Anthropic's Revenue Jump, The Wealthy Bet on SpaceX

19:45Ed Ludlow:Robert Shiffman of Bloomberg Intelligence, thank you very much indeed. Now, coming up, Elon Musk's SpaceX gets a boost from the world's ultra-wealthy. We'll tell you what recent 13F filings reveal about their holdings. That's next. This is Bloomberg Tech.

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22:43Ed Ludlow:in case you missed it friday spacex has completed its 60 billion acquisition of ai coding startup cursor a key part of elon musk's bid to gain ground on rivals anthropic and open ai the deal became effective on friday according to a regulatory filing two months after spacex formally announced it had agreed to take over the deal is one of the largest ever in the tech industry. Let's stick with SpaceX. The investment firms for ultra-wealthy individuals have built up large exposure to the sought-after AI and rocket company. More than a dozen family offices from across the Americas, Europe, the Middle East, held stakes totaling at least$3.8 billion in the first half of this year, according to filings.

23:22Ed Ludlow:Bloomberg's Devin Pemberton is here with the wealth beat. This is so interesting. You know, the power of the family office and now the positioning of these family offices. Who are we talking about getting into SpaceX here? So we're seeing a huge swath of names. We see Nicholas Pritzker of the Pritzker dynasty. We see Sheikh Mohammed bin Zayed Al Nahyan, who is a royal from the UAE. We see Michael Platt, very well-known UK hedge fund billionaire. Gina Reinhart, who is one of the richest people in Australia. She's a mining magnate. So really just a who's who of billionaires from all over the world.

24:02Ed Ludlow:$3.8 billion is a lot of money, Devin. Is it, though, in the context of like family office positions in other public equities and other big names in the AI space? Well, it really varies. I mean, with Sheikh Mohammed bin Zayan al-Nahin, for example, he was shown to have$65 million, which for his portfolio is quite, quite small. I mean, he's got many, many positions, but that is not that consequential. But for someone like Nick Pritzker, his position was$1.8 billion. And in the context of his overall portfolio, which is probably, you know, around sort of$6 billion at most, I mean, that's really significant.

24:40And that shows he is among those billionaires who are really bullish, not just on SpaceX, but on Musk's entire empire. Pritzker is also an investor in Tesla. and there is a good number of billionaires and family offices out there who are very long on Musk in the whole Musk empire and you can bet that he is a long-term holder.

25:02Ed Ludlow:We'll just recap that SpaceX's IPO is June 11th, first day of trading June 12th, which is an interesting recent history and that$3.8 billion is around a dozen family offices. So there's like concentration there. Would you remind us of methodology? Like how do we get access to this data? Yeah, so these are from 13F filing which are filed at the end of every quarter. And they're showing the positions of money managers that have to report, that have to disclose because they have more than$100 million in U.S. public listed stocks. So, of course, this is just a small number of the family offices out there.

25:39Many, many do not need to file, but they still have vast equity holdings. We just don't have visibility into them. So this is kind of just a slice of the family office universe that we get to see. And it provides lots of interesting data, and we can sort of extrapolate from there what family offices are likely investing in, because we do see an interesting cross-section of family offices from all over the world who've made their money in all sorts of different ways. But it really is just a snapshot.

26:07Ed Ludlow:SpaceX up 5.5 % of the day. Bloomberg's wealth. Devin Pendleton, thank you very much. Take a look at Snap. Okay, Snap is down 3.8%. It was down as much as 15 % in the pre-market and then kind of paired declines. And to be completely honest with you, we don't really know why. And we're trying to find out. There's some squishy trading going on with the social media name this morning. Coming up, Chipmaker, CXMT is leading the way for China's new tech era. We have the details on that halfway through the show. Therefore, it is halftime. Cue beautiful pictures of San Francisco after the markets. This is Bloomberg Tech.

26:59Ed Ludlow:Welcome back to Bloomberg Tech. Look, stocks are trying to find their feet. There is outperformance in technology, in large part because of Bloomberg's report on anthropic second quarter revenue, which we'll give more details on in a sec, but also headlines from the president of the United States about the war in Iran with Brent crude oil hovering around$89 a barrel, all factors in the market to start the week. But there is some big pieces of technology news. Let's get a lot more of that with Bloomberg's cross-asset reporter, Isabel Lee, in New York. Hi. Hi, Ed. Definitely, we have to talk about Anthropic because it's an AI-fueled risk party this morning.

