AI融资热潮、油价波动与通胀考验

STOCKS HIGHER ON OPTIMISM AROUND SOME SORT OF ARRANGEMENT IN THE MIDDLE EAST. 30 MINUTES UNTIL THE START OF TRADING. I'M DAVID GURA.

I'M VONNIE QUINN. "BLOOMBERG OPEN INTEREST" STARTS RIGHT NOW. DAVID: THE AI MONEY MACHINE KEEPS ROLLING AS INTEL, NVIDIA, AND ANTHROPIC LINE-UP BILLIONS.

PAKISTAN SIGNALS OPTIMISM OVER A U.S.-IRAN DEAL EVEN AS STRIKES CONTINUE. DAVID: INVESTORS BRACING FOR KEY DATA THAT COULD SHAPE THE FED'S NEXT MOVE. VONNIE: WE HAVE INTEL RAISING $20 BILLION, A THIRD MORE THAN IT WAS EXPECTED TO. DEMAND ACROSS THE AI SUPPLY CHAIN REMAINS STRONG. YOU CAN SEE INTEL DOWN ANOTHER 0.2% AFTER YESTERDAY. NVIDIA CAPPING SOME OF THE LARGEST PLAYERS ON WALL STREET FOR $500 BILLION IN FUNDING COMMITMENTS WHICH JENSEN HUANG SAID WILL UNDERWRITE AI INFRASTRUCTURE COSTS FOR CUSTOMERS.

DO KEEP AN EYE ON COREWEAVE. IT HAS BEEN ON A TEAR SINCE A FEW DOWN MONTHS. IT REPORTS AFTER THE BELL. DAVID: HYMNS AND HERS INCORPORATING AI INTO PRODUCTION RAISING FULL YEAR REVENUE, BUT SHARES DOWN AFTER THEY POSTED A MUCH WIDER THAN EXPECTED LOSS ON THE QUARTER AS WEIGHT LOSS DRUGS COSTS ARE HIGHER AND A PLAN TO SELL PEPTIDES BY THE END OF THE YEAR PENDING APPROVAL BY THE FDA. VONNIE: LET'S GET TO ED LUDLOW IN SAN FRANCISCO.

THERE SEEMS TO BE NO END FOR THE APPETITE OF THE MARKET AND THE MAJOR PLAYERS IN THE MARKET FOR THE POTENTIAL TO ISSUE AI PRODUCTS AND DEBT RELATED TO THEM. ED: YES, NVIDIA IS PUSHING BACK HIGHER TODAY. WHEN THE NEWS FIRST BROKE ONE OF THE $500 BILLION INITIATIVE WITH WALL STREET, THE STOCK WAS UNDER PRESSURE BECAUSE OF THE WHOLE CIRCULAR FINANCING DEBATE WE CAN GET INTO. WHAT NVIDIA IS TRYING TO DO WITH THOSE SIX FIRMS IS MAKE THE COMPUTE AN INVESTABLE ASSET CLASS OF ITS OWN.

IT WORKS TO BE THE PLATFORM TO CHANNEL INVESTOR INTEREST. SPECIAL PURPOSE VEHICLES GET SET UP, THEY BORROW TENS OF BILLIONS OF DOLLARS, THE COMPUTE BECOMES COLLATERAL AND IT IS LEASED OUT TO CUSTOMERS. I THINK THE DEGREE OF SEPARATION THAT NVIDIA IS PUSHING IS THAT IT IS THIRD-PARTY CAPITAL. THOSE SIX FIRMS TAP THE INVESTOR POOL SO IT IS SEPARATE FROM NVIDIA FINANCING ITS OWN CUSTOMER. THE IDEA THAT IT TAKES THE BURDEN AWAY, IT IS JUST FINANCING.

IT MAKES THE WHOLE PROCESS SMOOTHER. DAVID: JENSEN HUANG CALLED UP THESE SIX EXECUTIVES AND NOT ONE OF THEM BALKED AT THE PROCESS OF THIS FINANCING AGREEMENT. I'M CURIOUS WHO THE AUDIENCE IS FOR THIS. ED: I THINK JENSEN HUANG SAID NOBODY SAID NO SO EVERYBODY SAID YES. IT VERY MUCH LOOKS LIKE THIS IS DEBT RATHER THAN DOING SOME KIND OF OTHER MECHANISM IN THE PAST WITH SPACEX AI, THEY TALKED ABOUT SETTING UP SPV'S WILL YOU RAISE EQUITY AS WELL BUT AGAIN IT HOLDS THE COMPUTE AND LEASES IT OUT.

