Alphabet To Raise $80B in Equity, Anthropic Files For IPO

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20:16Caroline Hyde:Impulse Space led by SpaceX alumni. SpaceX veteran Tom Mueller has just hit a massive$4 billion valuation. The company raised$500 million to scale its space tugs or spacecraft that can haul satellites across different orbits. Joining us now is Impulse Space founder and CEO, Tom Mueller. Tom, it's great to have you on Bloomberg Tech. I've been able to spend some time with you in SoCal, right? Look at the facility, see what you're building. And you've always been super honest. Like, space is hard, difficult to get there. $500 million in one go. So just explain how that gets you to this world where you are like the traffic conductor in low Earth orbit moving different orbital planes for different satellites.

21:02Yeah, well, you know, there's a lot happening in space right now. And we're here to basically take over where launch leaves off. So, you know, launch vehicles like, you know, like SpaceX Fowl can get you to low Earth orbit and we take you everywhere else. We move you around within orbits and we have vehicles, very high energy vehicles that can take you out to very high energy orbits or out to the moon, to Mars and beyond.

21:30Caroline Hyde:The very high energy bit is the bit I find super fascinating. You were demoing for me the propulsion technology you've worked on. So explain how it works. But I think also for a lot of the audience, why is it necessary to move whatever the satellite is from one position in orbit to another? What would cause that? So if you're talking about Helios, our very high energy product, most satellites that want to get to geosynchronous orbit, like the very high orbit, 22 ,000 miles out, typically get dropped off in low Earth orbit, and then they end up in a transfer orbit, and it can take months to get there.

22:10With Helios, we can get you there in one day. It's basically a rocket on a rocket. It's got a big tank full of propellant and a very high energy pump fed engine on it. And it does a couple of burns and gets you to a high energy orbit. It can also take you like way more payload to the moon or to Mars or to the outer planets.

22:35Antonio Neri:Helios, the larger, is meant to be flying what in 2027? You've already had the Miracraft flying three missions. and that was first launched in November 2025, almost recently in 2025. I'm interested in what$500 million buys you because as Ed says, space is hard, but it's also expensive. Yes. So we've more than doubled the size of the company in the last year and we're continuing to hire. We've got a new facility here that we're building out. We've just got a lot of work in all sectors, you know, commercial, NASA, and government. So we're addressing all that work and we're building the highways to the space economy.

23:13Antonio Neri:You were, of course, integral to the propulsion over at SpaceX. And we think now of the SpaceX mafia that's about to be created by the end of this month and how much money that might infuse new space technologists, new founders. What does that moment mean to you for SpaceX to go public? I mean, this is great for building a space economy. And what I say now often is that I think the true space age is starting now. I think we're going to start building megastructures in space, which we're seeing with a million data servers. We've already talked about using the resources of the moon, which is something I've been talking about since before I started this company.

23:53This is the things that we're super excited for. This is the reason I started this company. This is the reason that employees joined to do really cool things. we're super excited about this permanent uh moon base that's been announced by by nasa this this

24:09Caroline Hyde:is exactly what we do you know tom part of visiting with you in socal is like there's a ripple effect there are there are companies born out of spacex's growth there is a network of people that are spacex alumni when this biggest ipo of all time happens what do you think the economic effect will be for your industry gigantic i think you know i i grew up in the star trek area the original series and I felt like some, you know, by the time I'm this age, we'd be living in a Star Trek world. And I still think we're going to get there. And you've got to imagine that in a Star Trek world, the space economy is the biggest part of the economy.

24:48Right now, the space economy is single digit of the global economy. And I think we're going to get there where space by that measure will grow faster than any other sector.

24:57Antonio Neri:it's space it's also defense tech and we think about the billions that the administration wants to put to work in a so-called golden dome and and i'm interested as to how that is going at the moment how they intercept to work that we understand you've been doing with andrill how that progresses at this moment tom yeah we're here to just provide advanced solutions um you know the government needs to move around they need to protect their assets um and we're here to help out however we can.