27:33I mean, a lot of the AI chip names are up. Anthropic isn't trading, but it is still the big news. We have a fantastic scoop from our reporters that they told prospective investors that Anthropic saw a 14-fold increase in their revenue compared to the previous quarter. And this is really a big deal because it shows you at a rapid pace of development. We also have Anthropic's annualized revenue, our run rate crossing$47 billion in May. That's compared to OpenAI, which has an annual run rate of over$40 billion. So Anthropic is obviously the clawed chat GPT that all my friends seem to be using. I need to probably use it more, but it just really shows the stunning pace of growth, Ed.

28:12I want to talk next about NVIDIA. Of course, the show wouldn't be complete without NVIDIA. So NVIDIA will invest$1.5 billion in SB Energy and also an exclusive AI compute infrastructure provider at a tech campus in Ohio. So what does this mean? It just means, Ed, that NVIDIA has moved from just selling GPUs and to now financing the factories that produce GPUs. So again, also a really big growth story that you have been following closely in your show. And lastly, I want to talk about Okta. Maybe it's not as talked about, but then Okta is the thing that also backs a lot of these companies. Stock is down around 1.5%.

28:48Even as Wells Fargo upgraded the stock to an outperform. They said that Okta is improving the end market demand and execution could generate a durable low-teens potential growth profile with a limiting downside. So you see the stock there now lower by 1.5%. But the price target of Okta was also raised at RBC and TD Cowan. So really lots of tech news today. And on this Monday morning, back to you.

29:10Ed Ludlow:Thank you, Isabel Lee. Thank you very much. China, a country that once trailed in hardware manufacturing, is experiencing a breakout moment for its chip industry, propelled by the success of CXMT. Now a new tech era is unfolding for the country. Bloomberg's Peter Elstrom. He's our executive editor that leads our coverage of Asian technologies with us. We continue to write about the momentum that CXMT has. But it's a case study, right, of what China wants to do with its domestic chip sector. It is. It is. Ed, we spent so many years talking about the big tech companies in China being Alibaba and Tencent, Baidu, for example.

29:48And now what you're seeing is this chips company, CXMT, which is not that well known outside of the country, went public. And it's already surged beyond all of those companies. So its market cap has gone up to about$613 billion as of today's close. That's$100 billion more than Tencent, the number two there in the market. And as you say, it really signals a changing in the guard. We've had these software companies, services companies like Tencent as the leaders really in the tech industry for many years. And now you're seeing this momentum coming from the hardware side. CXMT, of course, has been one of the companies talked about by Apple in particular.

30:30Apple, with this memory crunch that we've seen out there, wants to be able to buy chips not just from Samsung and SK Hynix and Micron, but also from CXMT. The company has got very strong demand for its memory chips. It's a bit behind those leaders, but it is gaining momentum. It's making a lot of money right now because the prices are so high. And we're seeing further developments in the hardware space, too.

30:52Ed Ludlow:China's focus on its domestic semiconductor industry is multifaceted, right? So we talked about the memory component. There is the chip manufacturing component, trying to get a national champion in the same design as CSMC. you know, the logic side as well. Focus on those two ladder parts and where China is really pushing. Yeah, as you say, it is multifaceted. So CXMT is the domestic leader in memory chips. SMIC is the leader in logic chips at this point. It operates much like a foundry like TSMC. It has made some progress, but because they can't buy the latest machinery from ASML, for example, They're not able to make chips quite as sophisticated as what we've seen out of TSMC in particular.

31:38And it's important to look at some of the other aspects, too. This week, we're going to have the IPO of Unitree Robotics, which is the leader in the robotics space. This is one of many companies in China that are making humanoid robotics. They're coming out there publicly. They're selling quite a bit of them. The Chinese manufacturers have something like 95 percent share in this robotics space. That's another initiative that's a priority for Beijing right now. They want to be able to establish themselves in some of these hardware areas and really build this foundation for the tech industry going forward.

32:09Ed Ludlow:What's the policy story here? How is China supporting that industry? Well, in a lot of different ways. Of course, the government, the economy is very, very different from what we would see in the United States where there's much more government involvement. But they've focused companies on these key areas that they see as strategically important to the country. So manufacturing is very critical. Semiconductors is an area where obviously they're behind what you can get in the West and from Taiwan in particular at this point. But they want to be able to build that foundation. They see opportunities like robotics is another area.

