Company Overview & Strategy - The company aims to create smartphones that help users be more focused, addressing the issue of excessive scrolling [1] - The company is targeting young creatives as its primary customer base [3] - The company is exploring exporting from India to the US [6] - The company aims to compete at the flagship level, requiring top-tier components and engineering [8][9] - The company is focusing on applying AI to automate smartphone use, believing hardware ownership is crucial for consumer AI [10] Financial Performance - The company's revenue is projected to reach approximately $1 billion this year, doubling from over $500 million last year [3] - The company has raised about $250 million in funding [11] - The company has achieved over $1 billion in lifetime sales [11] Manufacturing & Supply Chain - The company manufactures most of its phones in India, with additional sites in China and a new site planned [4] Market Dynamics & Competition - Over half of the company's earbud users come from iPhone, while phone users come from across the market, with a notable number switching from iPhone [4] - The company's latest phone is priced at $799 [7]

Vertical Integration Strategy - The company believes vertical integration is crucial for delivering optimal solutions to large clients and sophisticated consumers of infrastructure [2][3] - The acquisition of Core Scientific is viewed as a move down the stack, integrating physical data centers and power requirements [4] - Vertical integration provides more physical control over building and delivering infrastructure, which is valuable in a dynamic market [6] - The company tried to acquire Core Scientific for approximately 1 billion USD last year, indicating a long-standing interest in integration [7] - Vertical integration enables efficient and effective scaling to remain relevant in the cloud revolution [13][20] Margin and Profitability - The company anticipates margin accretion from in-sourcing infrastructure components [6] - Acquiring Core Scientific is expected to be margin accretive as it internalizes hosting contracts [9] - The company disagrees with assessments suggesting the acquisition will not be margin accretive [5][10] Market Demand and Growth - The market is experiencing a generational shift in the scale and type of infrastructure needed [2] - Demand for infrastructure to support AI is voracious, evidenced by a nearly 12 billion USD contract and a 30 billion USD contract [15] - The company is broadening its client base beyond Microsoft, including a second hyperscaler [16] - The company aims to position itself to deliver infrastructure faster and at a larger scale [16] Challenges and Bottlenecks - Integrating two companies is always challenging [14] - Extending capacity to deliver infrastructure is also enormously challenging [14] - Energy is identified as a bottleneck [14]

Tariffs and Uncertainty - Tariffs and ongoing negotiations create uncertainty, leading businesses to be cautious about inventory and discounting strategies [1][2] - Companies are navigating tariffs differently, with some offering deep discounts while others are more conservative [6] Prime Day Strategy - Amazon extends Prime Day to four days, potentially to compete with rivals like Walmart and Target who have longer sales events [3] - Amazon aims to compete with Walmart and Target on everyday essentials, including groceries [3][4] Discounting Trends - Apple is offering very deep discounts, even surpassing some Black Friday deals from the previous year [4][5] - Discounts on Amazon's own devices, such as Echo speakers, are relatively soft compared to Apple's discounts [6]

The big picture we need to remind ourselves is what the ultimate goal is here. Yes, they might have to push back deadlines. The aim is to have fairer trade.Are we actually getting to that point. You're so right, Caroline. The big picture is really important here.So let's remember that tariffs are a tool that are a means to an end of a very big objective here, and that is for America to both design and physically build the technology infrastructure that is going to be the backbone of the free world in the ne ...

The commitment that we're seeing from certain companies taken matter, but also Microsoft and Google, the so-called hyperscalers, to invest with such certainty in winning the so-called superintelligence race. Is this the right thing you want to be hearing and seeing. Yeah, I think it is.This is an exceptionally big money competition. It takes really deep pockets to attract the engineering talent to get the compute power. So the big companies are flexing their muscles and showing great commitment and they're ...

Dig in to whom Mr. . Pang is and why indeed he's left. Yes.Or I'm in pain. He is the distinguished engineer and manager of the company's Apple Foundation models team. Now, we talk about all these A.I. features. We talk about all these A.I. companies. But how do how does generative A.I. actually work. Well, large language models, these are the models that actually power this technology.And so all of these companies are racing to get the best engineers in the world who can develop these models. And pay is kno ...

Product Focus - The company aims to create a smartphone that reduces excessive screen time and promotes focus [1] - The product differentiates itself in the market with a unique design that appeals to tech enthusiasts [2] Financial Performance - The company projects approximately $1 billion (USD) in revenue this year [3] - The company's revenue more than doubled from over $500 million (USD) last year [3] Target Audience - The company is targeting young creatives as its primary consumer base [3]

ANNOUNCER: "BLOOMBERG TECH" IS LIVE FROM COAST-TO-COAST. ED: THIS IS "BLOOMBERG TECH." ELON MUSK'S ASPIRATIONS AND FOCUS AFTER HE SAYS HE HAS FORMED A NEW POLITICAL PARTY. CAROLINE: MORE TARIFF WARNINGS FROM PRESIDENT TRUMP.ED: COREWEAVE AGREES TO BUY CORE SCIENTIFIC. WE WILL DISCUSS THAT AND THE REST OF THE TECH M&A LANDSCAPE. CAROLINE: ANXIETY BUILDING AROUND THE TRADE ANNOUNCEMENTS AND IT SEEMS NEGOTIATIONS WILL GO DOWN TO THE WIRE COME JULY 9.WE ARE SEEING STOCKS DOWNS, BONDS DOWN, DOLLAR HIGHER BUT THE ...

Market Dynamics & Geopolitics - US government aims to restrict China's access to advanced technology due to national security concerns, signaling strong demand control [2] - Despite restrictions, NVIDIA desires to continue selling into the Chinese market long term [1] - US has been preparing for supply chain localization for years, evidenced by Taiwan Semiconductor's Arizona fab [4] - Concerns exist regarding the impact on companies exposed to potential restrictions, particularly American companies [5] NVIDIA's Position & Demand - Industry anticipates NVIDIA will maintain its leading position, with no demand issues expected through 2025 [9] - Demand for AI chips is strong, potentially reaching $500 billion to $700 billion by the end of the decade or higher [6] - The technology is primarily enterprise and sovereign AI focused, reducing reliance on China compared to consumer technologies [7] Supply Chain & Alternatives - The industry is exploring hardware alternatives beyond NVIDIA, including companies involved in custom silicon and inference, such as Stellar Labs [11] - Potential impacts on cloud providers like Oracle, which are building out cloud offerings in regions like Malaysia, need consideration due to GPU access limitations [10] Demand Signals - Key demand signals are tracked through GPU generation product roadmaps, AI, video, and supply chain partners [9]

Let's go to Cool Wave and cool scientific first because this is all about the need for compute. They actually hide the asset about a year ago for a much less price point. And since then core scientific shares have gone up a lot.So I think patience has paid off for them, although you might see that shares are down today. That's something we're following closely because you don't often see that in M&A, but because it's an all stock deal and core, we've is a pretty volatile stock that could be weighing on shar ...