THROUGH THOSE SIX NAMES, THOSE ARE SOME OF THE GIANTS OF U.S. FINANCE AND INVESTMENT, YOU HAVE PEOPLE INTERESTED IN ALL KINDS OF CREDIT. DAVID: ED LUDLOW, THANK YOU SO MUCH, THE HOST OF "BLOOMBERG TECH." BLOOMBERG'S SPACE REPORTER BRUCE EINHORN JOINS US. TALK ABOUT THE DETAILS OF THIS EARNINGS REPORT AND START WITH THAT ROCKET AND WHAT THIS PORTENDS, THE COMPANY REASONABLY CONFIDENT IT COULD GET TO THE LAUNCHPAD BY THE END OF THE YEAR.

THERE IS A DISTINCTION TO BE MADE BETWEEN GETTING IT TO THE LAUNCHPAD AND LAUNCHING IT INTO SPACE. BRUCE: PREVIOUSLY THE COMPANY SAID IT WOULD LAUNCH NEUTRON BY THE END OF THE YEAR. IN ITS ANNOUNCEMENT YESTERDAY, IT SAID IT WOULD HAVE NEUTRON OWN OF THE END OF THE YEAR. IT HEDGED A BIT ABOUT WHEN THE LAUNCH WOULD BE. I THINK THE CONCERN INVESTORS MIGHT HAVE ABOUT THIS IS THAT THIS IS A ROCKET THAT HAS BEEN IN THE WORKS A VERY LONG TIME AND THERE HAVE BEEN MULTIPLE DATES GIVEN BY ROCKET LAB FOR WHEN IT IS GOING TO LAUNCH.

SO, IF WE ARE LOOKING AT AN ADDITIONAL DELAY, THAT MIGHT BE SOMETHING THAT RAISES CONCERN ABOUT HOW BIG OF A DELAY ARE WE LOOKING AT? VONNIE: IT IS THE SECOND MOST FREQUENT ROCKET LAUNCHER AFTER SPACEX. CAN IT RAISE THE CASH SPACEX HAS BEEN ABLE TO RAISE TO CONTINUE ITS EFFORTS? BRUCE: I THINK THAT GOES TO WHY PEOPLE ARE FOCUSING ON OF THE NEW ROCKET, NEUTRON. ROCKET LAB IS THE SECOND MOST PROLIFIC LAUNCHER IN THE UNITED STATES AFTER SPACEX, BUT THAT IS WHAT THE ROCKET ELECTRON, WHICH IS A VERY SMALL ROCKET AND DOESN'T HAVE A LOT OF CAPACITY TO GET THINGS TO ORBIT, ESPECIALLY COMPARED TO THE FALCON 9.

WITH NEUTRON, ROCKET LAB IS LOOKING AT A MAJOR UPGRADE IN TERMS OF CAPACITY. IT STILL DOESN'T GET THEM TO WHERE THE FALCON 9 IS, LET ALONE STARSHIP, SPACEX'S NEW ROCKET UNDERDEVELOPMENT, BUT IT GETS THEM CLOSER AND THEY COULD MAKE A LOT MORE MONEY PER LAUNCH THEN THEY CAN MAKE ON ELECTRON. A LOT REALLY DOES RIDE ON THE ABILITY OF ROCKET LAB TO GET THIS NEUTRON ROCKET NOT JUST TO LAUNCHPAD, BUT GET IT INTO ORBIT. DAVID: THAT IS BRUCE EINHORN JOINING US.

IN THE NEXT HOUR WE WILL SPEAK TO THE ROCKET LAB FOUNDER AND CEO PETER BECK. PAKISTAN SIGNALED PROGRESS AND U.S.-IRAN TALKS, BUT U.S. FIRED ON A SHIP ATTEMPTING TO THWART THE BLOCKADE.

IRAN IS TOTALLY BLOKE, THEY ASKED FOR REPARATIONS YOU MIGHT SAY, THEY ASKED FOR MONEY FOR THE DAMAGE WE HAVE DONE. I SAID THAT'S A GOOD IDEA, BUT WE WILL ASK FOR MONEY FOR DAMAGES THEY HAVE DONE OVER THE LAST 50 YEARS. DAVID: LET'S GET THE LATEST FROM TYLER KENDALL. THE U.S. HAS NOT BEEN A PARTICIPANT IN THESE TALKS. IRAN AND OMAN HAS BEEN TALKING FOR A WHILE. PAKISTAN WAS AN INTERMEDIARY, SO WAS QATAR. HELP US MAKE SENSE OF WHERE WE ARE WITH SOME SORT OF ARRANGEMENT THE PAKISTANIS HAVE SAID ABOUT WHAT COULD HAPPEN HERE.

