彭博直播称 DeepSeek 拟在内蒙古建设约 1GW 级 AI 数据中心

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-07-31 09:30–10:00(Asia/Shanghai),共 202 段
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[09:30] So I'm circuit breaking I believe today I do lack the compute it is Friday, it's been a volatile week.
[09:30] Thanks for ending on a very, very positive note if you've been buying this different long new park because they're waiting for some sort of signs that we might have reached a floor in Korea.
[09:30] So certainly there's a lot of elements here, you got to have to maybe thank the hyperscalers there and what they reported overnight night here when it comes to Amazon, the cloud.
[09:30] You knowOutlook there and certainly that may have helped at least lift up the chips and the picks and shovels trade that's why maybe you're seeing that outperform.
[09:30] In Korea here today, you add that to the fx overlay of intervention of the yen of the wan potentially as well.
[09:30] Those two could actually be also enough to inject a little bit more, I guess, confidence across these markets, we also have a BJ meeting, right?
[09:30] Look at the try X we're of 5. a5% here right now, 10% gains nearly for cabrick context, the chips continue to outperform here today.
[09:30] And you are seeing, as we mentioned here, momentum coming back in a big way when it comes to this AI trade, so what used to work, right chips?
[09:31] Its like a little bit more, I guess, upbeat here after what we heard from the U.S side of things here as well Korea also announcing about.
[09:31] Adding all of investment into the whole AI trade through the sovereign wealth fund as well, so a lot more of that focus there joji in a light.
[09:31] The a shares, there you go we're up 12% here this of course they just listed in hong Kong this week, this is of course the optical transceiver.
[09:31] AMaker and so certainly there's that and then we have PMI over I forgot I forgot about that until it dropped much.
[09:31] quite a mis here. So we're looking at this is a service. So non manufacturingf coming in at 49. That's a full point below the estimates, which.
[09:31] Was just about line under 50 threshold, the manufacturing gauge also coming in way lower than expected at.
[09:31] where the estimates were for almost a full point higher. Again, this is a diffusion, it's a survey its points, but suffice to say it's missed.
[09:32] It's also signaling contraction as far as that that is, which I guess underscored some of the concerns markets had yesterday following the readout of Polbu.
[09:32] Yeah I mean you take a look at what it was right I mean I think expectation leading up to this wasn't even that big.
[09:32] And still, as our bes Chang Shu said, they were also disappointed despite not expecting too much,.
[09:32] Hard to please actually, and just talk a little bit more about that, right is that they still think that they could reach a growth target this year according to liberal economics.
[09:32] But then again, they said more downside risk could be possible here and maybe what we've been seeing in the second quarter and the third quarter is starting to show that in some way.
[09:32] So certainly that's one thing to watch out for we're also watching out for cxmt shares right they are flying once again this morning what.
[09:32] It has been since the debut right we're talking about 11% gains now that's really been fueled by the likes of what we've been seeing across Koreaea across.
[09:32] Oox index overnight so there you go 12% gave of cxmT here right now hong k is doing this today it seems like a lot of the focus.
[09:33] Has been tilted back into onshore ho Kong is actually half of 1% lower mciI china is also at that 75 level.
[09:33] Here so we're watching very closely what goes on the offshore Redmond b it's interesting we're at 675 handles here right now so after that reports are.
[09:33] Suspected yen intervention, the offshore movie actually did actually gain as well, perhaps that's why we saw a weaker fix on the pboOC here today.
[09:33] But we're watching of course mega big tech pretty mixed picture across the board May wa xiaomi 10 center lower but baidu and alibaba are up so really.
[09:33] IThat a clear picture here, but shallomi talking about these new SUVs as well Apple sales well China in some ways did disappoint.
[09:33] You are seeing when it comes to the apple supply chain actually doing quite well here today, perhaps they're more focusing on other things, right, not just the Apple story here.
[09:33] And so we're watching data set stocks,'re watching chin chip stock seems to be the outperformer here today so once again we're watching the likes of not just cxMT sM.
[09:34] Double digit gains forhua Hongong semi as well Zhongji in eight shares are also of double digits as well.
[09:34] Okay, this was also the big news in the last couple of minutes right so the journal reporting that the company might be considering.
[09:34] unit sale of its china business ahead of that potential spacex deal we have more of that with our chin correspondent minlona on what we know.
