Episode summary
Apple Investors Give Lukewarm Reaction to New Siri, AI Platform | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 39 min · Hosts: Carol Massar, Tim Stenovec · Guests: Ed Ludlow, Barry DiRaimondo, James Walker, Will Wade, Kathryn Thompson
Summary
Apple’s WWDC rollout of its next-generation AI tools drew a mixed reaction, with the host and Ed Ludlow emphasizing that the new Siri features look useful but not radically new. Ludlow said Apple’s Siri AI arrives as a chatbot-style, cross-device app built with Google Gemini elements, but much of the functionality already exists in products from Google and Microsoft. The stock’s brief pop and fade fit his view that the event was more of a “sell the news” moment than a breakthrough.
The conversation then shifted to how AI is reshaping commercial real estate, power demand, and data-center strategy. Barry DiRaimondo said his firm SteelWave has little direct exposure to data centers, but is benefiting from AI-driven users and adjacent companies across Silicon Valley, San Francisco, and Bellevue. He argued office values are deeply discounted, saying some properties are down as much as 70%, while advanced manufacturing and defense-related leasing are creating new demand in Southern California.
James Walker of Nano Nuclear said the company is targeting a commercial microreactor route through the NRC, not the DOE pilot program, and expects construction permission in 2027 and a licensed reactor around 2030. Katherine Thompson added that the U.S. is in a “golden era” of construction, with data-center buildouts driving roads, power, and materials demand, even as local politics and utility costs complicate the boom.
Key takeaways
- Ed Ludlow said Apple’s new Siri AI is useful and cross-device, but much of the functionality already exists in Gemini and ChatGPT products.
- DiRaimondo said office real estate looks deeply discounted, with some assets trading as much as 70% below prior-cycle values.
- Walker argued Nano Nuclear is pursuing the NRC path to commercialization, with construction permission expected in 2027 and full operation around 2030.
- Thompson said U.S. data-center construction is creating demand well beyond tech, including power, roads, and basic materials like crushed rock.
- Thompson said local pushback and higher electricity costs are likely to force data centers to help generate or pay for their own power.
Notable quotes
“What's new is Siri AI, a rebrand. It comes in the form of a standalone app that is new”
“I don't know whether you guys would call that sell the news um kind of situation, but really interesting to see”
“what we're seeing in the Silicon Valley as well as up into San Francisco and even up into Belleview up in the Seattle area”
“the market is on sale. You know, that the values are so far off of where they were in the last cycle”
“we're in the lead in the commercial microactor race. I think we're the only micro reactor company that submitted a construction permit application to the NRC”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news.
This is Bloomberg Business Week Daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. Bloomberg Business Week Daily with Carol Masser and Tim Stenc live on Bloomberg Radio Television and Bloomberg Originals.
Well, Apple investors have spent nearly 2 years clamoring for the iPhone maker to make a big splash with artificial intelligence. So, the question is, are we getting it? We do already have some headlines that have crossed the Bloomberg and are on our live blog about Apple's annual worldwide developers conference which is underway in Certino, California.
And that's where we go and where we find our own Ed Ledllo. He's co-host of Bloomberg Technology, Bloomberg Tech on Bloomberg TV at 11 a.m. Wall Street time Monday through Friday.
Ed, um, good to have you here with Tim and myself 1 p.m. keynote. Uh, it has been underway for over an hour.
What's new and interesting and are we getting answers when it comes to AI and Apple?
What's new is Siri AI, a rebrand. It comes in the form of a standalone app that is new. It has more of a chatbot style interface that is new and these are the features that Apple for a long time was promising that eventually Siri would be able to deliver on like the share move in in the moment was so interesting because a lot of this right Bloomberg's Mark German has reported this would happen.
He basically nailed every single detail. But on, you know, the pre-recorded, it's a it's a pre-prepared pre-recorded keynote. The moment Siri AI goes up on the screen, and even confirmation it's a standalone app, the stock goes to a session high 2.7%.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- apple intelligence launch
- ai platform and siri updates
- regulatory rollout in china and eu
- cre market outlook
- construction and reindustrialization
Companies and tickers mentioned
- AAPL
- GOOGL
- GOOG
- Apple Inc.
- SteelWave
- NANO Nuclear Energy
- Secured Transportation Services
- Thompson Research Group
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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