Akamai重申AI云基础设施合同增长，但股价已在财报后下跌

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-08-08 03:00–03:30(Asia/Shanghai),共 199 段
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[03:00] For equity Bulls is the bad labor market well, is that a blessing in disguise?
[03:00] Here at bloomberg headquarters in new yo i'm romaine bos kicking you off to the close here on this friday afternoon in s 500 which logged a record.
[03:00] On tuesday pulled back a little bit in the days since now headed for yet another record high of course it started earlier in the week because of.
[03:00] Atheimism over a deal surrounding the Str of horror moose and today's record high tethered to well, i guess, deteriorating economic conditions and more.
[03:00] The optimism that rate cuts by the fed may actually be back on the table, you see that reflected theyre in the two year yield.
[03:00] But at one point it dropped about nine basis points on the day though pairing back on some of that just a little bit, that backup in yields adding a little bit of a fuel to.
[03:00] The gold rally, which is now back at its highest levels since the start of june, but that backup in yields also putting downward pressure on the dollar.
[03:00] The bloomloberg dollarar spot index right now headed back to its lowest levels since late May, we've been talking a lot about them.
[03:01] In fact, i told you at the start of the week the macro forces would likely bubble back up to actually be a bigger driver of the broader market.
[03:01] starts to subside today a testament to that that shocked decline in us pay rolls down 23,000 last month in the government.
[03:01] Revising downward the may and ju figures by 103,000 jobs, the unemployment rate it fell as labor participation that fell.
[03:01] in wage growth, that was down to all bad news for the economy, but in this topsy turby world, that might be good for equity markets.
[03:01] That had been worried the fed would be rushing to raise rates to fly inflation, but if the labor market is indeed on the back foot, then maybe.
[03:01] It tells a different story. I think it tells you that if data looks somewhat softer in the next couple of months, especially again when it comes to the inflation.
[03:01] They're probably not going to on a hike in September. They're probably going to want to just see how the data progresses. Now, that's going to probably have to mean.
[03:02] tracking below 0.25% roughly over the next twos So off we go, but the question is should we actually be going higher?
[03:02] the print michael hat and his teams of strategists over at Bank of america, they were out with their weekly note showing at a gauge of investor bullishness.
[03:02] To the highest level since 2021 and just like bad economic news is sometimes good market news, overly bearish investor sentiment is some.
[03:02] A contrarian signal to reduce exposure should you well, this week, growth was the best performing factor on a long short basis what value.
[03:02] Was the biggest laggard that was a flip from what we saw in july where everyone seemed to be screaming quality, quality quality.
[03:02] About some of those factors out there and this idea here of how things will shake out for the rest of the month it is august after all, a busy august, but things are likely.
[03:02] To slow down, of course they are also likely to pick back up should any of these catalysts move in the opposite direction of what the market head in.
[03:02] Mat rao joins us here in studio2 to kick us off to the close managing director of solutions over at man see you here.
[03:03] Rmaine, let's talk about the jobs report for a second and just kind of the macro conditions because obviously the market was sort of kind of positioned for something else I don't think anyone expect.
[03:03] That amount of weakness, but of course.
[03:03] And it's a little bit of a perverse incentive here. but the bad macroeconomic data when thinking about the F.
[03:03] If the employment world is looking softer, then the probability of interest rate hikes is lower.
[03:03] That in turn is good for growth equities and so we see this cycle continuing and continuing It's a big part of the reason why the 6040 portfolio.
[03:03] dayss is really struggling and people's conviction because you look at a day like today, stocks drop and bonds drop, there's not a diversifying characteristic between the two.
[03:03] challenge are you kind of surprised at just how more correlated the market has become over the last few weeks relative to what we saw at the start of the year?
[03:04] Everything was just kind of off on its own Yeah, I mean, the rally is driven by a very narrow breadth of the market,.
[03:04] Tech category is really what's driving everything higher. I was actually surprised by that because I remember when we hit that record high on Tuesday, I was looking at sort of what took.
[03:04] From that low in June to here, that was three sucks, I mean, 65, 60 plus percent of those gains came from Amazon Apple and I've forgot the other one of alphabet.
[03:04] Yeah, exactly, and so even if you think you're diversified by owning index product, you're still rather narrowly concentrated, so it's a little bit tricky.
