美国放宽英伟达向中国销售H200的限制

AI代理变得越来越令人印象深刻。

AI agents are getting pretty impressive.

你可能甚至没有意识到你正在听一个AI代理。

You might not even realize you're listening to one right now.

但我们不仅仅只是交谈。

But we don't just talk.

我们24/7全天候工作，以解决客户问题。

We work twenty four seven to solve customer problems.

没有等待音乐，只有答案和行动。

No hold music, just answers and action.

访问siera.ai了解更多信息。

Visit siera.ai to learn more.

彭博音频工作室。

Bloomberg Audio Studios.

播客。

Podcasts.

广播。

Radio.

新闻。

News.

彭博科技现场直播，从东海岸到西海岸，纽约的卡罗琳·海德和旧金山的埃德·卢德洛为您带来报道。

Bloomberg tech is live from coast to coast with Caroline Hyde in New York and Ed Ludlow in San Francisco.

这是彭博科技。

This is Bloomberg Tech.

接下来，美国商务部正接近允许英伟达向中国销售其H200 AI芯片。

Coming up, the US commerce department moves closer to allowing NVIDIA to sell its h 200 AI chips to China.

此外，机器人初创公司Skilled AI刚刚完成了14亿美元的融资，七个月内估值翻了三倍。

Plus robotics startup Skilled AI just closed a $1,400,000,000 funding round tripling its valuation in seven months.

我们将与首席执行官迪帕克·帕塔克进行讨论。

We'll discuss with the CEO Deepak Pathak.

此外，Netflix正在调整对华纳兄弟探索公司的收购报价，转为全现金收购。

And Netflix is working to revise its bid for Warner Brothers Discovery shifting to an all cash offer.

但正如你所见，那些红色标记的名称，以及整体市场的下行趋势，我们仍然面临地缘政治的焦虑。

As you see, though, those names in the red and in general, the market on the downside, we still got geopolitical anxiety.

我们仍然面临密集发布的财报，纳斯达克100指数也下跌了1.5%。

We still got earnings coming thick and fast, and we still got a Nasdaq 100 off by one and a half percent.

但在大宗商品领域却并非如此。

Not so in the world of commodities.

随着美元走弱，投资者寻求安全资产。

A search for safety, a bid as the dollar falls.

比特币上涨了2.8%，或许是在追赶数字黄金的表现，而现货黄金也创下了历史新高。

We see 2.8% higher on the Bitcoin rally, so maybe a bit of catch up with digital gold where we see spot gold and a new record high.

铜价上涨了百分之七，这种对人工智能和数据中心至关重要的大宗商品，埃德。

Up seven tenths percent copper, all important commodity to our world of AI and data centers, Ed.

我们在盘中创下了新的纪录高点。

We're on a new record high on an intraday basis.

今天从高点回落了百分之五，但埃德，今年的走势值得注意且已发生转变。

We're up five tenths percent just coming off of that high on the day, but Ed is notable and shifted this year.

对。

Right.

AI芯片领域的规则和要求正在发生变化。

Rules and requirements are changing in the world of AI chips.

美国商务部发布了最新澄清，这不仅影响英伟达向中国出口H200芯片，也影响了AMD。

The US Commerce Department out with clarification, which impacts NVIDIA and its h 200 that it wants to ship to China, but also impacts AMD as well.

今天上午AMD股价大幅波动，一度显著上涨，而英伟达则明显下跌，目前交易至约一个月来的最低水平。

AMD has been trading all over the place this morning at one point notably higher in the session, but NVIDIA markedly down, now trading at its lowest level in around a month.

这些新规则是什么？意味着什么？为何如此重要？

What are these new rules and what do they mean, and why is this significant?

彭博社高级科技编辑迈克·谢泼德从华盛顿加入我们，为我们详解这些新规则和要求。

Bloomberg senior tech editor Mike Shepherd joins us out of DC, lay out the new rules and requirements for us.

但我们在彭博社的报道中指出，这标志着这些公司在中国市场销售努力中的一个重要时刻。

But what we're saying in the Bloomberg story is this marks a significant moment for the companies in their efforts to sell into China.

为什么？

Why?

这是一个虽小但至关重要的行政步骤，为英伟达和AMD向中国销售H200及类似AI芯片铺平了道路。

Well, this is a small but critical bureaucratic step that paves the way for NVIDIA and AMD to be able to sell h 200 and comparable AI chips to China.

它规定美国政府将逐案审查出口许可证申请，不再延续过去对这类申请一律默认拒绝的政策。

What it does is it now says that the US government will review requests for export licenses on a case by case basis and move away from the past policy of a presumption of denial of any such request.

而过去这实际上构成了有效的出口禁令。

And that had in the past been really an effective export ban.

现在，这些公司不能指望他们的申请会得到无条件批准。

Now these companies can't be there expecting a rubber stamp for their requests.

美国政府提出了相当具体的要求。

The US government is laying out some pretty specific requirements.

第一，公司必须证明对华出口不会造成美国本土的供应短缺。

One, that the companies must show that the exports to China will not create a supply shortage here.

这在一定程度上回应了华盛顿立法者长期以来对制定自身出口管制措施所表达的担忧。

This is addressing in a way some of the concerns that lawmakers here in Washington have been raising with attempts to pass their own version of export controls.

第二，他们必须证明为中国的任何生产活动都不会挤占原本用于美国客户的产能。

Two, they must show that any manufacturing done for China must not displace any production capacity intended for US customers here.

第三，公司必须实施严格的客户尽职调查程序，以确保这些芯片及相关技术不会流向未经授权的用户。

And three, the companies must implement strict know your customer procedures to ensure that these chips and the related technology don't get out to unauthorized users.

