Bloomberg直播提到英伟达拟为OpenAI数据中心融资背书及Rocket Lab获美太空军2.66亿美元发射合同

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-07-27 19:30–20:00(Asia/Shanghai),共 206 段
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[19:30] 🎼Working through Brama, the rolling shops, you've had them in energy, lots of volatility, you've had them in the bond market, you've not had them in the outlook for growth just yet.
[19:30] Because capital expenditures have just absolutely flooded this market with cash and even if it isn't coming right now, at least in terms of stock price performance.
[19:30] From the hyperscales, you are seeing the efficiencies come from the deploys of ai and keep going back to this mike wilson note.
[19:30] Expects about 100 basis points of net margin expansion through 2027 as a result of adopting some of these aI technologies.
[19:30] sTalking about software areas, areas that have been left for dead or banks or other companies, are they willing to pay for it though, at the level?
[19:30] That some of these hyperscales are borrowing and that anxiety you can see clearly under the surface' single.
[19:30] 🎼my favorite week I know is for many of you too, you get all these tech earnings, you get the Federal Reserve decision, sometimes you get a pay loss report and that mix us well if things are really special,
[19:31] 🎼they're not this week and we often ask what's the most important event, is it the earnings, is it tech, is it the data?
[19:31] 🎼or I can give credit to you for last week for pointing out the following for the bond market, you might be able to make the argument that the tech results are just as important.
[19:31] 🎼To the bond market may be more so than the Federal Reserve right now I'm looking at issuance so far this week.
[19:31] Government issuance $69 billion of tier notes and $70 billion to five year notes today tomorrow we get 7 year notes, $44 billion.
[19:31] You have to imagine that alphabet and Me and Microsoft and all the other hyperscales are going to come out after announcing their incredible.
[19:31] plans for expansion and capital investment. And they're going to say, okay, we need to sell debt because we need to raise more money. So who's crowding out who and how do.
[19:31] Establish interest rates at a time where everybody has their handout and investors have the privilege of being able to say we want more money if we good.
[19:31] G you our cash Amandaina Mc Goldman Sach standing by to answer some of the questions on that issue in just a moment as we can't you down the oven about two hours away.
[19:32] Let's get some single names to Mor movies Shia has more hey yaa, hi John, well ahead of those big tech earnings that you are talking about, we are seeing the entire AI tech.
[19:32] Trade moving higher this morning and we start with the neo clouds, nebus and cor weve are both higher and it is on the back of this invidious story.
[19:32] We're reporting that it's in talks to provide a $250 billion financing guarantee for an open AI data center in.
[19:32] In Ohioio, but the bigger picture, what analysts are saying is that the move reinforces confidence in both demand for compute.
[19:32] Capacity and that the funding needed to for the next wave of AI projects is there and moving forward.
[19:32] We are also seeing the chip stocks rebounding after last week's brutal sell off with names like Intel and AMD up in the premarket.
[19:32] Yes, helping this is easing tensions in the war with iran, but the real catalyst will of course come later this week.
[19:33] When the hyperscalers report, if Amazon meta and Microsoft razor capex spending, it will only reinforce this ID.
[19:33] That demand for semis is still going strong and we are also seeing rocket lab surging this morning up nearly.
[19:33] 5% on this news at the company won its largest ever launch contract a $266 million deal.
[19:33] The US space force, the contract includes 12 launches for the potential for six more john Yahaa thank you thanks for the update.
[19:33] 🎼What our top stories, crude prices easing as the U and around Paul attacks for a third straight day Washington's ambassador to the UN.
[19:33] Psident donald tru is giving diplomacy quote some space after threatening to ramp up attacks the president heading to mi to visit testing grants.
[19:33] Motors and deliver remarks on the economy later on today it comes as early voting for the a primary in the state gets underway and.
[19:33] V is in talks to back open AI with a financing guarantee of up to $250 billion the deal would help the chat UBT creator Lisa.