[03:04] In that sense, and I think part of the reason why the market' is feeling pretty good today and in general is we got that clearing print.
[03:04] If you will, from the situational awareness liquidityd event where Citadel bought a basket of these growth names and the market sort of took that as.
[03:04] A signal of maybe this is a clearing bottom, and we can move forward from here. But I think today is all about lower prices.
[03:04] Pro of interest rate hikes for now. Well, with regards to situational awareness, it did rattle of some folks because I think it kind of spoke to the idea of just kind of.
[03:05] How on the precip we are not necessarily that things are going to come down crashing, but that maybe people need to start rethinking those positions when looked.
[03:05] Earnings that we got out of some of these big tech names this week and the last week, whether it's with the hyperscalers or some of the chip makers, et cetera.
[03:05] What was your takeaway with regards to whether we might actually see further and more meaningful gains out of those stocks?
[03:05] I think it's still measured by Capex right, and people know that there's a circular reference of what's going on in borrowing money.
[03:05] It into Capex and carry on, carry on, carry on, and I can't help, but draw comparisons to the telecom.
[03:05] I were build out of the late '90s, early 200s, I'm old enough to have been there when that was going on actually in San Francisco.
[03:05] The cycle goes something like build excess capacity through substantial investment, which is where we are now.
[03:06] When that peaks and people are still willing to chase, there's a fear from institutional investors broadly, not of the downside so much.
[03:06] there's more of a fear of being underexposed to the category right now, so because that's the herd mentality, you're going to see less people.
[03:06] orried about career risk or about relationships with their investors. if they underperform in a sell off, the biggest worry is not being exposed.
[03:06] Enough to this category, but is there a potential that could change, at least in the short term, and particularly because I mean, some of those people that might be worried about there.
[03:06] If they did their jobs over the first last six and a half months, they're sitting on some pretty healthy gains, and I do wonder if that changes the complexion of what we see.
[03:06] in the year, where maybe people start to pull back not because they think a crash is coming, but it's like you might as well lock it in and not take any more risk.
[03:06] I think that's what leads to the seasonality effect and part of the reason why post labor Day tends to be a little bit more volatile if you look at the.
[03:06] Seasonality of the Vcks the summer, it's not just a saying that there is a lull in the summer, there's fewer macroeconomics.
[03:07] Data points and releases, you kind of get a lull in earnings and there tends to be a bit of a lull in activity, and I think going into the back end of this year,
[03:07] You are going to see a lot more of that risk management in Q3 and also, you look at the change from yesterday to today.
[03:07] The probability of interest rate hikes didn't get taken off the table completely, it just got reduced slightly, so I think there's going to continue to be.
[03:07] This struggle with the market of reading Wsh, people don't really know what information is he going to give on what frequent.
[03:07] See how is he going to measure things so I think we're in for a volatileq3 andq4 of this year what about the correlation between?
[03:07] The AI build out and the capex ban and the economy itself, I mean, because that's kind of been the stealth driver of this economy.
[03:07] A stealth driver of inflation, but if you start to see hiccups there, does that then become an economic story absolutely I mean I think that's the thing that the hardest.
[03:08] ing for me and for the market generally to quantify is how big is this issue, right, how big is the positive.
[03:08] Impact and how big is the risk to the broader market if you contextualize it to, as I referred to earlier,.
[03:08] com fiber build out and the global financial crisis driven by housing the AI Capex boom is.
[03:08] 2 x what fiber and telecom was, and it's about half what the housing expansion was in dollar notional terms.
[03:08] The speed of its impact on GDP has doubled both by a long shot. So why that's all.
[03:08] Elevant is that as fast as it can be contributing positively to economic growth and to GDP.
[03:08] Things go in reverse or slow down in Capex who start seeing winners and losers and some failures in consolidation, it could very quickly drag us.
[03:08] In the wrong direction, So I think people are in pins and needles, I've jokingly referred to people being more worried about the golden Swwan than they are about the black.
[03:09] But I think as fast as it has arrived and contributed if it were to hit a bump in the road.
[03:09] It could move things in the negative direction fast all right mat always great mat Ral, managing director of solutions over at man group as he speaks stock hitting.
[03:09] Sion highs as're headed for a weekly gain it's been a good week for stocks it's also been pretty good week for zah and tom hoand spiderman block.
