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Welcome to a special edition of Bloomberg Tech.

We are live from CS in Las Vegas, where we've been tracking the biggest tech stories.

Another great lineup of incredible guests today, but we've also got some news outside.

Of CS right then, Yeah, Coming up first, China plans to approve some imports of Nvidia's eight two hundred ships as soon as this quarter for select commercial use.

Plus AI evaluations, pushing ever higher anthropic raising a new round of funding that would value the company at three hundred and fifty billion dollars.

And we wrap this special CES edition today with guests from the robotics and augmented reality spaces, venture Capital and the.

First we check in on these markets that are in a bit of sell off mode.

Look anxiety ahead of those non farm payrolls data that we get tomorrow, and no one taking on any more risk after what I've been a really rather nice run up in tech stocks over the last free trading days.

So today maybe we sell the news.

Today We're off by some six tens of percent, but all eyes really on one keeper.

Yeah, like your chart is showing that actually, you know, we'd be kind of lower.

Wiggling around throughout the early session, Nvidia.

Has taken a significant.

Leg lower this Thursday, it's now off two percent.

The reporting is crystal clear from Bloomberg.

According to sources, China's government will approve some Chinese tech companies taking H two hundreds.

That sources are giving details on which companies, But the crystal clear line is has to be commercial use, cannot be military, cannot be some government, cannot.

Be state backed enterprise.

Let's get out to Washington, DC and Bloomberg Senior Tech editor Mike Shephard, there's a lot of specifics in this report.

Give us those specifics, what we know about the companies involved, and also the volumes, because that's going to matter to the stock.

Well, the volumes are a little bit unclear as far as what the Chinese government would approve, but we already are getting some signals according to our reporting that companies like Byteedance and by Do would be interested in buying up to two hundred thousand Nvidia H two hundred chips each once those approvals go through.

Now it's unclear whether China, the authorities in Beijing, will allow those kinds of quantities right away into the market.

And it's important to remember also that look, there are restrictions still in place here from the US.

Even with President Donald Trump's verbal blessing for this, we still need to see licenses emitted by the Commerce Department.

That process is still underway.

Jensen Wong and your interview with him the other day indicated that he was optimistic that those would go through, and likewise this would affect AMD, which also has chips that is is hoping to get into China as well.

Look for in Vidio.

This is a big win if it all goes through.

As we are outlining in this report, China is the world's biggest semiconductor market, and Jensen Wong has identified it as a fifty billion dollar opportunity for the company.

And the timing is crucial.

They are facing intensifying competition from rivals inside China, including camera Con and SMIC, which are making strides in the development of their own homegrown semiconductors, and we have also seen signals from authorities in Beijing that they would like local companies to start favoring domestic alternatives to in video over whatever it might be coming from the US.

Mike Shepherd, as always, thank you so much.

From Washington.

We're going to stick with a theme of.

AI, of course we are, but this time I'm going to look at it from valuation perspective.

Ed because Athropic the latest news that it's outlooking and raising some ten billion dollars is.

Before that raise value.

Therefore, at three hundred and fifty billion dollars, we know open Ai is out there also raising funds could be as whopping as seven hundred and fifty billion dollars.

All of this is we I potentially these companies coming to the public.

Markets as well.

I've been speaking to some of the investors backing this round ten billion dollars, three hundred and fifty billion dollar valuation.

They don't have the scale that open ai has right, but they've gone after the enterprise.

And the way that one investor put it to me is there are four players right now, open Ai, Xai, Anthropic, and Google.

There's probably only room in the real world for three.

But it's interesting to see them continue.

Raise and just how sophisticated they are when it comes to the coding side of the equation that really seems to have been.

Where they've made their mark.

But also they're trying to say that they are well the safer, more focused on ethics in some ways they split off from open ai to remember that's what their origin story is.

And in your interview with he Montonees, you're getting a lot of credit for that coding.

Piece as well.

Another big story of the morning, and it's a jostling for position once again, we're looking at the market cap of Google or Alphabet the parent Google rising above Apple.

What did I just say?

In this world order four players right now?

Alphabet and Google have really accelerated in recent months, both literally from a stock performance perspective, but also just I guess by news flow and reputation and Apple it's a different game, right.

But yeah, this is one that I didn't see coming last year or at least as you know, at any point that.

Story, that TVU story just changed everything didn't and the vertical integration.

Okay, coming up, humanoid robotics takes shape right here at CEES.

