Meta 动摇 AI 叙事，苹果游说购买中国内存，OpenAI 拟让出 5% 股份

>> WE HAVE SEEN STRONG EARNINGS ACROSS SECTORS AND WE SEEN THE MARKETS PERFORM WELL ACROSS MOST SECTORS. >> THERE IS NO LACK OF DESIRE OR DEMAND IN THESE MARKETS EVEN WHEN YOU'RE GETTING BALANCE SHEETS THAT MAYBE AREN'T THAT STRONG. >> WHEN YOU THINK ABOUT THE PERFORMANCE RECENTLY REALLY STRONG FIRST HALF. >> THE OPERATIVE WORD REMAINS RESILIENT. >> THIS IS BLOOMBERG SURVEILLANCE WITH JONATHAN FERRO, LISA ABRAMOWICZ AND ANNMARIE HORDERN. JONATHAN: LIVE FROM NEW YORK CITY THIS MORNING, GOOD MORNING FOR OUR AUDIENCE WORLDWIDE. BLOOMBERG SURVEILLANCE STARTS NOW. FACING A NARRATIVE SHIFT. META-SHAKING UP THE AI TRADE PUSHING GLOBAL CHIP STOCKS LOWER AS APPLE IS LOOKING AT WASHINGTON TO BUY CHINESE MADE MEMORY. OPENAI PROPOSAL HE GIVING UP 5% STOCK. LISA: COST MATTER BUT WHO'S IN A PAY FOR IT. AT WHAT POINT OF THE COST PARTICULARLY FOR THE CHIPS NAMES BECOMING PUNITIVE FOR SOME OF THESE HYPERSCALERS TO JUSTIFY INITIALLY HYPERSCALERS NOW ARE SEEING HYPERSCALERS TAKE ACTION. META-TRYING TO BECOME A HYPERSCALER BECAUSE IT'S BETTER THAN SPENDING MONEY INTO THE ETHER. PEOPLE LOOKING AT THE MODEL AND SAYING HOW DOES THIS EQUATION SQUARE AND INVESTORS ARE REALLY TRYING. JONATHAN: CONGRATULATIONS TO THE TEAM HERE WITH REGARDS TO META-. IN THE BLOOMBERG REPORTING A REALLY IMPORTANT WORD. ACCESS. THAT'S WHAT I HAVEN'T SEEN IN A WHILE BECAUSE WE'VE BEEN TALKING REPEATEDLY ABOUT CONSTRAIN. THEN YOU SEE THIS WORD ACCESS. NOT CONSTRAINED OR BOTTLENECKS BUT EXCESS. LISA: THERE ARE TWO WAYS TO READ THIS. YOU CAN SAY META-BOUGHT MORE COMPUTE THAN THEY KNEW WHAT TO DO WITH SO THEY WOULD LIKE TO BE MORE PROFITABLE. AND WITH THEIR OWN SYSTEMS ARE DOING ISN'T WORTH WHAT THEY CAN SELL THAT COMPUTE FOUR. NUMBER TWO IS A QUESTION ABOUT EFFICIENCY, COMPETITION AND WHETHER OTHER PEOPLE CAN DO IT BETTER AND IF THEY UNDERSTAND THAT. EITHER WAY THERE IS A FEELING NOW THAT THERE IS A RATIONALIZATION. HOW DO YOU JUSTIFY THE SPENDING THIS YEAR AND ULTIMATELY THEY HAVE TO FIND A PAY FOR IT. THE SHARES UP DRAMATICALLY. ALL THE OTHERS NOT SO MUCH BECAUSE OF THE THESIS. ANNMARIE: FOR META-IT'S A NEW REVENUE STREAM. THAT WORRIED ABOUT EXCESSIVE BASICALLY THEY ARE SAYING THEY POTENTIALLY OVERSPENT AND NOW THEY HAVE ALL THIS SECTOR SUPPLY THEY CAN NOW CELEBRATING JONATHAN: IT'S NOT JUST THIS STORY WITH REGARDS TO META-IT'S ALSO APPLE SEEN SOME REPORTING WITH REGARDS TO THIS LOOKING TO CHINA AND ACTIVELY LOBBYING THE GOVERNMENT TO ALLOW THEM TO BUY CHINESE MADE MEMORY. DOES THAT OPEN THE DOOR TO A MORE BEARISH THESIS. LISA: THIS IS WHY SOUTH KOREA IS INVESTING SO MUCH AND EXPANDING MEMORY CHIP PRODUCTION BECAUSE THEY CANNOT KEEP UP. SK HYNIX AND SAMSUNG DON'T WANT TO CEDE CONTROL. WHAT'S GOING TO HAPPEN IF THEY CANNOT RAMP UP PRODUCTION FASTER?