[09:34] AtThis point from this report from the journal Yeah, this is certainly really huge news because Tela is potentially looking to sell or even close down that end.
[09:34] Her China's business in anticipation of any geopolitical headwinds and in the event that it's no longer tenable for them to continue to maintain.
[09:34] Across both US and China, the company wants to protect the US business. So they're looking at potentially selling off the Chinese business. and a part of it is.
[09:34] Also driven by how Tesla has Elon Musk has been talking up crossover opportunities between Tesla and Space X, right so he's.😊
[09:34] According to the journal also preparing for potentially a merger of the two companies and imagine if SpaceX has control of Teesla.
[09:35] And SpaceX is a major US defense contractor. this will run into major regulatory issues in ChinaX has.
[09:35] Control of these Chinese factories. they have to know how and they have access to the supply chain knowledge. There could potentially be issues of leakage when.
[09:35] It comes to even dual use goods when it comes to critical minerals or even access to the millions of Chinese Tesla drivers as well.
[09:35] These data falling into US Defense departments, Hence that is something that China will likely be opposed to.
[09:35] That's why Tesla is looking at potentially ring fencing this chin business, potentially another option is to put some sort of wall to prevent.
[09:35] Employees in China from accessing other parts of the Tesla business. For now, the China head Tom Zo.
[09:35] He is in charge of global automotive business for Tesla, but the other sort of reason that Elon Mars.
[09:36] Has to consider as well. He's also concerned about overdependence on China when it comes to certain supplies like battery sales, like access to T.
[09:36] SMC's chips, which according to the journal, there is concern that these would be under threat in the event of a China attack on Taiwan.
[09:36] the company is preparing for that event by 2027, they kind of want to ensure that US factories would be.
[09:36] Of Chinese suppliers. Yeah, So all of this really something that could be a big game changer for the Chinese Ev business.
[09:36] Ivonne just talked about this group of stocks, so obviously the chip story, can we get that up guys so our viewers can see that there's this massive rally in the AI space in China.
[09:36] And data center specifically, right as we were just pointing to earlier on, what's our understanding that deep seek is plan.
[09:36] This really big data center in inter mongolia what do we know how big is it and what is it going to be Yes, this is a bloomberg school by one of our colleagues.
[09:36] Did seek is reportedly looking to invest in a one gigawat data center in the Mongolia. that's a province in China north northwest.
[09:37] Of Beijing and1 GBW is by far larger than anything that is operational in China so far,.
[09:37] Sler in scale compared to what US hyperscalealrs are investing in we're talking about three or five gigawatt factories, but these.😊
[09:37] This is certainly a very ambitious sort of project by Deepse, it's not clear whether deepse plans to fill it with domestically made chips.😊
[09:37] Or a hybrid of and video chips and local chips, but of course, the US has already accused deep seek of illegally accessing.
[09:37] Andvidia's black wh chips in inner Mongolia through smuggled sources, but yes, this is also something that.😊
[09:37] Represents a big infrastructure build out and it shows you how Chinese firms have been able to secure the funding for such massive investments.
[09:37] Because Jenssen Huang has estimated a gigawatt data center could cost $50 billion, but of course, that cost could vary in China.
[09:38] China, depending on the location, depending on the chips used, it could be much smaller for deepse to invest in this.
[09:38] All right thank you so much for wrapping up the big stories for us sta let's pivot now away from AI and equity markets into the fix.
[09:38] Income space, and I think sort of our segue there would be this movie saw in into CGb market yesterday post Paulpire.
[09:38] And the drop we're seeing in yields and 1.7% in the onshore cgb market, dollar China on your screen.
[09:38] offshore there's 675 there is the exchange rate joining us here and said the talk is through fixed income strategy.
[09:38] is Seren Sai, executive director and portfolio manager at China, AMC Hong Kong, Happ Friday, good morning morning.
[09:38] What's a strategy that's worked so far within your mandate and why do you think that is and does that continue?
[09:38] Since last year, we have seen the heightened market volatilityolatilities in the global fixed income markets.
[09:39] Income portfolio managers were looking at something that with the lower correlation with the global macro motilities.
[09:39] So we found that the offshore signage assets actually are not just like historically, like the simply.
[09:39] Betting on the China micros. But gradually, it becomes an independent S classes that value for.
[09:39] Its lower beta as the low correlation with the no matter global fix income US.S. treasuries.