25:25Caroline Hyde:Tom, do you think we'll be in a place where like this year or next, you'll have a demo for the tech or the work with Android? We're talking about space-based interceptors technically. Is that a realistic timeline for the next 12 to 18 months? I can't talk about the specifics of these programs. Let me ask you this one final question on the SpaceX IPO. Reflect on how hard it was those early years for you and now how you got to this point. I know you're no longer with the company, but it's a part of the story. Real quick. Yeah. You know, we always said we knew it would be hard and it was harder than we thought, but I'm super proud of what we achieved.

26:06It's, I mean, amazing that this company that I was employee number one at is now a trillion dollar company. It's just, you know, amazing.

26:15Antonio Neri:And now we wonder where Impulse Space goes now, worth$4 billion and a$500 million raise. Fascinating. Thank you, the founder, CEO, Tom Mueller there. Coming up, perplexity makes a big bet on the future of how AI workloads get done. We're speaking with the CEO, Aravin Sreenivas. Next, this is Bloomberg Tech.

26:44Caroline Hyde:Welcome back to Bloomberg Tech. There is so much going on around the world. We're looking at the U.S. listed shares of Tencent, which follow the Asia listed shares in absolutely soaring up 11 percent. A report that they are bringing out an AI agent version of WeChat. And right now in this AI story, it's so in line with everything that's happening. That trading has really come over into the U.S. session and the stock up 11 percent. We're going to keep an eye on that one. And then the power of a few words from probably the world's most important figure in AI. I would play you the soundbite, but by the time we hit play, it'd be over.

27:17Caroline Hyde:Jensen Wang walked on stage at Computex in Taiwan and said, the next trillion dollar company about Marvell. That's it. That's the story. And the stock is up almost 30 % as a consequence. And Computex in Taiwan has put the spotlight on the companies that are building the hardware behind the AI boom. For more on the latest developments, Bloomberg's Ian King, who leads our semiconductor coverages with us. probably i was going to say the most substance we can debate that but that for the industry one of the most important stories was sk hynex coming out and saying pledging we are going to double our capacity over a certain timeline could you just take that explain why sk hynex is important and why that commitment kind of was was a big deal for for the chip industry sk hynex is the second largest maker of computer memory chips there's a massive memory shortage right now because of the massive amount of memory required for data centers.

28:13So Hynix coming out and indicating, hey, we're going to step on it in terms of putting more capacity in place. In general, helps. It means, okay, well, we'll get enough memory chips. Maybe this growth story can continue. But the big caveat here is Chetewon, the chairman of this company, he said previously, we could be losing money tomorrow. He's been very careful in the outlook for this market. And he hasn't given a specific timeline here. And that would be really important. and that would tell you exactly what's going on.

28:43Antonio Neri:It's really fascinating, some of the details we do get out of Computex, Ian. Anything that's really stolen the thunder, yesterday it was all about NVIDIA's announcements and the negative impact it had on the likes of Intel, AMD, and we're waiting on Qualcomm. What have you heard from some of the other companies throughout the couple of days? I mean, you mentioned Qualcomm, you mentioned Intel, and obviously NVIDIA. One thing they all agree on is robots ain't happening as fast as we'd like, and they've all come out with essentially the same story, which is we're going to give you hardware, we're going to give you software, we're going to give you all of the tools to bring humanoid robots to market faster.

29:17And all of these companies and others too have said that this is one of the next big markets. This is going to be something that really changes the economy and brings AI into the home, the office, the factory, and really makes it that pervasive story that it has to become to support this spending.

29:33Caroline Hyde:Bloomberg's Ian King with the download from Computex. Thank you very much. It's not just chip makers pitching the future of computing at Computex. Perplexity took the stage with Intel to unveil what it calls the world's first hybrid local server agentic inference orchestrator, a phrase that sounds like it was generated by AI itself. Here with more Perplexity CEO, Aravin Srinivas. Aravin, it's great to have you back on the show. I spent all morning thinking about how do I explain this? And basically, the orchestrator is there. It's a piece of software to decide whether a or a part of an AI workload is best done locally on device at the edge or if it needs the superior computing of cloud server.

