Big Tech Lags as Investors Skittish About AI Trade

Resources

Books

• "The Magnificent Seven" by John Boock - Mentioned as a group of stocks that have driven market performance.

Videos & Documentaries

• Wall Street Week - Mentioned as the platform where Uber's Global Head of Autonomous Mobility and Delivery was interviewed.

Research & Studies

• Pew Data on Babies and YouTube - Cited as evidence that infants are flocking to YouTube in large numbers.

Tools & Software

• Adobe Acrobat Studio - Mentioned as a new tool that can do many things with PDFs, including using an AI assistant for research.
• Odoo - Presented as an all-in-one integrated business software platform for CRM, accounting, inventory, e-commerce, HR, and more.
• IBM AI Solutions - Highlighted for helping businesses access their data wherever it lives to power AI.
• GitHub Copilot - Cited as an example of a highly productive AI tool with massive uptake.
• Microsoft Office Copilot - Discussed as having value for end customers but being expensive to run due to token generation and inference costs.
• Salesforce Agent Force - Mentioned as a product that can help connect AI agents to company data securely.
• Colgate Total Active Prevention System - A three-product routine (toothpaste, toothbrush, mouthwash) designed to reduce bacteria buildup and support overall wellness.

Articles & Papers

• NBC Report on Microsoft CoPilot Sales Targets - Referenced as counter-reporting to concerns about Microsoft's co-pilot sales.
• The Information Report on Microsoft CoPilot - Mentioned as a report indicating Microsoft is finding it tough to charge for its co-pilot and agenting AI offerings.

People Mentioned

• Caroline Hyde (Host) - Co-host of Bloomberg Tech.
• Ed Ludlow (Host) - Co-host of Bloomberg Tech.
• Todd McKinnon (Okta CEO) - Discussed Okta's business performance and its role in securing AI.
• Jensen Huang (Nvidia CEO) - Mentioned as heading to Capitol Hill and having his company's GPUs discussed as the best place to run them on AWS.
• Mike Johnson (US House Speaker) - Nvidia CEO Jensen Huang was seen entering his office.
• Sylvia Jablonski (Defiance ETFs CEO/CIO) - Provided market sentiment analysis and discussed ETF performance.
• Matt Garman (AWS CEO) - Discussed AWS's capacity, Tranium, and its partnership with Nvidia and OpenAI.
• Duran Finney (Advisor's Capital Management Partner & Portfolio Manager) - Gave insights into the AI chip race and vertical integration.
• Vlad Tumanov (Uber's Global Head of Autonomous Mobility and Delivery) - Interviewed about Uber's autonomous trips.
• Michael Dell (Dell CEO) - Commented on AI build-out demand and his charitable gift.
• Anurag Rana (Bloomberg Intelligence Senior Analyst) - Provided analysis on Salesforce earnings and enterprise tech spending.
• Mark Benioff (Salesforce CEO) - Mentioned in relation to Informatic's purchase and cross-selling opportunities.
• Joanne Feeney (Advisor's Capital Management Partner & Portfolio Manager) - Discussed XLight, lithography, and US chip manufacturing efforts.
• Pat Gelsinger (Intel CEO) - Mentioned in relation to a $150 million stake in a chip startup, XLight.
• Alex Lavine (Bloomberg Social Media Reporter) - Reported on AI-generated videos on YouTube Kids.
• Peter Millard (Bloomberg Energy Reporter) - Covered TikTok's data center build in Brazil and Brazil's renewable energy advantages.
• David Zaslav (Warner Bros. Discovery CEO) - Mentioned in the context of potential mergers with Comcast and Netflix.
• Michelle Davis (Bloomberg MA Reporter) - Covered the media M&A stories involving Warner Bros. Discovery.