[19:34] data in Ohio and adds the skepticism over circular financing, fueling the AI boom questions.
[19:34] estI always say the answers in this reporting. First of all, what does it mean to have a $250 billion backstop for open AI. It's not necessarily.
[19:34] This comes after remember in seember of last year when they had that $100 billion rolling commitment letter of commitment2.
[19:34] In I mean, to open AI and V also has a $30 billion equity stake in open AI and you take a step back and you wonder why?
[19:34] open AI a lot of different companies want to have compute power and I want to have as with this particular data compute center.
[19:34] You start to wonder, is it too big to fail, Is it getting to the place where it is so important for so many different companies to preserve.
[19:34] And to amplify that they are willing to continue to pour money into this company, I don't know the answer to this.
[19:35] questions that I have this morning I'll say this, I haven't started to wander, I've been wandering for quite a while, and I know I'm not alone.
[19:35] I think this only adds to that, because what is the purpose in having this company of all companies get the compute, given of the fact that other companies.
[19:35] Have much more pressing and obvious needs for it because they're a customer and they might IPO and you made a great point earlier about.
[19:35] The fact that this is in ohio, this is a huge important political objective also for this administration and i believe it's this.
[19:35] We that opening our executives will actually be at the white house at the same time that this president is considering and his team about how they can somehow.
[19:35] Take some sort of equity stake in a number of these companies, including open AI Yeah the conversation is increasingly about sharing the gains, but perhaps it needs to be about.
[19:35] Sharing some of about well, especially given the scope of some of these numbers, and again, $250 billion sounds pretty crazy, a ludicrous.
[19:35] Wild, impressive, large, and then you start thinking that open AI has suggested that they need about $750 billion.
[19:36] Of spend on compute before between now and 203. I mean, these numbers are becoming incomprehensible.
[19:36] We've said that a few times, looking ahead to Bloomberg tech, looking ahead to catching up with Ed Lulo a little bit later after catching up with the NviI boss going into the.
[19:36] Ken mor and jensen wonang later on this morning on Bberg tv let's stick with tech four of the mag7 reporting earnings this week, investors watching closely for clues on how.
[19:36] Her scalers will fund their AI ambitions, A manda lineup of Goldman' Sachs, estimating AI related deissuance has already reached nearly 490.😊
[19:36] Billion dollars this year with no signs of Charlottem slowing down right in the following, we continue to expect a range of financing markets will ultimately be required.
[19:36] Sati the multi year funding needs related to the AI build out Amanda join us now for more Amanda, good morning good to you so we've seen increased supply.
[19:36] Increased demands for capital are you starting to see evidence it' pushing up yields so it's a great question, I think on the margin, yes, but it's not the.
[19:37] DriverFor global fixed income investors, obviously sovereigns are a big part of a broader fixed income portfolio alongside corporates.
[19:37] Of corporates they're on the margin that could create a competition for capital, but they are issuing it different parts of the curve, and I think that's an important consideration that.
[19:37] The treasury supply has been towards the front end of the curve, a lot of the corporate supply has been towards the long end of the curve, so they aren't competing head to head, I think the bigger issue.
[19:37] For credit investors is that there's a lot of focus on the hyperscalear debt issuances, but as you alluded to, there's a broad array of supply costs.
[19:37] From the broader tech ecosystem and so when investors are thinking about not just issuer concentration constraints, but how much exposure do they want in the.
[19:37] Market to the broader AI theme if they already have equities, that's what's causing i think the more careful consideration to your point they've been really taal about where they issue on the curve.
[19:37] What currencies they issue in, we've seen that from alphabet, a range of currencies, they've been very smart about it all year, are we exhausting the creativity?
[19:37] to that limit, what has jumped out to us actually in that exercise where we kind of framed the AI debt isus, which is actually harder than it sounds, by the way.
[19:38] What we notice is that in Europe, the spreads had been holding in a little bit better, and when you dig under the surface, what you see is that AI related supply.