有趣的是，迈克，我们看到英伟达和AMD今天股价下跌。

It's interesting, Mike, that we are seeing NVIDIA down on the day and AMD.

我们能否了解到他们可能能够出口多少？

Do we get any sense of how many they might be able to ship?

因为这并非没有复杂性。

Because it's not without intricacies.

正如你所说，占美国总产量的50%。

As you say, 50% of the overall made in The US.

这正是当前围绕这项规定的焦点问题：这一限制将如何实际运作。

Well, it is the question of the moment surrounding this rule, just how this cap that it lays out would would function.

该规定指出，对华出口不得超过美国总产量的50%。

The rule says that 50 the exports to China can go more than no more than 50% of total product here in The US.

但这是否意味着从今天起生产的H200芯片都受此限制？

But does that mean h two hundreds produced from this day going forward?

如果是这样，那么这个数量将非常有限，意味着对华出口的数量会少得多，这肯定远远无法满足贾森·黄所说的中国客户所提出的巨大需求，我们曾报道过，阿里巴巴和字节跳动各自有意购买多达20万颗芯片。

If that's the case, it would not be a very big set, and it would mean a far smaller number of exports to China, and that would certainly not go anywhere near meeting the huge demand that Jensen Huang has said that he is getting from Chinese customers, and we have reported that Alibaba and ByteDance are interested in buying as many as 200,000 chips each.

如果我们讨论的是迄今为止生产的全部H200芯片，那将是一个大得多的范围，这对英伟达、AMD及其投资者来说将是一个好得多的结果。

Now if we are talking about all the h two hundreds produced over all time, that would be a much bigger universe, and that would be a much happier outcome for NVIDIA, AMD, and their investors.

所以我们必须看看这一规定究竟会如何被解释，是否会有明确说明。

So we will have to see exactly how that is interpreted, if that gets spelled out.

另一个重要问题，卡罗尔，

Another big question, Carol,

是，没错。

is Yeah.

政府能多快地实际处理这些出口申请，因为过去一年甚至更长时间里，我们一直听说商务部在处理这些申请时存在严重的人员和流程瓶颈。

How quickly the government can move to actually process these export requests because we have been hearing over the past year and longer that they are simply running at the capacity problems in the bureaucracy of commerce and being able to turn these around.

人工智能领域各个环节都存在瓶颈。

Bottlenecks throughout the world of AI.

迈克·谢泼德，非常感谢。

Mike Shepherd, thanks so much.

让我们继续讨论这对英伟达以及更广泛的半导体行业意味着什么。

Let's stick with what this means for NVIDIA and more broadly for semiconductors.

与我们在一起的是贝丝·金迪格，IO基金的科技分析师。

Beth Kindig's with us, IO Fund lead tech analyst.

这是否是一个每年500亿美元的收入机会？

So is this a $50,000,000,000 annual revenue opportunity?

中国对英伟达来说就这么重要吗？

Is China that for NVIDIA?

你好，卡罗琳。

Hi, Caroline.

Jason Wong表示，这是一个每年500亿美元的机会。

Jason Wong has stated it's a 50,000,000,000 per year annual opportunity.

我们上一次讨论时，大约是每季度50亿美元。

When we left off, it was about 5,000,000,000 a quarter.

那就是250亿美元。

That's 25,000,000,000.

所以，这个数字在250亿到500亿美元之间，这意味着当我们查看分析师的预测时，它们可能严重偏低。

So somewhere between 25,000,000,000 and 50,000,000,000, which really means that as we look into analyst estimates, they are probably too low.

从一开始，我们就发现阿尔法收益在于，分析师们真的难以理解英伟达的机遇。

And that has been something from the very beginning that we have found alpha in is that analysts are really struggling to wrap their head around the opportunity of NVIDIA.

现在，H200又回来了。

And now here comes back the h two hundreds.

我们公司非常关注的是2027自然年。

And where my firm is very focused is calendar year 2027.

如果你看看这些预测，即使不考虑中国收入恢复，它们也已经偏低了。

If you look at these estimates, they are too low as it is, let alone if China revenue resumes.

但真正有趣的是，中国对此的反应。

What's really interesting, though, is China's response to all of this.

你说中国对英伟达的收入预测太低了，那实际可能有多少呢？

You say it's too low how much might be the revenue for NVIDIA in China.

但与此同时，我们了解到深海正在推动新的模型。

But at the same time, we understand that DeepSea is driving new models.

我们看到他们以一种不同的方式利用现有资源，而阿里巴巴和百度可能并不需要他们之前已放弃的那20万个芯片。

We're seeing them use what they have in a different method that maybe Alibaba and Baidu don't need those 200,000 that they've already put off efforts and offers in for.

你认为

What do

你如何看待中国转向国产芯片的策略？

you make of the way in which China is gonna pivot to domestic chips?

我认为，目前我手头的数字是大约200万台H200芯片，但实际只有约70万台可用，这意味着NVIDIA的供应依然供不应求。

I would argue that right now, the number I had was about 2,000,000 h two hundreds, and there's only about 700,000 available, which means that, once again, NVIDIA is oversubscribed.

我之前被问过，谁会是下一个NVIDIA？

I have been asked before, who is the next NVIDIA?

会是华为这样的公司吗？

Is it something like Huawei?

你知道的？

You know?

会是谷歌的TPU吗？

Is it Google's TPUs?

答案是，下一个英伟达就是英伟达自己。

And the answer is the next NVIDIA is NVIDIA.

