are pro growth, pro business, pro bitcoin.
As this new.
Administration takes office and we have to make a decision. I think the worst thing we can do is not own enough, and actually to de risk this, we should buy some and push these American ideals in technology and innovation and growth through the best performing asset and technology in mankind.
See if she can get that through Congress. Strike CEO check malis great to have you in the house. Thank you so much. Coming up, SpaceX it achieves new feats during six major test launch of the Starship system. We'll have the details next. This is Broomberg. Let's just take a look at a new trend in Silicon Valley tender offers.
Until recently, there was a bit of a stigma if a venture firms sold a lot of shares in a portfolio company before an IPO, it was seen kind of as a sign that the firm didn't believe in the startups continued growth. But now that stigma is just going away. Let's discuss Spoomberg's Katie Roof's piece. You wrote all about this in Today's Tech Daily, and it does feel every other day we're getting another announcement of a tender offer. You did data bricks, You've had SpaceX. But it's not a negative.
That's right, and so you know, secondaries have always been a thing. But what's different is the stigma's gone. You know, as companies take ten to fifteen years to IPO, it's no longer seen as you're giving up. It's just a sign that you need liquidity for your LPs where you often, you know, if you're a venture firm, you often have to return cash back within ten years.
Talk to us about how it gets done. How formalized is the secondary market becoming.
Sure, there's different types of transactions. There's the tender offers, which are usually you know, they're sanctioned by the company. They're large transactions where often the employees will also sell shares. But there's also a lot of one off trades and there's a lot of brokers out there, a lot of different intermediaries helping you know, to transact between buyers and sellers on these private trades.
Does this and not putting off yet further IPOs.
In some cases it does because part of the pressure for IPOs is often because employees or insiders want to get liquidity, they want to be able to buy that house.
Those employees that have been.
There forever, and so that pressure goes away when those employees and those those insiders are able to get liquidity, and so yes, it does absolutely contribute to a delay in IPOs new bugs.
Katie, We thank you, and we were just discussing with Katie SpaceX tender that we've been hearing about. Well, of course, it's actually just marked another successful launch with its Starship Rocket in its sixth major test, that says Elon Musk and President Elect Trump watched from Afar. Here's what one SpaceX investor had to say about the company's triumphs.
You don't want to be in SpaceX's way, right if you're building there's a lot of benefits to SpaceX is building the railway, and there's a lot of benefit that now new opportunities become available that weren't available before. But you don't really want to be building something that's on their roadmap.
They are the apex player.
Let's get more from expertise in the spacefield. Lori Garva, operating advisor at Bessemervenure Partners, former NASA Deputy administrator joining us. Now you've got a book out and he's worked alongside the likes of Elon Musk. He thinks very highly of you, and I'm interested in about what you made of these new feats, in particular, what this sixth test launch really showed us because they didn't get to catch once again with those so called chopsticks.
Yeah, this test was a mix.
However, I would finally put it in the win column.
We aren't used to seeing.
A company or even a government agency push technology like SpaceX is doing on this flight. Although it was disappointing not to get the catch, we knew that was a possibility. They're making good calls, they're making safe calls. The Starship itself, which is actually the more complex and important vehicle, went
on to succeed beyond anyone's imagination. They are taking out weight of the vehicle by eliminating tiles just to test the boundaries, to make sure that they are getting the most out of every second of the vehicle, and seeing that stage land the second stage into the ocean in such a controlled way.
That's the goal.
The goal is continuing to march on to a fully reasonable two stage vehicle, and they made a lot of progress also with the engine lighting on the second vehicle on the second stage.
So a mix, but I'd put it in the one column.
Okay, So the fact that it survived reentry through US atmosphere, the fact that we saw reigniting of one of the raptor engines steering, that suddenly becomes possible. Just pitch us forward. What next is achievable? What ultimately how quickly can we suddenly see trips to Mars on this kind of a vehicle.
Well, I think the key is that the speed over the.
Next couple of years, if we are seeing the cadence increase as we did with their Falcon nine vehicle where they're launching more than one hundred a year, Gwen Chatwell recently said they'll be at the four hundred mark and four years with this vehicle. I mean, if they can make that, you then will be having on orbit fuel transfers.
That's the key to going beyond lower the orbit. Whether this administration is still going to want to fulfill a lunar ambition, we don't know, but definitely we're here hearing the President elect and Elon talk about Mars trips and those are refueling in lower thorbit, a technology that isn't.
Proven, but isn't that complex.
You could see missions to mars as they're talking about in the four or five year timeframe.
I doubt they would put people on them, but.
That is indeed what the president has at least talked about doing within his term.
Laurie, Yeah, we were just seeing pictures of President elect Trump there alongside elaw Musk. You've been there. You were in that transition team, the NASA transition team with President elect Obama at the time. How likely are we to see other companies thrive in this new era where SpaceX is so integral and so close to the next administration.
Well, it is a really strange trajectory in the sense that the Obama transition team that I led back in two thousand and eight.
In two thousand and nine set us on.
A course for a more competitive arrangement to have our space transportation to and from lower orbit. That gave the opening to SpaceX that they have absolutely run through.
And now have dominated the market.
You couldn't have guessed back then how much farther ahead they would.
Be than everyone else.
They hadn't even been able to get contracts through the military side, and now they're the dominant player. So at this point, I think any transition team once they're there. If the Trump folks even go this route, is to put in policies that will allow for more competition. The goal is never a monopoly. In fact, we did what we did because there was a monopoly, the United Launch Alliance,
and it was much more expensive to the government. So as much as politically things are really tense between competitors right now, there's no and we shouldn't be able to inspire more people than just SpaceX to be making these advancements, and I don't think we want just a single player.
