Apple’s Big AI, Siri and Software Launch

24:21Skeptics are like, well, why isn't it three or four times oversubscribed already? That's where a normal deal would be. You got to keep in mind, it's a$75 billion deal. So the fact that right now there's well north of$75 billion of orders from institutions at least gives you some sense of kind of what the next few days will look like. Obviously, big IPO orders can come in in the final days, final hours, and that's totally separate, at least according to our understanding, of the retail component, which we know bankers at least had been kind of setting aside about 30%. Let's talk about what the decision was to fast track for some, Nasdaq, Russell, not for the S &P 500.

24:56And does that impact the level of demand in any way? I think it impacts the expectation. The big thing we reported and kind of broke out on Friday in the wake of that S &P news was not only does this mean the time frame will not be truncated to six months versus 12 months. As of now, the S &P 500 is holding kind of pat on the company needing to be net income positive. What that really does mean is at least according to these sell side notes we've been able to get our hands on, that's something that might not take place until 2028. So now you're talking about a similar situation that we saw with Tesla, similar situation we saw with Amazon and Uber, where this is a company that fits into the NASDAQ 100 but isn't eligible for the S &P 500 for quite some time.

25:35And kind of those dynamics and what it means towards either chasing ETFs or being kind of benchmarked against the S &P 500, which really is the only index that truly matters to most people. Bailey Lipschultz, as I say, bracing for this week. Meanwhile, we want to bring you some other breaking news across the Bloomberg terminal at the moment. The leader of Israel has been saying he's going to hold a press conference, and here comes some of the news out of it. The Israeli Prime Minister Netanyahu is saying that Israel is holding fire in Iran for now. But he's told President Trump that Israel has a full right to self-defense as we currently speak.

26:09Look, Iran has ended its current strikes against Israel, we understand, according to Fars reporting, after both nations' earlier traded attacks. We'll keep you abreast of what's happening there. But coming up, we return to tech and we're going to be speaking to Paul Hudson, a software developer and creator of Hacking with Swift. He's here in Cupertino with us as all eyes on WWDC, the developers' take on the Apple event. What this means for Siri, what this means for foldable phones, what this means for developers and for your use of this technology going forward. This is Bloomberg Tech.

26:51With respect to the stock price, everybody should be very excited. They can now buy stock at a cheaper price. And it's absolutely true that the future of AI is very bright. It is completely, it is a foregone conclusion that AI will be infrastructure for the world. Chen Sun Wang, CEO of NVIDIA there. Welcome back to Bloomberg Tech. And of course, he was addressing the sell-off that we'd seen into Asian trading this morning. He was over in Seoul, but today the bounce back is real. Clearly, he says by the dip and the market listens, we're up 2.1 % just off of our previous highs, but the Nasdaq 100 having its best day in over a month.

27:35But put that into context, had its worst day in a year on Friday. The SOX, the Semiconductor Index, every single member is in the green today. It's up 6.5%, but on Friday, had its worst sell-off since the days of COVID, since March of 2020. So clearly, there is a bit of a clawback, but not making up yet for Friday's anxiety. Let's talk about the anxiety. What's pushing through the market? Semiconductor on AI infrastructure markets, Bloomberg's Ryan Vestelica joins us now. And look, is this just a typical bounce back after some fears and loathing built in on Friday? I think there's a good portion of that in today's trading.

28:12I saw a lot of people talking about we were really overdue for a pullback, especially in the semiconductor sector, which has been so strong this year. I believe at one point it had nearly doubled. Best year since 1999, if I'm not wrong. So I think a lot of people were really saying this kind of momentum is really unsustainable. So it's not surprising to see a pullback, at least in the short term. The question, of course, even with today's rebound, where do things go from here? There continues to be a lot of optimism about AI, about the demand for semiconductors that we're going to see there. And I saw today we had a report out that NVIDIA and Alphabet were considering using Intel as a backup chip maker for their chips.

28:52Another very positive signal, at least for a single company, but one of the ones that has really been one of the notable outperformers this year. It's notable that actually deals are still coming thick and fast. Look, we're also hearing of moves being made by Amazon, a deal thinking driving up Corning shares, up 7 % at one point, and they've signed a multi-billion dollar agreement to supply optical fiber, cable, connectivity solutions. Really, this is still a story of picks and shovels, of AI infrastructure, of the build outright. And absolutely. And I think both people agree that there's just not enough supply on the market to meet all of this demand, which is something that speaks to the idea that we're going to continue seeing this kind of growth and demand over a longer term period.

