Bloomberg’s Caroline Hyde digs into anxieties and losses coming from the Magnificent 7 as big tech stocks lag the wider market. Plus, Okta CEO Todd McKinnon discusses the software maker’s earnings as the company boosts its full year profit forecast. And TikTok plans to invest more than $37 billion to build its first Latin American data center in Brazil. See omnystudio.com/listener for privacy information.
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Bloomberg Tech is live from coast to coast with Caroline Hyde in New York and Ed Lovelow in San Francisco. This is Bloomberg Tech. Coming up, big tech lags as investors remain skittish about the AI trade. We dig into anxieties and losses coming from the Magnificent Seven. Plus, earnings still roll in.
We speak with Okta CEO Todd McKinnon after the software company boosted its full-year profit forecast. And TikTok will invest more than $37 billion to build a data center in Brazil. Its first project in Latin America. But first, you check in on these markets that are volatile on this day. Look, we're pulling back on some of the gains made yesterday on the Nasdaq 100.
We're off only by a tenth of a percent. Nvidia flip-flopping between gains and losses. But all eyes on some of the key magnificent seven names that look less magnificent on the day. Bitcoin still managing to power up. Nine-tenths of a percent. We're at 92,000. So a bit of dip buying going on. A sentiment, though, still remains pretty sour on the asset class.
Move on and have a little look at what's really under fire today. Reports out there that Microsoft potentially having to say to its salespeople of co-pilot of AI productivity tools, maybe you need to pull back on your sales targets. There is counter-reporting coming from CNBC that this isn't currently true, but We're going to dig into those details for you. Currently off by 1.8%.
All of this speaks to the anxiety that AI isn't going to give us the productivity gains many had hoped. Bailey Lipschul, as I'm pleased to say, is here with us at the moment, really talking about more broadly what we're seeing in this market at the moment. And Bailey, are we seeing those sorts of anxieties?
Well, we are seeing some of the uncertainties, and we're seeing that play out in real time. The big debate really around a lot of this AI trade, and we saw this play out throughout November, is how much of this spend is going to be realized? Are the dollars going to make sense at the end of the day?
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