他们极其难以被颠覆，无论在中国还是美国的竞争对手面前都是如此。

They are extremely hard to disrupt, and that goes for China or even United States competitors.

贝丝，考虑到迈克·谢泼德刚刚给我们带来的新消息，詹森·黄在CES上表示，针对黑尔-鲁宾的5个财季5000亿美元预测，可能还会增加，因为他们可能会将2026年的H200销量纳入考虑。

Beth, taking into account the the new story that Mike Shepherd just brought us, Jensen Huang told us at CES that the $500,000,000,000 forecast for five fiscal quarters, it includes this one for Blackwell Rubin, could get bigger because they could factor in some h 200 sales in '26.

我知道2027年是一年，但你有没有根据詹森·王提供的这个最新更新进行建模？

I know '27 to a year, but have you modeled for that little update that that Jensen Wang gave?

有。

Yes.

目前，分析师的预测实际上已经跟上了。

So right now, the analyst estimates did actually catch up.

今年的日历年预测约为3200亿美元。

They're about $320,000,000,000 this this calendar year.

我们就以2026年为例吧。

Let's just go with 2026.

我想特别强调，从下一个日历年我们开始看到分析师的预测过低。

I wanna really emphasize that it's next calendar year that we're gonna start to see analyst estimates too low.

现在，阿尔法就在这里。

That is where the alpha is at right now.

而且，埃德，只需要一两个季度，我们就能看到英伟达股价的大幅波动，这一切都源于我们目前看到的强劲势头，不仅来自Blackwell Ultra，还有今年下半年的Vera Rubin。

And, Ed, it only takes one or two quarters for us to really see NVIDIA's price movement, from all of the, all of the momentum we're seeing, not only from Blackwell Ultra, but then we've got Vera Rubin second half of this year.

现在，H200又回来了。

Now we have the h two hundreds coming back.

具体落在哪个季度对我来说没那么重要，更重要的是，这些分析师的预测实在太低了。

Where that falls specifically in what quarter matters less to me, and what matters more is that those analyst estimates are far too low.

今天早上全球市场的大新闻是金属价格的强劲上涨，尤其是铜价。

That's the big story in global markets this morning is a blistering rally in metals, particularly copper.

正如标普全球在1月8日所写，铜是推动数据中心建设所需的电力供应扩张的基础。

Copper, as S and P Global wrote January 8, foundational to the expanding electricity supply that will power the data center build out.

现在，它已成为该市场的一个重要增长领域。

And it's now a big growth area in that market.

你对铜在供应链中的情况以及它与英伟达芯片所应用的数据中心电力需求之间的关系有多担心？

How worried are you about that copper in the supply chain and how it relates to the power needs of the data centers that NVIDIA's chips go into?

这些问题非常好，埃德。

These are excellent questions, Ed.

总的来说，在这场数据中心扩张中，所有资源都极度紧张，尤其是任何支持电网的材料，比如铜。

Across the board, resources when it comes to this data center expansion are extremely stretched, especially anything that supports the electrical grid such as copper.

我特别想强调的是，投资替代能源是布局2026年的好方法。

What I would really emphasize is those alternative sources of energy is a great way to position going into 2026.

我们公司还发现，要实现维拉·鲁宾和鲁宾超算，电力必须先行。

One thing too my firm has dug up is that in order for us to get to Vera Rubin and then Rubin Ultra, power has to precede that.

我们必须先为这些数据中心提供充足的电力，之后这些系统才能大规模出货和安装。

We have to really get this power to these data centers before those systems can really ship in volume and be installed.

像天然气、甚至固态氧化物燃料电池这类不严重依赖电网的能源，是绝佳的投资方向，

Things like nat gas, even solid oxide fuel cells, those that do not need, you know, great dependency on the electrical grid is a wonderful way to position,

而今天铜价的飙升正是对此的提醒。

and copper surging today is a reminder of that.

有趣的是，我们已经触及到了英伟达。

What's interesting is we've hit NVIDIA.

我们在讨论他们所处的供应链。

We're talking about the supply chain they're in.

我们也在意识到，CPU同样至关重要。

We're also getting the idea that CPUs is where it's at as well.

想想昨天和今天英特尔的动向吧。

And you just think about the moves that we've seen yesterday, today in Intel.

我的意思是，你认为真正的过剩和瓶颈会在哪里造成严重影响？

I mean, where do you think the gluts the bottlenecks are really gonna be hitting hard?

我们都知道，分析师和基德银行表示，英特尔和AMD的服务器CPU在2026年基本已经售罄。

We all know I mean, analysts, KeyBank saying Intel and AMD are basically sold out for 2026 on the CPU server side.

没错。

Exactly.

更有趣的是，AMD的涨幅在过去一年中甚至超过了英伟达。

And what's even more interesting is that AMD was up more or less year than NVIDIA.

是的。

Yeah.

他们和英特尔一样，也是强大的CPU厂商。

And they are such a strong CPU player as well as Intel.

有很多瓶颈，卡罗琳。

There are many bottlenecks, Caroline.

网络是另一个令人想到的瓶颈。

Networking is another one that comes to mind.

当然，能源问题，我们刚刚讨论过。

Of course, energy, we just spoke about.

请记住，这不仅仅是GPU的问题，几乎所有组件、所有网络、所有电力方面的支出几乎同样巨大，我们已经不再受计算能力限制。

Just keep in mind that it's not just GPUs, but there's almost an equal amount of money being spent on all of the components, all of the networking, all of the power, and we are no longer compute constrained.

我们也不再受GPU限制。

We're no longer GPU constrained.

