英特尔增发筹资200亿美元，苹果玻璃iPhone仍按计划2027年推出

Bloomberg Audio Studios podcasts radio news. Bloomberg Tech is live from the heart of Silicon Valley with Ed Lello in San Francisco. This is Bloomberg Tech. Coming up, it's an upsized share sale for Intel raising $20 billion, a third more than it was targeting when it announced the deal yesterday. Plus, sources tell Bloomberg Apple's glass-centric iPhone overhaul is still on track for 2027 after an analyst report said it had been cancelled.

And drone startup Nuros raises $250 million in a funding round that triples its valuation. And we'll talk to NRA CEO Saurin Monroe Anderson, one of its lead investors, Sequoia partner Shaw Maguire, later this hour. Intel gets big demand for its share sale. We're flat uh in Tuesday session on a 2-day basis as a decline of 4%. Remember, this is a stock that's up 164% year to date. Also seeing its value almost triple. $20 billion sold in the end.

They had initially marketed $15 billion. There was probably about five times that in terms of demand. Bloomberg reporting citing sources. Let's get more. Bloomberg's Ian King who leads our semiconductor coverages with us. Um let's go back over the basics. Intel said we will sell 15 billion worth of stock. In the end they sold 20. Where did they price it? What did demand look like?

Yeah, I mean demand is obviously strong. Our reporting says that as many as a third of the people who tried to buy the stock weren't able to do so. So obviously this is an, you know, a strong endorsement of the future prospects of this company that they're able to attract new shareholders. we're seeing in the market. Obviously, some of the existing shareholders don't like being diluted, but in general, this is a pretty strong signal that Intel is going to be joining the AI race and that people believe that.

Why do they need to sell stock? What do they need the $20 billion for?

Yeah. I mean, the the number one priority of this management team has been to sort out this balance sheet, right? They've got about $50 billion in debt. Up until this offering, they had about $30 billion in cash. Obviously, that situation is improving. This takes them very close to being sort of net cash positive, which is a real turnaround from where this company was just a couple of years ago and obviously gives them a much more solid footing to do new products, to build new factories.

We're we're recapping what we talked about 24 hours ago, basically, but that's because the deal's now been done.

Um, we said in the Bloomberg story, this was the first time Intel did a public share sale since 1971 when it listed different company. Now um part of this is they are a bit more adventurous with capex and you explained that yesterday they have to buy chipm machines

right I mean 20 billion is a lot of money maybe not for somebody who works on TV but for us print reporters it's a huge amount of money but in the grand scheme of things if you are trying to do leaning edge semiconductor manufacturing $20 billion doesn't really even get you a full factory from the ground up right so huge numbers and that kind the factory goes away within 5 years, it's not as useful as it used to be.

So

now, very quick, this is not a GPU story. This is a CPU story.

That's right. I mean, Intel has joined the kind of the party by accident in a way because the the way that uh the AI factories are working, the way that the software is being run is kind of shifted back towards general computing. And that's where Intel's strength is. There's a shortage and a lot of demand for what they make. $20 billion is a lot of money and a big number for Bloomberg's Ian King. Let's take a look at today's official big number. $500 billion.

That's how much capital Nvidia is looking to mobilize from US investment giants Apollo, Black Rockck, Blackstone, Brookfield, Goldman Sachs, and KKR. The idea, Wall Street raises debt backed by Nvidia Compute, then leases that compute to customers. According to a Bloomberg source, it effectively turns GPUs into a financable infrastructure asset. Our next guest says that the AI infrastructure buildout is among the key factors driving markets and our global economy is being reshaped for the next phase of the industrial revolution.

Beimo, wealth management, chief market strategist, Carol Life joins us now. So the idea in this story is compute as collateral. How do markets digest that? I think markets have done a really great job of digesting a lot of this and being super discerning this year. You've seen it in the bond market. You've seen it in the stock market. You've seen it in reaction to earnings and the parsing of that. So I think having assetbased finance is you know those six key players think the assetbased finance is is there and I would suspect that the demand will be there not unlike the prior story where you were talking about the demand for Intel shares.

Right. Carol, the pitch from Jensen Wong and Nvidia is that compute becomes an investable infrastructure asset class of its own. Would you regard it as an asset class? Possibly. I mean it would definitely take some looking at the the key thing is too it's hard for investors to play infrastructure because technology is such a a large percentage now of the S&P and infrastructure and manufacturing has shrunk to so small and we are in the very early stages of repositioning that especially as we reshore it's primarily about AI but it's also about all of the stuff that supports AI and all of the things we can do with AI and we need hard hard assets to be able to do that.

There are some circular financing concerns. Nvidia would say there's a degree of separation here because this is third party capital, right? Those six asset managers, investment managers go out and find the investors. Nvidia doesn't finance the project. Um, how does that sit with you in in in the structure of this market right now?

You know, the interesting thing is there's circular financing in a lot of ways. You look at even the earnings of some of the hyperscalers had one-time events in there from writeups of Open AI and their venture investment. So, you've got circular financing in the equity market. You've got circular financing in the debt market. And the key is is you've got a whole bunch of the economy really leaning on those. But I think it's important too to consider it's not just the data center buildout.

That's the infrastructure, a piece of the infrastructure we need. But a we haven't invested in infrastructure here in a big way in decades. So we need have a lot of catchup to do. But b it's also about the usage and what we can do with it and the levering and moving into a whole new scenario because there's there's the kinds of questions we couldn't even ask before that we can ask now because we have technology to help us figure out the answer.

I want to go back to to our opening statement about rewiring the global economy. Data centers are a big part. data centers are being built in the United States. There are other things happening in the United States. The reonshoring of all kinds of industries, semiconductor capacity. How do those other lanes factor into your assessment of the economy and what markets are really focused on right now?

I think the interesting thing is too is like let's not forget automated manufacturing. It's been going for a long time too. And as we pull stuff back in, as we build infrastructure, we put sensors and bridges and we do lots of different things. There's all sorts of aspects that they may run on an infrastructure of AI or be accelerated by AI, but they're also about the nuts and bolts of putting capital back on the S&P 500's balance sheet.

Because if you look at it where it was in the 1990s, had substantially more capital intensive businesses. Then we went to ve very much asset light businesses and now we're swinging that pendulum back and those industries are only a small single upper single digit to low double digit percentage