[03:09] Deed last week expected to be a top movie this week we're going to talk to the man who greenlit that film tom rothman, the ceo of sony picturesicture.
[03:09] MotionFrom cinema to politics well we're going to talk with julie sue, the deputy mayor of new yo city for economic justice.
[03:09] about economic development here in the city and of course, that dreaded pit terror attacks and education in the Ai era.
[03:09] Cat up with the new president of Spelman College, Dr. ayana Howard, all that and more coming up in just a second right here on the close right here on bloomloomberg.
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[03:12] 🎼This is the Asia trade this is Wall Street week welcome to balance of power you're watching Bloomberg deal welcome to Bberg this weekend this is.
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[03:12] Sharres of gen Digital headed for a second straight week game.
[03:12] Now at the highest levels in almost a year after boosting its earnings forecast, the cybersecurity company behind brands like norton.
[03:12] Also recently launching the fearless Plan index, which offers a live view of digital risk around the clock Vincent.
[03:12] right now president and ce over at jen all right vincent the numbers look good, we don't have to rehash them here, but give me a sense here.
[03:12] You're pretty confident here that you can continue this growth story for the next few quarters broadbates performance, double digit growth.
[03:13] And we've seen a rise in demand for our cybersecurity solutions as the anxiety.
[03:13] Getading into the overall environment. So, yes, we feel very confident about the future, and that enabled us to raise our annual guidance.😊
[03:13] The risk out there because this is a good week to have you because we've seen, of course, some interesting stories with regards to llm sort of I guess.
[03:13] Out on their own outside of the yard other types of risk out there with regards to our digital footprints what does your fearless.
[03:13] Planet index do and more importantly, what does it show right now so we have a broad based customer.
[03:13] Environment, 500 million users across the globe, and we see a lot of what the consumers see in the overall digital environments we've seen.
[03:13] A rise of scams aris in personalized hacking for the consumers. And so we put this.
[03:14] indexed together to show the consumers the overall threat environment they face in a specific country, in a specific city.
[03:14] This was the type of risk they can face so when we talk about some of these risks, I mean, obviously I mean we talk about obviously.
[03:14] AI and these LLLms could do, but there are some more pedestrian risk out there too obviously most of us are familiar with the fishing scams just.
[03:14] Last week we had the head above verizons products here trying to come up with new sim cards that provide a little bit more protection for our phones.
[03:14] You seen that as a tailwind for your business Abute and initially we classified the risk in two layers.
[03:14] Hs you directly and there you have to be careful to not give your password, go on fake websites, provide different things and then the indirect one when.
[03:14] An enterprises bridge or a local shop is bridge and new personal data was used in the past for a transaction and suddenly new personal data is.
[03:14] Out there in the dark web for people to use and create some adverse effect with a malicious intent, a third one now.
[03:15] In terms of risk and desire for the consumer to be protected is what an agent solution will do. What if an agent suddenly possess a transaction.
[03:15] On your behalf, whether it's malicious, conscious or simply a risk because the agent solution is barely designed. and that's a new level.
[03:15] Of reasons the consumer needs to protect themselves for so, we embedded agent security inside an northern 30, so the customer.
[03:15] Have a better control and visibility or what an agent would do on their behalf. Well, that's what I'm curious about. We've spoken with a lot of companies.
[03:15] Who run consumer facing companies, and they are really hot on this idea of agent shopping, the idea that their agents that are trying to.
[03:15] Tll me something can talk to my agent that is trying to buy something, but how do I have the confidence that they're going to be acting in my best entry?
[03:15] Is it's not just going to be hijacked and someone's going to empty out my bank account or my credit card right.
[03:16] Everybody would like to benefit from those great solutions, frankly, and agent solutions to manage your financials, to manage scheduling new events, etca.
[03:16] It's all for the benefit of the consumers, but there is some risk associated with that, whether it's a desired buy.
[03:16] Haers, or if it's just a badly designed agent, and I think we are providing the same security we were doing in the normal.
[03:16] Sca environment to an agent solutions, filtering the agent, going through an agent trust hub that able to.
[03:16] Verify the design of the agents and then giving you transparency and control on where you want to share your personal data.
[03:16] On on your behalf for that agent all right, Vincent really great to have you here we got to talk more in the future Vincent palette president NC.