这正日益成为一个需要解决的能源和网络问题，尤其是在我们进入推理市场时，这将需要更多的内存、更高的带宽、更低的延迟以及越来越多的能源。

It really is becoming a power problem and a networking problem that needs to be solved, especially as we move into the inference market, which is only going to require more memory, more bandwidth, less latency, and more and more energy.

贝丝，AMD 和英特尔是否就接受他们在 CPU 市场中竞争，而把加速器市场让给英伟达和其他专业公司？

Beth, do AMD and Intel just accept that it's the CPU market where they can do battle just let the accelerator market go to NVIDIA and other specialists?

不。

No.

我不认为会是这样的结果。

I do not believe that will be the outcome.

我认为 AMD 是一个强有力的竞争者，尤其是今年下半年，它将是强有力的第二名。

I think AMD is a strong contender, a strong number two, especially in the second half of this year.

他们一直在为推出名为 Helios 的机架级架构做准备。

They've really been preparing to bring the rack scale architecture to market, which is called Helios.

而且，埃德，我之前已经深入分析过 AMD，我们完全可以花一整天讨论它的规格。

And, Ed, what was I've covered AMD very thoroughly, and we could get into the specs all day long.

但 OpenAI 给了他们六吉瓦的订单，这是一个巨大的认可。

But OpenAI giving them that six gigawatt deal is a massive nod.

我的意思是，这表明 AMD 已经得到了领先研发公司的高度认可，是一个有力的竞争者。

I mean, that is a big nod that AMD is a contender from the leading r and d firm.

Helios是AMD的首个机架级解决方案，其内部搭载了全球首款2纳米芯片，我们在上周的采访中曾对此进行过讨论。

Helios AMD's first rack scale solution, but theirs in the world's first two nanometer chip inside, which they talked up in our interview last week.

感谢IO基金的贝丝·金迪克再次做客彭博科技。

Beth Kindig of IO Fund, great to have you back on Bloomberg Tech.

非常感谢。

Thank you very much.

接下来，关于X平台上未经同意的性暴露AI生成图像，公众的愤怒情绪正在加剧。

Now coming up, anger grows over sexually explicit nonconsensual AI generated images on x.

我们带来最新进展。

We have the latest.

这里是彭博科技。

This is Bloomberg Tech.

最高法院尚未就对特朗普总统关税政策的挑战作出裁决，全球只能等到下周才能得知这一标志性经济政策的命运。

The supreme court still hasn't ruled on challenges to president Trump's tariffs, leaving the world to wait until at least next week to learn the fate of his signature economic policy.

没有银行监管的联合主持人阿玛里·霍登将立即加入我们，带来更多资讯。

No bank surveillance cohost, Amari Horden, joins us right here for more.

所以我们再次推迟，这个时机可能会很尴尬。

So we delay once again, and that timing could be awkward.

这可能会很尴尬。

It could be awkward.

所以最高法院再次将此事搁置。

So the Supreme Court punts it once again.

他们尚未就大部分关税作出裁决——我们输入美国的关税中超过70%是总统依据IEPA授权实施的，这项授权非常灵活，是他重返办公室后一直使用的粗暴工具。

They do not come out with a decision on whether or not the majority of actually a lot of this tariff on venue we're bringing in into The United States, more than 70% is tethered to the president using IEPA, very flexible, a blunt tool that he has used since he came back into office.

这之所以可能如此尴尬，是因为总统下周将前往达沃斯，与全球领导人和世界精英会面。

And why it could be so awkward is because the president will be in Davos next week and he's going to be meeting with global leaders, the world elite.

去年，他远程参与并严厉抨击了全球精英。

Last last year, he he joined on remote, really lambasted the global elite.

而目前，我们可能在下周二或周三获得裁决，因为那时大法官们将再次开会。

And at this point, potentially, we could get the decision next Tuesday or Wednesday because that's when the justice will be meeting again.

那时我们可能就会得到裁决，而他可能正面临最高法院的裁决：在与这些他已达成贸易协议的国家会面时，不得再使用这项法律授权。

That's when potentially we can get the decision, and he could potentially be facing a supreme court saying you cannot use that legal authority while he's talking to all these countries that he already did trade deals with.

彭博社的安布雷·霍登。

Bloomberg's Ambrey Horden.

非常感谢。

Thank you very much.

另一条头条新闻。

Another top story.

美国参议院一致通过了一项法案，允许遭受性暗示人工智能图像侵害的受害者起诉内容创作者。

The US Senate unanimously passed a bill allowing victims of sexually explicit AI images to sue the creators of that content.

这一举措是对公众日益增长的愤怒的回应，此前彭博社报道，埃隆·马斯克的X平台已成为生成非自愿裸体AI图像的主要网站。

The move is in response to growing public anger after Bloomberg reported that Elon Musk x has become a top site for generating pictures of people who have been nonconsensually undressed by AI.

马斯克在X上表示，他并不知道Grok生成过任何未成年人的裸照。

Musk posted on x that he wasn't aware of any naked underage images generated by Grok.

这是XAI的生成式人工智能工具。

That's XAI's generative AI tool.

让我们邀请彭博社负责企业游说与政府事务的艾米莉·伯恩鲍姆。

Let's bring in Bloomberg's Emily Burnbaum who covers corporate lobbying government.

《反抗法案》赋予美国公民提起民事诉讼的权利。

The defiance act confers on American citizens a civil rights to sue.

把那些信息拿过来，再补充其余的细节，因为这才是这里的新内容。

Take that that information and give the rest of the details because that's the bit that's new here.

是的。

Yes.