So briefly, Laurie, where do you back in the tech stack of ultimately rocket companies and space industry right now?
Well, at this point, United Launch Alliance is still launching, it's more expensive, they're not reusable. Blue Origin has launched now their Vulcan rocket, and I think in twenty twenty five will launch New Glen, which.
Is supposed to be reusable.
Over the longer term, the Europeans are developing new vehicles, mostly not reusable, so there is no questions.
SpaceX is in the lead.
As I've said in my book, be hard for anyone to catch up in ten years unless SpaceX and Elon.
Trips escaping Gravity your first time account of a new era of NASA and Space. Lori Gava also a bestmer Venture Partners. We thank you very much.
There could be more decline, It could level off YouTube TV Bulu Live.
Is it going to hurt your soul a little bit if YouTube TV surpasses you as the biggest cable operator.
Not if they're using Exfinity broadband and watching NBC and watching over. We will have transitioned our company pretty carefully.
We're going to, you know, be pretty.
Happy with the Comcast NBCUniversal that we got.
Transitioning carefully. The Comcast CEO Brian Roberts. They're back in October at Broomberg screen time when he throwed to the idea of perhaps spinning off the company's cable networks into a new company in the face of an industry wide decline in subscribers. Now Comcast confirmed it. It's been off of cable TV channels, including MSNBCCNBC USA Room Meg's Lucashaw is here with why that level of detail on those channels and what they actually leave out in terms of setain channels.
Well, they will keep NBC, which is the broadcast network it's got. Most are the kind of their biggest sports rights, including pro football and what will be a lot of Pro basketball starting next year. It has their sort of hard news gathering business, and it also is an entertainment business.
They're their biggest entertainment business. They're also keeping Bravo.
That's because Bravo programming does quite well on Peacock. You know, when they're thinking about the future of their entertainment business, there's three pillars. There's their studio business in LA which produces film and television.
There's their theme parks, and then there's kind.
Of what has been cable networks but now is really all about streaming. And so all the cable networks that don't fit into that streaming future that have been.
A drag on their stock.
Because they're not a fast growth business are getting spun out into something completely separate.
And what does that spin co as it's currently still cool and not becoming lucas it's seven billion dollars an annual revenue. Does that grow? Does that shrink?
It's going to be up to the new leadership, which is Mark Lazarus, who's a top person at NBCUniversal now will be the CEO of that new company. He was one of the architects of Comcast deal for the NBA rights. You know, the Comcast executives that I've spoken with believe that this new spin Co could be a vehicle for acquisition. It could go and buy other cable networks. It could go and buy some other media assets. It could also be something that a private equity firm wants to.
Come and buy it. It's a little bit unclear, you know.
I think a lot of people in the industry look at it and see it as something that.
Will sort of overtime trible and die.
But there is a belief that it could be a vehicle for acquisitions that Comcast wouldn't want to do.
NUCA sure appreciate analysis, Thank you. Let's talk more about reorientating pivoting. Hasbro wants to shift its focus back to play a maker of Gi Joe action figures, Mister Potato Head is moving away fromerhaps the film in the TV business side, instead focusing on digital versions of some of the most popular brands. Cecilia Denestasier joins US now with gaming like, where does the vision of some of their iconic ip end up going. It's a good question. Video
games for Hasbro. They feel are very intuitive because it's crowded in play.
You're thinking, you know, kids growing up with Plato Gi Joe, Now they want to play video games. They want to play video game versions of you know, Gi Joe on consoles and on PCs.
What's so fun? The way in which you've written the story is you deep dive on Chris Cox is the CEO, relatively new, taking over after the passing of the previous leader, and he's a gamer at heart, like you talk about how into the card game he was playing.
Chris Cox and I've played Magic the Gathering together during our meeting in New York City. He beat me, I'm sad to say, but we also got to talk a lot about the future of Magic the Gathering, which.
Is a playable, tradable collectible card game. It's several decades old, really popular and a huge driver of sales for the Wizards of the Coast division of Hasbro.
Let's just talk about ultimately their buyers. Because I've got a son who's obsessed with the Pokemon and there's a whole load of cards in paraphernalia we keep on buying. Who are the demographic because there's also older collectors. There's also people who've loved it and grown up with it, and therefore do they transition to the gaming too? Is it really about the younger demographic?
Magic the Gathering is a game that's really complicated and difficult to get very good at, but younger people can enjoy it too. Right now, what has Goes contending with is the fact that there are a lot of older Magic the Gathering players who want to continue playing with their friends and their family and their communities. But they're also launching all of these cards, for example, with Marvel and Lord of the Rings themes to bring in newer, younger players.
How do they partner? Do they build internally, do they go externally? What does the future look like?
Magic the Gathering is incorporating IP from other companies into the cards, so that will just basically look like, you know, Spider Man or Wolverine images on these playing cards.
Okay, partnerships, cross ip, cross businesses, cross platforms as well. We love it, Thank you, it's a great We go check it out. Bloomberg. Cecilia Dinastasio with the latest when it comes to all things Hasbro. Now, that does it for this edition of bloombg Technology. Look, you do not want to forget about not only our podcast, but also what's happening later after the bell in Video coming out with its earnings, all important macro event for the entire market.
You're going to be seeing up to what three hundred billion dollars in market capitalization move any which way. This is a three trillion dollar company. Currently we're off by four ten percent on the Nastak one hundred tug lower. By the likes of video, we are off of our lows though one hundred and forty five ninety three is where we trade. Can we see a future of Blackwell's
supply side matching up with the demand. We'll have a special coming to you on Bloomberg TV at four pm in Eastern time, But for now, check out what we just count for you on the show on the Terminal, online on Apple and Spotify, and iHeart by tuning in too our podcast.
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