29:36People are thinking that if you look at some of the memory and storage companies, which are another real momentum area of the market this year, they should continue to see these kinds of tailwinds through 2027. So while there are some concerns about, you know, is growth going to eventually decelerate? Are we going to reach some kind of peak in terms of earnings or demand? There's at least a lot of optimism that at least for the remainder of this year and next year, that trends remain pretty positive. Ryan Vlastelica, he's always telling us about those trends. We appreciate you setting us right on today.

30:07Now let's get back out to Cupertino because all eyes on Apple's developer day. Ed, take it away. Yeah, Apple's up 2 % ahead of WWDC and WWDC is the developers conference. This is a conversation around software. Paul Hudson's a software developer, also the founder and creator of Hacking with Swift. It basically is a place where you train people to go and develop apps for the Apple ecosystem. Simple as that. Let's start with this. Does Siri become a platform? Discuss. Well, exactly. I'll take it from here, shall I? Please. So ideally, what we hope to see today is ways for us to expose so much of our apps' data directly to Siri.

30:51So rather than us saying, oh, hey, Siri, do this behind the scenes for developers, we provide data to Siri, and it intelligently, Apple intelligence, takes care of four of us and talks to users and handles that integration together for us. That's the kind of dream for today, hopefully. The point from Apple's perspective is that Siri becomes genuinely useful. Yes. I'll take that one as my word. This year, Siri is even smarter. You know, it goes from a place where it is a feature, single voice prompt, phone mum, phone mum, to multi-step tasks. When you're building applications for iOS, macOS, what are the factors and considerations around how good or not Siri is?

31:28Right. So right now, as you'll know, Siri will often say, I didn't understand that, or could you repeat that, or which bedroom lights do you mean? We kind of want to bypass that and get to the things that users care about. But there are 50 different ways users can ask for the same thing. We don't want to worry about that. That's kind of Apple's problem to figure out. And so hopefully they can expose some great APIs today. We feed with our data, feed with our code behind the scenes. It ties into a natural language model, handles all the Apple privacy stuff for us, and will just work. Privacy is interesting.

31:57Right. The Bloomberg reporting is that it is Google's Gemini. Yeah. In part, that is the model underpinning this new iteration of Siri. What are the considerations around that for you and your community? It's obviously critical for us. It's Apple's long-standing branding thing is privacy is Apple, and we all buy into that too. We're all behind that 100 % of the way. Last year's big announcement for AI from Apple was on-device, fully private AI. Epic. We went wild for that. So this year, can it be powered by Apple's private cloud compute, which is genuinely research-level breakthrough stuff for handling private AI?

32:33Is it that, or is it somewhere in Google's headquarters at the Googleplex? We're going to find out. So you would prefer the former? Oh, 100%. Why is that better for a developer? I mean, it's not that I don't trust Google, but I definitely trust Apple. I see. I definitely trust Apple to take care of users' privacy first. And it's done that for years. We all believe into the same thing. So that's our first port of call. It'll be done by them, privately by them, owned by them. Maybe Google's hardware, perhaps Google's Gemini, but hosted by Apple would be the dream. We're going to find out. reading the Bloomberg reporting, the thing that resonates with me is that Siri is a cross OS.

33:10So if I, you know, we have a standalone Siri app, that's one of the headlines, but I start a project, not just a single task, but a project on my iPhone, it can carry over to the MacBook. Is that a factor in when you are a developer for either iOS or macOS, or now you're more capable of going across the suite? So from a developer's perspective, nearly all the money is still making iPhone apps. Interesting. And I think Apple would rather see a wider spread, macOS, watchOS, tvOS, visionOS as well. And so if they can blur those lines even more, it'd be great. And they have these things like the universal control where your iPad and your Mac controlled by the same mouse cursor.

33:50It's done something, but we want to see more integration, tighter integration. Really kind of only Apple can do this kind of thing, you know? Paul, you're a software guy. I am through and through. What do you make of John Ternus, who is a hardware guy historically. Yeah, yeah, yeah. He's already a massive celebrity. People are lining up for their John selfies already. You mean here and now, the last 24 hours? He'll be swamped already. Yesterday was a student challenge winner just meeting John Turnus, and they were all super psyched. They've had their John Turnus signatures and their badges and stuff.

