Chapter 1: What is the main topic discussed in this episode?
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
We're up early every weekday, keeping an eye on what's happening across Europe and around the world.
We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going.
From Brussels, I'm following the politics, policy and the people shaping the European Union right now.
And from London, I'm looking at what all that means for markets, money and the wider economy.
We've got reporters across Europe and around the globe feeding in as stories break.
So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens.
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Chapter 2: What is Nvidia's $2 billion investment in Marvell about?
Just the share story doesn't tell that. Yeah, I mean, I'm looking at... This is a company that's only worth $7.4 billion, right? Up against a meta, which is worth $1.4 trillion. And you cite the year-over-year performance, but over five years, Snap shares are down 91%. I mean, they've lost essentially all of their value.
It's stunning, and here comes an activist investor saying, look, we believe in the business, but here are some changes that we think that Snap can make to sort of have its second act. They're looking for a comeback here, and they believe that with the right moves, maybe shutting down the specs wearable business, that's one thing they're calling for, that Snap could turn itself around.
The business is still operating?
Chapter 3: How does CoreWeave's $8.5 billion funding impact the AI industry?
So the company had announced earlier this year they're separating it into a stand-alone entity, but we're waiting for the glasses to come out later this year. All right, tough to go up against Meta with that business as well. Thank you so much, Leanna Baker, on that. Let's get to the NeoCloud story now because CoreWeave has raised another $8 billion.
$8.5 billion to expand its cloud capacity as the debt binge fueling the AI boom continues. Shares of Corweave climbing on the news. The loan is backed by a combination of semiconductors and a customer contract to use those chips. Bloomberg reported last month that the deal was with Meta. Let's get more details with our markets reporter, Bailey Lipschultz.
So, Bailey, what do we know about this stock and its incredible borrowing performance? Yeah, Matt, this is probably the most debated stock on Wall Street, maybe behind Tesla. And when you look at kind of that debt binge, they have been clearly tapping every avenue or venue that they can. And they really, according to the company, this is the largest chip backed product in terms of borrowing.
So when you put this into an SPV, you're using, again, to your point, about $8.5 billion of borrowing power.
Chapter 4: What recent developments are happening in the wearable tech sector?
That is going to go into funding and building out the operations, as you mentioned, backed by that Meta contract. So this is a company that, if you talk to the bulls, they're being very novel with different ways to fund these build-outs and fund these operations. If you talk to some of the skeptics, this is just another move to borrow money and use the name of Meta to help back that up.
So I look at, you know, again, the market cap here, it's a $40 billion company, but they have $23 billion in debt on the DDIS page, and I assume that's not including something like this because, as you said, it's an SPV.
Yeah, the structures are interesting, and when you talk to investors, if you're talking to private debt buyers, they love this because, okay, you're actually backing an individual product that is investment-grade, according to Moody's, that is backed by a contract with Meta. If you talk to equity investors on the public side, to your point,
It's a bit more of a complex picture, and that's why we've seen elevated short interest. We've seen wild swings with this stock going back to when it went public last year during, call it the tariff issues.
And really, when you look at kind of the under-the-surface performance of this company, it is betting that they are going to dominate the space of acquiring NVIDIA chips, building out those data centers, and helping lease compute to hyperscalers. It's a bold strategy that so far, again, we're really only in the early innings of that story playing out.
Yeah, I mean, this is a stock that has doubled in the past 12 months, Bailey, and almost all of that came in the first couple of months after Liberation Day. Since then, the stock has been on a steady decline, so the chart doesn't look as impressive as it sounds. No, not as impressive as it sounds.
And if you compare its one-year performance to its main publicly traded peer, and that's Nebius, it's actually underperforming the other neocloud rival. Again, this is a story that from an investing standpoint has so many different parties participating. So yes, you look at the stock performance. Again, that's only the public equity side of this story.
So even when you talk to, as I do, investors who operate in both the private and public space, It's a bit more of a complex and, again, debated story from a public equity perspective, but we continue to see the company finding willing investors to help back its credit and willing consumers in the likes of Amedda to sign some of these contracts because there are trillions of dollars at risk.
Yeah. CoreWeave shares up 98.5% in the past 12 months. Nebius up 360%. Bloomberg's Bailey Lipschultz covers the markets for us. Coming up, autonomous boat startup Ceronic raises $1.75 billion as the wave of funding into defense tech continues. More on that next. This is Bloomberg Tech.
