英特尔拟发行150亿美元股票融资

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Let's get a little techy for you. Uh the NASDAQ's up 14 points today. Okay, not much going on out there, but there's a lot of news flow out there in the tech space as there typically is. And for that, we'd like to check in with our buddy Matthew Bloxom, Bloomberg Intelligence, senior technology analyst. He covers a bunch of stuff and he does it from London. Hey Matt, thanks for joining us here. I mean, Intel coming to the market.

Here's another big tech company coming with a big equity raise. Uh it seems like these guys have an insatable need for for capital.

Yeah, they do. That's right. So, what $15 billion, roughly 3% of the market cap. So, so not that big but you know I think still always a little bit surprising when these companies come to market for equity. Uh you know they raised I think $6.5 billion in debt early this year. Fairly expensive coupons kind of 4.65% through to 6.2%. So I guess you know they're looking to balance um their their capital needs across different parts of the um the balance sheet structure.

Um yeah the valuation's pretty full right now. I mean if you look forward a couple of years it's on 50 times earnings. So I guess you know the management team taking their view that you know if there was ever a time to raise some equity um this is a relatively quote unquote cheap cheap time to do it. You know that they uh along with everybody else have quite substantial investment needs compared to some of the other big tech names.

Their capex is pretty low. You know probably about $20 billion this year maybe rising to $26 billion next year. But you know, this gives them uh a good cash cushion uh to pursue the current projects and who knows perhaps even uh consider some some acceleration of what they're doing.

What about uh Meta this morning? They've just introduced a new AI model called Muse Glimmer. Uh I guess it's an open source AI model meant to compete with the Chinese uh model DeepS. Uh it's up this morning. How do you feel about it? Yeah, you know, I think we're at a fairly early stage of how the whole AI foundational model um play is going to evolve. Uh you know, this is quite a different position to the likes of open AI and anthropic who work with closed models.

Gemini, Google with Gemini is a little bit kind of mixed. They have some open-source models and some closed models. the meta very much kind of uh uh penetics fortunes to the flag of the open uh model and you know really trying to kind of make a big difference and Mark Zuckerberg today in a in an essay being somewhat critical of some of its competitors you saying that really uh we should be democratizing AI and putting it in the hands of of the user.

So I think yeah open to see how widely adopted this will be um what it means for the kind of longerterm economics both met and the industry but so it's certainly an interesting move and I think as much as anything the language and the rhetoric that Zuckerberg is using uh around this push. Matt, you know, it's as being in these markets for 40 years, it would it's always surprised me in a negative sense how Europe at large basically missed the whole technology revolution.

All the tech is in in in the US and Asia and things like that. Is the same thing happening with AI? Will Europe just kind of outsource it to other people and not participate?

It does unfortunately um seem that way. you know, we have Mistral um as I guess the most well um known, you know, European AI model, but you know, it sits in the shadows of uh uh the US and and the Chinese alternatives. So, yeah, you know, it it's um a perennial problem for the region. And obviously there's a kind of big really big um introspective process going on right now about Europe 2035 and what funding is needed to kind of really close the gap and genuinely make Europe competitive enough.

You the numbers are eye watering and even if the money was there you know I think there's so many kind of structural and cultural issues about the way Europe works that are very serious um obstacles they have to to get around and all the time they're trying to figure those issues out. you know, the US and China are running full steam ahead. So, it does I would think that you the base case scenario would be that Europe continues to be a taker of technology um from other parts of the world.

Stay with us. More from Bloomberg Intelligence coming up after this.

You're listening to the Bloomberg Intelligence podcast. Catch us live weekdays at 10 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube.

I'm looking at Microsoft. This is a name Stacy. Tom and I, Tom Keen and I for the longest time we're saying just, you know, as of a week or two ago, why is this stock down 25% year to date? This is Microsoft. I guess was thrown out with a lot of those software stocks that thought AI was going to put them out of business, but this is Microsoft. And we

Microsoft and it's one of the Magnificent Seven.

Yeah. I mean, you know, so sure enough, they put up a good print uh last week. Good earnings. Stocks erased all those uh losses, now up three or four% on the year, 5% for the year. So, how about that? Um, more news out on Microsoft today. Um, they're going to raise nextG AI chip production next year. That's pretty interesting. That's according to the information. Honor Rana joins us, senior tech analyst for Bloomberg Intelligence.

Honor, it it's really amazing how the market has kind of gotten a new appreciation, if you will, for the Microsoft story that I think was really people were questioning and is Microsoft at risk from AI. How do you think about it?

Yeah, I mean, you're absolutely right. There was that risk of disruption from some of its product from AI. But there was another risk or there was another narrative that when you look at the three hypers scale cloud providers Google um Amazon and Microsoft Google's chip has just taken off. I mean their TPUs are all the rage in the market and and Amazon's actually come out with their own print that you know they are making tens of billions of dollars with their own chip as well.

So what happens is when you are looking at this fight of everybody expanding into AI data centers, they do need chips. They are all running to Nvidia. But two of the three providers talked about having their own chips. Now Microsoft was not in that game at that point. They have their own chip, but it's not widely embraced. But today's report when it talks about that they're going to go out and and increase the production of their own chips, which means customers may be ready to use those.

And if that's the case, their cost of spending into that capital expenditure, you know, boom will start to go down in a sense down on a relative basis or per token basis. So, it's a very good news for them in the long run.

Well, Microsoft might be having a very good day, but Apple is having a pretty rotten day. What's going on with them? Apparently, it has something to do with hardware not coming out the way that they're hoping.

Uh, no. I don't I mean, I think that's a different somebody's downgrade. That's a different story. But when you look at Apple and let's go back to that time period when when Paul talked about when Microsoft was down uh you know 25% or so for the year or you know at that time what was happening was everybody was worried about ROI on AI trade. This is before earning season. You know, you saw Google, you saw everybody was worried about them.

But at the same time, everybody loved Apple because they were not spending that much money. But after t