30:17Caroline Hyde:Is that right? Have I kind of nailed what you're trying to solve for here? That's correct.

30:24Antonio Neri:So, yeah, thank you for having me again. And that is exactly correct. You don't want all your compute centralized in gigantic servers and everything running through the largest frontier models. You're already reading reports of how people are freaking out about their token costs. Some people are spending half a billion dollars per month per engineer. What you actually want is efficient token value per watt per user. and that requires orchestrating privacy accuracy intelligence and cost all together in one single unified system and that orchestration capability requires hybrid model between server side and the local and that's what we demoed today with intel and we're actually chip agnostic so our solution works with Intel.

31:20Antonio Neri:It works with NVIDIA RTX. So just like how we've been model agnostic, we plan to be chip agnostic here.

31:26Caroline Hyde:That's interesting. So my next question was going to be why Intel? What is it about Intel's role in the AI PC market and on the server side that makes it work? But if you're agnostic, what's the breakthrough that you've cracked? Like if you've written the software, what is it you've managed to achieve in how those workloads are diverted. Okay, go a bit further.

31:48Antonio Neri:So, like I said, you want one single system to route across models, files, tools, chips, servers, and decide when to use which model or when to use your local file system, your local sub-agent model, your local LLM, or when to use a frontier model for depending on the task and the prompt, or depending on the confidentiality and sensitivity of your files or apps, that requires you to make clever orchestration decisions, balance trade-offs between accuracy and cost. And that's what we're doing in our software. And that computer is essentially an operating system that balances all these different objectives simultaneously.

32:28Antonio Neri:I mean, you sit in such an interesting place as an orchestrator, whether it be letting people use your own in-house models, whether it's using a mix of third-party models. And the third-party models are up to a lot right now. I don't know, Vin. I just want to get your take on how you feel about competitive moats or competitive threats if these big companies, Anthropic, OpenAI, SpaceX, all go public in the next few months. We actually love Anthropic, OpenAI, XAI, all these frontier labs. Every time any of their AI gets better, our unified system also gets better because we route across all of them.

33:07Antonio Neri:We basically think of perplexity computer as taking the best of all AI and putting it together in one single unified interface and system. So all of you know how much Anthropix models have improved since the beginning of the year. What has it led to for us? Our revenue actually tripled since the beginning of the year. It's just been five months in the year and our revenue has already tripled. To what? So we're actually very happy with all these companies' progress, and they completely deserve their IPOs. So we're very excited for them. Can I follow up? Are you able to discuss what that revenue's jumped to?

33:45Antonio Neri:There were reports in the FT that you're up to about$450 million just in the month of March. Yeah, we crossed that. I think I publicly tweeted that we crossed$500 million about somewhere around mid-April. We are announcing new numbers yet, but we are doing really well.

34:02Caroline Hyde:Irvind, I've been thinking a lot about where perplexity sits in the suite of available tools and technologies, right? Research seems to be a really interesting place with perplexity. And I'm wondering, like, how you measure the engagement on the platform? So, like, it's not just, like, one query and done. But do you kind of track the time that an individual desk or user would stick with one query as sort of indication of success? how the platform's being used, the behaviors of the user base?

34:35Antonio Neri:So we're actually not trying to maximize engagement per user in the sense we're not actually trying to keep them longer on the platform or something. In fact, accuracy is somewhat towards the opposite end of that. If you give the user an accurate answer in the first turn, it's likely that they're not going to continue in the same chat. What we actually look at is retentive uses. Like if the same user is using perplexity for a lot more research tasks, not just like that one single task it came with. And that's always been the case. For example, we introduced a max plan. And that's already like, you know, at the beginning of the year, in terms of subscription split between the max plan, that is a$200 a month plan, versus the pro plan was somewhere like 9 is to 91.

