Anthropic’s Compute Bet, Musk on AI, Apple’s New CEO

**SPEAKER_1** (0:02)
Bloomberg Audio Studios, Podcasts, Radio, News. Bloomberg Tech is live from the heart of Silicon Valley with Ed Ludlow in San Francisco.

**Ed Ludlow** (0:22)
This is Bloomberg Tech. Coming up, Anthropic looks to expand its AI capacity degrees to a $35 billion computing deal with Nvidia-backed cloud provider Lambda. Plus, we hear from Elon Musk at a G20 meeting predicting AI will increase the global economy by up to 30%.
And John Ternus officially takes over as Apple CEO today. This is the company gets ready for a new product unveil next week.
There's a lot happening in financial markets, largely to do with what's happening in the bond market, expectations for the Fed and a movement in oil. Technology shares the NASDAQ 100 and SOX, in this case, lower. And in a little bit of time, we're going to get to what's happening in global bonds with yields at 2008 levels. But first, to our top story. Anthropic is writing another massive check for AI compute. The Claude maker has agreed to a $35 billion cloud deal with Nvidia-backed Lambda, according to a Bloomberg source. It's the latest in a string of huge infrastructure deals, as Anthropic races to secure more computing power. Joining us is Bloomberg's Sarah Fryer, who has the details. It's kind of a squishy, unusual arrangement. What do we need to know?

**Sarah Fryer** (1:34)
Well, the deal headline is that it's between Anthropic and Lambda. But if you look at the details, Nvidia is all over this.
Nvidia is the backer of Lambda. It's the provider of chips for Anthropic. It is actually signing the lease in Texas where this is happening. So this is one instance among many of Nvidia facilitating demand for its own chips by ensuring that its customers can get the cloud computing resources they need and have the ability to have a place to buy them and grow.

**Ed Ludlow** (2:14)
I would say Nvidia, Lambda and the developer on this deal, R8, didn't respond to our request for comment on this story, but Nvidia does say it's like a conduit between the capacity and those that need it. $35 billion seems like a lot, but actually if you look at the news flow of late, Anthropic's done quite a few deals at that scale. What other places has it been securing some capacity?

**Sarah Fryer** (2:35)
It's just been on an incredible tariff. We've become one of the most significant customers of cloud computing deals. We've got recently the $45 billion end scale deal, the $50 billion fluid stack deal, the $45 billion SpaceX deal. Anthropic is just desperate right now for computing power to try to grow, not just to meet this man for its customer base, but to continue to train its models. And it feels insatiable at this point. They're really trying to do deals wherever they can, including through their cloud partners.
And I'm very curious when we see that Anthropic S1 drop, which could be any day now, to see how this all adds up. How much are they taking on here in terms of commitments to these cloud providers, these data center deals, and what does it do to that balance sheet?

**Ed Ludlow** (3:31)
Any day now, we expect Anthropic to publicly file for an IPO.
Bloomberg's Sarah Fry, managing editor for the Big Tech team, thank you so much. Let's take a look at today's big number. $218 billion. That's MediaTek's market value, after shares surged nearly 10% in Asia trading. The catalyst, a deal first reported by Bloomberg 24 hours ago. Nvidia will invest $3.5 billion into the Taiwanese chip maker. Today's rally added roughly $20 billion to MediaTek's market cap. Remember, we spoke with MediaTek CEO Rick Zai yesterday, who said that this partnership with Nvidia gives him reasons for optimism.

**Rick Zai** (4:10)
Being in Taiwan, in the almost like a center of the AI infrastructure ecosystem really helps.
And we also work closely with Nvidia, with our customer too. But it's tough. And I think, I don't know, I really see good scars in the future.

**Ed Ludlow** (4:36)
Okay, the big story in markets is global bond yields, climbing to their highest level since 2008 Tech has got a part in this story, borrowing by the biggest US technology firms, to fund AI has crowded out demand for sovereign bonds. At the same time, just six hyperscalers make up about 5% of the US high-grade index, which has doubled their share just two years ago. What's going on? Joining us now is JP Morgan Asset Management global market strategist Stephanie Aliaga. We're trying to zero in on tech's contribution to this global bond story.
What is tech's contribution right now? What impact are tech issuances having, do you think, on global yields?