We're going to discuss the future of physical AI with Jan Liphart, founder and CEO of open mind a's next.

This is Bloomberg Tech.

Here at ces Physical AI is breaking through to the mainstream with humanoid robotics taking set of stage.

Joining us is Yan Lipart, founder and CEO of open Mind, a startup building an parading system design to connect, coordinate, and scale intelligence across all thinking machines.

There are so many things to take away from being here this week.

Let's, I think, focus on the humanoid robot form factor at least, but your main impression with those on display, I think Atlas is probably top of mind for many.

Last night when I was here with Boston Dynamics CEO wrote place the weights to go and see Atlas was two hours.

What do you make of that?

Well, just a few years ago, the robots here were kind of yanky, they were wobbly, and they had wires coming out of their head, and they looked like science experiments.

And it's really fascinating to see just how quickly humanoids are turning into a real product.

And Atlas is of course just one of those.

So instead of them being science experiments, they look like real things that you might want to have in your home or in your workplace.

You're also a.

Professor at Stanford, And you know, the academic discussion here, which I've loved, has been, hey, guys, we think we've solved.

The software problem.

Have we solved the software problem?

Well, when people talk about humanoids, everyone has a different picture of what.

The humanoid is going to do.

If you're talking about a humanoid for a hospital, that's a totally different situation compared to a humanoid flipping hamburgers or teaching kids math.

So it really depends on the point.

We're moving a box from one part of the tables the other part of the table is no longer impressive.

So that's completely solved.

And Amazon has one point one million robots deployed already, so the logistics pick in place is effectively solved.

One frontier is what you might call social robotics.

So these are the robots that will live with you, and they will teach your kids, and they will help your parents.

And that is still more different because there's a lot of what we expect when we interact with people, their ability to make us laugh and speak and be quick and so forth.

That is still difficult.

But basics like picking things up, that's solved.

When we think about the solution of integration.

A lot of companies want to talk about how they're the vertically integrated company.

They are making not just the hardware, but the software too.

So where are you getting an in how many of these fourteen humanoids we see here at CES are you putting your open software to work in?

Well, it's about half of them.

And for many humanoid robotics companies, they have a traditional focus on hardware and they're seeing the software move extremely quickly, and some of them have the sense that they don't have the inherent capability to also be at the frontier of the software, and that's where we're getting traction for us.

I want to go back to the very thesis of whether you want a humanoid at all.

Buston Dynamics perspective is in the interim we have manufacturing units that are purpose built for robots.

Humanoid makes sense because it has to work side along humans and augment them or at least replace them eventually.

Maybe that's not the form factor we want.

I don't think I want a form factor of humanoid in my home, to be perfectly frank, you're seeing a lot more of these sort of soft, cuddly toys for companionship and the way that they talk.

What will robots look like in the future.

Well, I have a humanoid at home and my kids casual and my humanoid.

My kids thinks that is totally normal because for them, they've seen that for literally two years now.

And however, when I talk to my mom, I sent my mom some videos of the humanoids here iris iris iris.

No, this is hardware developed by someone else.

Of course, it's running the software I wrote, which is why I trust it, because I know exactly what's going on inside the humanoid.

But yeah, I sent my mom some videos of humanoids around here, and she said, Yanni, I'm shocked.

This is awesome.

So to your original point, what is the right form factor?

What's special about a humanoid is that they're by definition compatible with your home, a hospital, school, workplace, door handles, light switches, stairs, so they can immediately be effective in all the infrastructure that humans have built for us.

This is why it's important to get as far as you can be an objective take on the state of industry.

Right the problem we started the segment though, saying it's broken through to the mainstream.

Actually, there is a lot of fatigue, just like there was with ROBOTAXI.

We've been saying it's coming, it's coming, it's coming.

What I see is in the industrial use cases, it's there.

But one thing that came up with us a lot this week, care of the elderly.

Yeah, are we really in a position where overnight humanoid robots are going to solve what is a massive addressable market?

Well to some people that sounds dystopian and creepy.

Is it something you imagined that your parents would interact with robots?

But some of the companies building robots for memory care facilities, like Andromeda in San Francisco and Australia, the stories they tell are heartbreaking, where nurses now have to clean the head of the humanoid every evening because the patients will kiss the humanoid.

So the nurses now have to remove lipstick off the head of humanoid.

And so for many people that are starved of human interaction, they get so attached to the humanoid and their eyes light up and they laugh and they will kiss the head of the humanoid.

And so there's definitely something there.

