Nobody knows for sure who is going to make all the money when it comes to artificial intelligence. Will it be the incumbent tech giants? Will it be startups? What will the business models look like? It's all up in the air. One thing is clear though — AI requires a lot of computing power and that means demand for semiconductors. Right now, Nvidia has been a huge winner in the space, with their chips powering both the training of AI models (like ChatGPT) and the inference (the results of a query.) But others want in on the action as well. So how big will this market be? Can other companies gain a foothold and "chip away" at Nvidia's dominance? On this episode we speak with Bernstein semiconductor analyst Stacy Rasgon about this rapidly growing space and who has a shot to win it.

Nobody knows for sure who is going to make all the money when it comes to artificial intelligence. Will it be the incumbent tech giants? Will it be startups? What will the business models look like? It's all up in the air. One thing is clear though — AI requires a lot of computing power and that means demand for semiconductors. Right now, Nvidia has been a huge winner in the space, with their chips powering both the training of AI models (like ChatGPT) and the inference (the results of a query.) But others want in on the action as well. So how big will this market be? Can other companies gain a foothold and "chip away" at Nvidia's dominance? On this episode we speak with Bernstein semiconductor analyst Stacy Rasgon about this rapidly growing space and who has a shot to win it.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Tuesday and Thursday for interviews with the most interesting minds in finance, economics and markets.

Odd Lots

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday. 

On Bloomberg’s Odd Lots podcast Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets, and economics. Join the conversation every Monday and Thursday.

Inside the Battle for Chips That Will Power Artificial Intelligence

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/04c25c44-1b9a-4159-8305-aff9012a80b0/transcript

Copper has long been touted as a big winner from the world's drive towards electrification. All those electric vehicles and new grids need lots of the metal to work. At the same time, since it takes years for new copper mining capacity to actually come on stream, many people expect a long-term shortage of the metal to materialize. But despite all that excitement, copper prices actually fell over the past few years. Now, copper bulls are getting another chance as the metal surges towards a new record. So why didn't the thesis play out before? And what does the mismatch between short-term prices and long-term supply actually mean for the world? In this episode, we speak to Jeff Currie, a long-time copper bull and commodities veteran who's now at Carlyle Group. We talk to him about why copper is his highest-conviction trade ever, plus the outlook for oil and big changes in petrodollars.

Copper has long been touted as a big winner from the world's drive towards electrification. All those electric vehicles and new grids need lots of the metal to work. At the same time, since it takes years for new copper mining capacity to actually come on stream, many people expect a long-term shortage of the metal to materialize. But despite all that excitement, copper prices actually fell over the past few years. Now, copper bulls are getting another chance as the metal surges towards a new record. So why didn't the thesis play out before? And what does the mismatch between short-term prices and long-term supply actually mean for the world? In this episode, we speak to Jeff Currie, a long-time copper bull and commodities veteran who's now at Carlyle Group. We talk to him about why copper is his highest-conviction trade ever, plus the outlook for oil and big changes in petrodollars.

Jeff Currie on Why Copper Is His Highest-Conviction Trade Ever

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a7e45328-b6dc-427e-bfef-b172014c92ff/transcript

Pierre Andurand made his name trading oil and other energy-related assets, but wild swings in the price of cocoa have recently lured the founder of Andurand Capital Management into a new market. He bet on cocoa earlier this year and saw the trade pay off as the price of the beans surged to a record $12,000 a ton. Prices have since fallen back to around $7,800, but Andurand sees scope for further upside as extreme deficits in the building blocks of chocolate loom. In this episode, we talk about how he entered the cocoa market, how he formed his investment thesis, and potential interest in other soft commodities, like coffee and orange juice. We also talk about copper, where a similar story of structural shortages is now playing out in prices.

Pierre Andurand made his name trading oil and other energy-related assets, but wild swings in the price of cocoa have recently lured the founder of Andurand Capital Management into a new market. He bet on cocoa earlier this year and saw the trade pay off as the price of the beans surged to a record $12,000 a ton. Prices have since fallen back to around $7,800, but Andurand sees scope for further upside as extreme deficits in the building blocks of chocolate loom. In this episode, we talk about how he entered the cocoa market, how he formed his investment thesis, and potential interest in other soft commodities, like coffee and orange juice. We also talk about copper, where a similar story of structural shortages is now playing out in prices.

Pierre Andurand Says the World Could Run Out of Cocoa Inventories

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/17e645ea-2238-4648-8351-b171012e066e/transcript

This week, we'll get fresh inflation data in the US, which will inevitably feed into the Federal Reserve's future decisions to raise, hold or lower benchmark interest rates. Meanwhile, the Biden administration is preparing to announce new tariffs aimed at curbing Chinese imports in key industries, including electric vehicles, batteries and solar cells. On this episode, we speak to Odd Lots favorite Viktor Shvets. The Macquarie strategist has a way of threading the needle between major global events and reaching back into history to provide context for our current macroeconomic moment. He describes the US central bank as a prisoner of its own policies, namely data dependency and the "dot plot." Meanwhile, China faces "massive" overcapacity problems as more and more countries put up barriers to its exports. We also talk about generational shifts and what they mean for investment.

This week, we'll get fresh inflation data in the US, which will inevitably feed into the Federal Reserve's future decisions to raise, hold or lower benchmark interest rates. Meanwhile, the Biden administration is preparing to announce new tariffs aimed at curbing Chinese imports in key industries, including electric vehicles, batteries and solar cells. On this episode, we speak to Odd Lots favorite Viktor Shvets. The Macquarie strategist has a way of threading the needle between major global events and reaching back into history to provide context for our current macroeconomic moment. He describes the US central bank as a prisoner of its own policies, namely data dependency and the "dot plot." Meanwhile, China faces "massive" overcapacity problems as more and more countries put up barriers to its exports. We also talk about generational shifts and what they mean for investment.

Viktor Shvets on How the Fed Has Become a Prisoner of Its Own Making

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c627386b-0b37-47c7-aee1-b16c01457bb2/transcript

Inside the Battle for Chips That Will Power Artificial Intelligence

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