[19:38] Han't been as elevated in Europe as it has in the US and other regions. And so the supply dynamic is really important to monitor I think we still.
[19:38] Have some runway in 2026 and 2027 there's a lot of capacity we estimate over 500 billion in the U IG market alone.
[19:38] Again, in Europe, there's room for AI related supply to pick up, but say in the later years of this multi year issu and cycle, this is why we expect the.
[19:38] Marts to play a larger role because you will start to bump up against market saturation constraints in our view, so private markets will play a role.
[19:38] Down the line, when maybe things aren't as rosy. Is that what you're suggesting. Well, I think, first of all, there's four and a half trillion of.
[19:38] I powder across the private markets, which is just an astonishing figure. So there's a lot of capital there. Typically, the private markets work best when.
[19:39] Traditional markets aren't working the way that either folks want or they are oversaturated or they freeze up a bit private.
[19:39] Chage for certainty and financing of execution. I think we shouldn't make in a higher cost of capital. but I think there's broad demand. And you're already seeing it in the.
[19:39] 26 patterns where some of these companies are actually choosing to issue in the private markets when they already have debt capacity in the U.
[19:39] So I think there will be kind of a natural evolution of, I almost think about it as a waterfall of capital markets depths, and so they'll exhaust kind of the odd.
[19:39] as for capital markets depth and then go to the other areas where the cost of capital may be a little bit higher because you're paying up for that.
[19:39] It's interesting to talk to different people who are analyzing the hyperscalear universe because they say that rates going a little bit higher won't make a difference.
[19:39] One percentage point, two percentage point, a more expensive borrowing costs doesn't move the dial at what point have investors internalized that?
[19:39] Okay that I't want one or two percentage points more and oh yeah, how about another percentage point if it's existential for you, it's existential for me and I need more money.
[19:40] I thinkThat's true, and actually, if you look through the earnings commentary of what these companies have said, company after company have talked about investing with confidence.
[19:40] Some have even framed the returns on the capital in the high 20% range, so even if you bake in a higher cost of debt capital on the margin.
[19:40] Still incentivizing them to deploy. And it's very clear, I think, from credit investors that this spending is going ahead. These companies are committed to.
[19:40] They believe that they have confidence to do it. The question for investors is in our view, where specifically should you be taking this exposure and at what price?
[19:40] Especially because a lot of institutional investors have exposure on the equity side in the private markets, and so this is just a balance that we think we'll have to navigate.
[19:40] Especially in the later years of this multiy cycle well, is this continuous or do you think they're front loading all the debt now for the build out?
[19:40] Fantastic question because actually, if you look at cash flow from operations in 2025 and 2026, it's actually in excess of Capex spend.
[19:41] So technically, if you just looked at the financials, they would have the cash on hand to do the spending, but they're issuing significantly.
[19:41] So I do believe it's front footed. That's probably prudent. I mean, that is prudent for a CFO or treasurer if they know that there's this investment need coming.
[19:41] downown the pipe that they would have the financing lined up to do it, but I do think that's notable is that every reason to expect.
[19:41] Accele in this because the capex estimates per our own equity research analyst are only going to grow from here Hello alphabet found like a front load.
[19:41] Earlier this year right side things too and they timed it perfectly, I just wonder if they can convince everybody that they're front loading.
[19:41] When they come out and increase their capex expenditure plans at every single earnings cycle and that's what we saw at alphabet's last earnings result.
[19:41] It was part of the reason why you saw that pushback Amanda just quickly how yield spreads wider for two weeks care we should care we actually flagged upside risk to our spread forecast.
[19:41] LastWere starting to feel like we're kind of hitting a tension point where the risks are skewed wider, it's been resilient, we're still tight, but I would be baking them.
[19:42] What do you think that reflects a couple of things, higher commodity inputs for borrowers, I think, in general, higher cost of capital, and then we've just had this persistent.