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Chapter 5: What are the implications of Nvidia's partnership with Marvell?
I'm on a 390 day streak right now. And it's nice to see your valuation up to more than 10 billion. That's around the same I notice as Aura. And so I'm wondering what you think about what must be your biggest competitor. I mean, is there room in this space for two powerful companies or is this a winner take all scenario?
Well, thanks for having me on, Matt, and thanks for being a longtime Whoop member. I appreciate that. You know, if I actually just look back over the last decade, because I founded Whoop in 2012, so I've been building this company for 14 years, there's been an enormous number of players in the space over the years.
In the early days, you had big wearable, or big sports apparel brands, excuse me, so you had the Nike, Under Armour, Adidas, Puma crowd. You then had entries from the tech market, so you had Microsoft and Google and Intel and Amazon, Meta, and so there's been a lot of players, I would say broadly, in the wearable space.
Today, there's actually maybe the fewest number of players that I've seen in the last five years, and yet the wearables market has grown enormously. You know, when I first started the company, I think less than 5 million wearables were sold a year. Now that figure is 300 to 400 million devices a year and continues to grow.
So we're very excited about where the company's positioned and we think we're still in the early days despite the maturity of the business. So I'm obviously a customer and so many people here around me are customers. Do they stay? Do we stay? Are you retaining customers? Those that have 12-month subscriptions, are they going to 24? Are they renewing?
Well, we recently actually launched three membership tiers. So it used to be you can sign up for $240 a year. Now there's a lower plan and a higher plan, $360 a year for Whoop Life. And we've actually seen an overwhelming number of people migrate from our middle tier to our highest tier. And that demonstrates, I think, that our members are willing to pay for
enhanced features, premium capabilities, an additional medical sensing portfolio that we've rolled out. So now WHOOP has ECG monitoring with AFib detection. We've come out with blood pressure insights, which were the first wearable to do. We recently launched advanced labs, which is blood testing. So overwhelmingly, we see our members wanting to invest more in their health with WHOOP.
They're buying additional services. They're moving up in their membership tier. And then in addition to that, we have some of the best user engagement in all of health. Our members are opening the Whoop app eight times a day, which is pretty extraordinary user engagement.
We have an 83% Dow-Mao ratio, which I believe is second only to WhatsApp in terms of how often people are using and engaging with the product. So it really speaks to, I think, the value that we've been able to create and the fact that our members are, in fact, improving their health.
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Chapter 6: How is Supermicro addressing investor concerns?
Why do we have to go up there and fly around? I mean, we've already been to the moon. We've already landed on it. Can't we just send another ship up there and go back?
Well, we're a bit rusty when it's been 50 years since you've done something. You need to validate some tests and test some life support systems and test some propulsion and communications and navigation systems before you land again. So that's what this crew will do.
Half a century on, I mean, when we first did this, a computer that could do as much as my iPhone wouldn't even fit in this studio. I mean, we've had such incredible technological advances that it seems to me it should be a lot easier this time, but I'm getting the sense that that's not the case.
That's right. This is a $4 billion proof of concept as part of a larger mission that doesn't have a fiscal architecture that we've seen before. This is the first time the Congress will have to sustain a multi-administration program at this scale for this long. It just happens to be complicated with multiple vendors. and with the technologies that NASA wants to study.
As we get more advanced technologies, then the missions become more complex. There are obviously a lot of other cultural and systemic issues that come up with the vision. NASA's vision just changed last week. Rather than putting up a gateway, which is a bit like a space station around the moon, they will be landing on the moon with multiple robotic missions in a lunar base soon.
So with changing priorities, that also aids or adds to the complexity.
I have to say $4 billion sounds like a drop in the bucket from a government that spends like $170 billion to fund ICE. But I guess it depends what your priorities are. What do we get in return for that money, Esenay? What's the benefit coming out of this program?
There are a plethora of experiments. I do want to highlight one for your audience. There is an Avatar organ-on-a-chip investigation aboard Artemis II. And what it will do is it will measure human response to deep space radiation. And this is a commercial windfall for the pharmaceutical modeling sector. for the biotech R&D sector and for the space bioeconomy at large.
And you can conduct this research without having to land on the moon. So that's one of several experiments that the astronauts will conduct. And we will see a number of gains in a number of sectors, including the space sector. You will have SpaceX and NASA. Blue Origin also that are preparing to support the Artemis program. So there are a number of large stakes here.
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