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Bloomberg Audio Studios, podcasts, radio, news. If it's a business breakfast in the Hamptons, you go to the Golden Pear. Is this what you do? Good. You go to Golden Pear. I do n't know if Dan Ives is at Golden Pear, but he's in the east, as they say. The weekend is approaching . Yes. You know, he doesn't care about the employment report.
No. No, not at all. With us is Dan Ives from Wedbush Securities, Dan Ives joins us now. Dan, I really want to focus on Microsoft. What inertial force caused such a leap in Microsoft, where did it come from? I think, first of all, the market misjudged their position on monetizing the AI revolution.
And as I said, I think Microsoft's results that quarter were a turning point for the entire technology industry. Because it shows what is happening with monetization among hyperscalers. This is important not only for Microsoft, it is important for the entire sector. We will look back and see that it was a monumental turning point.
Hey Dan, we had SpaceX last night. I would like you to outline what the history of SpaceX is now, compared to when it was IPO, because the stock has been very volatile. This is obviously a very long-term story and a big bet on Elon Musk himself. What are your conclusions after the release of the report and yesterday's conversation?
Look, I think part of the point is that there's a long-term vision, and that's what investors were counting on during the IPO, which is a look at the broader story of AI and what Musk is going to do in the coming years. And as for quarterly reports, there are no numbers that could calm your nerves, right?
Given the stock lock-in period and the nervousness we are seeing. Right. For them, it's a balance. Because capital spending is how they're going to close the gap with OpenAI and Anthropic. True. And it continues to be a "tug of war. " Was it Bill Ekman who started this process? Because I remember the first quarter well, he came in with what is a small party for Bill Ackman.
You know, it was a small thing. Yes. 5.7 million shares. 2.1 billion. For Bill Ekman, it's a small party. Big party. Did he start it all, Dan Ives? It was like, "Oh my god, Bill Eckman is betting on boring Microsoft." Well, I think, I mean, Ekman looked into the future because investors massively underestimated the prospects for Azure monetization.
And ultimately, I think they wrote Nadella off the books. You mean because of some things with OpenAI and, actually, the narrative itself. And I think it just confirms what we've certainly talked about a lot with you on the show. That's good. We will have moments when we have to worry, whether it's about Microsoft or the tech sector in general.
But the reality is that this reporting season shows: we are only in the third inning. Maybe I would even say, at the end of the second one. You're almost back to how this all plays out in terms of monetization, especially with hyperscalers. A 38% increase since the end of March. Yeah, just... I mean, extremely.
Hey Dan, so where are we overall in this discussion about AI in the marketplace? What is the current narrative in the market? Because , you know, last week we had reports from major technology companies, and the stocks of several of them reacted very positively. Um, Microsoft was one of them, but Amazon and some others weren't.
What...What does Wall Street think about AI today ? Should I tell you it's like a tower of Jenga blocks? So, hyperscalers have successfully doubled their capital investments. You see monetization everywhere now: whether it's Alphabet, Amazon, or Microsoft. In terms of software, I think Palantir is at the forefront of showing that enterprise use cases are accelerating.
Even if you look at AMD, despite what we've seen, it only confirms the demand for chips. We were saying that the supply-demand ratio was 12:1 or 13:1. Of course, Nvidia is in the spotlight. When you put it all together, it becomes clear that corporations are accelerating the pace. Hyperscalers see this.
This, after all, is a key catalyst for chipmaker stocks. And I think that essentially what you're seeing now is the second, third, fourth derivatives of this AI revolution, particularly cybersecurity , starting to take hold. This is reality. Yes. And you can't even deny it. Okay, Dan, you're actually in the Hamptons because you live life on the edge.
Yes, we all know that. We know he is the father. And you know, it's like such a special thing. Dan, you need to go up the coast to Maine, to Rock Bluff. Rock Bluff. Yes. It's almost like the place where Roosevelt's summer residence was on the Canadian border. There are more Montreal Canadiens fans there than Boston Bruins fans.
Dan, we have a question here that is just great, from Rogue Bluffs, Maine. I hope I'm pronouncing the name correctly. Are there innovations in AI, or are they cyclical? Do they feed themselves, moving into secondary and tertiary uses? This is our First of all, this is a great question. And this is our whole thesis.
The point is that what is happening is not at all around models, Open AI and Anthropic. It all depends on data, derivatives, data center construction, capital investments, and their impact on energy. And that brings us back to the fact that for the first time in 30 years, the US has overtaken China.
Well, as an industrialist , like this And Caterpillar just impressed with the results. You're going to tell me these are data centers. What is Dan Ives' X-axis for all these tertiary companies benefiting from your AI world? Well, I think that's where when you look at Caterpillar, you look at the energy sector, like Lumen Energy, Quanta.
I'm simply giving examples of companies involved in data center development and capital construction. Remember, for every dollar of capital investment, there is a five to six dollar multiplier in the rest of the technology sector. And I think that remains our main theme. And I think that this reporting season, earnings may have caught up to the levels that some of these stocks were at.
So, Dan, what do you think the market expects over the next two, three , four quarters? Is this more evidence of return on investment? Is it a reduction in capital expenditure? What do you think Wall Street is looking for? Monetization. Of course. You want to see the baton passed from capital investment to monetization.
And I also think there's a lot of attention being paid to what's happening in Cupertino as the consumer AI revolution is going through. That's right. Cupertino. What they do for consumers, supplying memory chips and everything else, is extremely important to their AI strategy. Dan, is $ 22 too much for a signature breakfast burrito at Golden Pear Cafe?
So, just a breakfast burrito for $22? Oho. Listen, I really think Golden Pear probably offers some of the best coffee in the United States. Yes. But I'll say this: it's a burrito, it's expensive, but in my opinion, it's totally worth it for those who have never tasted it. Chicken panini is simply an incredible dinner.
They charge more money for this. OK. Moreover, it's impossible to even go there half the time, right, Dany? This is [ __ ], but I mean, Keane would give you VIP access. But for others, yes. But for other, regular people, not Keens, they have to stand in line. God, can you imagine me in the Hamptons?
I do n't think so. I can imagine it. Bow tie enters "Golden Pear", I see this scene. Bill Nye, the science guy, once teased me about it . He called it the nerd patrol. Yes, here you go, Dan, it's time for me to go. In the Hamptons, thank you very much for your perspective.
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