彭博直播讨论中国大模型融资、收费与港股AI股上涨，但未出现可执行硬催化

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-07 10:00–10:30(Asia/Shanghai),共 179 段
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[10:00] pressure, but for a look at what else is happening Boat markets reporter Anthonythony Stevenevens is here for the big equity themes he's seeing.
[10:00] Across the region, yeah, let's talk Korea very quickly. There are only two major stocks in that market that really mattered to the whole world. and that's.
[10:00] Samsung and Heinix. and there's been a big spread between the two as Koreas come off a little bit, Samsung has started to outperform Heyx. and that's showing up.
[10:00] A really big way today as kind of techways across the region. Just flip the board, and you can see how far that trend has to.
[10:00] So Samsung has underperformed Heyix for years as the AI bubble kind of got going. And now that's starting to turn around.
[10:00] As Korea kind of runs out of steam, Samsung is a much more defensive play because it has the foundry business and it has the phone business.😊
[10:00] Most notably in the phone business, Samsung's foldable phones are seeing very big demand on the upper around 30% versus the previous model.😊
[10:00] Spread may have some significant room to go. Now, flip the board again to Japan, where Japan is having one of its largest earnings there.
[10:01] Of the year. and there are some massive moves all over the place in presumably defensive sectors. So the pharmaceutical sector.😊
[10:01] With M3 and Fujifilm are seeing the biggest moves in history on earnings misses. This space has started to slow markedly into.😊
[10:01] And from both a growth and earnings perspective, and it demands to be seen whether investors will stay with it on the tax front of things, you have laser tech.
[10:01] And Jx, two big outperformers on the year struggling after earnings, what is the remaining upside from these teams around chip materials?
[10:01] And chip testing in Japan as Chinese competition starts to come online. Jx is also in the cabling space, which, of course, saw that.
[10:01] Of controversy around the USs curbs on Chinese cable and optic names. So that space is very much in focus here. and this kind of volatility.
[10:01] the downside will really stretch investors. now, switch theboard again to maybe some outperformers on the China tech side. And you see Chinese Llm.
[10:02] Really standing out against the weakness of the overall Asian tech space. I'm sure Rob will have a lot to say about that. but for now.😊
[10:02] Investors are chasing Chinese Llms in the southbound Connect as they become available. Minimmax was the top board name in southbound.
[10:02] Yesterday, which is quite an impressive achievement for a company that is really that small. Look at those gains, Duru up 10% minimax.😊
[10:02] Yeah, Robertber le will have something to say about that, Robert no Anthony, Margaret reporter, I should say thanks so much for that.
[10:02] Let's then segue a little more smoothly than that to a roundtable to talk about deep.
[10:02] Its second funding round as it looks to raise some $8 billion in a bid to fund its data center expansion.
[10:02] For more as I promise, let's bring in our team, China correspondent min Min low to my right and bloomberg intelligence senior analyst Robert le over there.
[10:02] To my left, let's begin with you min, how much interest is deep seat getting for this upwards?
[10:03] 8 billion round the funding, which was delayed from ju Yeah, I mean, you just look at the valuation it's seeking a valuation of 500.
[10:03] B y and just in ju, it has secured a valuation of 350 billion yan. That's a big jump, and it shows you just how much.
[10:03] Investors interest there is in this company for there to be such a big valuation jumping just a matter of months. And we understand that monolith.
[10:03] One of the contributors to this round of fundraising, the previous round they had secured funding from Alibaba, Tencent and estate state backed fund, the national.😊
[10:03] the National Artificial Intelligence Investment Fund. So yes, a lot of interest for this company.😊
[10:03] Particularly after the successful launch of the latest V4 flash model, which was the most used model for seven consecutive weeks.😊
[10:03] On an API aggregator, and of course, a big part of this is thanks to the aggressive pricing as well of its API tokens.
[10:04] Yeah, price hike right so talk to us Rob I'm sure you have a lot to say about this You see his facial.
