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Bloomberg Audio Studios, podcasts, radio, news. We're joined by Dan Ives from Wedbush, and I want to start by saying that Tom Sacunda, the co-founder of Bloomberg, once cornered me in the food court, you know, over Cheez-It crackers. And he said, " Hey, you fool, take Perplexity ." It changed my life.
Dan Ives, what is Perplexity? Listen, when it comes to the model, I think Perplexity is one of the best on the market, especially for people like us, when it comes to complex analytics and a lot of numbers, I think Perplexity is one of the best options. So looking at what Nvidia is potentially doing, it makes a lot of sense in the context of that AI revolution that we're seeing.
How can Perplexity help Nvidia? Well, look, they're actually investing in the entire ecosystem, from infrastructure to models, and this is a way, given that Anthropic and OpenAI have somewhat created a duopoly in AI, to diversify, because Jensen from Nvidia talked about this: whether it's open-source or other models — the cheaper the models become, the more widespread they will be.
This is better for AI spending, because the cheaper it becomes, the higher the demand will be. So, we'll hear Nvidia's report after the close of trading on Wednesday. What should the market pay attention to ? No one understands demand better than the godfather of AI, Nvidia's Jensen. I think the main thing—they'll probably remember the price increases that you reported over the weekend on memory , but the main thing is what they're seeing from customers in terms of acceleration.
We believe that overall demand for AI has grown by 20% in the last few months, and there is only one chip in the world powering this AI revolution. So I think that's a huge piece of the puzzle in understanding demand, especially after we saw an extremely strong reporting season, especially from hyperscalers.
You're right, Dan, the biggest fight in the tech space is over AI sovereignty. What do you mean? What this means—and this is becoming an increasingly hot topic of discussion—is that data ... as a company, I'm not going to give that data away. Regarding model developers like OpenAI or Anthropic: I might be able to use them, but there will be a certain limit where I, as a company, want to control that data.
And that's what Nvidia and Palantir are putting a lot of emphasis on, especially Palantir, on sovereign AI data, because the idea is: if you have my data, can I eventually, competitively, displace your model? So I think this is indicative of what's starting to happen now that we're seeing more maturity in AI, where businesses are more focused on who has access to their data and whether they should have more control.
Dan, you're with us for a quick technical review. Uh, we'll talk about Canada in a moment. Good morning to all of America on SiriusXM, channel 120. Good morning to all of Canada as well. The audience is waiting for announcements from Apple after Labor Day, as I understand it. What will we see from Apple and what will it mean for their free cash flow and stock price?
I think for Apple, and investors are now increasingly starting to realize what we've talked about a lot on the show, that on this highway of the consumer AI revolution, they're acting as toll collectors , and all of this will continue to pass through them. I think it's not just about the AI strategy, but also that with the release of the newest iPhone, it will affect the ultimate demand, because it lays the foundation for everything we talk about in AI: from the enterprise level to the consumer level.
What will the devices look like? Where will this all take place most of the time? Apple has, if you think about it, 1.5 billion iPhones. That's why there's so much attention to their release of the new iPhone. It's not necessarily going to be a lot of changes from a hardware perspective, but Tom, it's also more about the AI strategy, because they finally have it with Gemini.
So, earlier this year we saw a software sale like I don't think I've ever seen before. I ca n't remember. I mean, software is worth holding because of the regular income, high margins, and free cash flow. What is the current outlook for software on Wall Street? Are we trying to pick winners and losers?
I mean, Microsoft fell 25% year-to-date at one point, but has now recovered to zero. What is the forecast for software? Well, Paul, I always thought that was a made-up thesis, that Anthropic would eat the software companies' lunches, that these models would almost destroy them. I think that use cases are increasingly being implemented now .
Software is playing an increasingly important role. This is what happened with Microsoft, you saw it with Palantir, you saw it with ServiceNow and a bunch of others. I think it's so specific that some software companies will be squeezed out. And if you look at companies, maybe going back to when you look at names like Adobe, that's a good example of how Adobe or Intuit will adjust their business model.
But today it's a completely different story than 6 months ago. No one cares, Alexis here wants to know who your clothes are from today. I like it. What, what's that on your shirt? Are these penguins? No, wait. So, these are penguins. Yes , these are penguins. Well, they look like parrots. No, these are p...parrots.
OK. And this is a hat with a duck. You are very " birdy" today. Whose shirt are you wearing, for heaven's sake? Someone is sending a letter. They ask, "Is Dan in Poochie?" No, it's actually a company from Bali. Er... Kenny Matthews. Kenny Flowers. Kenny Flowers. Yes, I see that on your show. Yes, Kenny Flowers.
They are from Bali. People all over the world want to know. Dan Ives, thank you very much. Thank you very much. Along with all his work here, and looking forward to Apple launching soon. Yorkville and Ives, this is...
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