Chapter 1: What factors are driving the rebound in tech stocks?
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This is Bloomberg Tech. Coming up, tech stocks rebound as investors seek clarity around the war in Iran five days into the conflict. Plus, Anthropic is on track to generate annual revenue of almost $20 billion, more than doubling in a few months. This amid a clash with the Pentagon over AI safeguards. And Apple comes after the PC market and budget-minded shoppers with its new MacBook Neo.
We have the details. Interesting day to launch a product. There's volatility around the world when it comes to tech because we want some certainty around the war in Iran. And certainty is not what the market is getting at the moment. And it's an extraordinary day once again when you think about also the economic data coming in strong for the services sector.
Inflation pressure actually dialing back. But now the market tries to understand where the puck moves. NASDAQ 100, as you say, big tech in charge today. We're up 1.5%. Bitcoin also seeing a risk asset move into that. We're up almost 8%. 73,000 is where we trade. Crude down, and that's maybe alleviating some of the pressure on stocks.
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Chapter 2: How is Anthropic approaching its $20 billion revenue target?
I'm just looking down on my Bloomberg. You know, the Nasdaq 100 is now modestly higher on the week. Things change very quickly. How much of a shock, particularly to the technology sector and the view of the technology sector, has the war in Iran been? Well, you know, it's a great question. Great to be here today.
And I think when you think long-term, when the S&P 500 was down 24 basis points coming into today, year to date. So I think this is really, when you talk AI, this is a generational investment where the demand for compute as the economy goes agentic, it's just a very durable growth that the war is clearly from a human standpoint,
We hope and pray for a de-escalation, but I think the overarching investment wave is just going to be very large over the next several years, and that's going to be a durable trend to invest behind despite some of the headlines and supply shocks we're seeing today. We saw equities in Korea, the KOSPI dropped the most on record, as Caroline quite rightly points out.
Chapter 3: What are the implications of Anthropic's clash with the Pentagon?
You know, that's an issue of leverage as much as anything else. What do you do in this situation where you have a war in the Middle East, in Iran? You have fluid tariff policy, let's say. And again, you know, we are looking in particular at the energy sector in the context of Iran. What are you doing right now, Todd?
Well, it's our 31st year at Parnassus, 25 years managing the Parnassus core equity strategy. We haven't put in a trade since this conflict began. We're focused on great American companies, durable franchises, the AI investment wave, and just quality companies, quality compounders. So for us... Our clients really come to us during these times to invest in durable businesses.
Chapter 4: How is Apple positioning itself in the budget laptop market?
So again, the headlines can be emotionally jarring, but we're not here to predict the price of oil for the next three weeks or some of the short-term supply shocks. It's really invest in durable earnings, tech regime changes, quality American companies. So it's the applied materials, the Costcos, the MasterCards, the Microsofts, and keep it low turnover.
And that's where our clients come to us during these times for that long-term perspective. Todd, is the long-term perspective still one where you build out an AI infrastructure? Are the winning trades of 24, 25, the NVIDIAs still the way to go, or is it shifting? Well, I think there's a durable investment behind the infrastructure.
So we like to look for the bottlenecks in AI and we think that compute demand is going to exceed supply for quite some time. So we're looking to invest in the building blocks of that AI infrastructure that are increasingly valuable. So think about applied materials, building the equipment that builds the chips that are bending the laws of physics and almost making impossible possible.
Companies like Synopsys, which sells the software that designs the chips. Just think about chips being 30 times more complex to design over the next five years, going from 200 billion transistors to a trillion on a chip, more power, more performance, more workloads, more agentic.
So we're looking at those areas of the AI value stream that are durable, again, designing the chips, building the chips, and then that ecosystem, clearly companies like Amazon, Google, Microsoft have scale. Companies Broadcom and Custom Silicon, we think they have a long runway of growth.
