Ed we have for earnings coverage and sitdown theses of fisker. Shares are plunging and the survival is in doubt. Caroline we take you we get the takeaways from the mobile congress in where is apple . Lets check in on these markets. A new day, newmont and we are all about technology investing. We are up on the back of the nasdaq. Singable back on the 10year note, down seven basis points. Are we seeing a little bit of weakness in Consumer Sentiment . Some Economic Data today shows maybe we wont see the Federal Reserve having to pause on cutting focus. It isnt just the u. S. Rise in terms of equities. We have seen europe at a new record high. A new record high as well. China did well, some of the Economic Data still showing contraction but not as bad as had been expected. We are up. 5 . Global stocks, a new day of a new month. Look what is happening in the world of crypto. We are still managing to push onto 61,000 level. A little bit lower on friday but it has been a stellar week for this asset come up almost 20 over the last five trading days. What have you got coming up . Ed there is so much to discuss. Dell, one of the movers to the upside. Everyone has woken up and learned that dell does more than a pcs. We know the ai africa aaas doubts are underway. They also do servers and server designs and the streetlights what they have to say, getting a lot more love for their ai story. Later in the program, fiskers ceo is going to join us. The stock is down 45 . A growing concern, they are cutting 15 of their workforce. Theyre giving us a conservative number for deliveries this year. It is a company nowhere near its peak or heyday after it went public in 2021. We have so many questions for and rick henrik. Looking at microsoft, im not saying this is a causal link, it can be. Microsoft can be a proxy for Investor Sentiment toward openai because microsoft owns 49 of the forprofit side of openai. We have our top story coming but shares are softer. It is important to what we are about to discuss. Caroline talking about elon musk, how he is suing openai altman alleging they violated the and sam altman alleging that by the start of startups mission. It states the companys close relationship with microsoft has undermined its mission of creating open Source Technology that would not be subject to corporate biology corporate priorities. To corporate priorities. He is not the only one who said this, keifer lee told me he thinks openai should be rebranded closed ai. He is one of the most vocal critics having been any regional founder and donor. And making points elon musk has been making for months. He has been complaining i put a lot of money into this, 44 million over the first few years. It was partly my idea, you recruited these people on the strength of my personality and the promise was this was going to be an open source for the benefit of humanity and now it has a valuable deal with microsoft, huge revenue, skyhigh evaluation. Sam altman is talking about starting bigger ventures and elon musk has been asking for months, how did this happen . As he sat on podcasts and so on, is this even legal . This is partly a stunt. Elon musk has a partner company, doing many of the things that he is accusing sam altman of doing. Some say he is mad because openai is doing the better than that elects ai better than x ai. Ed i spoke to openai and at this point they declined to comment. I dont know it is that much of a surprise given musks history of using litigation for various end goals. You talked about the elephant in the room, i know musk engaged with someone else saying the discovery process is going to be interesting because we might learn what happened that weekend that assembles been briefly lost his job. Max elon musk, he loves this spectacle. He loves a stunt and he loves to stir the pot, to start beef with various billionaires and other rich guys. Part of it is that, a way for him to attack a potential competitor and call attention to the role he played in this valuable industry. If you look at what elon musk wants, what the lawsuit asks for, it is asking for a judge to make the Technology Open source which i suppose could hurt microsoft and openais prospects. He is also looking for a ruling on whether or not gpd for g pt4 constitutes Artificial Intelligence. He says it is which would benefit the case which would invalidate this microsoft deal or a judge writing down that openais product is overhyped and not as good as they have been saying. It is an interesting way to attack a competitor from any unexpected angle. Caroline we might say elon musk because of the skin in the game and if you go back in his history, his worry about ai getting into privately held hands. He tried to buy deep mind before google bought it. Give the benefit of a doubt. He has a point potentially in that openai has totally changed the way in which it is structured, profitability, and of the eu and u. S. Are both investigating. Max he does have a point saying we are doing this for the benefit of humanity meanwhile we are raising trillions of dollars for this forprofit enterprise. There is something consistent there. If openai is hypocritical, elon musk is also hypocritical. One of his complaints is sam altman exerted too much control over openai. Lets look at tesla, elon musk exerts near total control over tesla. He is in an argument to get more control and has threatened to take his ai elsewhere if he cannot control it. It is good enough for elon musk but not good enough for openai. Caroline hypocrite versus hypocrite. Ed, you heard from the other hypocrite. Ed i wrote to elon musk and asked him to join our program. I did speak to his lawyer who politely declined to give an interview or, the program. That is my question, we talked about elon musks history of litigation. Whatever his motivations are, i dont understand what the end result is. We know are looking at openais model and people position ship with microsoft. The compute costs are high, theyre commercializing as quickly as they can. What is muska going to try to get out of this . Elon musk going to try to get out of this . Max i think the goal is to attack a competitor. He has a point here. There is Something Weird about the structure as we