这正是它的作用。

That's exactly what it does.

它实质上赋予了那些遭受非自愿深度伪造技术侵害的人——即被这种AI工具非自愿脱衣的人——起诉相关发布者的权利。

It essentially empowers victims of this nonconsensual deepfake technology, people who have been nonconsensually undressed by this AI tool, and it allows them to sue the people responsible for posting that.

这是一项与去年由特朗普总统签署成为法律的法案相配套的措施，该法案对传播此类内容的行为设定了刑事处罚。

And it's a companion to a bill that was signed into law last year by president Trump that creates criminal penalties for distributing that kind of content.

但上次《反抗法案》并未在众议院通过，而下架法案却通过了。

But it didn't go through the house last time, the defiance act, whereas takedown did.

那么这次又有什么不同呢？

And why would this time be any different?

抵制的力量是否已经足够了？

Is the pushback becoming enough?

因为到目前为止，我们看到的实际上是国防部将Grok AI整合进其军事系统，而不是要求Grok或X对此类内容进行某种管控。

Because thus far, what we've really seen is the Department of Defense put Grok AI within its military system instead of pushing back on this being something that Grok or X needs to clamp down in some way.

确实如此。

That's true.

国会中通过这项立法的意愿明显更强了。

There definitely is more of an appetite in congress to pass this legislation.

今年年初以来，已有六位新的共同提案人加入。

There have been six new co sponsors that have come on board since the beginning of the year.

我认为，非自愿生成的AI图像问题已经让议员们有了如此鲜明的认识。

I think that the issue of non consensual AI generated images has become so vivid to lawmakers.

他们中的许多人没错。

Many of them Right.

像亚历山大·奥卡西奥-科尔特斯这样的议员，自己就是这种技术的受害者。

Like Alexandria Ocasio Cortez, are themselves the victims of this.

所以我认为今年这种意愿确实广泛增强了。

So I think the appetite has really broadened this year.

艾米丽，公司X和平台X在公民提起诉讼以及内容传播者方面扮演了什么角色？

Emily, where does the company X and the platform x fit into this in in a a citizen's right to sue and those that distribute the content?

所以这项本周在参议院通过的《反抗法案》可能不会影响Grok。

So this the Defiance Act, which passed the senate this week, that probably would not impact Grock.

它影响的是那些负责传播图像的人。

That impacts the people who are responsible for distributing the images.

但目前有很多讨论，关于《删除法案》是否会授权总检察长就每小时数以千计的图像传播，对Grok、XAI和埃隆·马斯克追究某种程度的责任。

But there is a lot of conversation right now about whether the Take It Down Act would empower attorneys general to sue Grock, XAI, Elon Musk over some level of responsibility for thousands of these images proliferating every hour.

到目前为止，还没有任何总检察长采取这一行动，但这一想法确实正在认真考虑之中。

So far, no attorneys general have taken that up, it's definitely under serious consideration.

当然，马来西亚方面可能也在提出疑问，即XAI是否在某种程度上负有责任。

Certainly something that maybe Malaysia has been putting forward about whether or not it's x AI's responsibility in some way.

彭博社的艾米丽·伯恩班德，报道得非常出色。

Bloomberg's Emily Bernband, fantastic reporting.

非常感谢。

Thank you very much indeed.

接下来，Airbnb任命了新的首席技术官。

Now coming up, Airbnb has a new chief technology officer.

我们将了解他对短租公司的短期计划。

We'll hear about his plans for the short term rental company.

接下来请关注津巴布韦科技频道。

That's next at Zimbabwe Tech.

每天，数百万客户与我这样的AI代理互动。

Every day, millions of customers engage with AI agents like me.

我们昼夜不停地工作，随时掌握最新信息。

We work round the clock and have the facts at our fingertips.

我们快速高效，但极其耐心。

We're fast and effective, but incredibly patient.

我们基于Sierra平台构建，这是领先的AI驱动客户体验平台。

And we're built on Sierra, the leading AI powered customer experience platform.

没有等待音乐，只有答案和行动。

No hold music, just answers and action.

访问 sierra.ai 了解更多信息。

Visit sierra.ai to learn more.

那就是 sierra.ai。

That's sierra.ai.

我非常兴奋，正如布莱恩所说，将精湛技艺带入部署人工智能以实现其功能和产品的过程中。

I'm extremely excited, like Brian said, to bring craft to the the art of deploying AI for its features and and product.

我希望能够向世界带来一些真正精美的功能，让人们每天使用时都爱不释手。

So hope to be able to surprise the world with really beautiful features that they're gonna love using every day.

这是 Airbnb 的新首席技术官艾哈迈德·阿尔达勒就短租平台的人工智能努力发表的看法。

That was Airbnb's new CTO, Ahmad Aldale, weighing in on the short term rental platform's AI efforts.

让我们继续关注拉特利·隆，他与阿尔达勒和 Airbnb 首席执行官布莱恩·切斯基进行了对话。

Let's get more grove our own Latterly Lung who spoke with Aldale and Airbnb CEO Brian Chesky.

我认为一个有趣的切入点是，Airbnb 引入这位新首席技术官究竟想解决什么问题？

I think an interesting way to start is what is Airbnb trying to solve for here by bringing in a new CTO?

他们想改变平台的哪些方面？

What is it they want to change about the platform?

在花了几年时间完善Airbnb应用的基础架构，比如全面升级应用后，他们现在准备进一步推进，将AI应用到整个平台中，包括去年已经推出的客户服务功能。

So after a few years of sort of working on the plumbing of Airbnb's app, like revamping the app, they are ready to take it forward, adding AI across the app, including customer service with a which they did last year.