Organizations & Institutions

• Bloomberg Audio Studios - Producer of the podcast.
• Magnificent Seven - A group of large tech stocks that have been driving market performance.
• Opti - Software company that boosted its full-year profit forecast.
• Microsoft - Mentioned in relation to potential pullbacks on co-pilot sales targets and its Azure cloud offering.
• NBC - Mentioned as a source of counter-reporting to concerns about Microsoft's co-pilot sales.
• S&P 500 - Stock market index discussed for its rebound and sector performance.
• Nasdaq 100 - Stock market index discussed for its performance.
• Defiance ETFs - An ETF provider mentioned for its large-cap ETF excluding the Magnificent Seven.
• AWS (Amazon Web Services) - Discussed for its capacity expansion, Tranium, and partnership with Nvidia and OpenAI.
• Google - Mentioned for its TPU (Tensor Processing Unit) and collaboration with Broadcom.
• Marvell - Discussed for its earnings, acquisition of Celestial AI, and role in AI infrastructure.
• Broadcom - Mentioned as a competitor to Marvell and a collaborator with Google on TPUs.
• Celestial AI - Company acquired by Marvell, focusing on photonics and using light to move data.
• Lightmatter - Another startup in the photonics space mentioned alongside Celestial AI.
• Synopsis - Partnered with Nvidia on industrial uses of AI.
• Okta - Discussed for its earnings, boosted forecast, and role in securing AI and identity management.
• Palo Alto Networks - Mentioned as a competitor in identity management offerings.
• OpenAI - Mentioned for its AI models and its non-profit foundation awarding grants.
• Amazon - Mentioned for its potential acquisition of Warner Bros. Discovery and its role in AI infrastructure.
• Netflix - Mentioned for making an offer for the streaming and studios portion of Warner Bros. Discovery.
• Comcast - Mentioned for its potential merger of NBC Universal with Warner Bros. Discovery.
• NBC Universal - Division of Comcast being considered for merger with Warner Bros. Discovery.
• Warner Bros. Discovery - The company at the center of M&A discussions with Netflix and Comcast.
• Paramount - Mentioned as the only company making a play for the entire Warner Bros. Discovery company.
• YouTube - Discussed for its content for children and the rise of AI-generated videos.
• YouTube Kids - Specifically discussed for its content, including AI-generated videos, and its audience, including babies.
• Cocomelon - A popular children's channel on YouTube.
• Miss Rachel - A popular children's content creator on YouTube.
• Pew Research Center - Source of data on babies and YouTube usage.
• TikTok - Investing in building a data center in Brazil.
• Baidu - Parent company of TikTok.
• Omnia - Involved in TikTok's data center development.
• Kados Ventos - Helping with energy supply for TikTok's data center.
• Salesforce - Discussed for its earnings and concerns about AI impacting growth prospects.
• Workday - Mentioned as another software company facing similar narratives to Salesforce.
• Informatic - Its purchase by Salesforce was discussed for potential revenue uplift.
• Intel - Mentioned in relation to its CEO, Pat Gelsinger, and an investment in a chip startup.
• XLight - A chip startup developing new laser technology for lithography, receiving investment from the US government and Intel.
• Albany Nanotech - Location where XLight's work will be done, a collaborative R&D facility.
• ASML - The leader in extreme ultraviolet lithography, which XLight's laser technology aims to compete with.
• US Government - Providing support for XLight through the Chips and Science Act.
• State of New York - Benefiting from the investment in XLight and Albany Nanotech.
• Uber - Launching autonomous trips with Waymo in Dallas.
• Waymo - Partnering with Uber for autonomous trips.
• Dell - CEO Michael Dell discussed AI build-out demand.
• Crowdstrike - Raised fiscal 2026 guidance, citing resiliency in demand for its AI-enabled cybersecurity products.
• IBM - Mentioned for its AI solutions that help businesses access data.
• Nvidia - Discussed as a dominant player in AI chips, but facing competition from ASICs and custom-built models.
• Google TPU - Mentioned as a custom chip.
• The Federal Government - Provided funding for XLight through the Chips and Science Act.

Courses & Educational Resources

• Project Rainier - A collaboration between AWS and Anthropic to build AI models.

Websites & Online Resources

• cohesity.com - Mentioned for resilience solutions.
• homesense.com - Mentioned for home furnishings.
• odoo.com - Mentioned for business software.
• shopcolgate.com/total - Mentioned for the Colgate Total Active Prevention System.
• mintmobile.com - Mentioned for wireless plans.

