戴尔上调全年营收预期14%至1920亿美元，PwC预测全球数据中心支出将达32

THE COUNTDOWN IS ON. EVERYTHING YOU NEED TO GET FOR THE END OF THE MARKET DAY. THIS IS THE CLOSE. ROMAINE: A RESPITE FOR WALL STREET EVEN THOUGH THE ROAD AHEAD STILL LOOKS INSANE. LIVE FROM BLOOMBERG HEADQUARTERS IN NEW YORK, I AM ROMAINE BOSTICK. SALLY: WE ARE CONJURED UP TO THE CLOSING BELL HERE IN THE U.S.. LET'S GET A CHECK ON WHERE MARKETS STAND. THE SLOW DOWN IN THE ADVANCED OIL HAS ALLOWED THE S&P TO RISE A LITTLE BIT.

IT IS UP 0.4 PERCENT. THE 10-YEAR YIELD IS DOWN. WE ARE SEEING BRENT CRUDE IS UP, STILL ABOUT 90 AS THE ESCALATION BETWEEN IRAN AND THE U.S. ATTACKS CONTINUES. DIESEL IS DOWN A LITTLE BIT BY 0.5%. ROMAINE: THE NEW SESSION JUST GETTING STARTED. FLAT IN A NEW SESSION. THE PAST SESSION, A SPIKE OF 5% HIGHER. IT IS THE COMMODITY MARKET ONCE AGAIN WAGGING THE DOG AS TRADERS PONDERING THEIR NEXT MOVE WHICH LEADS EQUITY TRADERS TO PLOT THERE IS.

J.P. MORGAN STRATEGIST GRACE PETERS SEES FURTHER UPSIDE FOR STOCKS THIS YEAR BUT SHE DID CAUTION THAT A CORRECTION REMAINS POSSIBLE IF THAT BENCHMARK 10-YEAR GETS UP TO 5%, SOMETHING IT HAS NOT DONE SINCE OCTOBER OF 2023. IN THE HERE AND NOW, THERE ARE BRIGHT SPOTS OUT THERE PARTICULARLY WHEN IT COMES TO A AND THE SPENDING AND PROFITS BEING GENERATED. WE HEAR FROM BROADCOM AFTER THE BELL WHICH IS STILL LOOKING FOR ITS OWN NVIDIA-LIKE MOMENT, WHIL E DELL IS ALREADY IN ITS MOMENT.

THEY INCREASE THEIR ANNUAL SALES FORECAST BY 14% TO A RECORD $192 BILLION, ALMOST DOUBLE THEIR REVENUE JUST TWO YEARS AGO. THE REASON IT CAN BE FOUND IN A NEW REPORT FROM PRICEWATERHOUSECOOPERS JUST TODAY. THEY ESTIMATE THE GLOBAL DATA CENTER SPENDING MAY TOTAL $32 TRILLION THROUGH 2050. THAT IS AN UNPRECEDENTED INFRASTRUCTURE BOOM THAT DWARFS PAST BUILD OUTS ON RAILWAYS, THE INTERNET, AND EVEN ELECTRIFICATION. BUT THERE IS ONE BIG RISK, AND IT HAS LESS TO DO WITH THE COMPANIES AND THE PEOPLE.

THE POLITICAL BACKLASH THAT STARTED AS NOISE BUT IS NOW BECOMING A TANGIBLE BUSINESS RISK CASE THAT EXECUTIVES AND INVESTORS ARE NOW REALIZING THEY DO HAVE TO START ACCOUNTING FOR.

THE COMMUNITY BACKLASH IS VERY REAL. CONCERNED THAT PEOPLE HAVE OUR HIGH UTILITIES, WATER USAGE, THE NOISE, EMISSIONS IN THEIR COMMUNITIES. IT NOW HAS TO BE CONSIDERED AS PART OF THE BUSINESS CASE. IT IS PART OF THE INVESTMENT CHOICES THAT HAVE TO BE MADE. CERTAINLY IT IS SHAPING WHERE THE CAPITAL ALLOCATION ENEMA THE SITE SELECTIONS ARE. ROMAINE: LET'S KICK THINGS OFF WITH ANKUR CRAWFORD, EXECUTIVE VICE PRESIDENT, PORTFOLIO MANAGER OVER AT ALGER.

