英伟达与联发科达成35亿美元合作，深化AI芯片生态

THAT'S THE LAST DAY OF AUGUST. STOCKS A LITTLE WEAKER.

BLOOMBERG OPEN INTEREST STARTS NOW. DANI: COMING UP, BOND INVESTORS SKEPTICAL THAT FED CHAIR KEVIN WARSH IS READY TO RAISE RATES. BRENT ABOVE $90 AS FRESH U.S.-IRAN STRIKES REIGNITE TENSIONS IN THE MIDDLE EAST. AND NVIDIA MAKES ANOTHER BIG BET ON THE FUTURE OF AI, DEEPENING ITS TIES WITH TAIWANESE CHIPMAKER MEDIATECH. AND Q ALL THE CONCERNS ABOUT CIRCULAR FINANCING. WE WILL HEAR FROM THEM MAN HIMSELF, JENSEN HUANG.

NVIDIA UP BY 0.3%. THE INVESTMENT AIMED AT GETTING MORE COMPANIES TO BUILD CUSTOM AI CHIPS USING NVIDIA'S PLATFORMS. STAY WITH US. WE WILL HAVE AN EXCLUSIVE INTERVIEW WITH THE NVIDIA CEO JENSEN HUANG AND MEDIATEK'S CEO. WE BEGIN WITH OUR TOP STORY. FRESH ANGST IN THIS BOND MARKET FOLLOWING FED CHAIR KEVIN WARSH'S JACKSON HOLE SPEECH. INVESTORS, SOME OF THEM, WE ARE PRICING IN THE ODDS AT 60%. OTHERS ARE QUESTIONING WHETHER HE IS WILLING TO RAISE RATES TO TACKLE SEPARATE INFLATION.

THESE ARE THE COMMENTS WE GOT FROM HIM LAST WEEK.

WE MUST BE CONFIDENT THE UNDERLYING INFLATION IS MOVING TO OUR OBJECTIVE CLEARLY AND AT SUFFICIENT SPEED. OTHERWISE WE HAVE WORK TO DO. DANI: AND TRADERS AS I MENTIONED, 60% ODDS OF A HIKE. THIS IS A MARKET THAT MOVED TO PRICE IT IN. LET’'S DISCUSS WITH MICHAEL MCKEE. I WAS SPEAKING WITH RBC EARLIER. HE SAID, THIS WAS A NORMIE SPEACH. -- SPEECH. IS THERE A SIGNAL FOR WHAT SHOULD HAPPEN IN SEPTEMBER FROM WHAT WE GOT FROM CHAIR WARSH?

MICHAEL: THE IDEA OF IT BEING A NORMIE SPEECH IS CORRECT BECAUSE THIS IS WHAT EVERYONE HAS BEEN SAYING. THIS IS THE SORT OF SPEECH HE SHOULD HAVE GIVEN TWO MONTHS AGO WHEN HE FIRST TOOK THE JOB, BECAUSE ALL HE DID WAS REAFFIRM WHAT FED OFFICIALS DO, WATCH INFLATION AND REACT TO IT. YOU CAN SEE NOW, THE CHART SHOWS THAT AT ONE POINT WHEN HE FIRST WAS COMING IN, THAT'S WHAT PEOPLE THOUGHT WOULD HAPPEN. THEN HE HAD HIS PRESS CONFERENCES AND THEY DIDN'T GO WELL, THAT EVERYONE HAS BACKED OFF THE IDEA OF A RATE INCREASE, NO WE ARE BACK TO 60% CHANCES.

WHEN YOU LOOK FORWARD ON THE CALENDAR, WE HAVE THE JOBS REPORT ON FRIDAY BUT EVERYONE AGREES THAT IS NOT REALLY AN ISSUE UNLESS WE GET A SHOCK. SEPTEMBER 10 IS PPI, SEPTEMBER 11 IS CPI. THEY ARE IN THE BLACKOUT PERIOD NOW. THERE IS NO WAY TO PUSH BACK IF THE NUMBERS ARE BAD OR PARTICULARLY GOOD ONE WAY OR ANOTHER. IF WE GET A BAD INFLATION REPORT FROM THOSE TWO, MARKETS ARE GOING TO PRICE IN 100%. HE IS GOING TO HAVE TO DELIVER OR HE IS GOING TO LOOK BAD.