And for most people in retirement homes here in the US, they haven't been visited by their family members in a year or more so, it's a group of people that are really starved for any kind of interaction, and some of them really seem to love the technology.

I mean, yeah, and that speaks to a greater problem in humanity writ large, I want your take, if I dare go back to open mind itself, where do you make your money?

Ah?

Well, we have a little bit of a different take on humanoids.

We don't want them to be closed.

We don't want them to be these magic boxes that show up at your front door.

We think of them much more like cell phones that are open and where developers everywhere can add apps or skills that will allow your humanoids to do many more things very quickly.

And so it's very important to us that this technology is not like this magic black box, but it's something that most of us understand can engage with and build for.

Yeah.

Great catching up with you, Thank you for spending some time.

Thank you so much.

Yeah, and I've found our CEO of open Mind speaking with robots.

Well, I got to sit down in Boston dine to you, Robert Plater, to discuss the company's latest situation of a humanoid robot that's Atlas, designed to work in hyndized manufacturing plants studying in twenty twenty eight, including a factory in Savannah, Georgia.

Thank listen.

By twenty twenty eight, Hyundai's going to build us a purpose built factory designed for mass manufacture of our humanoids, and that's going to have a capacity of between ten and thirty thousand units per year, And so that's the goal.

By twenty thirty, we'll be building tens of thousands of robots per year.

I've always wanted to ask you, and I'm going to ask you your analysis and impressions of Tesla's Optimist program and your assessment of what they're doing and what they've done.

Well.

I think they're a very serious competitor.

They've done a lot of very impressive work.

They also have the advantages we have that they have a consumer in Tesla to use those robots internally.

Yeah, and I.

Think it really requires both aspects.

You need the technology from robotics AI, you also need that customer and that consumer, and so automotive is a natural fit and so I think Tesla is actually very well placed to succeed here as well.

That was Boston Dynamics SEO Robert Playton coming up here on the show.

Next, X Reel revamped its ar glasses.

Is the wearable space is seeing more competition.

We speak with x Real CEO Czu.

That's next.

This is Bloomberg Tech.

AI will bring out a renaissance to the field of music.

That's according to Grammy.

Winning a artist.

Will I am also the founder and CEO of f Yi dot Ai.

Bloombers Text.

Tom McKenny sat down with him for this week's episode of Bloomberg Tech Europe, taking a deep dive into how AI is shaking up the music industry and the streaming business model.

Listen to this.

It's a renaissance the same way the renaissance, you know, calapulted, you know, dimensionalize the creative industry in the past, the renaissance.

There's a new renaissance to do it for this era that we're in.

So it's it's the age of the hypercreative.

Go catch that episode of Bloomberg Tech Europe this Friday here on Bloomberg Television eight thirty am in London.

That's three thirty in the morning on you in the East Coast.

But it's worth getting up for.

Trust me, Carrow, what's up.

Meanwhile, let's pivot to the world as smart eyewear.

Because we're talking with x Real.

They've just unveiled new entry level al glasses that come at the cheaper price point dub the one S.

The new glasses boast a one two hundred pet resolution with a new price of four hundred and twenty nine dollars.

X Real CEO Jesus is here with us now.

Congratulations on the unveiled But we've got some news I want to hit first.

Sure, you've been getting some financing.

We understand you're raising money to be able to put these new glasses at a cheaper price point.

I agree.

Yes, it's getting heated up for the whole race, right and you know it's getting exciting as well for the whole industry to really see glasses can really be the next competing platform pair with AI.

You know, I think at some point they can truly replace the cell phone we're using today.

Going back to the financing, Yeah, raised about one hundred million.

Able to disclose what valuation.

Who's backing you?

So okay?

I would say at this moment it's mainly some play chain partners and some key vendors.

You know, at this moment there's not more information I can share, but definitely later.

But one hundred million dollars as accurate.

Yes, I think it's a bit of an academic debate to be had here.

I've used that phrase a lot.

But is glasses the right form factor?

The raise of CEO is actually on the program, okay, talking about how headphones might be the better form factor in AI world.

You know you have options in the wearables category.

Yep, is he right wrong?

Well, okay, so I just met him actually a couple of days ago.

We talk about this as well.

We talk a little bit about that.

But for me, you know, from my perspective, I do think glasses it is the ultimate conform factor.

You know, when we see how we actually involve going from the big screen to your laptop to your cell phone, the screen is getting closer and closer, and what is even closer than your cell phone, it's probably going to be this display right in front of your eyes.