[09:39] SoIt's improving liquidity and welcoming more market participants in this markets. So actually we have seen the.
[09:39] Especially RMB assets and especially the offshore games and bonds, actually generate quite a compelling return.
[09:39] In the total return profiles in our portfolio, there was a bit of a disappointment about the lack of st.
[09:40] Announcement of some sort of stimulus what assumptions are you making on the policy front now too yeah, actually following yesterday.
[09:40] MeetingI think we are we didn't see any significant like the policy surprises, but I think last with.
[09:40] Current environment and contingent, like the rates volatile is due, makes investors comfortable in the.
[09:40] RMB onshore offshore bond markets Well you mentioned low beta and I think for a while now in fact.
[09:40] The COVID reopening yields in China have been just slowly grinding lower, I think to your point, they've been just uncorrelated to almost anything out there.
[09:40] I wonder if you could share some numbers, how uncorrelated is this asset class, whether that's onshore or most of the stuff that you covered here in theson actually if you're looking at.
[09:40] Between CGBs and U.S. Treasuries, actually it's remained at very low point about 0.1 or 0.2 historically.
[09:40] Yeah, how about the offshore bond space like dim sum bonds for example, what's the attraction there I think the offshore dim sum bonds actually.
[09:41] The investment logic is shifting from just like Fx bat now to more comprehensive fixed income.
[09:41] Investment logic based on the risks and credit profiles and also the policy back so I think.
[09:41] We're looking at the lack volatilityolatilities where the max drawdown of the offshore CH bond index, especially the boom dim sum bonds we were seen.
[09:41] H indexThe max drawdown over the past five years is within 1%. Well, if we compares to the global aggregate.
[09:41] A fixed income index globally, the max drawdown probably one to like5 to 8%.
[09:41] Tell us a more about just the demand base and who's really investing or looking into this space right now.
[09:41] I think recently they made this announcement in hong kong of paul chant lifting the quota here when it comes to some of these.
[09:42] B quoWhat does that tell you about this market maturing a little bit maybe?
[09:42] wideing a little bit how much interest are you getting now yeah, so I think with the help of the policy expansion no matter on the.
[09:42] Annual quarter or product range of the South bomb Connect region. So we have seen.
[09:42] Do we structure incremental demand on the offshore dim and ball markets, So especially since last September.
[09:42] After the expansion to the N banks institution was unsure that like the fund managements, the bank was management.
[09:42] Even this year, we really we have started to see the onshore insurance companies to tap into the dimson markets.
[09:42] Con steady inflows into the dim and market from onshore. And also with the we have seen a lot.
[09:42] Of the foreign insurers tap into the dim sum markets to refinance their US dollar bonds were just like the gen.
[09:43] R andB funding needs. so with the diversify in the product base, we actually seen a lot of the foreign.
[09:43] V finally tapped into the market since the last year whats the well, I was going to ask you what the outlook is for supply offshore.
[09:43] So I think that's one part of the question, the other part is what does that look like because onshore rates are so much lower?
[09:43] It seems to be obviously a tendency to raise money on charge just because it's cheaper.
[09:43] About the supply in the offshore markets It's not only just looking at the rates. So I think in terms of the Chinese issue.
[09:43] China issues, so with the if we compare the Chinese CDB rates compared to the U.S. Treasury rates is still at the.
[09:43] rangeSo with about one third of the Chinese US dollar bonds going to matured in the next two years. So for this.
[09:44] Chinese issues, we expect them to refinance their US dollar bonds by issuing the offshore Cage bonds. So, so yeah.
[09:44] So and also, we have seen a lot of the foreign insurers tapping in the CNH markets like.
[09:44] The sovereigns were the kilometers, the large culprits, they issued C H funds to divify.
[09:44] The markets what does that leave the remin B in this whole internationalization process, I mean, are we just early innings?
[09:44] InThat process we I think we are gradually in the more mature progress in the RMB International.
[09:44] Previously, I think the RMB is more like the trade settlement function. but now we see it's more like the investment, financing and.
[09:44] There functions Serene, thank you so much thank you that was great happy Friday to have a good weekend ahead seren S there executivecut director.
[09:44] And portfolio manager at China AMC in Hong Kong writes, coming up a tail as old this time, Citadel soups.
[09:45] as hedge fund situational awareness takes a hit from the recent AI route details about.
[09:45] And Leopold, coming up next, this is one.