[10:04] Let us have it let us have it, tell us what you think Okay, so don't call me man of a thousand faces, so just refer back to my reaction.😊
[10:04] SoThe very strong opening price rises we've seen at Minmax and Juu so why am I slightly surprised, Well, I'm not surprised because as Anthony.
[10:04] I think Minmax is now open to mainland Chinese investors to invest directly in Hong Kong listed stock via.
[10:04] Stock Connect and as we know, retail investors have a lot of risk appetite in the moment, as we saw in Korea so know.
[10:04] To some extent, the cavalry has arrived, in my mind, it's a liquidity driven gain, it's not driven by a fundamental.
[10:04] I'm not saying these stocks can continue to go up, but they are the perfect definition of a high beer retail darling fundamentally.
[10:04] There remains big questions about their ability to break, even let alone break into sustainable profit. Well, my next question is to both of you. We'll start with you.
[10:05] With you Robertber, as far as pricing power, it seems like a number of these models which how far can they go?
[10:05] Without raising their prices, we're already seeing deep seek raising their prices, the news today was alibaba andquinn is going to be raising.
[10:05] PTo its top end customers is this sort of an inflection turning point for these supposedly bleeding large language models.
[10:05] Yeah, definitely over the last couple of months, you've seen an increasing focus on monetization in the sector. So if you cast your mind back, I think in June.
[10:05] Bike dance, which has been quite late in the market, but as bike dance normally is hyper aggressive, so they actually introduce subscription.
[10:05] Plans on their Dobao model. So an increasing focus on monetization price rises, to state the obvious has to be a good.
[10:05] But API services, So these are token engines, if you like, in crew terms, they're still a loss leading service.
[10:06] In the China market and Deepea yesterday said it was going to introduce significant price rises, but it didn't actually give a number.
[10:06] And what we know at the moment is that their current pricing is amongst the lowest in the sector. So will that price rise bring them up to a level.
[10:06] They're actually covering a cost, given the intense competition in the market with over 988 large language models.
[10:06] Competing against each other in China, I would actually doubt that they would cover their costs. And also, how would a competition going to react.
[10:06] Again, in the market is the definition of cutthroat are some of the others going to say, right, we've got a balance sheet, you know, bring it on, we're going to cut prices.
[10:06] It's quite possible so we'll see I think you've also raised the point previously that when it comes to the competition it's almost even.
[10:06] Start to the solar that's very interesting as well. Talk to us about what we know from the Alibaba reporting.
[10:06] Is quite interesting, right, because it's a new model of charging customers for using their open source model. So.
[10:07] Is done by these open source companies is that they allow their models to be free to license, free to download.
[10:07] You host them in your own platforms is entirely free. So the only way they get money is if you use them on the cloud computing.😊
[10:07] Ptforms like Alibaba, then you pay a token fee because then it's charged as a model as as a service. But now Alibaba, according to Reyuter.
[10:07] Is following the footstep of Moonshot AI to charge users that license their product, especially if they are able.
[10:07] Earned at least above $20 million a year in revenue by offering the, let's say, the Kimmi K3 as a service.
[10:07] When Ch AI is doing, so Alibaba is said to be looking at a similar model. So if you license their model and you host it yourself, but you.😊
[10:07] ateMore than a certain amount of money. they can ask for a certain percentage of your revenue. So this is quite a game changer because.
[10:08] The argumentgument has for a long time been that the proprietary models are very profitable, but then the open source models not sure how they're going to survive in the long run.😊
[10:08] This is a new sort of channel to get back some money Robertber, what's it going to take for you to turn less bearish on?
[10:08] The whole sector is further consolidation, I mean, consolidation, not further consolidation yes, within the Chinaa context there has to be consolidation.
[10:08] With nearly 1000 competing models. So that's a very obvious point. Second thing is price rises. So, yes, increasing focus on monet.
[10:08] I would say maybe what we're seeing at the moment of baby steps, we need to see more serious and more significant price rises to the level.
[10:08] That these companies are at least covering their costs, which we're nowhere near at the moment. And then finally, we need to see AGI, which I think.