[19:42] left tail of borrowers that haven't improved along with the broader market, and so I think that's something again, not super focused on the maturity one.
[19:42] But I think anytime you have that left tail not participating gives us some interest and amanda, thank you appreciate it amanda line him there of Goldman Sachs, loved your question.
[19:42] Right question I think you've seen that pushback just below average demand for the SpaceX debt, but his softness was at Amazon last couple of weeks then too, starting to see that pushback just built.😊
[19:42] If you have leverage, why not use it and right now investors have leverage if everyone wants to borrow money then investors should be able to.
[19:42] a greater premium and they're doing that at what point does it become constrictive at what point do you start to see that being baked into the valuations of some of these hyperscales,
[19:42] They have to actually play interest expense, they are not treated as more credit worthy than the united states government equity features this morning on the sP positive by 0..
[19:43] Some people might think they are. but I mean, that's there, but they're firm this in the equity market. Lots of debt coming this week. You can see why brown.
[19:43] Excited, not about the F of the tech earnings, just tons of issuance throughout the wheat from the Treasury. Let's give an update on stories worldwide this morning with your Bloomberg brief Quinn House.😊
[19:43] y hey John thank you three people were killed and at least five injured in a shooting in Seattle the incident happened at a food festival near.
[19:43] Space Need on Sunday, one suspect is in custody and another is still at large, he's not considered a public threat.
[19:43] And talks to provide a financing guarantee of about $250 billion to open AI. the deal will help open AI lease a 10 gigatt data center hub.
[19:43] 🎼soft Bank is developing in Deep put its latest fundraising plans on hold for now.😊
[19:43] As here at Bberg, the company's founder is frustrated over on line posts by Chinese media that he reportedly made about a June fundraising.
[19:43] The unverified reportss say he discussed a reliance on N video chips and China's lag in AI relative to the U.
[19:44] 🎼onnie3.
[19:44] Cl that inflation is the fed's number one mandate he needs to do something and we think three rate hikes is the way to start the market's not rolling out.
[19:44] Ju and honestly neither we'm next Krisna of Aco from New York City, you're watching B big TVv.
[19:45] Western country.
[19:45] 🎼Is all of them attacking funding to Africa and some of these programs were supported by funding coming from Western.
[19:45] It like for human resources, for testing, for transportation of samples.
[19:46] And suddenly, African countries has to think how to fund money and to cover.
[19:46] 🎼This gap, but it takes some time, and I think the conventionalun all all of these factors are feelinging this mistrust that.
[19:46] We see at community level we value the support we got and we are still getting from the US.
[19:46] 🎼And we think that if we continue to work together and there is no reason for the US not to work with Africa CDC, Africa CDC.
[19:46] Hes the leader in terms of public health in Africa.
[19:46] 🎼Yeah.
[19:47] 🎼From the world of politics to the.
[19:47] 🎼World of business, Joe Matthew and Ka lines deliver news insight and analysis live two times a day every trading day.😊
[19:47] 🎼Balance of power at one and five Eastern only on bloomberg bringing you up to the minute global news whenever.
[19:47] Wherever it happens, I'm Joanna Verace in Ellaa, Saudi Arabia, and this is Bberg.
[19:47] 🎼Got a Monday morning bounce, stocks are positive, bouncing back from a week of losses, very small losses at the index levels, still2 to 3% away from record highs.
[19:47] 🎼Up by 0.9% on the S&P after being lowered by a few tenths of1% last week down by a little more than a half.
[19:48] 🎼This morning got by 1.4 big tech earnings season just around the corner, four big names, massive names reporting on Wednesday Thursday.
[19:48] 🎼Mo to almost a fifth of the index which is just wild, isn't it trillions and trillions of dollars of market cap in the bond market, let's talk about some supply. Let's do this just for.
[19:48] 🎼So two's, tens and30s this morning, lined up as follows with twos at about 430,10 at about 460.