Right and also, in my opinion, with a you know, combination of AI, you can actually have AI assistant seeing your eye, see what you're seeing, feel and hear what you hear.

Twenty four to seven.

If that is actually available, I do believe you know, there's no other advantage you can compete with the glasses.

Metta is going to set further right and now put the display in worries you, doesn't worry you.

No, No, I think you know, it's a great competition.

You know, Meta definitely have a lot of advantages.

You know, they have a lot of investment, great talent, and they start really really early.

Right too.

I think this is big enough market and still I don't really see the FUM factor kind of converge.

So this is open race for everybody.

I'm just excited, you know, to be part of that journey.

Well, the people we're waiting for their unveil from is Google.

How are you working alongside Google?

How is your relationship deepening?

How is Project Aura?

Okay, that's a great question.

You know.

This week we just you know, announced that we're depending the partnership with multi year extension and also name Actual being the lead hardware partner with Google and Android XR.

And this is really great exciting moments.

I think maybe it's not just one company you're gonna do everything, you know together, maybe it's kind of a combination.

The hardware is software collaboration at some point and Actual We are really good at building optical modules, building chips, you know, and you know Google they're really good at building AI, building an offering system.

So I think, you know, this is a win win situation for us to team up together to kind of polish the end to end hardware and software e cop experiences together.

So do you think it'll almost be like a self own world in that you have the Google pixel, but you also have some sung with the Android operating system and Mirianna others using Android.

So is it going to be Google with their own hardware and their own and then or you're.

Going to be the hardware partner of choice and then be some others out there.

Absolutely, if you remember early on actually Google partner with HTC, you know, at the very beginning to define the whole smartphone industry part of it, you know, alongside with Apple, and then they start to rolling out to LG to some song and then they have their own pixels, right, So it's going to be an ecosystem playing We're just you know, we just feel lucky we got picked by Google so we can work together being the pioneer to drive these in industry forward.

When when projects or glasses come to the real.

World twenty six, it's going to be this year.

What does the rollout look like?

Well, that's something I cannot share at this moment.

But you go to market, you'll say they're ready, this is what they look like, this is what they cost.

They will be available of course, you know, when the time's ready, we'll release those kind of information.

There are some other things that you're your bat let with your latest generation existing x real glasses, right, absolutely, sleeker, lower price, price is so important, but you are going up against the market where we have Vision Pro and other similar products, and then we question immersion and field of.

View, that's right.

What's your response to those questions.

People start to think about, you know, maybe for Apple Vinion Pro it is great experience, but the question and challenges you know, it is too expensive, it is too heavy, right, so how can we can we come up with something you know, lighter, more affordable, like, but we can deliver like eighty percent of that kind of experience.

And that's where you know x U glass is coming about.

And especially if we had the latest generation one as right, we further kind of a bump up the features.

You know, some of the you know, very unique feature.

We say it's two D to three D lifetime conversion.

We're using our own chip to do this AI conversion in the real time, and this is amazing.

Any kind of content coming with the glasses, whether it's a cell phone, handhold, gaming devices, topic can turn into three D in the real time.

Let's talk about how you've got the price pointed out.

Yes, Is it because you're making your own chip.

Is it a supply chain navigation or are you just taking a hit from a profit margin?

No, we just you know, we spend a lot of effort optimizing this whole supply chain.

You know, better year rate, you know, higher volume.

I just kind of going to help to bring the cost down.

Is it coming from China part of that?

Yes?

And is that a risk an issue given the national security concerns.

That's a great question.

You know, we do have this kind of global supply chain strategy as well.

It can be China, it can be a part of it can be even in the US and some.

Day, just very very quickly, yes, this cs you've had a lot of foot traffic.

Yes, just reflects on that really quick.

Well, you know, people like glasses and they like to experience actually even though we've been talking about glasses for so long, there's still a lot of people they haven't really tried on any glasses, So I think if this is still a long kind of education process.

Thanks Real CEO, tees you great heavy back on the blue tech here at CES, Thank you so much.

Coming up, we're gonna speak with Jacob Helberg, US State Department under Secretary for Economic Affairs to discuss the state of chip export curves.

The sources say China is now ready to approve imports of some in Nvidia eight two hundred chips.

The big story from Bloomberg this Thursday, it is halftime.

We are in Las Vegas.

This is CS and this is Bloomberg Tech.

Welcome back to Bloomberg Tech.