THEY WILL SEED PRODUCTION TO SOME OF THE CHINESE MANUFACTURERS OF MEMORY. APPLE HAVING RAISED PRICES SAYING WE HAVE TO DO SOMETHING TO BRING DOWN PRICES. LET'S MAKE IT FIVE SUPPLIERS. ANNMARIE: THIS IS GOING TO BE A HEADACHE IN WASHINGTON DC BECAUSE THE TWO COMPANIES CHINA'S LOOKING AT TO BUY THESE TRIPS ARE ON A BLACK LIST WHEN IT COMES TO THE DOD BECAUSE OF CONCERN THEY AID THE CHINESE MILITARY. YOU HAVE TO LOBBY SECRETARY BESSENT OR SEC. LUTNICK TO EVEN POTENTIALLY BE AN IDEA. THE ONE THING THAT WILL MAYBE GIVE IT THE GREEN LIGHT. THESE WILL ONLY BE USED IN IPHONES SOLD IN CHINA, NOT THE U.S.. JONATHAN: APPLE IN THE PREMARKET FIRM OR BY 0.4%. EQUITY FUTURES PULLING BACK. THERE'S AN ADDITIONAL STORY WE NEED TO TALK ABOUT WHICH IS OPENAI. LOOKING TO GIVE UP A 5% STAKE. LANGUAGE ALREADY MATTERS. IF NOT THE GOVERNMENT TAKING STAKES IT'S THE COMPANY LOOKING TO GIVE UP A 5% STAKE. THE QUESTION IS WHY?

LISA: TO GET FAVOR FROM THE GOVERNMENT. CLEARLY THERE IS PRECEDENT FOR THIS. IT IS INTEL. THE PRESIDENT WAS UPSET WITH INTEL'S CEO AND TALKED TERRIBLY ABOUT DEFINITELY ABOUT THEM AND NOW HE HAS ONLY WONDERFUL THINGS TO SAY ABOUT INTEL WHICH GIVES YOU A SENSE OF THE POTENTIAL CURRENCY OF GIVING UP A 5% STAKE. WE WOULDN'T JUST BE OPENAI, THEY ARE PROPOSING ALL OF THE TECH COMPANIES GIVE A 5% STAKE TO SOME SORT OF DOMESTIC SOVEREIGN WEALTH FUND. THAT WILL BE A HARDER SELL. JONATHAN: IS THIS ABOUT SHARING THE GAINS OR SHARING THE POTENTIAL BURDEN DOWN THE ROAD FOR A COMPANY THAT PEOPLE ARE ASKING A LOT OF QUESTIONS ABOUT?

ANNMARIE: LIKELY THEY WILL TRY TO SELL THAT THIS IS ABOUT THE GAINS AND ABOUT MAKING SURE THEY ARE BUILDING THESE AI MODELS OFF OF ALL THE GROWTH IN SOCIETY BUT ARE REPORTING CULTURE ETC.. BUT EVERYONE, IF YOU LOOK AT OPINION POLLS THEY ALSO FEEL MAYBE THEY SHOULD GET SOME UPSIDE IN THIS. THIS IS MAKING SURE THEY GET BETTER REGULATORY APPROVAL, THEY GET GREEN LIGHTS AND IF THE AI TRADE IS POTENTIALLY A BUBBLE THEY ARE SHARING THE DOWNSIDE. JONATHAN: TYLER KENDALL JOINING US IN WASHINGTON IN 10 MINUTES TIME. ON THE NASDAQ AND THE S&P DOWN BY 2/10 OF 1%. WE CATCH UP WITH PETER, LEADING WALL STREET LOWER. BNP PARIBAS AS METAS AI AND COREWEAVE AND MARK OF BARCLAYS AS INVESTORS ARE WEIGHING A FRESH READ ON THE LABOR MARKET. PAYROLLS THURSDAY. BEGINNING WITH STOCKS LIGHTING IS THE TECH ROUTE DEEPENS. PETER WRITING IS THE COST OF USING AI RISING EVEN FASTER THAN THE BENEFITS. THE GROWING THANKS TO SOMETHING COMPANIES NEED TO ADDRESS BEFORE IT BECOMES A PROBLEM. GOOD MORNING. YOU WROTE THAT COMING INTO THIS MONTH AND ALREADY THINGS ARE SHIFTING. IF WE ARE CAPACITY CONSTRAINED WHY JUST SPACEX AND META-HAVE EXCESS CAPACITY?