Other Resources

• AI Agents - Discussed as a key area of development and adoption.
• Bitcoin - Mentioned as a volatile asset class.
• Tranium - AWS's in-house silicon chip, discussed for training and inference use cases.
• Nvidia GPUs - Discussed as a primary option for AI compute.
• Lasers - Mentioned in the context of Celestial AI's technology and XLight's laser development for lithography.
• Photonics - The technology used by Celestial AI to move data more rapidly with light.
• ASICs (Application-Specific Integrated Circuits) - Discussed as powerful custom chips that can compete with Nvidia.
• XPU's / TPU's - Types of chips designed for specific AI applications.
• Digital Twins - Industrial use case for AI and computational power, mentioned in collaboration with Nvidia and Synopsis.
• Lithography - The process of printing circuit patterns onto silicon wafers, with ASML and XLight being key players.
• Extreme Ultraviolet (EUV) Lithography - The advanced lithography process led by ASML.
• Chips and Science Act - US legislation providing funding for chip startups like XLight.
• Autonomous Mobility and Delivery - Uber's division focused on self-driving technology.
• AI Literacy - Supported by OpenAI's foundation grants.
• Community Innovation - Supported by OpenAI's foundation grants.
• Economic Opportunity - Supported by OpenAI's foundation grants.
• AI-Generated Videos - Discussed in the context of YouTube Kids content.
• AI Slot - Term used to describe low-effort, low-quality AI-generated videos.
• Renewable Energy - Brazil's advantage for data centers, particularly wind energy.
• Hydroelectric Plants - A major source of renewable energy in Brazil.
• Wind Energy Parks - Mentioned as providing clean energy for TikTok's data center in Brazil.
• Solar Energy - A growing source of renewable energy in Brazil.
• Interconnected Electricity Grid - Brazil's grid advantage for renewable energy projects.
• Data Cloud - Salesforce product mentioned in relation to AI adoption.
• AI Infrastructure - Broadly discussed as a sector with high revenue potential.
• Hedge Fund-like Products - Defiance ETFs aims to democratize these for investors.
• Short-Term Exposure Opportunities - Offered by Defiance ETFs' leveraged funds.
• Tactical and Knowledgeable Investors - The target audience for Defiance ETFs' products.
• Agentic AI - AI agents that can connect to company data to perform tasks.
• Consumer ChatGPT or Gemini - Used as a baseline for comparison with secure AI agents.
• AI Drive - Mentioned in the context of the S&P 500's rebound.
• AI Productivity Tools - Discussed in relation to Microsoft's co-pilot.
• AI Trade - The broader market trend related to artificial intelligence.
• Healthcare Sector - Mentioned as an outperforming sector compared to tech.
• Communications Sector - Mentioned as an outperforming sector.
• Energy Sector - Mentioned as an outperforming sector.
• Quantum Stocks - Mentioned as having done well but now under pressure.
• Crypto Sub-spheres - Mentioned as being under pressure.
• Nuclear Power - Mentioned in the context of momentum trades.
• Quantum Compute Scale - Discussed in relation to China's advancements.
• Quantum Innovation - Discussed in relation to China's advancements.
• HSBC Advanced Bond Pricing Models - Mentioned as a good news example from quantum computing.
• D-Wave Annealing - Mentioned for its good results in quantum computing.
• MicroStrategy - Discussed for its volatile trading and potential to sell Bitcoin.
• Bitcoin - Mentioned in relation to MicroStrategy and its volatility.
• Long Funds and Short Funds - Offered by Defiance ETFs for MicroStrategy.
• Leverage Funds - Offered by Defiance ETFs for MicroStrategy.
• AI Chip Race - A key theme in the discussion of tech companies.
• Vertical Integration - Discussed in relation to Amazon's cloud and chip offerings.
• Custom Built Models - Discussed in relation to ASICs and their potential threat to Nvidia.
• Flywheel - Mentioned in the context of Microsoft's offerings.
• Azure - Microsoft's cloud offering, discussed for not being able to fill demand.
• AI Agents - Discussed as a current application of AI.
• Biotech and Pharma - Industries that can benefit from accelerated computations due to AI.
• CPU (Central Processing Unit) - Mentioned as a limitation in computation that AI accelerators are overcoming.
• GPU (Graphics Processing Unit) - Mentioned as accelerators that are speeding up computations.
• Fabric Innovations - Mentioned in relation to Celestial AI and Broadcom.
• US Chip Manufacturing - Efforts to increase domestic chip equipment design and manufacturing.
• Autonomous Trips - Uber's new service in Dallas.
• AI Build Out - The ongoing expansion of AI technology and infrastructure.
• AI Infrastructure Sphere - Where Marvell's technology is being adopted.
• Hyperscaler - A new customer win for Marvell.
• AI Cybersecurity Products - Crowdstrike's offering.
• Non-AI Side of Enterprise Tech Spending - Not strong, impacting subscription growth for software companies.
• AI Infrastructure Side - No shortage of revenue.
• AI-Enabled Cybersecurity Products - Crowdstrike's offering.
• AI's Role in Identity Management - Okta's focus.
• AI Models - Google, OpenAI, and others developing new models.
• Generative AI Offerings - From companies like OpenAI and Microsoft.
• Consultants - Helping companies adopt AI.
• SAS Providers - Offering agentic AI solutions.
• Developer Tools and Capabilities - Used to connect databases and warehouses.
• Organic Internal Development - Companies building AI solutions internally.
• Security, Identity, and Context - Key unlocks for AI adoption.
• AI Literacy - Supported by OpenAI's foundation.
• AI Slot - Term for low-effort, low-quality AI-generated videos targeting children.
• AI Generated Videos - Becoming easier to make and appearing on YouTube Kids.
• Data Center - TikTok building one in Brazil.
• Clean Energy - A requirement for data centers, and a strength of Brazil.
• Data Center Development - Involved in TikTok's project.
• Enterprise Tech Spending - Slowdown impacting software companies.
• Revenue Uplift - Expected from Salesforce's purchase of Informatic.
• Cross-Selling - Potential benefit of Salesforce accumulating assets.
• Podcast - Mentioned as a way to find Bloomberg Tech.
• Terminal - Mentioned as a platform to find Bloomberg Tech.
• Apple Podcasts - Platform to find Bloomberg Tech.
• Spotify - Platform to find Bloomberg Tech.
• iheart - Platform to find Bloomberg Tech.
• Earnings - Mentioned as breaking after the bell.
• Unlimited Wireless - Offered by Mint Mobile.
• Heart Attack Risk - Discussed in relation to Repatha.
• LDL-C (Bad Cholesterol) - Lowered by Repatha.
• Statins - Used in conjunction with Repatha.
• Oral Health - Connected to general health and well-being.
• Cavities and Gingivitis - Oral health problems.
• Healthy Mouth - Supported by the Colgate Total system.
• Bacteria Buildup - Reduced by the Colgate Total system.
• Non-Antibacterial Fluoride Toothpaste - Used as a comparison for Colgate Total's effectiveness.
• Flat Trim Toothbrush - Used as a comparison for Colgate Total's effectiveness.