YOU ARE INVESTED ACROSS THE ENTIRE AI STACK. I AM CURIOUS ABOUT, WE TALKED A LOT ABOUT THE BOTTLENECKS, SUPPLY CHAIN CONSTRAINTS AND EVERYTHING. I DO WONDER IF WE HAVE REACHED A POINT WHERE SOME OF THE POLITICAL BACKLASH BECOMES AN ADDITIONAL CONSTRAINT TO THIS BUILDOUT? ANKUR: IT VERY WELL COULD. IT HAS NOT QUITE YET, BUT IT CAN IN THE FUTURE. IT'S IMPORTANT THAT WE ACTUALLY EDUCATE EVERYONE TO UNDERSTAND WHAT EXACTLY THE BACKLASH IS ABOUT.

RIGHT NOW, I THINK PEOPLE ARE MISINFORMED. ROMAINE: WE DON'T NEED TO GET TOO DEEP INTO POLITICS, BUT AS AN INVESTOR, SOMEBODY WHO REALLY UNDERSTANDS THE TECHNOLOGY BEHIND THIS, IF WE GET TO A POINT WHERE WE START TO SEE ANY SORT OF SIGNIFICANT DELAYS IN THESE PROJECTS BECAUSE POLITICIANS DECIDE THEY WANT TO PUT A STOP TO IT HERE, DOES THAT CHANGE AT ALL YOUR CALCULUS FOR SOME OF THE INVESTMENTS YOU HAVE MADE? ANKUR: WHAT IT DOES IS CREATES CONFUSION, AND CONFUSION CREATES VOLATILITY.

I HAVE NO DOUBT THAT IF WE DON'T BUILD THEM HERE, THEY WILL BE BUILT SOMEWHERE. ECUADOR, COSTA RICA, THEY ARE STARTING TO CLEARLY IMPORT DATA CENTERS. HEY, HYPERSCALERS, YOU CANNOT BUILD THERE, COME AND BUILD HERE. THERE ARE A LOT OF DIFFERENT COUNTRIES ARE GOING TO WELCOME AI AND WELCOME THE CHIPS WITH OPEN ARMS BECAUSE THEY REALIZE IT'S AN OPPORTUNITY AND NOT SOMETHING TO BE SO FEARFUL OF. SALLY: IT'S INTERESTING ON FRIDAY, WARSH DEDICATED A BIG CHUNK OF HIS SPEECH TO AI AND ITS ROLE IN PRODUCTIVITY, ALSO A VARIABLE IN MONETARY POLICY.

OF COURSE, THE BOOM IN AI DEPENDS A LOT ON DEBT. WITH HIS MORE HAWKISH PIVOT, IS THAT UNDERMINING THE POTENTIAL FOR AI TO EXPAND? ANKUR: I DON'T THINK SO. A LOT OF THE AI BUILDOUT IS ACTUALLY BEING FUNDED BY CASH FLOWS FROM THE HYPERSCALERS. IF YOU LOOK AT THE OVERALL DEBT THAT NEEDS TO BE TAKEN ON FROM 2026 TO 2030, I WOULD SAY 50% OF THAT IS FUNDED FROM THE CASH FLOW FROM HYPERSCALERS. PROBABLY ANOTHER 50% -- THIS WILL SOUND CRAZY -- BUT CAN BE FUNDED BY NVIDIA'S OWN CASH FLOW.

ROMAINE: THEY ARE OUR NEW CENTRAL BANK NOW? ANKUR: THERE IS A DEBT MARKET THAT WILL BE WILLING TO FUND THIS BECAUSE THEY ARE GOOD INVESTMENTS. DO I THINK THE INTEREST RATE NEEDS TO RISE A LITTLE BIT RELATIVE TO WHAT THEY ARE PAYING RIGHT NOW? IT PROBABLY DOES. DOES IT IMPACT THE BUILDOUT? IT WON'T. THE PRODUCTIVITY GAIN ON THE TOP LINE IS SO SIGNIFICANT USING AI THAT WE WILL BE WILLING TO PAY AS THE CONSUMER THE EXTRA INTEREST THAT HYPERSCALERS WILL HAVE TO PAY, NEOCONS WILL HAVE TO PAY.

SALLY: I WILL TURN TO BROADCOM BECAUSE THEY REPORT AFTER THE BELL. IT HAS THIS VERY ENVIABLE ROSTER OF AI CLIENTS LIKE GOOGLE, META, ANTHROPIC. BUT WITH MORE BELL AGGRESSIVELY COMPETING, HYPERSCALERS BUILDING THEIR OWN CHIPS INTERNALLY, HOW DEFENSIBLE IS BROADCOM'S MARKET SHARE OVER THE NEXT 24 MONTHS? ANKUR: NEXT 24 MONTHS, VERY DEFENSIBLE. THE DESIGN TIMES ARE LONGER THAN 12 TO 24 MONTHS. THE RISKS TO BROADCOM IS WHAT HAPPENED WITH MEDIATECH AND MARVELL, WHETHER THEY ARE DESIGNED INTO THE GOOGLE TP U, THEIR VERSION OF THE GPU.