There is a lot of news that's driving markets irrespective of what's going on here in Las Vegas.

One of them is the Warner Brothers Discovery situation.

Paramounts Guidance came out with a statement reaffirming their thirty dollars a share offer, but interesting curR like in the calculus, they're now saying that the cable networks that they want to include in the.

Deal are worth zero dollars, which is.

Interesting because like a lot of the street and a lot of the market saying we don't think you're quite right on that.

Remember, Netflix wants to buy just the studios and streaming spin out the legacy networks and cable offering, whereas Paramounts Guidance, as we say on bluebo Tech, want the whole enchilada.

Either way, we're still kind of in a holding pattern until we move forward.

There's a really big.

Story overnight out of career, and that is Samsung quarterly profit tripled because memory.

We've been talking so much about the supply constraint and bottleneck that is memory right now, and pricing goes up, but if you're a memory maker and pricing goes up to that extent, it's usually pretty good for your bottom line.

The stock down about a percentage point, but that was the big headline, and it has been such a focus this week, the issue and bottleneck that is memory chips, not just in the data center context, but of course PC as well.

And of course, because Jenson what made that point of sandus, the shares went wild.

Maybe that's why we're pulling back a little bit on Samsung.

But let's switch gears a little bit because Another key.

Part of our conversation that we had yesterday with Andreil founder par Malucky was where we discussed US competition with China, and you first asked him about the compensation package after President Trump called for capping executive pay with defense contractors in particular.

Just take a listen.

One of the provisions that the president proposes is a salary cap of five million dollars.

In the Bloomberg story outlined some of the comp of those CEOs.

Would you be willing to say what you pay yourself for Anderior, and if you would abide by I pay.

Myself one hundred thousand dollars a year.

So significantly less than a five million dollar cap.

True, But I also own a lot of my company, and so this measure is not really written in a way where it's intended to hit new companies starting new things.

You know.

Act like if Kelly Johnson were alive today and he owned a bunch of you know, Lockheed Martin or north from Grummer or Raytheon, I don't think that anyone would have nearly much of a problem with him.

Yeah, I pay myself one hundred thousand dollars a year.

That's my compensation.

Package.

I own a bunch of androll because I started the company.

That's so my motivation is to try and build the biggest thing forossible.

I will say people are fairly critiguing and said, but Palmer, you know, are you really a neutral party here?

Are you really in a position to comment given you're competing with these companies?

And I'd say two things.

One, these measures do apply an equal measure to me.

I now cannot pay dividends.

I now cannot be stock buybacks if I'm not investing in new plans, if I'm not doing.

These two things.

The other thing is it's always tricky when you want to know, I'm in defense because I wanted to help solve these problems.

Right.

It's actually the same thing with like mod Retro in the gaming.

Space, like, oh, of course Palmer would criticize these other game companies, after all, he's in the gaming space.

It's like, yeah, but I'm in the gaming space because I want to solve these problems.

It's kind of this like catch twenty two, Like if you're outside it, they'll say, well, why don't you do something about it?

Then?

And you do something like who cares what you're doing?

You're just part of the problem.

It's always been emotionally difficult for.

Me when we're thinking about where you stand, where US stands versus China.

Yep, where does it intens of drone technology?

We're in this context of a geopolitical strain that started this year off with Venezuela.

We look now to Russia.

How do you see China and the Taiwan question.

China has an incredibly strong drone industry.

It is largely a result of state intervention.

It's largely a result of industrial policy, of supply chain investments that the government has made.

Yeah, and even trade deals that China has made around the world to allow for these drones to freely flow out in other marketplaces.

Yeah, China has the best ron industry in the world.

It's not even close.

It's definitely a weakness that the United States has.

Now you saw recently this ban on d jai drones.

The intention there is to try and fix that.

You can fix these things.

The US is capable of building drones, it's just we aren't capable of competing with the labor laws, emissions laws, energy prices from coal plants, et cetera that you see in China.

So I'm hoping that this ban on d Jai drones results in a.

Strong US drone market popping up to take its place over the next one two three years.

Androle actually as a drone that we were showing off in Japan recently that's made with one hundred percent Japanese parts.

Japan is another nation that can build their own drones.

They don't need d but it's hard for that to make aconomic sense when China's allowed to flow the market.

That was Annual founder Palmer Lucky for more on the US relationship with China and the national security concerns behind semiconductors were joined by Jacob Helberg, US State Department Undersecretary for Economic Affairs, but also the founder the Hill and Valley Forum, which we were able to attend last year.