TYLER: WE GOT THIS INDICATION THAT SIGNALED SOME OPTIMISM FROM PAKISTAN'S DEFENSE MINISTER GOING ON TO SAY THINGS ARE "SHAPING UP IN FAVOR OF PEACE." PAKISTAN IS A KEY MEDIATOR IN THESE TALKS. WE HAVE GOT VERY LITTLE INDICATION OR DETAIL ON WHAT A POTENTIAL BREAKTHROUGH WOULD LOOK LIKE, BECAUSE PUBLICLY OVER THE LAST FEW DAYS WE HAVE ONLY SEEN THE SITES REALLY DIG INTO THEIR POSITIONS, INCLUDING THIS NEW DEMAND FROM PRESIDENT TRUMP THAT AS HE OUTLINED WOULD INCLUDE IRAN BEING ON THE HOOK TO PAY COMPENSATION TO FAMILIES OF IRANIAN PROTESTERS WHO HAVE DIED OVER THE LAST 50 YEARS AND THAT IRAN SHOULD BE HELD ACCOUNTABLE FOR THE DEATH AND DAMAGES RELATED TO CONFLICTS WHERE ITS PROXIES OPERATE, INCLUDING IN LEBANON, SYRIA, LEBANON, AND GAZA.

THAT CAME ON THE HEELS OF IRAN DEMANDING COMPENSATION FOR WAR DAMAGES IN EXCHANGE FOR REOPENING THE STRAIT OF HORMUZ, KEEPING IN MIND THE ISSUE HERE IS THAT WE DO KNOW THERE WERE TALKS UNDERWAY IN SOME REGARD THAT THERE WOULD BE FUNDS ALLOCATED TO HELP IRAN REBUILD AFTER THE CONFLICT, BUT THAT THAT WAS CONSIDERED TO BE A PRECONDITION FOR TALKS ABOUT POTENTIAL CURBS ON IRAN'S NUCLEAR PROGRAM, NOT FOR REOPENING THE STRAIT OF HORMUZ.

AMID THE STANDSTILL AND IRAN STILL LEVERAGING ITS GRIP OVER THE STRAIT OF HORMUZ, BLOOMBERG NEWS WAS ABLE TO GET NEW SATELLITE IMAGERY THAT DOES SHOW THAT SHIPS ARE CONTINUING TO TRANSIT DARK WITH THEIR TRANSPONDERS OFF IN ORDER TO COMPLETE WHAT IS KNOWN AS A SHUTTLE ROUTE, WHERE THEY ARE TRANSFERRING THEIR CARGO TO SHIPS THAT ARE WAITING OUTSIDE OF THAT WATERWAY. NEW DATA SHOWING US THAT AT LEAST 12 SUCH SWITCHES HAPPENED YESTERDAY ALONE.

VONNIE: THAT IS ONE FIX I SUPPOSE BUT IT CAN'T BE DONE EN MASSE AND WE HAD WALL STREET JOURNAL REPORTING THAT THE U.S. HAD FIRED ON A SHIP TRYING TO BREAK ITS BLOCKADE OF IRAN AND WE SAW OIL SPIKE THIS MORNING POSSIBLY BECAUSE OF THAT. IT IS ON A HAIR'S BREADTH IN THE STRAIT OF HORMUZ AND THERE COULD BE SKIRMISHES OR STRIKES OR ANYTHING LIKE THAT. TYLER: THAT IS OUR UNDERSTANDING AMID THIS WALL STREET JOURNAL REPORTING THAT THIS PANAMA FLAGGED VESSEL APPEARED TO TRY TO REROUTE AROUND THE U.S.'S MILITARY BLOCKADE, REPORTING THAT THE U.S.

MILITARY GAVE MULTIPLE WARNINGS THE SHIP IGNORED AND THEY FIRED ON IT. IT GOES TO SHOW THE U.S. IS STILL VERY MUCH IMPOSING THAT NAVAL BLOCKADE AS THIS WHITE HOUSE HAS SAID IT IS OPTING FOR THE ECONOMIC PRESSURE OVER POTENTIALLY RESTARTING ANY BROADER MILITARY OPERATION. BUT WE DO KNOW THE PRESSURE IS BUILDING AT HOME AS WE CONTINUE TO SEE STALLED TRAFFIC IN THE STRAIT. BLOOMBERG WAS ABLE TO CONFIR