[10:08] Remains a long way off. There's no evidence that we're about to have a breakthrough on AGI, and we need to see killer apps.
[10:08] I mean, what is a killer app Wechat within a China context or Weiin is the definition of a killer app, a piece of software that is essential to.
[10:09] Your daily life, ubiquitous in use. You can't survive in mainland China without it. Where are these AI killer apps, Indeed, What are they, Because by.
[10:09] Aside from the models themselves, AI is being used to augment current software. So that's a positive, but companies are not successfully.
[10:09] on the back of that. So we need a new generation of AI products, whatever they may be. We need to see those three things. But at the moment, on an aggregate basis.
[10:09] We expect the China AI sector ignoring the semis and hardware names to remain deeply loss making for the next, at least.
[10:09] Next three years, because of the intense competitive dynamics and the ongoing struggle, as Min Min said, in a market where the vast majority of tools.
[10:09] Are available for free, You know, monetization remains very, very limited. At least are we getting a.
[10:09] More of a sense of the business model that these AI model developers seem to be converging towards just based on what we're hearing.
[10:10] based on what we're hearing potentially to come from the likes of Alibaba. Yeah, I think the other thing is well, deepses price rises.
[10:10] I meant to say it interesting, again, what Min Min said around their fundraising, you know will we see an IPO later, we'll have to wait and see.
[10:10] Yes, I think agent AI use, which has really been exponential which is great.
[10:10] In terms of demand that cloud companies are definitely benefiting it. But again, they are consuming a huge amount of tokens. And as I've already mentioned, tokens are.
[10:10] That are lost at the moment. So again, without, if we look at our friends at Juu AI or 2,5,1,3 HK.
[10:10] Los is actually blowing out on the back of this. So based on consensus numbers, they're going to lose around 700 million.
[10:10] lls this year, and their operating loss will actually widen next year. So again, going back to my initial reaction on what Anthony.
[10:10] These companies are not yet on a stable commercial footing, and they're route to that and long term profit.
[10:11] bil remains distinctly unclear. I think that is a very rational balanced view. Okay, so we'll take a while for you to.
[10:11] mind. We will watch this space. Rob, Thank you so much. Robert Lee, our Luber In senior analyst, along with.😊
[10:11] Ch correspondent thank you so much both now we've also been checking and tracking some of these macro indicators, of course, from the likes of the.
[10:11] O and we've seen how in terms of the second quarter growth it has missed the mark versus consensus we were expecting somewhere.
[10:11] Around 2.9% of growth it came in at 2.3% and this is actually the slowest pace since2.
[10:11] 0So even worse than pre COvid era, the finance chiefs or the Philippe.
[10:11] Authorities, I should say, are talking about still how they are looking to accelerate implementation of infrastructure projects.
[10:12] Still against the backdrop of course, of how we're seeing dollar philippine peso still around the 61 handle and of course we've been seeing it.
[10:12] Not far really from those record lows, the weakness in the philippine currency stve all right well soft bank.
[10:12] Under pressure, despite its first quarter net income beating the street, analysts are concerned over the funding of its growing AI projects.
[10:12] are next, this is the China show, of course, we're on Bloomberg.
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[10:15] All right, welcome back now as far as the Philipilippines is concerned.
[10:15] Getting some of these updates from the secretary of social economicomic planning talking about how the middle East conflict El Nino that could.
[10:15] W on recovery of course the second quarter GDP print growth missed the mark I should also clarify that when it comes to the philippine economy.
[10:15] actually grew at the slowest pace since 2009 if you exclude the covid yes, so something else that were watching as we watch the dollar versus.
[10:15] Phippine yeah GDPdp up 2.3% estimate is 2.9 so they missed quite a bit second quarter year over year well softbank posted.
[10:16] A beat in its first quarter profit with gains from it.
[10:16] And when those AI bets will begin.
[10:16] Why are markets so disciplined?
[10:16] Poined in these results. Yeah, I mean, because it was a good print., I mean, they're an investment company that's publicly traded.