There was something in the in the in the China context which we didn't get to with Palma, which was a piece of recent news which President g reiterating, I would say a long stated goal of reunification with Taiwan.

Now.

The reason I want to start there, Jacob, is in your efforts with Pax Silica.

The scenario that everyone is trying to plan for Taiwan and access to capacity in the semiconductor side being shut off if that scenario were to unfold starting twenty twenty six, could you just bring us your latest thinking on that, please.

Absolutely, And it's great to join you guys here at CS in Las Vegas, which is such a great window into American innovation and innovation from a lot of Paxilica countries like South Korea and Japan.

It's incredibly exciting that we're talking barely three weeks after the signing of this landmark declaration.

Ultimately, let me put into context why this is so important and why so many people are talking about technology competition.

But today it's clear that if the twentieth century ran on steel, the twenty first century is increasingly running on silicon and compute.

And we're already seeing in the United States the third of our GDP growth coming from AI and growth picking up and accelerating as productivity is starting to accelerate growth and sectors across the economy.

So back in July, President Trump ruled out this landmark speech at an event I co hosted with White House Aizar David Sachs called Winning the AI Race, where it was a landmark moment where he declared that the US is set to win the AI race and that it is the official policy of the US government to do whatever it takes.

A few months later, I'm happy to report that at the State Department, we have adopted a strategy that breaks down this broad goal into three parts.

We want to help the US.

Government win the AI race by leading an innovation, by gaining market share, and by securing our supply chains.

So we launched packed Silica with a group of seven countries and are the most technologically advanced countries, including Japan, South Korea which is home to Samsung, es Kheiinix, Mitsubishi, and we are engaged in a lot of intensive talks to now transition to the implementation phase of Pasilica in twenty twenty six.

A lot of your anxiety, and you've been at this for a very long time trying to warn the United States and those in positions of power now in the power that you have yourself, that we shouldn't be exopposed to China in the way that we have been.

Now from a national security perspective, what do you think of the late that maybe h two hundreds go into China by this quarter, They might sign off for Ali Baba for bid to be able to access in videos chips.

So part of the goal of winning the supply chain means we need to expand market share.

And sometimes there's a bit of a tension between innovation and diffusion, because when you diffuse technology, sometimes you're compromising a little bit on innovation because more people have access to that technology, which narrows your technological edge.

Part of what we're doing by exporting our h two hundreds is making sure that the world's developers are building on top of the American stack, and we want to ensure that American models actually stay ahead through these strategic bilateral deals in countries in the Gulf like the UAE, the Saudi Arabia, and a number of others that are on the way but still too early to disclose here today, in order to make sure that our companies have by far the most compute capacity, so that our l A lamps they had as well.

Jacob on that market share bucket, you know, the concern that many in DC outline to us is if we don't take sport to the golf, China will Is that the right way to think about it for America?

I think it's an opportunity where there is nature abhors a vacuum.

We have got to fill the vacuum while we can.

We have the world's best technology and the worlds know that.

And ultimately America has thrived when we allow our innovators to actually dominate market share.

They did dominate, and video had ninety five percent in the market and now Jensen to say, has zero and maybe it's being allowed to claw some back.

Has not the horse bolted?

Have we not already allowed camera con to grow and our way to grow?

Are we really going to be able to clean back and have the stack of our own worldwide?

And that's exactly why we launched packsilica, to make sure that we have a sensible approach to exporting our best technologies while protecting our most sensitive technologies.

We're having dual track conversations with our partners.

We want to protect our sensitive technologies, but we have got to have a path to gain market share.

And I think everyone's on the same page.

Everyone who joined Packsilica understands that the world's supply chains being concentrated in one country, no matter how you feel about that country, is too risky, is too brittle, and is ultimately a liability to the global economy.

And that's why we started this Economic Security Coalition with the world's most advanced technology companies and countries in order to make sure that we diversify those supply chains.

Jacob, those companies are here at Cess Vegas.

What do you hope to achieve in the time that you have at CEES.

So part of what we're looking for our roadmap in twenty twenty six is we want to focus on policy coordination, We want to expand membership of Packsilica, and we want to focus on infrastructure projects.

The way that we view infrastructure is we want to focus on the arteries of supply chains through advanced logistics.

We want to focus on the muscle might of industrial capacity, particularly with fabs, factories and refineries, and we also want to focus on the fuel, particularly capital and energy.