32:44And we haven't even talked about the AI models. I mean, many of those companies are now getting state backing, too, because Beijing sees the strategic importance of AI. And you've got not just DeepSeek and Moonshot, which are both going to go public, by the way, but you've got a whole host of other companies competing there like Jipu and Alibaba. They're competing quite aggressively in this open source space, which is not just good for them. I mean, it helps them offer products at very low prices, but it's also presenting quite a competitive challenge to the likes of Anthropic and OpenAI, despite the revenue figures that we saw earlier.

33:20Ed Ludlow:We're reflecting on a really deeply reported Bloomberg Businessweek story by our colleagues, and I would really recommend you go and read it. Bloomberg Executive Editor Pete Telstrom, thank you very much. Alibaba launched the beta version of Happy Shrimp, an AI music generation model that can turn a single text prompt into a fully produced song. And to boost its AI pivot, Alibaba will sell its gaming arm, Lingxi Games, for$1.5 billion. The firm's undergoing a reorg led by CEO Eddie Wu. making AI and cloud computing a strategic priority to reach$100 billion in AI revenue in the next five years.

33:56Ed Ludlow:Okay, coming up, fully autonomous excavators get to work on construction sites in the US. We're going to speak to the CEO of Bedrock about the rollout next. This is Bloomberg Tech.

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36:56Ed Ludlow:Let's get over to New York where Bloomberg's Yahaira Anand is standing by. Hi, Yahaira. Hey, Ed. It's time now for Talking Tech with a bit of a defense theme. First up, aerospace manufacturer L3 Harris replaced CEO Christopher Kubasik in a surprise shakeup after finding conduct that was, quote, not consistent with the values of the company. Sam Mehta, a longtime aerospace executive, was appointed CO and member of the board, effective immediately. Plus, Raytheon won a$22.9 billion contract to supply the Navy with Tomahawk cruise missiles. The award comes amid mounting concerns that the war in Iran has depleted the U.S.

37:31military's inventory of precision strike munitions. And Viasat announced its selected space company Rocket Lab to build a high-Earth orbit satellite for the U.S. Space Force. The pair will join forces to deliver maneuverable anti-gham satellites for national security missions. Ed?

37:49Ed Ludlow:Thank you, Yuhaira. Okay, for those who say the future will be built by robots, here's a site for you. The startup Bedrock Robotics has launched the first fully autonomous excavator in the United States at three sites. The debut comes as the AI build-out and other factors are spurring demand for construction. So AI is kind of answering the call here. Boris Soffman, Bedrock Robotics co-founder and CEO, joins us here in SF. Let's get to the basics of what we're talking about. We're talking about excavators, dump trucks, other construction equipment, but there is no driver in the cab. That's correct.

38:23Thank you for having me on, Ed. We're building the Bedrock Operator. This is a suite of sensors, compute, and software that transforms existing heavy machinery, such as excavators and other machines, and enables them to be fully autonomous. And our customers are the contractors who leverage this technology to be able to build faster, safer, and more predictably.

38:45Ed Ludlow:Okay, let's get to the technology. So, you know, analogous with an autonomous vehicle, a robo-taxi, or a self-driving truck, there's a suite of sensors. That's right. Tell me about them. Who offers them, produces them, and then you must have your own software platform too. That's correct. So we use a combination of cameras and LiDAR. It gives us 360-degree visibility around the machine. that's incredibly valuable both for productivity as well as safety, which is one of the biggest challenges in this space. We have compute that is on the machine that's the brain behind operating the system. Who provides the compute?

39:21We use NVIDIA chips for compute, and then we integrate our own systems around it. I'm not surprised by that.

39:28Ed Ludlow:The audience is probably not surprised by that. Yeah, they're still pretty incredible and oftentimes a standard for these sort of systems. Now, what's nice is that that ecosystem has matured a lot, and so we're able to really focus our energies on the software that brings a level of precision and capability that was previously impossible in these sort of spaces. The news here is that this is real. You've deployed in three commercial sites, right? How real? I mean, are you able to book revenues on these three sites? In other words, someone's actually paying you for this. And what's the scale of the deployment?