have been talking about and others have been talking about and regulators are going to be looking at. One interpretation of this structure is it was a way for microsoft to get around antitrust concerns. Rather than buying an ai company, it invested in this nonprofit. This is going to create further complication for openai and microsoft. I dont know if it is going to have a huge impact. As the lawsuit acknowledges, openai has the marketleading technology. Microsoft is putting it in all of their products, outlook and excel and someone. This is not going to stop that with it is going to create headaches for microsoft and openai and ultimately elon musk. Ed an way to start the show. Lets an incredible way to start the show. Lets see what happens. The other player we have been talking about, google. Its stock has not been doing well after it had to posit its gemini aimish generator gemini ai image generator. Lets bring in ryan who has been trying to track it. What do you think investors are believed focused on here with google . I remember when bart came out and we had the Hubble Telescope gaff. This week and the decline is less severe but still there. Ryan its speaks to how people are so focused on ai and who is going to be the real leader, especially when it comes to generative ai and search. Any perceived misstep or controversy or inaccuracy is going to be a reason for people to shoot first and ask questions later. You have seen the stock with both directions when it comes to alphabets position in this technology which has become the focus for anyone on wall street and in silicon valley. Caroline you are right to point out this has happened before last february when bart was questioned bard was questioned. We have not seen a market share erosion. Ryan people continue to use google relative to being bing. Because googles market share is dominant, is it on the defensive here and doesnt need to do this investing and do these tweaks and make sure its product is as good as possible for maintain its current share . That is a real concern. So much of alphabets revenue is generated from internet search and the advertising that comes with it. That is something people are very concerned about and we are seeing shortterm moves. This is going to be some thing that plays out over a longer period of time. When people are concerned about what is going to be landscape for ai technology, any sense of who is falling behind is being closely watched. Caroline they were of they were so out in front when they bought deep mind and now they seem to be misfiring. We thank you for this story. Coming up, we are going to dive deeper into tech markets and into crypto after bitcoins rabbit run rapid run. What are you looking at . Ed apple because apple declines are accelerating, down 1. 4 . Goldman sachs removed apple from his conviction list but raised its price target on the stock to 232. They are saying all these concerns about new products, growth, china, apple has a strong ecosystem even so. It is removed from the conviction list, there seems to be a lack of conviction. We will be right back. This is bloomberg technology. So this is pickleball . Its basically tennis for babies, but for adults. It should be called wiffle tennis. Pickle yeah, aw whoo these guys are intense. We got nothing to worry about. With e trade from morgan stanley, were ready for whatever gets served up. Dude, you gotta work on your trash talk. Id rather work on saving for retirement. Or college, since you like to get schooled. Thats a pretty good burn, right . Got him. Good game. Thanks for coming to our clinic, first ones free. Caroline we are still in price discovery mode according to mike. Bitcoin, the highest since november 2021, a 60,000 handle. 69,000 is the record back in 2021. Lets get a kick on this case. Fiona cincotta joins us. We talk about supply and demand dynamics, the reason it is higher. People fall back on me saying why are you putting such label case out there . I am not, im sticking with the prices are going. Why not get into this asset . Fiona people case is quite clear. There are concerns that we have seen these parabolic rallies in bitcoin before and they have resulted in a decline. If history is going to repeat itself, if we are looking at the charts of where we were in 2021, we have seen this steep rally followed by a steep drop. There is a concern, is it overdone . I do still think despite the suggestions there could be a very case, it is difficult to hunt in on that when there are so august the in favor of a bullish case. Looking at the etf demand we are seeing, keep in mind in fact we have the having event in april which is going to slow down the supply of bitcoin. These factors combined really support that. Perhaps we could cdf demand etf demand start to fall off but i dont see that happening. This has flung open the door to Institutional Investors and that is what is helping us price higher. Ed i am interested in this idea of being in price discovery mode and the data that informs their thesis. If you are in equities investor, you can look on the third party data, credit Card Transactions to decide if a consumer is strong or not. What are the data sets you look at to inform your view of what we call our risk assets choice on this show, bitcoin, away from just checking the price . Fiona the data we have been getting on etf inflows and outflows has been a huge help in trying to decide where the next move is going with bitcoin. That has been one of the main drivers we have been watching. Blockchain demand is Something Else as well. Also risk sentiment, we know risk sentiment broadly is upbeat at the moment as far as the nasdaq at alltime highs. We have expectations that the Federal Reserve are going to be cutting Interest Rates at some point. I dont think you can completely remove that analysis. The etf data has been a massive driving point at the moment. Ed city index market analyst, great to have you on the program. Coming up, autodesk Ceo Andrew Anagnost joins us. There is a software and hardware side to this story i am keen to get into. That conversation is coming up next. This is bloomberg technology. Ed autodesk out with earnings that beat expectations, shares seeing their biggest