So we're looking for those value streams that are going to help supply the compute needed for this economy long-term to go agentic, which is more inference, which is more adoption. Going agentic. That has upended some trades when it comes to software.
I was lucky enough to speak with PagerDuty CEO and chair Jennifer Tejada yesterday, and she was talking about how she sees the stickiness of certain software companies such as hers. Just take a listen to what she said, Todd. Somebody once told me that enterprise software is a little bit like a tattoo.
You can take it off, but it's really painful and it leaves a mark.
I just think that our customers are going to make very intentional choices about where they're going to invest in using AI to build something themselves and where they're going to trust an expert.
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Chapter 5: What technological advancements are featured in the new MacBook Neo?
Todd, it's always great to catch up with you. Thank you for your time today. Todd Ellsman of Panassas Investments. Now coming up, we speak with the Cato Institute's Jennifer Huddleston about the implications of the feud between the Pentagon and Anthropic. Ed, what are you watching? Yeah, some headlines just crossed the Bloomberg terminal, and it relates to Roblox.
Nebraska's attorney general has filed a lawsuit against Roblox, alleging that they have conducted deceptive safety practices, including allegedly enabling child exploitation. The stock's still higher by a percentage point. It did sort of take a leg lower when those headlines hit. We'll continue to track that. We have been tracking Roblox and other platforms when it comes to safety.
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Chapter 6: How is the war in Iran affecting global tech markets?
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Chapter 7: What strategies are companies using to navigate rising electricity costs?
And what signal does this send to other organizations whether it's contractors or other companies that are using Anthropic both here in the US as well as around the world. More generally for the AI community, there's also likely to be concern about what does this mean that the government's willing to do in terms of stepping in if they don't like the decisions of a particular product?
What does this also mean for America's AI leaders when other countries around the world want them to make changes for the government to use their products for things that go beyond what they deem ethical?
In your paper, you cite the great Albus Dumbledore and you say, as he did at the end of the Philosopher's Stone or Sorcerer's Stone, if you're in America, it takes a great deal of bravery to stand up to our enemies, but just as much to stand up to our friends.
Chapter 8: How is AI being utilized in cybersecurity by Iran?
Why did you invoke Albus Dumbledore and what are you trying to say there?
I think when we think about American companies typically standing up to pressure from governments, we're thinking about will American companies hold true to American values when they're faced with pressure from foreign adversaries, when the Chinese or the Russian government asks them to cross bright lines that violate American values, violate the ideas of civil rights or civil liberties.
When Anthropic was faced with similar pressure from the U.S. government, asking it to violate its ethics, to make sure to remove what it felt were necessary ethical safeguards to prevent mass surveillance or the use of its AI and autonomous weapons, it also said no.
And that's something that shows a great deal of courage, whether it's standing up to a foreign adversary and understanding the business loss there, but particularly when it's standing up to your own government, knowing that there could, in this case, be very real consequences in the market.
Jennifer, what caught my eye was you're saying this is akin, this behavior is akin to something we'd expect from the Chinese government. Now, where should the agreements or not go in the future? You at the Cato Institute are all about limited government.
But at this moment, there are deep ethical questions about the future of generative AI and its implications for the use in the military and writ large to the labor market. How does this get decided? Should it be a Congress decision? Should it be just a case by case decision?
One of the things that makes this situation unique is this goes beyond just a mere dispute over a procurement contract because of those additional threats, the threats to either invoke the Defense Production Act or to label the company a supply chain risk.
But I think it does highlight some of the underlying concerns or debates over how should we think about protecting civil liberties and civil rights when it comes to AI use by the government. AI can be used for wonderfully productive ways in the government just as it can in the private sector to help constituents find the services they need.
But there are also real and legitimate concerns about the way it could be abused. Again, in this particular dispute, two of the issues were mass surveillance and autonomous weapons. One of the places that we need clarity when it comes from policymakers is around what the government's going to do to restrain itself in its use of AI.
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