34:20So he's already a superstar. I think he'll be swamped today with more people. Look, is he hardware? Yes. Is Apple hardware? Yes. They're a hardware company. but they still firmly believe in the full stack that's their positioning, right? Let's end with something a little fun. This will be the year where we get the OS year, iOS 27. Right, right. I've had OS 27. Yeah, yeah. Is that helpful, naming for you? Oh, for sure, yeah. It makes it much easier from our perspective. You can say you want to have OS 20 or whatever and it's fine. I do hope, though, we're going to see a macOS name still like Tahoe right now or Big Sur or similar.

34:54There's rumors it might go away. Everyone enjoys that. It's fun. They have the crack marketing team, macOS Weed or whatever, right? And so hopefully we'll see it carry on. I guess we'll find out. Paul Hudson, software developer in the Apple ecosystem, but also, of course, the creator and founder of Hacking with Swift. Cara. Great conversation, as always. And meanwhile, we're taking it up and back to San Francisco. Ed, we've got Kindred Ventures coming on. They've just raised$355 million in new funds. Where are they spending it? AI, deep tech, robotics, so much more. Stick with us. This is Bloomberg Tech.

35:57We'll see you next time. with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R &D spend, small cap stocks with improving operating margins, or the S &P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on public, you just type in a prompt and their AI screens thousands of stocks and build a one-of-a-kind index. You can even backtest it against the S &P 500.

36:31Then you can invest in a few clicks. Go to public.com slash market and earn an uncapped 1 % bonus when you transfer your portfolio. That's public.com slash market.

36:55All investing involves risk of loss. See complete disclosures at public.com slash disclosures. At Oppenheimer, we're proven because we're grounded in discipline. For 145 years, we've been building and protecting wealth through every market cycle with precision, clarity, and the courage to think boldly beyond the moment. This is what market-tested legacy looks like for this generation and the next. Put the power of Oppenheimer Thinking to work for you. Wealth Management, Capital Markets, Investment Banking.

37:32San Francisco's Kindred Ventures. Well, it's raised$355 million in new funding. Latest deep tech robotics focused funds. Look, Kindred was early into the AI market. Remember back in 2022, a$200 million fund has now become a$1 billion gross fair market value as of June 2026. The fresh capital now is coming as the firm's previous vintage has hit the top 1 % of its class. Let's get to San Francisco. Let's get to Kind of Ventures managing partner and founder, Steve Zhang. Congrats, Steve. Look, you were an angel in Uber. You're still a man who thinks about being very early in companies. How is that going to look with this new raising of funds?

38:11How early do you have to be in this market environment? Yes, and thanks for having me back on Bloomberg. Great to see you. You know, early stages feels sometimes like a dwindling breed in this day and age of huge late stage pre-IPO rounds. But we think it's absolutely not only still important, but actually even more important in this day and age of really fast growth and even increased ceilings on valuations. And the reason why is that at the early stage, we're able to help accelerate these companies and these founders through these new technology frontiers in a way that later stage funds aren't really well equipped for.

38:53And so we want to continue to focus in on the early stage and help that transition for companies from zero to one. Zero to one, and now we get the ones, and now we get the hundreds and the billions and the trillions. when we're thinking of SpaceX, which is also an AI company, when we think of what's coming in terms of Anthropic and OpenAI, what does that mean for some of your portfolio companies? Particularly when you've got a perplexity, for example, which admittedly at the beginning we were thinking was one of those sorts of like frontier models. But how are they thinking about this moment? Sure.

39:23I think perplexity's transition is really telling of a lot of other companies in the space like Cursor. You have frontier labs that are slowly moving into the application layer of AI, but also dealing with the compute constraints that they have today. I think on the demand side, which we're seeing booming right now, demand is far outstripping supply on the data center and GPU compute side. And you're seeing that in the stock market. You're seeing that in all of the inference platforms out there like FAL and Base 10 and Modal that are seeing phenomenal growth. What is happening is that agents, applications and agents, whether they're embodied agents like robots or virtual agents, like what Perplexity Computer offers, are driving this token demand from AI infrastructure today.

40:10And so in that way, people are finding their layer, their focus. In Perplexity's case, they are building out a harness that is multi-model, agnostic to models. And in some cases, you see a company like Anthropic with Cloud Code, which is building out a single model harness. And so what you'll see is a battle and a competition between who is providing the state-of-the-art models, who is providing the state-of-the-art harnesses, and then who is providing the most performant and productive agents, whether those are robots, autonomous vehicles, or virtual agents used by knowledge workers. So I can see where the focus is going, because really 2022 is when you went all in on AI.