BUT HE DID SEEM TO SET HIMSELF UP FOR THAT BY SAYING HE DOESN'T THINK WE ARE THAT TIGHT AND THAT INFLATION IS STILL HIGH. WHILE HE IS NOT GIVING COMPLETE FORWARD GUIDANCE THAT I AM GOING TO TIGHTEN, HE IS SAYING IT IS CERTAINLY POSSIBLE AND THAT IS WHAT THE MARKET WANTED TO HEAR. DANI: THANK YOU SO MUCH FOR JOINING US. IT WILL BE A BUSY WEEK WITH THE ECONOMIC DATA. BLOOMBERG'S MICHAEL MCKEE. ELSEWHERE, BRENT CLIMBING ABOVE $90 AFTER THE U.S.

AND IRAN EXCHANGED STRIKES FOR THE FIRST TIME IN A MONTH. JOINING US IS TYLER KENDALL. THERE HAD BEEN A HOPE THAT WE WERE MOVING AWAY FROM CONNECTICUT WARFARE INTO WHAT TREASURY SECRETARY BESSENT CALLED ECONOMIC WARFARE. WHAT IS THE LATEST NOW? TYLER: AT THIS POINT, IT HAS BEEN 24 HOURS OF ESCALATION. NEW THIS MORNING, PRESIDENT TRUMP OUT WITH A NEW THREAT, TELLING FOX NEWS THE U.S. WILL RETALIATE AFTER U.S. FORCES WERE TARGETED BY IRAN OVERNIGHT.

WE HAVE SEEN THIS CYCLE OF TIT-FOR-TAT ESCALATION AFTER SENSE, CONFIRMED THIS WEEKEND -- AFTER CENTCOM CONFIRMED THEY FLOYD ROCKET LAUNCHERS -- DEPLOY ED ROCKET LAUNCHERS. WE SAW IRAN GO AFTER U.S. TROOPS IN JORDAN. NOW THE PRESIDENT'S NEW THREAT THIS MORNING. TO YOUR POINT, THIS MARKS THE FIRST KINETIC ACTION TAKEN BY THE U.S. IN NEARLY A MONTH AS THE ADMINISTRATION HAS OPTED FOR THAT ECONOMIC PRESSURE CAMPAIGN. IT SEEMED LIKE IT MAY HAVE OPENED THE DOOR OVER THE WEEKEND.

WE HAD HEARD FROM IRAN'S PRESIDENT SAYING DIPLOMACY WAS NOT IMPOSSIBLE, WHICH YOU CAN BELIEVE TO BE A RELATIVELY POSITIVE STATEMENT IN REGARDS TO THE TALKS. THIS MORNING, WE SAW PAKISTAN'S PRIME MINISTER MEETING WITH IRAN'S FOREIGN MINISTER AS WELL. AT THIS POINT, IT DOES NOT FEEL LIKE THOSE DIPLOMATIC EFFORTS ARE WORKING. DANI: THANK YOU VERY MUCH. THAT IS TYLER KENDALL AS THE PRICE OF OIL MOVES HIGHER THIS MORNING.

ELSEWHERE, WE MENTIONED NVIDIA'S LATEST INVESTMENT IN MEDIATECH. THE THREE AND A HALF BILLION DOLLAR DEAL IS MEANT TO HELP COMPONENTS COMMUNICATE MORE SEAMLESSLY IN DATA CENTERS. SHARES UP 0.3%. LET'S GO TO ED LUDLOW FOR AN EXCLUSIVE CONVERSATION WITH BOTH CEOS. ED: WELCOME TO OUR AUDIENCES AROUND THE WORLD. WE ARE JOINED BY NVIDIA CEO JENSEN HUANG AND MEDIATECH CEO RICK SAIEH, WHO JOINS US FROM TAIWAN LATE IN THE EVENING.

THE IDEA IS YOU CAN TAKE CUSTOM SILICON AND PLUG IT INTO ANY GPU-BASED ARCHITECTURE, SHARE THE MEMORY AND NETWORKING. JENSEN, CAN WE START WITH YOU AND ASK YOU TO EXPLAIN THE TECHNOLOGY AGREEMENT HERE? JENSEN: TODAY, WE ARE ANNOUNCING A BIG PARTNERSHIP. WE'VE ALREADY HAD A BIG PARTNERSHIP WITH MEDIATECH. TODAY, WE ARE GOING TO MAKE IT A LOT BIGGER. IT STARTED WITH US RECOGNIZING THAT MEDIATEK MAKES THE WORLD'S BEST SOC'S.