jump since november 2024 2022. Lets bring in their ceo to see with the street seems to like. You had clear areas of strength and enterprise but they believe your visibility of earnings to come, the pipeline of new business and revenue for this year. Why are you so confident in your ability . Andrew we are confident in our visibility because of our diversification. We are diversified across all things they get made in the world. Buildings, infrastructure, products, you name it. If you look at our history, we have a record of delivering consistent performance even when there are dark clouds over one part of the industry. That is one of the things that gives us confidence, diversification of our business. Caroline what has been the flavor of this earnings and previous writings has been injecting ai into every offering they can. What is the reality Artificial Intelligence bringing to manufacturing . Andrew pergolas of all of the hype around ai, it is a longterm game. The winners are going to be people that deliver real productivity. We have been doing this for a while. We have been in ai for a decade. What you are going to see is in the ongoing pace of capabilities rolling out to our customers. We recently quietly rolled out a drawing automation technology. It automates the creation of manufacturing drawing status which is a huge productivity gain for our customers driven by ai. You see a bunch of those things that look like bottom up activity enhancers. Youre also going to see topdown things that create 3d models from requirements outcomes people are trying to achieve. Ed i reported one year ago almost to the day that you were working closely with meta to take the quest probe and give him more quest pro and give him more how is that relationship going and have you any vision pro thoughts about how you can benefit . Andrew it is right there behind me on the shelf. I am an active user. With a lot of technology trends, you have got to play the long game. Virtual worlds, augmented and extended reality, as the hardware matures and capability matures, these are going to have impacts on how our customers work. We have been making progress with these things. We released workshop to our customers. We are going to be releasing it later this year. Keep watching as this hardware evolves. The vision pro and one of the reasons i have been using it is a canonical representation of if you throw all the technology at you technology you can, can you solve problems with nausea and disorientation . They are able to solve those problems. That means this is going to get more practical and you are going to see it become more ubiquitous. Caroline great getting some time with copy of some time with you. That is a greater shelf behind you. Andrew anagnost. We are going to about how ai is injecting growth into an oldschool school name, dell. Shares rapidly rising on the back of ai service. They are exciting investors. We will tell you why. 27 rally. This is bloomberg technology. Its easy to get lost in investment research. Introducing j. P. Morgan personal advisors. Hey david. Connect with an advisor to create your personalized plan. Lets find the right investments for your goals okay, great. J. P. Morgan wealth management. Caroline welcome back to bloomberg technology. I am caroline hyde. Ed i am ed ludlow. Theres a lot going on started with crypto. You have been doing work to keep us honest about an intense five days. I am not clear with the catalyst for this is. Price discovery mode but bitcoin above 61,000 per token. We will have a conversation about that. In the market equity sides of things, we are passing so much Economic Data, so much for speak. The conclusion seems to be as of this morning that we are solidifying rate cut thats for june. I dont know where we are at. They nasdaq 100 is up. Dell up 25 . It is like the market never knew they had this server business and the Ai Infrastructure bill that would help us out. Fisker is down 45 . We will speak to the ceo in 10 minutes. That is a severe move and there is a doubt about this companys ability to continue operating. Lets get back to the dell story. I was being flippant but that is the story, they have a server business benefiting from the Ai Infrastructure spend and build out happening around the world. Woo jin that is except the right. We see the infrastructure and cloud guys working together. This business did not have any sales in 2024 and that is going from zero to 2 billion in 2025. Caroline that is amazing context. What is amazing is the context of dell because revenues fell yet the stock searches and you must think this makes up for pc weakness. Woo jin can you repeat that . Caroline usa that this fervor is going to make up for the weakness we see in bpc sales in the pc sales. Woo jin one of the catchphrases i am thinking of is a triple tailwind. What you are seeing in 2025 is a recovery in pc sales and that is going to contribute about 3 growth. At the end of the day it is going to be the rebound in server business held by ai. One thing i will say is companies were trialing out ai and what is going to happen is going from trials to production which is helping drive of the sales in fiscal year 25. Caroline we just started to touch the ai opportunities is what we heard from the coo and the statements. Woo jin, brilliant to get your take. Lets get back to bitcoin. We have been doing bookkeeping on it. Bitcoin climbing for the seventh consecutive day. The currency is going to reach new highs. Here is what had to say. We have gone to frothy levels. I would not be surprised to see some correction and consolidation. I am loath to pick a bitcoin high because i believe this is price discovery. Caroline mike novogratz, lets talk about it. Everyone is wondering whether 69,000 is the level we are going to hit. By the people do talk to in the market and dissipating it . The current rally took people by surprise. People believe bitcoin will recover but no one saw it coming and rising so much so quickly and this week bitcoin surpassed the sixth of thousand dollars the 60,000 level. The next level is 69,000 which would be the record high reached in 2021. Generally speaking, we are seeing very successful results that got approved in