One of the things that's so interesting about talking with companies here is we can get to actually stress test a lot of these ideas with builders and with people who are the closest to these problems day to day.

Jacob, this week has been extraordinary from a geopolitical perspective, and I want to just get your thoughts high level, your view on pack Silica is that it's sort of peace through power.

Is that how we should.

Be interpreting what's occurred Venezuela with Russian chips, with what continues to occur worldwide right now.

So I think at the end of the day, one of the takeaways of the events the last few weeks is very clear that the world needs to know that the Trump administration says what it means and means what it says.

I think Secretary Rubio spoke very eloquently about where the US stands and the Trump administration stands on Venezuela and other issues that have been in the news like Greenland.

Ultimately, the biggest threat to international norms is the Western Hemisphere and the United States being asleep at the switch while we are encroached from the north through the Arctic and from the south through Latin America.

Ultimately, Pack Silica is an effort to pursue a very pragmatic approach by working with our closest technological partners to actually forge strategic investment deals and allow moving the needle in a way that actually benefits all of us.

That is why this coalition is so diverse it's very, very new.

It's a completely new grouping of countries that includes players like Singapore, like Israel, the UAE, people who aren't used to being included in traditional legacy forums like the G twenty and the G seven.

And yet these countries punch far above their weight and where very as a partner with them.

JKM, It's great having some time with you.

I'm excited to say to be on stage with you a little bit later as well.

Jacob Elbow his US Department of Stayed Under Secretary for Economics Affairs and of course, founder of the Helen Barry Forum, which is bringing together a VC and Washington surrounding the China issues.

Meanwhile, coming up more on the future of AI's companies shift in and out of the digital world and back into physical Steve Jangs, Kind Adventures managing partner joins his next is a bluebotec.

AI's real world impact is dominating the conversation here at CES, with investors watching closely to see which technologies move from height to reality and maybe they foster that reality.

Steve Jangs with US managing partner and founder of Kind Adventures, early stage bench firm known for back in category defining startups making significant bets on Well, we think of the work that you did with Uber, will you think of so many of the companies that have had significant exits and m and a that's happening.

But for you here, I think one of the stars of the show has been Neuro.

Right.

We saw this big announcement coming from We had Lucid on the show, but Uber and and Dey Neuro teaming up to provide the future of robotaxis.

But as a crowded field, how did you decign Nero was going to be helping win in that autonomous fight?

Sure, So if you rewind time and you look at the history of Uber, you'll remember ten years ago Uber had announced that they were going to invest in self driving car technology.

Now, a lot of things happened since then.

So they originally had planned it with Travis Kalenik at the helm of the company, and then had to jettison that whole business before going public under Dara, And I think what Dara did is pick that back up and say we need to accelerate our strategy.

So about two years ago a lot of those plans were put into motion, and what was interesting was Neuro was a company that had been one of the few companies like Weimo that had been training around Bay Area streets with their lighter and their cameras, and they recently launched an autonomy intelligence platform, which is basically an operating system to allow any third party automaker to have self driving capabilities.

And so what you saw here was a great launch between Neuro, Lucid, and Uber to not only fit retrofit a Lucid car with autonomy full level four not eight s right, not level two plus plus assistance, but full self driving capability like Waimo and Tesla FSD, and launch that with Lucid on the Uber network.

So you'll be able to open up your Uber app at the end of this year in the Bay Area and be able to take a self driving car.

It's like Capital light model.

Let someone else take on the burden of the hardware and the stack, just do the fleet management.

But for me, the bigger piece of news in that world was Alpamo, right, because Nvidia is coming with the same thing saying hey, we have a full stack solution.

I know that you caught notis of that.

So Agxtore, which is inside of Neuro, is part of that Elphi in Prince right.

And so what Nvidia is doing and it's very smart of Invidia.

They are selling chips right, and so what they want to do is sell you a starter kit, give you an open source model.

They want to give you open data sets, and they say, go to town.

We want you to build a self driving car platform to fit these cars, to fit your ride sharing or delivery network, your logistics network.

And what they're saying is we want to have many competitors out there.

So we can sell you more GPUs.

And so Neuro is actually one of the very first partners that has been using that for years now, and VideA as an investor in Neuro and so you know, Neuro and Uber are sort of the prime example and hopefully a flagship for them and their business.

But you know, in Vidia on a larger scale at this show is what they're doing is they're kingmaking.

They're king making an entire sector.

They're saying, you know, a year ago they were talking about robotics.