[09:46] Mind being called an ideological.
[09:46] Lnatic or a bunch of left wing nut jobs you know, i've been called worse things than that.
[09:46] 23 and me I think is so incredibly valuable, we're coming back what magazines were you reading Ki?
[09:46] I think I was reading magazines until I was in them, so is it paradise ahead or Gattica, maybe somewhere in the middle?
[09:46] 🎼TheTraining day is about to start and you're already looking for that.
[09:46] 🎼The opening trade brings you everything you need to know as markets open across Europe I'm Gu Johnson Anna Edwards and I'm Tom McK.
[09:46] 🎼Is your opening trade only on back.
[09:47] One story that I think is probably one of the most well read, even in this news flow here today is the situation around situational awareness.
[09:47] Asets at the hedge fund has slumped to about $10 billion after citadel stepped in to buy the bulk of its public stock bets.
[09:47] Say as that's down by more than half from recent months.
[09:47] In the last eight hours or so, so you have the hedge fund of course, started by AI researcher Leopold Ashken Brenner.
[09:47] Has been hit hard by the recent route that we've seen perhaps up until now in tech talks, so let's dig into the story.
[09:47] Really gripping global markets. We're joined by David Ramly right now, just to take us through this dramatic few days.
[09:48] The current situation we're in and you know David, how quickly things went wrong, what happened?
[09:48] Well, basically, they were a little bit too concentrated when it comes to AI and when it comes to shorting software.
[09:48] A lot of leverage from a lot of banks and prime brokers in order to fund this, and when the market went tactically wrong, when AI stocks went down when software stocks.
[09:48] They got margin called and at the end of the day, they needed a bailout essentially in order to fund those bets.
[09:48] Yeah, income comess Ken Griffin right, I'm just wondering it seems like because of what Cadel did, they were able to at least dodge this bullet of being this kind of.
[09:48] leverage blowout, but it does show a little bit of where and the risks.
[09:48] What are some rewards of really of being in this very concentrated AI trade in terms of situation awareness.
[09:48] know what's next for the firm, I believe he still has a pretty big stake in anthropic in some of his private stakes and companies too.
[09:49] Yeah, it's sort of investor profile looks very different to what it looked like about seven days ago.
[09:49] RightI mean, previously we had a company of a lot of public positions, now it seems like what has kept them towards that $10 billion AUM figure.
[09:49] iss more of their private stakes and the hope that those companies as they IPO, as they publicly list, or as they get traded, can increase in value over.😊
[09:49] Time, if not for that, then this would have been a story much more similar to say, Arkeoss, where massive leverage bets actually melted the company down.
[09:49] So this time, very much a bullet dodged and also a sign that the market remains somewhat bullish when it comes to AI stocks.
[09:49] You need someone like Ken to swoop in and think, actually I can find value here and buy it, otherwise you're completely screwed.
[09:49] Yeah, well, well, is there a lesson here to I think we ask that question every time we get a blow up like this, at least this one was close to A blowup.
[09:50] You mentioned Ara goes there, what's the lesson here, David, I think there are a couple of key lessons The first is that.
[09:50] A lot of folks in finance can look down on hedge funds and say, look, these returns aren't fantastic, sometimes it's trailing the markets, et cetera, et cea.
[09:50] Hedge funds have gotten to where they are today, many of them, especially the multits, because they know how to take risk and they understand the nature of risk, right?
[09:50] Just that the stocks move up and down, it's also about your leverage. So I think the most important lesson here is that even if you are directionally right.
[09:50] Be tactically wrong and you need to be prepared for the downside in case of this, you know AI is a very, very volatile sector.
[09:50] Sentiment is very volatile, so on any given day, you might see huge ups and downs, Hex as a great example in the last few months.
[09:50] Skyrocketing and then slumping badly, so if you made the wrong bets at the wrong time, you lost a lot of money, but the second key lesson I think here is for the bank.
[09:50] For example, people familiar, according to our reporting, say that Barclays was approached to give leverage much.
[09:51] A lot of the other banks and their prime brokerage team in the end said, actually, you're so concentrated when it comes to tech and AI.
[09:51] In our risk profile, that's a huge bullet dodged, otherwise barclays would be all up in the headlines right now with a lot of exposure.
[09:51] Very interesting David, thank you, David raley there, but yeah, it's interesting just, I mean we were just I was just researching all morning of who will you ofhold.