[03:16] EE over at jen, meanwhile, we're going to continue our focus on the Ai and the tech space and talk with an Og in that space.
[03:16] ig it's costing a lot of money we have the ceo tom layton on coming up after the break to talk about his plan for the future.
[03:17] Right here on the close right here on Bloomberg.
[03:17] In case you missed it on Bloomberg deals we're invested in another restaurant so we're in Shake Shack so how significant is your position?
[03:18] We're economically one of the larger shareholders, maybe the largest active shareholder, it's several hundred million dollars, you know we're really excited.
[03:18] When you look at the quality of this business, how great a business it is, how much it's growing, how many new stores can open, it's just.
[03:18] At Shake Shack are there operational changes that you think that they should be making and that you would push to make I don't think they're a massive operation?
[03:18] So if you can have among the best returns on a new restaurant build, it makes it easier to justify building more and more restaurants.
[03:18] You do it yourself or you have a franchisee you do it.
[03:18] 🎼Ts global innovas join for in depth.
[03:19] On only on Bloom back.
[03:19] Shares akamai down after yesterday's earnings report, the company disclosing a new $600 million commitment with the U.S.
[03:19] Base tech company on its earnings call bringing the total contract signed for its cloud infrastructure business to $2.8 billion this year joining us right now.
[03:19] He's the cofounder and CEO of Akamai Tomm leightton, great to have you here, to, we don't have to rehash all the numbers from yesterday, but I do just want to get to this idea.
[03:19] I mean, the revenue growth is there, the profit growth isn't, but that seems to be somewhat deliberate as you're investing a lot back into this business.
[03:19] The profit growth follows the revenue growth, so we're investing a lot now to build out the infrastructure, and then that's followed by the revenue.
[03:20] And the profit growth next year, these big deals we're doing all in have margin operating margins from the low to mid 20s to low 30s.
[03:20] Very consistent with the company profile, drive a lot of profit growth starting next year and into the future what you said on the call I think.
[03:20] In this quarter with Q3 but a hockey stick for Q4 really cloud infrastructure services grew 30.
[03:20] 9%So not exactly bad. And we think for the year going to be 50. So a big, we'll start seeing the revenue from these deals.
[03:20] In Q4. and then next year, we think it accelerates further enough to drive the whole company into double digit growth.
[03:20] Concern and some of the reasons why you've seen the shares down, you suspended the buy back to help build out this buyout and based on the numbers i saw your guiding cap.
[03:20] At basically about 40 plus percent of revenue, which is high for a company of your size, is it not?
[03:20] Making these investments to drive all that revenue and profit growth, starting Q4 but into next year. And remember that this year we.
[03:21] We've already bought back a lot of shares, more than offset the equity dilution plus additional and over the last 15 years.
[03:21] We probably net reduced our share count by 15 to 20% well i'm curious about that, I mean obviously a am a pioneer and sort of this.
[03:21] Id of content delivery networks, I mean, you know we always kind of say, you know, you're kind of the hidden sort of juice behind.
[03:21] Internet, we're entering this new phase with AI, and we talked about the deal at the top here, which I think focuses a little bit more on AI robotics. What are you trying to.
[03:21] Build now is this, I mean, I know the CFO has talked about this being sort of a once inter a generational opportunity. Are you making a big pivot here?
[03:21] Yeah, we're going to do the same thing for AI that we did for content delivery and then cybersecurity and think about robotics.
[03:21] You've got a fleet of robots or devices might be cars, first, they got all sorts of sensors, they got to look at what's going on around them.
[03:22] And feed back in. and that's a lot of video. And if you're doing this at scale, you need to do that more.😊
[03:22] Distributed fashion, just like delivering a sporting event. You can't do that from a big data center. You've got to do that in a distributed fashion. And then you need the.
[03:22] I to process that video and issue instructions to the robot or the device. And if it's a car or if it's a robot interacting.
[03:22] The human, you want that to be fast. You don't want to have latency. And so doing it in a distributed fashion, like Akam is uniquely capable.
[03:22] Of doing is great for performance and for cost. Well, forgive me for being a little ignorant of this. but are you doing something that the hyper.
[03:22] Salers that are building all these data centers that they can't do in terms of fulfilling that, Yes exactly, I mean they're very good at training the big models.