PETER: YOU WENT THROUGH THREE HEADLINES ALL OF WHICH HAVE NEGATIVE CONNOTATIONS FOR THE INDUSTRY. THERE'S CLEARLY POSITIVE INTERPRETATIONS OF ALL OF THESE BUT I THINK IT BRINGS INTO QUESTION HAVE WE OVERBILLED. WE TALKED ABOUT THIS A COUPLE YEARS AGO WE HAVEN'T HAD A STRONG OPINION ON IT. THE FIBER BUILDOUT EVERYWHERE AND WE HAVE EXCESS FIBER FOR A NUMBER OF YEARS. EVERY SMALL LITTLE AGENTIC AI STARTUP WILLING TO PAY FOR COMPUTE SO THEY CAN IPO. THIS FEELS LIKE SOME OF THE CIRCULAR NARRATIVES STARTING TO BREAK APART. JONATHAN: ONE BIG TRADE THAT DEVELOPED MORE RECENTLY AFTER THE PAST FEW MONTHS WAS THE TAKERS SHORT ON THE HYPERSCALERS PART IS THE TRADE ABOUT THE FLIP?

PETER: I FEEL LIKE EVERYTHING MAY BE SLIDES FOR LITTLE BIT. WE'VE BEEN BUILDING OUT. WE'VE HAD THIS KIND OF ALMOST TWO TIER ECONOMY. THE AI BUILD OUT EVERYTHING ASSOCIATED WITH THAT. AND EVERYTHING ELSE. AT THE EVERY THING ELSE IS DOING OK. AI BUILDOUT HAS BEEN DRIVING THINGS. THERE'S BEEN ALL SORTS OF DEBT ISSUANCE. PEOPLE WANTED. BUT ARE WE HITTING THAT POINT WERE PEOPLE SAY LET'S SEE HOW THIS PLAYS OUT AND I THINK EVERYONE RIGHT NOW WHEN I GO TO CONFERENCES WE TALK TO PEOPLE NO ONE WANTS TO HEAR ABOUT AI GENERICALLY THEY WANT TO KNOW WHAT'S YOUR USE CASE. WHAT IF YOU BEEN SUCCESSFUL IN. I THINK WERE ALL GOING THROUGH THIS PROCESS WHERE WERE USING IT, GETTING THE BILL FOR TOKENS. TODAY I GET ENOUGH VALUE FOR THE TOKENS. EVERYTHING LAST YEAR YOU COULD PLAY AROUND WITH IT WAS VERY CHEAP. I THINK THIS IS WHERE THE RUBBER HITS THE ROAD. ARE WE GETTING ENOUGH AND DO WE SEE A SLOWDOWN IN AI SPENDING?

LISA: I SURPRISED EQUITY INVESTORS ARE PUSHING BACK MORE THAN DEBT INVESTORS?PETER: NOT REALLY. THEY HAVE SUCH POTENTIAL THAT CREDIT IS SO WELL PROTECTED. WE'VE BEEN SO DULL ON CREDIT. CDX INDICES THE BLOOMBERG CORPORATE OAS BARELY MOVES ANYMORE. ANYTHING THAT GIVES ACCESS POTENTIAL RETURNS IS TAKEN IN PEOPLE WANT THAT. I DO THINK WE ARE SEEING PEOPLE ACROSS THE GLOBE FOR U.S. CORPORATE CREDIT. U.S. GOVERNMENT DEBT BECOMES PRETTY GENERIC, A CORPORATE CREDIT WITH THE EXTRA SPREADS IS THE ONLY PLACE TO GET THAT IS U.S. TECH. LISA: IF I'M HEARING YOU TALK I WOULD SAY THE THESIS IS STILL INTACT THERE'S A QUESTION AROUND VOLATILITY IN THE SUMMER AFTER A LOT OF GAINS. PULLING BACK AS PEOPLE GET NERVOUS WHICH IS A POSITIVE THING AND SHOULD MAKE YOU MORE EXCITED. WHY DOESN'T MAKE YOU MORE EXCITED TO FIGURE THESE ARE THREE SEPARATE STORIES TALKING ABOUT PRESSURING PRICES LOWER AS DEMAND INCREASES BY ALL ACCOUNTS. PETER: THE COST CHOSE AGAIN THERE'S SO MANY OUT THERE THAT WHEN BUYING BEG