现在他们还将把AI应用于搜索功能，比如帮助用户发现房源，以及未来跨市场推广旅游和体验等新服务。

And now they're gonna do more with search as well, like letting people discover listings and also cross market some of the new services like tours and experiences going forward.

我想你刚才正好向Brian Chesky本人提出了这个问题。

And I think you sort of put that exact question to Brian Chesky himself.

让我们听听他是如何回应的，解释为什么他们现在要全面转向AI。

Let's just take a listen to how he responded as to why they're pivoting and focusing all in on AI at this moment.

请听一下。

Take a listen.

我们正处在AI这一令人无比激动的技术变革的开端。

We are the beginning of this incredibly exciting technological transformation with AI.

这将是一段旅程，而我对Ahmed感到无比兴奋，因为他是全球顶尖的AI专家之一。

It's gonna be a journey, and I couldn't be more excited about Ahmed, because he's one of the leading AI experts in the world.

他还为Airbnb带来了对工艺的追求，这是我们非常知名的特质。

He also brings a sense of craft to Airbnb, something we're really known for.

我认为你在Airbnb看到的不仅是AI搜索，更是一种高度个性化的AI体验，我们将会把出色的设计理念融入Airbnb的体验中。

And I think what you're gonna see in Airbnb is not only AI search, but a very personalized AI experience where I think we're gonna bring great, like, design sensibility into the experience of Airbnb.

让我们谈谈他们如何讲述这场变革的叙事，因为他们向任职七年的前CTO告别，并聘请了这位来自Meta的专家。

Let's talk a little bit about how they're talking of the narrative of change because they said farewell to the previous CTO who's there for about seven years and brought in this expert from Meta.

那么，他们向谁告别？为什么这位Meta高管是最合适的人选？

So who do they say farewell to, and why is this Meta executive the best place?

前任CTO阿里·巴洛是在Airbnb经历高速增长时期加入的。

So Ari Ballo, the previous CTO, came in during a time when Airbnb was going through hyper growth.

那是七年前的事了，准确地说是七年多以前。

That was seven more than seven years ago.

如今，正如切斯基所说，Airbnb正经历一场由大语言模型和聊天代理驱动的技术革命。

And now Airbnb is sort of, as Chesky said, going through a technological revolution of, you know, LLMs and chat agents.

现在，Airbnb希望利用其平台独有的数据，与其它聊天机器人区分开来，为用户提供更优质的推荐。

And now Airbnb sort of wants to use sort of the unique data they have on the platform to differentiate as itself from other, you know, chat bots to provide better recommendations to customers on their platform.

Airbnb是一家去年股价上涨了约3%的公司。

Airbnb, the company whose stock rose about 3% last year.

今年迄今为止，其股价下跌了几个百分点。

It's down a couple of percent so far this year.

切斯基是早期大力倡导创始人模式的人之一。

And Chesky was one of those people that was the early vocal behind founder mode.

嗯。

Mhmm.

这关乎Airbnb目前的健康状况。

It was the health of Airbnb right now.

这是在说我们必须做点什么来重新加速吗？

Is this them saying we gotta do something to to reaccelerate?

是的。

Yeah.

布赖恩对去年低于10%的增长率并不满意，因此他一直积极致力于试点更多业务。

Brian was not satisfied with some of the below 10% growth rate we've seen last year, and so he's been very active in wanting to pilot more businesses.

今年，他们在多个城市试点精品酒店，并尝试提供杂货配送服务，让客人在入住前就能提前备齐厨房用品。

For this year, they're piloting boutique hotels in several cities, and they're trying to add grocery delivery for people to to pre stock their kitchens before they check-in.

因此，他们正努力提升增长率，因为核心租赁业务正在趋于成熟。

So they're trying to get their growth rate back up as sort of the core rental service matures.

娜塔莉，你也有一个故事

Natalie, you've also got

关于首席信息官在首席技术官动荡后离职的事。

a story about how the chief information officer has departed after the CTO shakeup.

还会有多位高管离职吗？

Is there more executive leadership changes to come?

是的。

Yes.

他们仍在寻找新的首席信息官。

So there will be they're still looking for the new CIO.

我们可以期待在未来几个月乃至年内迎来新任人选。

We can expect that to come in in the in the months and and the year ahead.

谢谢，娜塔莉·朗。

Thanks, Natalie Lang.

非常感谢。

Thank you very much indeed.

现在让我们把注意力转向娱乐领域。

Let's turn our attention to entertainment now.

据消息人士称，奈飞正在修订对华纳兄弟探索的收购报价，可能转为全现金收购。

Netflix is working to revise its bid for Warner Brothers Discovery, potentially shifting to an all cash offer according to sources.

此举旨在加速一项交易，该交易此前面临华盛顿方面的反对，以及来自竞争对手派拉蒙天空之舞的竞购压力。

The move is aimed at speeding up a deal that look has faced pushback from Washington and competition from rival bid at Paramount Skydance.

更多详情，让我们连线彭博社的卢卡斯·肖，他负责报道媒体与娱乐产业。

For more, let's get to Bloomberg's Lucas Shaw, who covers media and entertainment.

深入报道这个故事。

Hit this story hard.

卢卡斯，我说这个全现金的叙事，为什么这么重要？

And, Lucas, I mean, the all cash narrative, why is that important?

为什么这对Netflix来说会是制胜策略呢？

Why would that be the winning formula for Netflix?

因为投资者更喜欢现在的现金，而不是将来可以卖出的Netflix股票。

Because investors like cash now versus, you know, stock in Netflix that they could sell later.