AND WE INTEGRATED THE NVIDIA CHIP TO CHIP INTERFACE TO MEDIATEK SO WHENEVER THERE IS AN SOC, WE CAN CONNECT IT TO NVIDIA'S GPU. WHAT CAME OUT OF THAT FIRST ENDEAVOR IS THIS PROJECT CALLED DGS SPARK. THIS INCREDIBLE COMPUTER ALLOWS YOU TO RUN AN ADVANCED INJECT TAKE AI -- AGENTIC AI ON YOUR DESKTOP INSTEAD OF RUNNING IT ON THE CLOUD. WHAT WE WILL DO IS EXPAND OUR PARTNERSHIP SO WE DO MULTIPLE GENERATIONS OF THIS. THIS PROCESSOR IS ALSO GOING TO BE THE FOUNDATION OF THE REVOLUTIONARY NEW COMPUTER THAT IS COMING FROM MICROSOFT.

A REINVENTION OF THE WINDOWS PC FOR THE AGE OF AGENTS. THE SECOND THING WE ARE DOING IS THAT MEDIATECH IS INCREDIBLY SUCCESSFUL BUILDING SPU'S. AND WE ARE GOING TO CONNECT OUR SYSTEM SO THAT NVIDIA'S SCALE UP SYSTEM, WHICH HAS REVOLUTIONIZED AI, AND OUR SPECTRUM X SWITCHES , OUR ENTIRE NETWORKING CHASITY TO MEDIATEK. WHEN THEY WIN PROJECTS, IT BRINGS ALONG NVIDIA NETWORKING. HOWEVER, YOU ALSO KNOW THAT NVIDIA IS IN EVERY CLOUD AND DATA CENTER.

WHENEVER THERE IS A MEDIA TECH SPU, WE WILL BE ABLE TO COMMIT THAT INTO THE DATA CENTER IN A SEAMLESS WAY. OF COURSE, WE ARE PARTNERING IN ROBOTIC SYSTEMS LIKE AUTONOMOUS VEHICLES. YOU KNOW THAT AI HAS REVOLUTIONIZED HOW WE DO COMPUTING, AND WE ARE GOING TO WORK WITH MEDIATEK IN ALL THESE DIFFERENT IDEAS. ED: RICK, THE CUSTOMER BUILDS THEIR OWN ACCELERATOR. THEY DON'T NEED TO REINVENT THE REST OF THE ARCHITECTURE. BUT FROM MEDIATEK'S PERSPECTIVE, IT IS WORTH SAYING, WHAT IS THE PITCH TO YOUR CUSTOMERS ON THE VALUE OF DOING THIS WITH NVIDIA?

RICK: THANK YOU FOR THE OPPORTUNITY. I WANT TO THANK NVIDIA AND JENSEN FOR HAVING THE CONFIDENCE IN MEDIATEK. AND FOR US, I BELIEVE IF YOU LOOK AT THE WHOLE AI COMPUTING STOCK FROM THE VERY TOP FROM THE HYPERSCALERS TO THE MID END OF THE ENTERPRISE DATA CENTERS, A NEW COST TO WHAT JENSEN JUST DESCRIBED, TO THE DESKTOP FOR THE AI APPLICATIONS. I THINK THE COLLABORATION, THE CONVERSATION WE ARE HAVING WITH NVIDIA, WE SAW NVIDIA'S FUSION WILL ENABLE THROUGHOUT THIS COMPUTING STACK THE CUSTOMERS.

THE IMPORTANT THING FOR THIS ERA OF AI, IT IS INCREDIBLY FAST-CHANGING. SO, IT IS CRITICAL THAT TOGETHER WE CAN ENABLE THE CUSTOMERS TO BUILD THE DATA CENTER, TO SCALE WITH HIGH SPEED, LIKE JENSEN ALWAYS LIKES TO SAY, THE SPEED OF LIGHT. AND WE WILL WORK WITH OUR CUSTOMERS WITH TREMENDOUS FLEX ABILITY. SO, THAT IS PART OF THE ESSENCE OF THE COLLABORATION WITH NVIDIA. ED: RICK, YOU SAID YOUR AI CHIP BUSINESS WOULD BE ABOUT $2 BILLION THIS YEAR.

BUT IT WOULD ACCELERATE TO GET 15% IN AN ADDRESSABLE MARKET OF $80 BILLION NEXT YEAR. DOES THIS ARRANGEMENT WITH JENSEN AND NVIDIA HELP YOU TO ACCELERATE THE GROWTH IN THAT BUSINESS? RICK: WE CERTAINLY EXPECT THAT TO HAPPEN. IT WILL TAKE A LITTLE TIME BECAUSE WE ARE NOW GETTING STARTED BUILDING JENSEN'S LATEST VERSION THAT YOU JUST MENTIONED. I THINK IT WILL PROVIDE THE POTENTIAL CUSTOMER

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