35:24Antonio Neri:Today, it's more like 30 is to 70. So I think that already shows that there are these power users who are willing to pay like$2 ,000 a year out of pocket. This is not even enterprise because they allow the superior research and orchestration and accuracy that we bring in our product. Interesting. So we're seeing the growth. You're talking about your average revenue run rate tripling, going up to almost$500 million. I'm interested as to where the combative nature does come in because it looks like you're playing well with all the other players out there. But there is some issues in the courts in particular.

35:58Antonio Neri:CNN, for example, has just the latest to hit you with a lawsuit alleging that you violated federal copyright laws. How are you dealing with how people get paid and what you train upon and what you feed and source to us as a user? I mean, the fact of the matter is that, like, nobody has any copyright over truth and facts. Like, I think we've been consistent with our position. We are very confident in our position and we will let the legal process, you know, decide what the right thing is in that particular situation. I don't want to comment further on that. But nobody has any copyright over truth and facts.

36:35Antonio Neri:Complexity CEO. Staying up late. It is like 1130 p.m. with you. We so appreciate you coming live. Jet lag. After your, yeah, jet lag works worldwide. Aravind Srinivas, safe flight back from Taiwan. We appreciate it. Now, look, the AI build-out may be bigger and longer than investors actually expect. Arm CEO René Haas has been telling Bloomberg that demand for memory and compute could keep growing for years and says the industry's biggest customers may need to share more of a cost. He spoke exclusively with Bloomberg's Stephen Engel over at Computex, too. Take a listen. I would say one thing that's different about what we're seeing right now is the amount of compute that artificial intelligence requires is quite significant to anything before it.

37:16And it touches every single industry. It touches everything around humanity. Everyone on the planet will have some interaction with AI, whether that's AI indirectly or directly, but it affects everyone. If you think about world GDP,$130 trillion, knowledge work, white-collar work being maybe a$30 trillion market, that is a large market, which today is largely undertapped. So is memory going to be short until 2030? I don't know. I hope not. But could I see this demand continuing much longer than people have ever seen historically? That I do believe. So do you maybe look back at 2023 and there wasn't enough investment because a lot of memory chip makers were having trouble?

37:56Absolutely. They just didn't build in that capacity or foresee the demand that was going to shoot through the roof like it is now. The folks at Micron, Samsung, SK, Hines, they have tough jobs. And then 2022, 2023, they're all losing money. Now they're in the trillion-dollar valuation club. Trillion dollar club. But cautious, right? Because they look at that and say, if I overbuild, where will I be when the supply crunch eases up? But I do think you may see some more innovative business models. Would hyperscalers be investing in fabs? Would there be more equity partnerships around that such as a secure supply?

38:33I think that's quite possible. Well, yeah. So what kind of resiliency needs to be built into the system so you don't have such peaks and troughs? There needs to be a shared system, right? Shared risk, shared investment, shared risk. I think asking public companies like a Micron to take all of that risk themselves with no shared risk from the people who are the large consumers, that's very, very hard to sustain. The governments have been helping. I mean, U.S. government has helped in terms of the work they've been doing with Micron and also encouraging Samsung and Hynex to expand the U.S., But I think it's more than just government.

39:06Caroline Hyde:That was Arm's CEO, Rene Haas, speaking with Stephen Engel. Now, coming up on the show, HPE's annual sales outlook crushed estimates, fueled by AI demand. And its president and CEO, Antio Neri, is joining us next. This is Bloomberg Tech.

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41:11Antonio Neri:HPE stock. Can we just look at it? Skyrocketing this morning as we see it surge after second quarter results beat expectations. It raised its full year forecast where sales could jump by an entire one third, up to 33 percent. That growth is being fueled, you know why, by massive demand for AI infrastructure. Joining us now, HPE President, CEO Antonio Neri. You're up 21%. You have leapt to a record high on the stock. It is a record move for the stock. And you've added$13 billion in market cap. Just reflect for a moment on what people are calling a blowout quarter. Yeah, well, good morning, Caroline.