对吧？

Right?

至少根据派拉蒙这一竞争对手的说法，Netflix交易的一个缺点是，派拉蒙的交易全是现金，而Netflix的交易则包含每股4到5美元的股票。

The one of the the knocks against the Netflix deal as perpetuated at least by by Paramount's guidance, the rival bidder, has been that Paramount's deal is all cash and that Netflix deal contains, you know, between $4 and $5 a share of stock.

现在Netflix的股票价值很高，你可能会觉得人们会想要，但大多数人还是更愿意现在拿现金到账。

Now Netflix stock is pretty valuable, something that you think people would want to have, but most people would rather just take the cash now and get paid.

因此，我认为Netflix希望这能在多个方面加速交易进程。

And so that, I think, Netflix hopes will accelerate on many fronts.

这不仅能缓解股东对其竞购方案的担忧，还能消除在继续谈判和推进过程中可能出现的任何复杂问题。

It'll, you know, it'll assuage any shareholder concerns about their bid and also eliminate any, you know, potential compact complexities as they continue to to negotiate and pursue it.

卢卡斯，我们在报道这件事时，Netflix的回应和你来我往——派拉蒙本周早些时候提起诉讼并提名了我们的高管进入董事会——你有没有感觉到，Netflix认为这招会奏效，他们现在又重新领先，在这场争夺资产的激烈竞争中占据了优势？

Lucas, when we were reporting this out, you know, the Netflix response and the tit for tat, you know, Paramount suing earlier this week and nominated our heads to the board, do you get the sense that Netflix think this will work, that that they had they're now back in sort of the lead in in a tight race for the assets?

嗯，我认为如果你去问问Netflix的人，他们从未觉得自己落后了。

Well, I don't I think if you were to to talk to the people at Netflix, they've never felt they were out of the lead.

对吧？

Right?

你知道，他们显然面临着派拉蒙的强劲挑战，但他们拥有已获批准的交易，而且至今还没有看到股东大规模表示不想要Netflix的交易，也没有看到联邦政府表示要阻止这笔交易。当然有一些警示信号，但我认为他们还没看到任何让他们过于担忧的事情。

You know, they are obviously facing a stiff challenge from Paramount, but they're the ones who have an approved deal and they have yet to see kind of some they have yet to see shareholders say en masse you don't want the Netflix deal they have yet to see the federal government say we're going to block this deal there are certainly some kind of blinking yellow lights, but I don't think they've they've seen anything yet that that gives makes them too concerned.

他们似乎非常有信心能完成这笔交易。

They seem so pretty confident that they'll get this done.

一周后，也就是1月21日，派拉蒙与Skydance一方的要约收购将到期。

And in a week, January 21, that's when the tender offer for certainly the Paramount Skydance side of the equation runs outright.

我的意思是，我们能否从投资者那里得到任何信号，表明他们对这一方感兴趣？

I mean, do we get any signal for investors that they're at all interested in that side?

你知道，投资者的意见是分裂的。

You know, investors have been split.

一些大型投资基金会，你知道，他们什么都不说，但我们已经与多位主要股东交谈过，我认为他们的反应不一，有的更倾向Netflix，有的更倾向派拉蒙。

Some of the some of the big investor investment funds, know, they don't they don't say anything, but we have spoken with a number of the major shareholders and I'd say their reactions range from we prefer Netflix, do we prefer Paramount?

而许多中间派人士基本上认为，目前的胜者是Netflix，但我们希望/预期Paramount会提高报价，这并不算什么新动向。

And then a lot of people in the middle are basically saying, you know, tie right now goes to the winner, which is Netflix, but we hope slash expect that Paramount will increase its offer, which is nothing to create

Paramount的举动。

a Paramount move.

请简要提醒我们目前双方出价的差异。

Just very quickly remind us of the state of play, the difference between the two bids.

Netflix的报价仅针对工作室和流媒体服务，即华纳兄弟和HBO。

Well, Netflix's bid is for just the studio and streaming service, so Warner Brothers and and HBO.

Paramount的报价则是针对整个公司，包括所有有线电视频道，如CNN、TNT、TVS等。

Paramount's bid is for the whole company, so that includes all the cable networks like CNN, TNT, TVS, and the like.

彭博社的卢卡斯·肖，他领导的Screentime团队在报道这一故事方面走在前列。

Bloomberg's Lucas Shaw, who leads the team at Screentime that has led the way on reporting this story.

非常感谢。

Thank you so much.

接下来在彭博科技节目中，机器人初创公司Skilled AI刚刚完成了14亿美元的融资，估值大幅跃升，是一年前的三倍。

Now coming up on Bloomberg Tech, robotics startup Skilled AI just closed a $1,400,000,000 funding round, a big valuation, tripling from a year.

接下来是这个。

This is next.

这里是彭博科技。

This is Bloomberg Tech.

欢迎回到彭博科技。

Welcome back to Bloomberg Tech.

让我们关注一下承受压力的市场。

Let's check-in on the markets that are under pressure.

看。

Look.

随着财报季来临，我们面临担忧的高墙，地缘政治风险，以及大型科技股的疲软。

We've got a wall of worry as we come to the earning season, geopolitical risks, and we see some drag down in big tech.

纳斯达克指数上涨了1.3%。

We're up by 1.3% on the Nasdaq.

事实上，标普500指数连续两天下跌，此前刚创下历史新高。

In fact, two straight days of losses on the S and P were coming off of record highs.

英伟达当然正面临一个消息，即H200可能即将更接近向中国出口。

Nvidia, of course, confronting that news that maybe h two hundreds could be getting closer to exporting to China.