40:00Yeah, we are. So we are on three different sites with three different partners. Sun Construction, Zachary, Champion Site Prep. There are three different projects, everything from water treatment facilities to other types of infrastructure. These are paid deployments that are doing real work that's on the critical path of these projects. And these are projects that are doing up to multiple millions of cubic yards of earthwork as a project, and we're doing a subset of that.

40:30Ed Ludlow:So now is the big question. Why is there a need for autonomous construction equipment? It's a great question. There is an unprecedented need to build. So we're unshoring manufacturing, there's housing shortages, road shortages, the data center boom that we've all seen, water treatment facilities. All of these are pushing on an already incredibly strained industry. And the labor supply is actually continuing to fall where some of the contractors we partner with are seeing huge retirement rates. And so there's an absolute bottleneck that effectively becomes a radiation on the whole economy when you can't build the things that the country needs.

41:08Ed Ludlow:So in very simple terms, there are not enough drivers nor operators to be inside the cab of any piece of construction equipment. That's right. And some of these are actually incredibly complex pieces of equipment, like an excavator operator needs many years to actually become competent because these are incredibly complex, sophisticated machines. What about the utilization rate then? What can you achieve in a 12-hour shift with an autonomous piece of equipment relative to a human-driven? Yeah, well, you nailed it. So we're already close to human productivity. We're going to reach human productivity very soon.

41:40Ed Ludlow:What is the benchmark of human productivity in a construction site? So, for example, the volume of Earth moved in a period of time. Right. But you nailed a really important point that already these machines are oftentimes sitting idle. Contractors are turning down work. because they physically can't reach the demand with the capacity that they have. And so this allows you not only to fulfill that, but you can actually now start compressing schedules and doing more work in a physical block of time by exceeding what typically would be one shift and working longer stretches that actually can compress schedules.

42:15Ed Ludlow:Team, let's bring the pictures back up, because I think you can't get enough of showing it in action. That's quite a sight. That is a well-known brand of construction equipment. I'm sure others are available. But it reminds me of a period of time where I was covering the EV industry. There was a section of that industry that just wanted to retrofit the powertrain of existing commercial vehicles. So you must have to partner with those OEMs and add your technology stack on top. Well, the interesting thing is that a lot of these machines are actually designed incredibly well to be able to be transformed into autonomously capable and to do it safely without a major redesign.

42:55That's not the case in public road cars and trucks. There's specific aspects of these machines that actually make them much more suitable for this sort of automation.

43:04Ed Ludlow:So what is the constraint on your ability to build the fleet that you can then deploy? Because the number of projects you take on will be dictated by how many of these autonomous machines can be deployed. That's exactly right. And so this is where it helps to have millions of these machines already out there that become part of the pool that you can go and pursue. And just like we saw in other big waves of technology like this, such as autonomous driving, There's a really deep challenge in the zero to one where you're trying to deploy a system safely and productively. And then there's another suite of challenges when you start to scale it into the hundreds and thousands and beyond.

43:41And so now it's a matter of really maturing the autonomy capabilities and starting this flywheel to move into new capabilities and new machines and then be able to really orchestrate them where you can start to complete more cohesive sets of work.

43:54Ed Ludlow:But in simple terms, you take delivery of the piece of equipment, you retrofit it with your stack, and then you put it out in the real world. Even better, we do it on site. It takes us a few hours. It's 100 % reversible, and it's ready to go as soon as it's complete. So it's a really incredible kind of ability to start to really deploy and scale this. So the way that we describe the flywheel at the top of the show is, you know, there is AI-driven demand for the machinery, and AI is answering the call. Talk about some of the data center projects. You know, the hyperscalers themselves that end up renting or owning the capacity directly looking to you, or is there still a degree of separation with the contractor?

44:33Ed Ludlow:You know, they must have an interest in this field. Yeah, our direct customers are the contractors, and we pursue the work that is most valuable to them. That happens to obviously have a big pool in data centers, but we also see projects of all sorts, highways, water treatment facilities, housing developments. And so we end up enabling them to take on more of this work and be able to scale with those demands. And oftentimes we do see this push actually not from our direct customers, the contractors, but the end owners that actually get a huge benefit in the predictability. Is there any end owner that's particularly interested in you at the moment?