This year they transitioned that into physical AI.

Now they're not just talking about robotics, they're talking about autonomy and mobility because it's coming to a crescendo, and so they're very very smart and saying we're sort of like the FED, right, We're gonna we're the FED for AI.

We're going to tell you, uh, the headline, right, yeah, yeah, and we're going to We're going to tell you where everyone's going to go.

You may be on that wave, you may not be on that wave, but you should be.

And by the way, we have the models, we have the data, and we have the chips and overall compute for you to go build that.

And so you know, I think there's been a lot of argument about you know, is in Nvidia's kingdom.

Right at risk right now?

And I would say that they continue to surprise and be several years ahead of their competition.

So we're very excited about we're watching closely.

I mean, look, you would know form backing Uber and the ultimately there were two key winners out of that Uber and Left.

When I think about the areas that you're also thinking of, I mean, how many players can there be an autonomous how many players can there be in foundational models?

You're in perplexity, and.

Everyone's thinking maybe there's any an anthropic and an open AI and an Gemini space sure, as.

You're rightfully noting any innovation.

Curve starts as many competitors and it whittles down to two or three.

It's just a it's a rule of thumb in Silicon Valley.

So right now Neuro is entering the space.

There's Weimo, there's Tesla, and there's Neuro.

In China, there's several other competitors.

Right in Europe there are no right and so on level four capability.

So what I think is happening is you're seeing a whittling down because of the resources, the training data, the amount of years that you need to do to train across all these streets.

It's not a software company that you can just start up out of scratch.

So I think one of the things that you'll see also in robotics is you'll see this whittling down of competition.

And you see Boston Dynamics, which is owned by Hinda, which is very interesting.

They're doing quite well, and they reveal the humanoid.

You know, I've been very careful and skeptical about the development of humanoids, and I would say that this is the first time I've seen humanoids in action that look practical, and so I think you'll see that in robotics as well.

I think you'll see that in generative media.

I think you'll see that in agents.

So a lot of these platforms will start to whittle down to two, three, maybe four players, and this year will be the year of that, which is why inference.

You know, one of the other things that we're seeing here is more further evidence that inference is going to exceed training in terms of compute, and that flip that flipping if you will, right, if I can use a Bitcoin term, that flippening is means a lot.

So demand for compute is far exceeding supply.

Even with the.

HBM shortage, it's going to increase that.

So there's a battle royale happening here in compute.

Steve Jang Kindred Avenge is hitting literally the biggest stories of the week.

We've had hair out of ces.

We have much more to come.

Stay with us.

This has been bog tech.

The story in.

Markets right now is tech is down in video off by eight tens one percent.

Had been much lower over the course of the week.

We've kind of not had any of the euphour it we expected.

We all came to Las Vegas thinking that in video, who, in Steve Jang's words, was the king maker of AI.

The fed of A would tell us something profound that would keep the stock going higher.

And it's not really panned out that way, even.

Though we kind of did said, look that five hundred billion dollars of inbound I see in revenue in twenty twenty six, that's going to be higher.

Maybe we even get eight two hundredths into China and yet so high expectations.

Look AMD, what more can lisas?

Who do?

She made up a term?

Was it yotto flop?

She talked about the sheer scale or compute that's still necessary, the winning formula that she's seeing and sock is down qualcon though, really managed to impress the markets from robotics.

Itself into the market that everyone was already talking about.

You know, so you see the chipmakers say, okay, the next phase is physical AI.

We did learn some hard lessons that it's difficult out there.

Memory is a big story.

And then there's robots.

Right, it is the Consumer Electronics Show, and there were real robots.

To see and what we hear at fourteen different humanoids, not to mention the furry friends that we're seeing around here.

That are going to be a companion to your child or to the elderly.

It's been extraordinary to be here on the floor of CES and you see the level of innovation.

Stuff that will stick, stuff that definitely won't.

I still haven't tried that lollipop that plays music as.

You eat it.

There.

Yeah, and we got some deals, we got some m and A, we got some fundraising.

But it is the best way to start the year.

It is, I mean, boy, still talking about those valuations and flopping as well.

That's it for this edition at.

Bloomberg Tech, but don't forget later today an exclusive interview is coming with a co founder and CEO of Minimax.

That's right here from CS to discuss the Hong Kong listening China IPO market for all things AI is on.

Fire IPO twenty twenty six, looking good.

Recap on the pod you know where to find it.

For the final time from Las Vegas, this is Bloomberg Tech.