但目前，我们正承受压力。

But at the moment, we're under pressure.

这是下行的主要拖累因素之一。

It's one the key drags on the downside.

不过，比特币上涨了3.4%。

Bitcoin, though, up 3.4%.

我们看到数字黄金可能获得了一些青睐，不仅仅是黄金、白银和铜。

We're seeing maybe a bit of love for digital gold, not just gold, silver, and copper.

我们还看到一些空头被逼平仓。

We're also seeing maybe some shorts getting squeezed out.

继续看下一个。

Move on.

来看看个股发生了什么。

Have a look at what's happening in individual stocks.

我来关注一下霍尼韦尔。

I'm shining a light on Honeywell.

看。

Look.

我们上涨了1.8%。

We're up 1.8%.

也许它控制的资产Quantum正在寻求IPO。

Maybe an asset that it controls, Quantum, could be looking for an IPO.

我们了解到，他们可能正在向美国证券交易委员会提交IPO申请。

We're understanding that they're potentially filing for an IPO with the SEC.

我们知道，它上次的估值约为110亿美元，而且我们还有其他关键战略投资者。

We know that its last valuation was about $11,000,000,000, and we've got other key strategics.

英伟达也在其中。

Nvidia's in there.

摩根大通也在其中。

GP Morgan's in there as well.

因此，当我们展望2026年时，所有目光都聚焦在量子计算上。

So all eyes on quantum computing as we look towards 2026.

你在关注什么？

What are you looking at?

嗯。

Yeah.

我们还有一个

We also have a

在私募市场的大动作。

big deal in private markets.

机器人初创公司Skilled AI刚刚完成了14亿美元的融资。

Robotics start up, Skilled AI, has just closed a $1,400,000,000 funding round.

这家公司的估值超过140亿美元，而它成立于2023年。

The valuation, more than $14,000,000,000, and that's for a company only founded in 2023.

Skilled旨在通过打造人工智能驱动的机器人大脑，在这个竞争激烈的领域中脱颖而出。

Skilled is aiming to stand out in what's a crowded field by building an AI powered robotic brain.

目标是开发一个能够适应不同环境和形态，并且关键的是能从自身错误中学习的系统。

The goal is to develop a system that can adapt across environments and form factors and, crucially, learn from its own mistakes.

今天我们邀请到Skilled的联合创始人兼首席执行官迪帕克·帕塔克来讨论这一话题。

Joining us to discuss is skilled cofounder and CEO, Deepak Pathak.

欢迎你做客彭博科技节目。

It's great to have you on Bloomberg Tech.

有趣的是，我们先从融资轮说起。

What's interesting, let's start with the round.

没错。

Yep.

这不仅仅是金额的问题。

It's not just the volume.

这也不仅仅是估值的问题。

It's not just the valuation.

一些战略投资者，比如英伟达、消费电子领域的三星、LG，以及软件行业的公司，都在支持你们。你认为他们看中了你们的核心竞争力是什么？

Some of the strategics that are backing you, NVIDIA, others in consumer electronics, Samsung LG, and in the software sector as well, what are they recognizing is your core competence, do you think?

如果你想想机器人技术，这其实是技术领域中最古老的领域之一，就像人工智能一样。

So if you think about robotics, right, this is one of the oldest areas in technology, like in AI.

人工智能最初就是为机器人而构建的。

AI was built for robotics.

过去七十年来，我们看到了许多令人惊叹的机器人演示，不是四五年，而是七十年，但为什么我们身边却看不到机器人呢？

We have seen amazing demos in robotics for the last seventy years, not four, five years, seventy years, but where are robots around us?

这正是人们常常误解的地方。

And this is what people often get wrong.

当你想到机器人时，你脑海中浮现的是硬件。

When you think of robots in your mind, you imagine hardware.

因为好莱坞已经让我们形成了这种第一印象，但如今我们身边没有机器人，真正缺失的是它的‘大脑’；如果你有了机器人的‘大脑’，就能在各种领域和应用场景中真正实现它们。

Like that comes to your mind first because that's how Hollywood has primed us, but the main thing behind not having robots around us today is the brain is missing and if you have the brain for robots, you can really enable them around in variety of areas, variety of applications.

这正是SKILD正在做的事情。

And that's what exactly SKILD is doing.

我们正在构建一种我们称之为‘全形态大脑’的东西。

We are building what we call omnibodied brain.

任何机器人，任何任务，一个大脑。

Any robot, any task, one brain.

我对你们如何构建它感兴趣。

I'm interested in how you're building it.

很多人现在谈到的限制是

The limitation that a lot

现实世界的数据和训练。

of people are talking about right now is real world data and training.

没错。

Exactly.

有不同的方法。

There are different approaches.

是的。

Yep.

数字孪生，是的。

Digital twins Yep.

试图在数字世界中模拟物理。

Trying to simulate physics in digital worlds.

这正是英伟达所专注的。

This is very much what NVIDIA is focused on.

对吧？

Right?

没错。

Yep.

你们采用的是模拟数据还是合成数据的方法？

Is that the approach you've taken, simulated or synthetic data?

所以

So

我想可以类比一下像ChatGPT这样的大语言模型，如果你看到OpenAI的ChatGPT，很快就有许多公司推出了自己的大语言模型。

I think I will draw analogy to LLMs like ChatGPT like models, like if you see OpenEdge ChatGPT and soon after many companies had their own LLM models.

这是因为互联网上存在语言或视觉方面的数据。

And the reason for that is data exist on the Internet for language or vision.