45:10There's a large number from the broader ecosystem and space. And it's actually both end customers as well as developers, whereas you can imagine one of the really interesting impacts of this is that if you can compress schedules, the types of projects that previously didn't pencil out because of the price of loans and so forth suddenly do. And so this actually becomes incredibly expansionary for commercial developments and housing developments that previously would be out of reach.

45:35Ed Ludlow:Very interested in your commercial progress. In autonomous haulage or trucking, you can do a very easy comparison, dollar per mile, against a human-driven truck. Where are you at dollar per ton of waste moved, or is it done by time against the human-operated machine? We've explored a few options with our partners, and we're figuring this out actively. Sometimes this is a license where it becomes like an operator that you've brought on to join your fleet. Some have done it by productivity, like volumes of cubic yards that are moved. What's nice is that one of the biggest challenges that contractors face is uncertainty of the length of projects.

46:14This actually allows them to tighten that up, which gives them huge flexibility in taking on more work and tightening up the windows in which they do it.

46:20Ed Ludlow:Autonomous construction equipment. Bedrock CEO Boris Hoffman. Thank you very much indeed. Okay, coming up, two groups with different ideas on how to regulate AI are backing the same candidate for Florida Governor. We'll have the details next. This is Bloomberg Tech.

46:49Ed Ludlow:The CFTC is taking a closer look at one of AI's newest markets, tradable computing power. The market's watchdog wants to take public comment on contracts tied to compute capacity, according to a posting made public Monday. The move signals there are still lingering questions about the new tradable asset class, and it could delay plans for a futures market and one of AI's most critical resources. A battle to influence AI regulation is playing out in Florida in an unusual way. Groups with rival visions for AI oversight are both backing Republican gubernatorial candidate Byron Donalds. He leads in the polls for the primary tomorrow and the general election coming in November.

47:31Ed Ludlow:Bloomberg's Emily Birnbaum joins us now. OK, really, really simple. There are two groups with each their own vision of how to regulate AI. They're both backing the same candidate. How does the candidate feel about it? So, the candidate really interestingly has struck an ambiguous tone. So, the big difference between these two AI super PACs is one believes each state should be able to regulate AI as intensively as they are able to, and the other believes there should be one national light touch standard. And somehow Byron Donald, I guess a pretty good politician, has been able to speak in a way that makes both sides feel he's on their side.

48:16So essentially he has said he believes that the U.S. Congress should lead the way on passing AI regulation. But because the U.S. Congress is so dysfunctional that states do have some sort of role to play, especially when it comes to protecting children from potential AI harms.

48:33Ed Ludlow:You know, the logic here is that were he to to win, you know, he would be influential, right, and able to to have an impact at the whatever layer in getting these things move forward. Yes. So he is going to be if he wins, he would be filling the role of current Florida Governor Ron DeSantis, who's been a leading conservative voice in favor of AI regulation. So DeSantis tried to push forward what he called an AI Bill of Rights. It failed in the Florida legislature. But Byron Donald is going to choose whether he's going to continue with that vision and continue to be a pro-AI regulation Republican or whether he's going to strike a more business friendly tone.

49:15Ed Ludlow:Team, let's show that table again of the backers of each organization. The umbrella point is that both organizations have spent some serious money in support of Byron Donalds. On the favoring light regulation side, Mark Andreessen of Andreessen Horowitz, Greg Brockman of OpenAI. On the AVI safety, Dario Amadei, CEO of Anthropic. How serious are these campaigns? Real quick. They are very, very serious. They are spending tens of millions of dollars across the country, going head to head in some instances, playing in different states and others. They both see this midterm cycle as key to the future of AI regulation, and they are not afraid to spend.

50:00Ed Ludlow:Bloomberg's Emily Birnbaum, terrific reporting on what's happening in that Florida race. Thank you very much indeed. That does it for this edition of Bloomberg Tech. Another look at markets again, technology outperforming. The president's comments this morning on Iran and Oman, both factors, oil hovering around$89 a barrel on Brent. And then there's the impact of that anthropic revenue number for the second quarter, which is driving upside in some AI stocks. What a way to start the week. Recap on the podcast. You know where to find it on the Bloomberg Terminal as well as online on Apple, Spotify and iHeart.

50:34Ed Ludlow:Have a great week. Stay with us throughout it. This is Bloomberg Tech.

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