[09:51] Is he's pretty young and he hasn't really have any really experience in investing per se, but he was seen as.
[09:51] It's like this AI Oracle, right he wrote this big essay back in 2024 about how AI is basically going to disrupt society right and really kind of.
[09:51] Maybe inflamed geopolitical tensions in some ways, so people were really scouring into even just the regulatory filings of really what the next AI.
[09:51] Traade was for him and his firm, but certainly it's quite interesting just how things have collapsed really in the last 24 hours.
[09:52] Well, where perhaps the investing experience would have come in being able to foresee parts of T.
[09:52] how it's collapsed,, but I think it's indicative of this broader trend of not a lot of people understand AI to the level.
[09:52] That if you're an insider, you compare that to it's apples or oranges, right, and it's understandable why people are turning to the people at the very.
[09:52] Frontier of the technology to figure out what the next thing is, right, because we're trying to figure it out, guys in finance and try to figure it out.
[09:52] I thinkIn the same way when quant funds came up, it was the math guysist that came in more than the investors, right I think we talked about this.
[09:52] It's very similar to, although perhaps the opposite, the deepse is a hedge fund in AI think.
[09:52] This is fairly, fairly similar to I think for leopold it was instead of developing his own model on the like, I mean, they basically said, I'm going to go big and.
[09:52] on AI infrastructure versus just the model developers itself, but yes, amidst this stock route that we've seen in the last few weeks or so, certainly they got caught.
[09:53] But yes we'll have much more on the story coming up and also we're talking about more earnings as well silicon motion CFO Jason Sa joins us as a company's blockbuster guide.
[09:53] Sa knows growing demand verand flash controllers, we have more from jason next this is bloomomberg.
[09:54] Next week on leaders with me, Fran Laqua.
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[09:54] Welcome back, Ra, we're seeing across the tech space, the new tech, and as you can see I think at least for now, with the price move we're seeing today.
[09:55] CXMT is now currently China's most valuable company, the biggest by market cap, it has now surpassed Ten0cent.
[09:55] With lots more away in the next hour of the China show.
[09:56] Is there anything that humans today can do, that will change the lives of the.
[09:56] 🎼Humans currently on the earth. Well, first of all, people who switch over are getting the benefit right away. but coming back to the point about the fossil fuel industry.
[09:56] 🎼Our debt to them, there's an old saying that came from the king of Saudi Arabia years ago, the Stone Age didn't end because of.
[09:56] 🎼stonesIt ended because something better came along. Something better has come along now to replace fossil fuels, which are.
[09:56] 🎼And polluting and threatening humanity' future the cheapest electricity in the history of the world is solar energy second cheapest.
[09:57] 🎼Wind energy. and now batteries that the only thing that's come down in price faster than solar is utility scale batteries double.
[09:57] Every singleW are we ending the wind farms that are now being built off the coast of the United States, we're ending them because Trump is insane.
[09:57] On another subject, you don't want to explore that.
[09:57] Let me add one point on the solar if you look at all of the new electricity generation installed worldwide last year, I often asked.
[09:57] Well, what percentage of it was renewable and people say, you know they're looking for a high number, say maybe 30%, 35%, correct?
[09:57] The answer is 93% because it is taking over the electricity generation industry.
[09:57] Western countries, all of them are attacking funding.
[09:58] 🎼To Africa and some of these programs were supported by funding coming from Western countries, like for human.
[09:58] Resource for testing, for transportation of samples and suddenly.
[09:58] 🎼Africicaan Kansas has to think how to fund money and to cover this gap.
[09:58] Sometime and I think the community of all all of these factors are fueling this mistrust that we see at community level.
[09:58] 🎼We value the support we got and we are still getting from the US and we think that if.
[09:58] 🎼We continue to work together, and there is no reason for the US not to work with Africa CDC. Africa CDC is the leader in terms of.
[09:58] He investors top executives.
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[09:59] Whenever and wherever it happens, I'm Michael McKee on the Mexican border, and this is Bloomberg.
[09:59] Welcom back to the China show it's been a busy morning and a busy week, but were anything's on a pretty positive note here with the exception of hang saying and what'.
[09:59] Hong Kong because onre markets have certainly seen a really decent rebound here like the rest of as and take a look what the costpi is doing.
[09:59] And really the chip sector is on fire once again, momentum is back and yeah in some ways hong kong is losing out.