[19:48] 🎼Just bringing up the function on the Bloomberg to go through the numbers for you later this week, $69 billion or two year notes coming in later on this afternoon along.
[19:48] 🎼$70 billion of five year notes and tomorrow, some seven year notes, and sometimes that seven year can be a little bit sloppy.
[19:48] It's true just because it's not as common of an issuance as twos fives or find this interesting.
[19:48] Loading it ahead of the foOMc meeting they're scheduled in advance don't get too excited, but it's coming alongside a lot of competition and so you start to wonder at what point you start.
[19:49] See yields going higher not because of growth and inflation expectations, but just simply because of supply so i'm watching these i'm getting excited what can I say.
[19:49] right with' the capital think two and fives are safer, but I think the long end is getting a littleier. Let's talk about this Federal.
[19:49] Under Savans this morning keeping a hike on the table It's all fun in games until the to brain.
[19:49] Wsh has been nothing but clear that inflation is the fed's number one mandate he needs to do something and we think three great hikes is the way.
[19:49] If you're Kevin Walsh, I think it's important to go hike when you can the markets's aren rolling optional.
[19:49] 🎼And honestly neither are we So here's the latest this morning investors ramping up bets the Fed could hike interest rates this week as whip soaring oil prices.
[19:49] The path forwardna of everco expecting Kevin Walsh and the Fed to remain on hold, writing hiking now with no obvious preparation.
[19:49] would invite rate overshooting. That would be a role of the dice. Kristen joins us now for more. Kris, welcome to the program.😊
[19:50] Kind of disscent if they do keep things on hold are you and the team expecting So I think you would get at least one descent.
[19:50] We would guess too probably if Walsh keeps rates on hold this week Krisna, do you think that does the Fed share a bit of a favor?
[19:50] Part of the conversation we've had in the last week, do you think that would help him out Yeah, certainly look, washsh wants to indicate.
[19:50] That he is in control, he doesn't want to look to look like he's being pushed around either way by other folks on the Fed, but having a mess.
[19:50] From the committee as a whole, including through dissent, that they're serious about inflation and implicitly they will follow through on.
[19:50] Chamber Hizon if the data, war and oil warranted could suit him quite well a.
[19:50] It's this week without proper preparation in your view, what does an overshoot look like do you expect the market to price in 70?
[19:51] Five basis points of rate hikes or more, I mean, what is the ramification for markets so.
[19:51] Get a hike, the market will shoot first and ask questions later. It's dangerous to just buy a hike out.
[19:51] Without any kind of explanation of what your strategy is, what your context is, what you're aiming for, of course what could.😡
[19:51] Try to put some you know put some guardrails around that, but that would require providing the kind of forward guidance that he.
[19:51] He could certainly take a patron Powell's book, say, look, what we have in mind is a limited mid cycle adjust.
[19:51] two or three moves that would help sort of, you know, contain the market response, but of course washsh doesn't want to do that and if he instead,
[19:51] Says look, it' one off decision and we'll make the next decision at the next meeting, I do think the market will price at least two or three, probably three hikes.😡
[19:51] The problem is if he's really serious about getting inflation down a lot faster than would otherwise be the case, then he would have to raise rate.
[19:52] By a lot more than two or three hikes, I don't think that's what he's got in mind, but the market would be left trying to figure out what is the plan here.
[19:52] There is a school of thought, krna that one or two rate hikes could potentially just along the margins dampen some of the capital markets activity.
[19:52] And the risk taking appetite to at least slow down the pace of issue is the pace of some of the meat that's been going.
[19:52] Into the mill, the gris for the mill to try to generate some of the AI related inflation do you believe?
[19:52] That that's true, I mean, do you think that that could be a motivation to raise rates just a couple of times and that it could be effective?
[19:52] That's a really interesting point, I do think that Walsh is interested in the idea that by injecting just a little bit more uncertainty.