[03:22] Very good at training the medium sized models and doing the inference, actually executing on it. In fact, all the hyperscaleers use our cloud.😊
[03:22] Structure services for the kinds of applications where they want to have the logic, the compute logic be close to the user for a performance.
[03:23] We'll talk about sort of this acceleration that I mentioned the hockey stick and all that, but give me the sense here of the demand that you're seeing, the capacity that.
[03:23] You have or you think you'll have to meet that demand, is that in sync Yes, of course yeah.
[03:23] tTooo much and maybe we do that, but you're confident that the pace of spending that we're seeing, whether it's to Akaye or to the broader space is going to continue.
[03:23] committed contracts I mean, the only way out of that is the company goes broke. I don't think that's likely in these scenarios.
[03:23] If in that crazy case of it happened, what we're buying, the assets still have tremendous use.
[03:24] So in the case of GPUs, we are still selling at capacity, the GPUs we had six years ago at a higher price than we sold.
[03:24] 46 agoSo when you hear people criticize as AI build out and try to make parallels to the telecom, boom and bus, what do you say?
[03:24] Well, I think the concern there really is more around these gigantic data centers and training the gigantic models with the latest hardware.
[03:24] That is not what we're doing. We are doing modestized build outs for the enterprise use of.
[03:24] IThat's not going away that's going to keep growing what about your costs, I mean, we've talked a lot on the show price of memory chips.
[03:24] PriceOf everything, really to build out this AI infrastructure is through the roof. How are you managing that Well, in some cases we've raised.
[03:24] And when we take on these long term deals at the large commits, that's all factored in. So we've already locked down what our costs are and the contract.
[03:24] So of certain cases, if there's a variable cost that is passed through so that we're protected when you're assessing the customers that you're taking on.
[03:25] More importantly, the concentration of customers we've seen with other companies, you know, a huge chunk of their revenue is coming from two or three players, right?
[03:25] Is that a concern for you, Do you think that the breadth of customers that you will have will be there Oh yeah, we're very distributed.
[03:25] A handful of customers over 1% of revenue, collectively all the big ones, less than 20% of revenue.
[03:25] And those are the name brands that I don't think people worry about having financial problems my last question this is less about Akaai specifically and just more.
[03:25] About what you've seen over the years in your career, I mean what are you excited about most when it comes to just everything going on right now with technology.
[03:25] The way it's being integrated into our society, It's an exciting time and good in bad ways. and for us in two domains.😊
[03:25] Driven by AI because it's changing everything and a fast moving landscape, where we're in a great position to help.
[03:26] the downside is AI is used for cyber attacks, The bot armies that we're seeing.
[03:26] 10 times larger now than they were a year ago because the adversary is using AI to take over devices.
[03:26] Rates for enterprises much higher, going to get worse. as you have more AI in the hands of the attackers, they find more0 damage.
[03:26] Vulnerabilities now, again, that's a tailwind for our business because we protect pretty much all the world's major enterprises.
[03:26] D.
[03:27] Today, Wayfair sees immense potential in brick and mor.
[03:27] When we got into physical retail, our view was that you know, even if the market continued to grow for e commerce.
[03:28] Probably a large chunk of the mark in this space would stay offline Kateate gulliver showed me around wayfair's new 150,000 square foot.
[03:28] shipWhen customers who have seen us online come into the store, they're generally a bit surprised by.
[03:28] The breadth of what we offer often if you're going online, maybe you're looking for something particular, but when you come into the store, you walk in, you see you know the markets,
[03:28] SquareYou see all these pillows, you see the decorative accents. So what we're seeing actually is that in store we do.
[03:28] Really well in some categories that online are less a percentage of the total, how does technology help in kind of making it seamless?
[03:28] OnI think vice versa the biggest thing is for the customer on the front end, that she can be in the store that she can.
[03:28] Actually shop here, go back home, complete that purchase and if you look at these sort of price tags and everything, there are all these digital tags.
[03:29] Theyre the exact same prices they are online, so you're not going to be surprised that you you know saw something in the store and then you decided to purchase it online.
[03:29] That it's somehow different and that the offering is different it's actually very consistent, but when she's here, she can have her app open and everything that she's doing.
[03:29] can be very similar to what she's doing at home and I think that consistency is quite important'm David Westton.
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