Episode summary
Bloomberg Businessweek Daily: Gearing Up for Earnings (Podcast)
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec · Guests: Seth Fiegerman, Hanneke Faber, Robert Schiffman, Barbara Reinhard
Summary
The episode centered on how markets are trying to price the next phase of the AI boom: soaring private-company revenue estimates, delayed IPOs, and the massive debt load being used to finance data centers and related infrastructure. The host and a Bloomberg News AI editor said OpenAI’s annualized revenue estimate has moved from roughly $40 billion to about $50 billion and now could reach or exceed $70 billion by year-end, while Anthropic could ultimately be valued around $2 trillion if it goes public. The larger point was that investors are still struggling to compare these businesses on a like-for-like basis because the metrics are inconsistent and the disclosures are limited.
Key takeaways
- The host and a Bloomberg News AI editor said OpenAI’s annualized revenue estimate has risen rapidly, but the metric is still confusing and not apples-to-apples with other AI companies.
- The host and a Bloomberg Intelligence analyst argued that credit markets are not flashing a bubble, even as Oracle, Broadcom and SpaceX help drive nearly half a trillion dollars of AI-related borrowing.
- Logitech CEO Hanneke Faber said AI is a tailwind for design-led hardware, and the company is seeing growth, record margins and new opportunities in gaming and headsets.
- Barbara Reinhard said higher bond yields are a self-correcting mechanism, and that easing yields and oil prices would help equities rally.
- Reinhard said a hot inflation print is the main risk to the bullish setup, while current indicators point to softer inflation and slower growth.
Notable quotes
“OpenAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year, according to people familiar with the matter”
“If anything, I think the story of this week is more about the confusion around this metric”
“I have never been more bullish on the tech space than I am today, and I'm happy to repeat it right now”
“So our gross margins have been excellent. Um, in the, you know, 44% range, which for hardware companies is absolutely kind of unique and outstanding”
“High yields are generally a cure for high yields”
How the episode opens
This is Bloomberg Businessweek 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. The Bloomberg Businessweek daily podcast with Carol Massar and Tim Stanback. We want to get to our ongoing iWatch and the big players moving ever closer to their IPOs.
OpenAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year, according to people familiar with the matter. Driven largely by its growth and its enterprise business, I think what's so interesting about this, just so that's today's story. And just yesterday, we heard OpenAI is on track to generate annualized revenue of roughly 50 billion.
According to people familiar with the matter, it's an uptick from the prior year, but less than some recently reported estimates for the ChatGPT maker. I think what is fascinating, as we continue to get closer and closer to the IPO of OpenAI anthropic, we're getting more details, um, into the businesses that they are. But I'm just wondering if the expectations or the reality is going well.
The reality, I guess, match up with the expectations. That's right. Bloomberg had that story just last month, talking about how OpenAI is considering slowing down the development of that cutting edge AI and ChatGPT maker is a CEO, obviously Steam Ultimate, hoping that other AI companies will do the same.
So what does that mean to your point? Anthropic potentially mid November reporting on that from our Bloomberg News. Maybe that could come but it's been delayed.
Right, exactly. Let's see. It's not our, um, responsibility to keep track of all of this.
It is the science. He's an editor of Bloomberg News.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- earnings season
- oil prices
- bond yields
- inflation concerns
- federal reserve rate expectations
Companies and tickers mentioned
- LOGI
- VOYA
- Logitech
- Voya Investment Management
Watch the episode
Watch “Bloomberg Businessweek Daily: Gearing Up for Earnings (Podcast)” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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