IT IS WHY BROADCOM TRADES AT 13 TIMES AND NOT 23 TIMES. PEOPLE ARE QUESTIONING THE DURATION OF THEIR GROWTH. WHAT I WOULD SAY IS YOU CANNOT COUNT HIM OUT. HE IS BRILLIANT, HIS ENGINEERS ARE BRILLIANT. THEY MAY LOSE SHARE, BUT THEY WILL NOT LOSE SHARE EN MASSE. THEY COULD LOSE PARTS OF DIFFERENT SOCKETS, PART OF THE SAME SOCKET, BUT THEIR ASPS CONTINUES TO RISE BECAUSE THEY ARE GETTING MORE COMPLEX. I WOULD NOT COUNT THEM OUT.

GOING INTO THIS CALL, WE ARE LOOKING FOR MORE OF A MORE CONFIDENT TONE FROM HIM ON THEIR AI REVENUES IN 2027 AND INTO 2028. AT 13 TIMES, THAT IS THE WHISPER NUMBER FROM THE STREET. THE RISK REWARD IS ACTUALLY THAT GREAT. ROMAINE: YOU MENTIONED ANTHROPIC, THE BIG ELEPHANT IN THE ROOM IN TERMS OF THE NEXT BIG ENTRANT INTO THE PUBLIC MARKETS. IN ONE OF YOUR FUNDS, YOU HOLD THAT AS A PRIVATE COMPANY RIGHT NOW. I'M CURIOUS ABOUT WHERE YOU SEE THE VALUATION AS A PUBLIC COMPANY, ASSUMING IT COMES OUT, SOME ARE THE TRILLION DOLLAR MARK.

IS THAT SOMETHING THAT YOU WOULD LOOK AT IN THE PUBLIC MARKET AS PROVIDING A VALID OPPORTUNITY FOR INVESTORS TO SOME DEGREE OR ANOTHER? ANKUR: THE LATEST HAS BEEN THAT ANTHROPIC'S MARKETING -- I AM JUST READING A LOT OF THE PUBLIC REPORTS, AS YOU ARE. BUT THE LATEST HAS BEEN THAT IT WILL COME OUT AT 2 TRILLION VALUATION. I BELIEVE THERE IS UPSIDE FROM THEIR. JUST LOOK AT WHAT HAS HAPPENED FOR ANTHROPIC OVER THE LAST SIX MONTHS.

THEY WERE AT $10 BILLION IN AR AT THE END OF THE YEAR. TODAY, THEY ARE AT 65. I WOULD ARGUE, AT THIS RUN RATE, THEY WILL COME OUT AND BE CLOSER TO 75 OR 80. BY YEAR-END, PROBABLY OVER $100 BILLION. IT IS NOT RECURRING REVENUE, IT IS ANNUALIZED REVENUE. ROMAINE: THIS IS THE BIG QUESTION THAT INVESTORS AND THE PUBLIC MARKETS HAVE. A LOT OF THE UPSIDE, AT LEAST THE PERCEPTION, A LOT OF THE UPSIDE HAS ALREADY BAKED IN FROM THE PRIVATE MARKETS, BUT YOU DON'T SEE THAT.

ANKUR: I DON'T SEE THAT. THOSE THAT THINK THAT ARE ACTUALLY UNDERESTIMATING THE OPPORTUNITY FOR ARTIFICIAL INTELLIGENCE. WHEN WE THINK ABOUT HOW BIG THE OPPORTUNITY SET IS, IT IS BASICALLY COMMODITIZING INTELLIGENCE TO SOME EXTENT. THAT IS A MASSIVE OPPORTUNITY. I KNOW THE NUMBERS ARE ALSO BIG, BUT THE WAY I LIKE TO LIKEN IT, IF WE HAD TAKEN ALL OF THE INNOVATION FROM 2000 TO 2020 AND SHRUNK IT INTO FIVE YEARS, THAT IS WHAT IS HAPPENING NOW.

ALL OF THAT SPAN, THE CLOUD SPAN, THE WAY THAT WE USE NETWORKING, PHONES, APPS, AND WE SHRUNK IT INTO FIVE YEARS, THAT IS WHAT IS HAPPENING TODAY. ROMAINE: I AM GOING TO CHERRY PICK. TAKE

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