40:50You're continuing to do it, this latest round of funding. But it's interesting that I think of you as having success from an IPO perspective, like from Angel in Uber to exit, from Coinbase to exit, when we think of Reddit and others. But also you've had success in M &A. Is that still going to be a playbook when we think of Play AI, for example? Yes. You know, I think what we're going to see over the next year or so is that we're going to have an IPO market with SpaceX and Anthropic and OpenAI and Databricks really open up. But what we're also going to see is that a lot of these public companies are going to be very acquisitive, right?

41:25And obviously, as an early stage investor, we want our companies to go all the way, stay independent, be founder led and eventually go public as a platform globally. Now, what the reality is, is that there are a lot of companies out there acquiring companies that will help them accelerate. So a lot of the companies of the last cycle that are publicly traded today need to catch up, need to transform into the AI cycle as well. And so they'll do that through acquisition. And so we're mindful of that energy and dynamic happening. And obviously, we continue to guide our companies on both scenarios, but we want them to go public.

42:01You talk a lot about guiding and how you've been doing that for a long time in a lot of these big businesses. Is that what gets you in at the check level at the moment? Because it feels like these mega funds who are raising billions are then coming down to want to pick out at the seed level too. How do you manage to get in and keep the hustle and the muscle? Sure. Sure. And, you know, we think that early stage investing is very different from all other stages as a group in venture capital. And the reason why is that we're investing in founders first and we're investing in a product vision. They may not even have a product yet when we actually invest.

42:36And so we're helping them with product development, technology, roadmap, building a team. All of these things are about getting to that first customer, that first traction and revenue. And so that's just a very different daily, weekly exercise of advice and coaching and acceleration that I think a more finance view later stage investors kind of get to receive that and then take that and help accelerate their growth from there. And so there's a nice symbiosis between what we do in early stage and what a lot of the industry is doing at the later stage. Steve, it's great to catch up. Congratulations on the new funds.

43:14We're excited to see where you put them to work. Kind of Ventures, managing partner and founder there. Now, let's talk about the Milan-based app giant, Bending Spoons. You likely have heard of it by now. It's officially marching towards a US IPO. Look, the parent company of digital applications like Vimeo, like WeTransfer. It's commanded a$14.5 billion valuation in 2025. Now, according to its filing Monday, the company banked over$27.5 million in net income just for the first quarter. Coming up, we're going to go back to Cupertino, discussed with the co-founders of Timo, an inclusive planning app.

43:49More on that next. This is BlueMeg Tech.

44:02Live at Apple Park, Cupertino. It is Apple WDC. And I still want to get more of the developer's perspective about what Apple being good at AI means, about why a revamped Siri is important. We're going to speak to Timo. In fact, we're going to speak to Melissa Ansari, CPO of Timo, one of the co-founders, Helen Larsen-Olem, co-founder and CEO of Timo, also iPhone App of the Year 2025. Great timing to have you here with us. Start on the technology side, Helen. What does it matter to the company that has the title of iPhone App of the Year 2025, Vive, whether or not Siri is good, whether it's revamped as more of a platform, how will it impact, Timo?

44:47I think the way we always look at it is that we really are super excited about what Apple will be launching and announcing because that can help us support our users in what we actually want. And what we basically really want to achieve for our users is to take this cognitive load out of planning, make it feel more effortless, make it feel smart. and I believe that a lot of the updates that we are hoping to see could be able to sort of help us achieving that mission. We can get into some of those very soon. Melissa, let's go over the basics of Timo. What is it for? Who is it used by? And what, I guess, is your core competence in building it out?

45:24So we're like a visual planning app where we have built AI into the product to support our users in making planning more smart and making it more adjustable to the daily plans in real life. the way that we have reported about what's coming with Siri, Helen, is it goes from being single voice command with a single response to multi-step task, you know, kind of similar to some of the things that Timo is already doing. Do you see that as being, uh-oh, maybe people use Siri instead of Timo, or is there a kind of, you talked a second ago about the traffic being driven to Timo. How do you see that happening?

46:05I see that it's a very good, like, what we also really like about integrating a lot with Apple Technologies is that you can support the users sort of throughout the OS. So you don't necessarily have to go into the app to get the support you need, but you can actually maybe just speak to Siri. You can use shortcuts. You can use a lot of the sort of entire OS to interact with your favorite products and your favorite apps. And that's what we really believe is super strong about building on the Apple Technologies, combining with what we also, of course, design specifically for our user base. Timo has a very interesting user base, Melissa.