41:46Antonio Neri:It was an exceptional quarter, as you said, right? We achieve a record break results, a number of key metrics. We have tremendous demand across our portfolio. Our portfolio is at the intersection of networking, cloud, and AI. And that demand is durable. And therefore, thanks to the results of the first half, the tremendous record-breaking backlog that we have, the pipeline, which remains multiples of that backlog, allows us to raise the 26 guide and to provide 2027 guide six months ahead because of that durability. So we are very, very proud of this moment.

42:24Caroline Hyde:Antonio, this is a story about demand, right? And outlook. And it's, through HPE's lens, a revenue figure. But I think there's a lot of value if you could talk us through whether that outlook for 26 and then the 27 outlook, which you say is evidence of durability, is a volume story or it's a pricing story. In other words, no great volume of servers more than you'd normally do. You can just charge a lot more for them.

42:54Antonio Neri:Well, first of all, when we talk about the outlook, we are actually pulling by two years the 2028 outlook that we provided last October at the security analyst meeting intro 2026. And to give a sense, you saw that our earnings per share at the midpoint will be$3.40, which is a dollar higher than the previous guidance. And at the core of that is our networking story and the improvements we have made across the entire portfolio, a combination, of course, of volume in the key product segments, whether There is campus and branch, which is up almost 30 % in orders. So the routing business. So the data center switch in business orders, which is at close to 20%.

43:44Antonio Neri:And then on the server side of the equation, we are up triple digits in demand. Storage for the six consecutive quarter, triple digits in our private cloud portfolio, which obviously has the AI factories for enterprise, continues to grow. So it is a volume story with very disciplined pricing and execution. I mean, talking about discipline, the fact that operating profit you see going to 80 to 85 percent growth for the fiscal full year. And this in the context of memory prices just going through the roof. How are you able to navigate what could be a significant pricing pressure bottleneck still?

44:19Antonio Neri:There's a lot still to be a little bit anxious about, Antonio. What could disrupt this? Well, we need to go underneath the portfolio and look at the mix, Caroline, because now with an$11 billion business in networking, clearly drives a different mix in a gross margin which was record 36.9%. Let's not forget that we are ahead of plan in the Juniper and Catalyst initiatives, both milestones and synergies that fuels cost of sales improvements and OPEX improvements. And then you have, of course, you have the cost increases in DRAM and NAND, but fundamentally, there is all about the demand. I have to tell you, and I commented this yesterday, customers need access to this technology.

45:07Antonio Neri:You guys have covered extremely well the AI momentum, both in the build-out, but we were very pleased to see the acceleration in enterprise, which is driven by that option, and especially in AI inferencing.

45:19Caroline Hyde:There are lots of things happening. On-prem is back. Hybrid cloud, as we just discussed with perplexity, is becoming increasingly important. In your outlook, or even in the quarter gone, was this a story about one big customer that changed the trajectory for you? Or are you seeing new types of customer? It's not just a hyperscaler story anymore.

45:41Antonio Neri:No, we have been very selectively playing in the AI at scale in terms of profitability as well as working capital because you need a lot of working capital. We have prioritized paying down the debt and making sure we drive the profitable growth through networking cloud and AI in enterprise and sovereign and inferencing. So this is not one customer. This is a number of many, many customers. I spoke yesterday about some of the customers that we're winning, that they're bringing that infrastructure on-premise because for compliance reasons, governance reasons, data privacy reasons, security reasons they need to do it on-premise.

46:24Antonio Neri:And I give an example of my own use case. We inside HP, we have 1200 AI use cases of which 250 are in production. We actually use a combination of proprietary or closed models and open models. And we have very stringent governance. And we do it on premise. And we see that trend happening across the enterprise more and more.

46:47Caroline Hyde:I'm going to be very dry and very specific with you, Antonio. Is this an enterprise super cycle? Or is this something different where agentic AI leads to a complete structural shift on how all kinds of companies change their spending habits? What do you see? is the latter.