[19:52] Inter financial markets, he can, you know, sort of push risk premier out a little bit and prevent excessive risk taking in mind.
[19:53] I think that he does have some sympathy for that view the question is, you know, youve got to be careful, you don't push that too far.
[19:53] And do something that accidentally triggers a bigger market question, you won't want to own that, certainly not early on in his tenure.
[19:53] problem is that if you raise rates a few times at the front end, that it's clear it's only a few times, then what happens is that.
[19:53] Its your low end consumer on payday loans or extended on credit card debt, it hits your small businesses that are borrowing off a floating rate.
[19:53] It doesn't really have any effect at all on aIscale, do think the fact that the president took a pause when comes.
[19:53] Iran and you have Brent crew wTI falling this morning is giving the fed a little bit of breathing room.
[19:53] So I think that is right, you know, it was at least a fortuitously timed pause, shall we say from the perspective of the fair?😡
[19:53] It makes it easier for Walsh to explain if it is a hole, why it's a hole and why that's still consistent with.😡
[19:54] Is his intention to assert the Fed's credibility on price stability, but again, there's an irreducible level.😡
[19:54] Of uncertainty here because we have no strategy, no playbook from war, so I can't take that probability to zero even.😡
[19:54] In today's better oil environment it's a new world Krisna, appreciate it, thank you Krisna, go ahead there I the.
[19:54] We're seeing at the bond market this morning off the back for pretty big moveflow in crude. Yeah, And this is a reason why people are looking at distill as people are looking at the volatility.
[19:54] are saying ultimately the inflation is coming from myriad places and they might have to respond this week i am getting messages though from viewers talking about the fact that.
[19:54] The hostilities did stop right before a fed meeting and potentially does this give the hawks and the foOMc an excuse to pause their?
[19:54] For a hike right now, I don't know, I think there's a lot of factors right now that are probably influencing the president's decision you talked about general Kain.
[19:55] Where oil prices are may a F meeting, but it is interesting timing my view would be as follows.
[19:55] For higher interest rates based just on the price accrued. I don't think you had much of an argument to begin with. That's what I would suggest. So does this have them maybe on the margin.
[19:55] But if your argument has collapsed for higher interest rates based on a 7,8% move on crude, I think you should maybe look for a new job.😊
[19:55] On one day, nonetheless, which is why maybe you're not saying the same kind of more about that to meat in that me?
[19:55] All right, I can't do expression I know I keep trying, I've once said you can't beat a dead drum with a horse.
[19:55] I'm here for it, Pra, I've got a long week ahead of us and next we'll catch up with a big bear on Wall Street, not sure Savita would call us.😊
[19:55] 🎼she joins us next a bit super of Bank America and a whole lot more world's most powerful investors.
[19:55] Bell they quietly reshape entire industries this is the money shaping the world the deal make playbook where power and billion.
[19:56] 🎼Of dollars change hands every day from private equity and credit to venture capital in M&A we bring you the inside scoop on the biggest deals and debates.
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[19:56] 🎼And trying to shake things up what's the latest we've been hearing that there was going to be an activist at some point. The question was who there's a convergence of technology in national security United States.
[19:56] 🎼It's a big country. we're playing in the northeast. That's an economy as big as the United Kingdom. This is a really interesting space to watch we' expecting.
[19:56] oli as this is Bloomberg deals at BloombergInvest, I want to talk about the broader deal in M&A environment this is a moment in time.
[19:56] We'll see how long we're here it's far too early to call there is an under investmentstment in what's going on in private markets because everyone's looking.
[19:56] For additional AI cloud capacity and it's very tough to build everybody wants to get things going in the IPO market.
[19:57] Just one symptom of it is an early indicator of what we're going to see in the M&A market, let's go to Scarlett Fu, who's taking a closer look at drone companies.
[19:57] With ongoing conflicts in the Middle East and ukine, there's renewed investor appetite for new names in the space Excel reporting i'm danny beger and this.
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