[10:17] So having investment.
[10:17] They reported record net asset value at the end of the quarter, but it's already come down and investors can look at that every day.
[10:17] And so things like the balance sheet, like how asset value compares to the lending they've done.
[10:17] Right, that's great. But if you calculate it more're going forward. Yeah, so I mean, liquidity is important.
[10:17] So there's a couple of things that are worth keeping an eye on.
[10:18] Announcement or.
[10:18] Inre details on that would be the best for softbank shares. Another issue that's related, but maybe not as sort of.
[10:18] Large is the closing of.
[10:18] All of their robots, robotics assets through another public listing.
[10:18] Kurrk, great to have you, thank you for running us through some of these investor concerns as we also watch out for that open.
[10:18] Now, of course, when it comes to Ai.
[10:18] Demand stve has been very interesting given how intense that demand is Chineseese tech firms from by.
[10:19] AIs,They also seem to be driving demand for Hong Kong's data centers, and that seems to be pushing up.
[10:20] Renaissance post covid, post protests, this is one slice of that on top of the story we had yesterday about.
[10:20] That's returning to Hongng Kong, so obviously Hong Kong is not necessarily known for its big tech prowes.
[10:20] But it is in the AI data centers right now for China and it's also been seen as a gateway of sort right, so there are these advantages.
[10:20] The mainland, you know you think about the free flow of data access as well, so again, going back to your point in a way on what we're seeing.
[10:20] On that gateway so to speak that extends even to data centers Sure so it's a fundraising place for these aI players, no doubt that is the.
[10:21] of Hongngong, but also can play that infrastructure role so what are we watching out for as well coming up Steve because if you can get all that inside.
[10:21] This guide right to the money, the people shaking up the finance hub as well in the Hong Kong edition newsletter that's coming out on th.
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[10:23] All right, welcome back tokoia capital says.
[10:23] Situational awareness has invested $400 million in a company it has backed sequoia partner patrick grady, also telling bloomberg.
[10:23] That leopold ahambreenner had approached the firm about taking over some positions it has been we were.
[10:24] about the anthropic state, you know, King Griffin showed up with what was a better solution for theopold at that moment in time, and he went with the better.
[10:24] I think that our observation is that there is this game on the field over the last couple of years investing.
[10:24] The AI supply chain, Leopold was one of the first people to recognize that that was the game on the field and on balance he played it pretty darn well.
[10:24] Our suspicion is that he's going to be a fixture in Silicon Valley for a long time to come I wanted to get to the Baour case study, we talked a bit about short.
[10:24] On situational awareness, he did just wire $400 million to a company that we invested in so oh could you we actually reported on the?
[10:24] haven't got clue the company is no comment on that, but he's not one's not he's going to.
[10:24] He's really good he's going to be around now on the topic of enthropy they also acknowledge the film.
[10:25] Was behind the curve on the AI startup, Sequoia eventually agreed to invest $2. half billion dollars in the company.
[10:25] This is the tectonic shift of our lifetime in a perfect world we would have backed Anthropic many years ago.
[10:25] That was part of the conversation, two and a half or five would be comfortable numbers as far as that goes, but one thing we've never done SPVs, we're not in this.
[10:25] PV business where you speak for something, I think we have enough time today to talk about it.
[10:25] Growth early stage since 2017.
[10:25] CoE, you've co led early stage, but you sa, have youve been in this business a long period of time?
[10:26] You know what a good early stage investment looks like, you know what a good growth investment looks like, so pat has you've been in this business long enough.
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[10:29] loWelcome to Bberg this weekend this is bloomberg television.
[10:29] It's 11,29 am in Tokyo, Japanese market is going to break in the minute, of course.
[10:29] Things we're watching following on from softftbank earnings, there are a lot of companies and I say a lot, I mean a lot 700.
[10:29] Japanesepanese companies that will be reporting today let's take a look at how markets are faring just 30 seconds before we hit.
[10:29] Into the lunch break its a down day there are these continued concerns about the initial over exuberance when it comes to the.