47:07Antonio Neri:And I think, you know, AI enterprise will accelerate. But the reality is that agentic AI is transforming the way we do business, is transforming business processes, workflows, and is making companies more agile and efficient. So that's what we see today. And I think we are early in the enterprise adoption. And I think, you know, customers now want to make sure they They are not left behind. We have a say inside the company, the future belongs to the fast. And so you got to move really fast. And we learn a lot through the COVID, right? Through the on-ramp to digital. So it's the latter. And I'm enthusiastic about this because it really helps customers to be more competitive in the market, which ultimately is the thesis about AI, productivity.

47:55Antonio Neri:It's about productivity and many worry. That means fewer jobs. That means change in labor. Have you seen any changes to the way in which you're hiring? Maybe you don't need as many employees. What do you think about the narrative? Well, definitely the type of roles you're hiring is different. But inside the company, we have a very aggressive talent development succession plan. In fact, this afternoon, I'm going to have a session with my entire team about that. But the skill sets of the future have to evolve. and I always remind our 65 ,000 employees to use this technology in their favor to become more productive.

48:35Antonio Neri:And I believe everyone, everyone, including yourselves as anchors, you have to have a minor in AI. How to use the technology is going to be a competitive advantage in every role across the enterprise.

48:49Caroline Hyde:We're using the technology. HPE President and CEO Antonio Neri back on Bloomberg Tech. Thank you very much. Some news. The White House just released an AI executive order, and it says it will select trusted AI partners within 60 days. I've been both seeing a tech editor, Mike Shepard, joins us with the details. Go into the details. What is this? What is the government trying to do? What is it saying? Well, Ed, we're still reading through it right now. This is the directive that President Donald Trump was set to sign about two weeks ago, but then abruptly put the whole thing on pause, expressing some concerns about elements of the plan that he didn't like and that he thought could impede innovation.

49:32In essence, this directive calls for the government to work with AI developers on a voluntary basis and gain access to cutting-edge frontier models to determine whether they could pose a cybersecurity risk. The whole idea here, Ed, is really to try to ensure that security risks posed by artificial intelligence are somehow reined in and nipped in the bud ahead of time by the government and the companies working together. Voluntary is a word that appears several times in the order. And the idea is that the government will be cooperating with the companies rather than dictating to them.

50:12Antonio Neri:Yeah, it really is a voluntary framework with AI developers. They talk about collaborating, but they also talk about benchmarking. Mike, who are the people in the room who are able to do that benchmark? How are we going to get that expertise driven through? Well, it's a great question because to make the determination about whether a model should even be covered by this order, whether it's advanced enough, say Mythos, for example, you would have to have a room full of experts. And the idea is that you would have people from various departments within the government, people who have classified clearances, and they would be working in a classified setting in a top-secret process to determine whether a model would even qualify under the terms of this order, whether it has the kinds of cybersecurity capabilities that we've seen identified in Mythos, such to be a worry of the government and of industries more broadly.

51:08Now, what we have seen the order also lay out is a process now through which federal agencies, state and local authorities and operators of critical infrastructure would also gain access, again, on a voluntary basis from the companies to these models that are determined to be so cutting edge that they could pose some sort of a cyber risk and could also be used to test networks for vulnerabilities, much in the same way that mythos has been described to us. Now, what we've seen, Caro, is that this is coming the very same day that Anthropica is releasing mythos on a much wider basis.

51:47Antonio Neri:Yeah, to another 150 additional organizations around the world, Bloomberg's Mike Shepard. Thank you very much indeed. That does it for this edition of Bloomberg TechEd.

51:55Caroline Hyde:Yeah, a lot of news in today's show. Check out the podcast to recap. You know where to find it online, Apple, Spotify, iHeart, and on all the Bloomberg platforms. This is Bloomberg Tech.

52:33Antonio Neri:to learn more supporting sponsor Deutsche Bank