46:38How involved are Apple in that, in the idea? And talk a little bit as well about within the community of users, how the app is designed for various neurodivergent users. So how Apple is involved in that? Yeah, what's it like working with Apple? I mean, we love working with Apple. I think Apple's technology is also supporting a lot of accessibility features throughout the OS system, and we have also used some of those in our app. And, yeah, so... I think what we also really like, yeah, is Apple has a strong focus on accessibility, and we really try to focus on the more sort of invisible disabilities, you can say, or some of the things that are not so clear.

47:19That, for example, you need more organization and structure because your brain works in a different way than the norm, you can say. So we also have added a lot of visual support in our app, so you can see, like, the time more tangible, like with timers and breaking down subtasks so you can actually see what I'm doing, how long time I'm doing it. So just, yeah, seeing accessibility as something that is more than, yeah, so it's more like also the invisible part of it. Helen, just really quick, your iPhone app for the year 25, a big pitch of the new phase of Siri is it follows you, iOS to macOS. Does that open things up for you?

47:58It definitely does. I think it's also very much about reaching the users where they are. If it's on the phone, if it's on your computer, it's about getting the support you need throughout the day where you need it best. And I think Apple has a super strong focus on that as well. So that's super exciting. What do you want to hear most in this keynote? What is the thing that brings you here today? What do you want to hear? I think I'm super excited about some announcements on Apple Intelligence. back to sort of, we really believe there's a strong opportunity there to make that sort of smart planning, make it feel super effortless, building this little personal assistant, basically, that we want to build with Timo that just understands everything about you and can support you in the best possible way.

48:42Melissa, Azari, co-founder, CPO of Timo, Helen, Larson Norlam, CEO, other co-founder of Timo, 2025 and iPhone app of the year. Caro. What a great conversation, Ed, doing such great work over in Cupertino. We thank you. And you've got a long day ahead of you with Apple announcements, but that does it for this edition of Bloomberg Tech. And look, of course, all eyes are also on the SpaceX IPO. You know that well and true for this week, which we learn is said to be, quote, well oversubscribed. Now that's according to sources who say the company plans on closing IPO books this Wednesday post-close.

49:19We'll keep beating that drum until the IPO day. Of course, it starts trading on Friday and keep you posted all the latest as it prices out on Thursday. Now, don't forget to check out our podcast. You can find it on the terminal as well as online on Apple, Spotify and iHeart. Let's recheck back on these markets because we are seeing a buy the dip mentality across the Nasdaq 100, across chips in particular. The Sox bouncing back after Friday's really ugly sell off. It was the worst day since March of 2020 for the Sox. Today, we are back up 6.8%. We're seeing buying of the Magnificent Seven, Apple among them as they have their WWDC, the Nasdaq 100, up 2%.

49:55From New York, from Cupertino, this is Bluebeck Tech.

50:02Ask yourself, what are your best people spending their time on right now? Expense reports, receipt chasing, month-end close that takes weeks. You become what you spend on, and that's not what you're building toward. Brex is the intelligent finance platform that eliminates that work before it starts. AI agents that handle the manual stuff automatically. So your team can spend their time on what actually compounds. It's time to get Brex AF. Learn more at brex.com slash AF. Ryan Reynolds here from Mint Mobile. I don't know if you knew this, but anyone can get the same premium wireless for$15 a month plan that I've been enjoying.

50:40It's not just for celebrities. So do like I did and have one of your assistant's assistants switch you to Mint Mobile today. I'm told it's super easy to do at MintMobile.com slash switch. Upfront payment of$45 for three-month plan, equivalent to$15 per month required. Intro rate first three months only, then full price plan options available. Taxes and fees extra. Default terms at MintMobile.com. Aging is real, and so are the benefits of new Vital Proteins Collagen Sparkling Water. Because around the age of 30, your body needs backup to keep your collagen up. So get your daily glow up, now in three fresh flavors.

51:15strawberry blossom lemon lime and blood orange improved skin health in as little as 30 days thanks to collagen peptides cheers to that so you can stay vital stay you visit vitalproteins.com to learn more and where to buy these statements have not been evaluated by the food and drug administration this product is not intended to diagnose treat cure or prevent any disease