市场概览：地缘政治与AI泡沫下的不安情绪

Bloomberg: Bloomberg Tech is live from coast to coast with Caroline Hyde in New York and Ed Lelo in San Francisco.

彭博社：彭博科技节目正从美国东海岸到西海岸进行直播，卡罗琳·海德在纽约，埃德·莱洛在旧金山。

Bloomberg: This is Bloomberg Tech. Coming up, escalating trade tensions between China, the US, and now Europe, too.

彭博社：这里是彭博科技。接下来，我们将讨论中国、美国以及现在欧洲之间不断升级的贸易紧张局势。

Bloomberg: We will discuss what the latest trade showdown means for the tech sector.

彭博社：我们将讨论这场最新的贸易对抗对科技行业意味着什么。

Bloomberg: Plus, concerns of an AI bubble grow louder among global fund managers.

彭博社：此外，全球基金经理对 AI泡沫（Artificial Intelligence Bubble: 指人工智能相关股票估值过高，可能存在泡沫破裂风险的现象）的担忧日益加剧。

Bloomberg: We'll discuss the valuation anxiety in their latest Bank of America survey.

彭博社：我们将讨论他们最新美国银行调查中反映出的估值焦虑。

Bloomberg: And Instagram makes some changes with tighter content restrictions for teenagers. We'll discuss with Instagram's global director of policy.

彭博社：Instagram针对青少年用户收紧了内容限制，我们也将与Instagram的全球政策总监讨论此事。

Bloomberg: But first, to check in on these public markets, and once again anxiety returns to the fore.

彭博社：但首先，让我们关注一下公开市场，担忧情绪再次浮现。

Bloomberg: We are worried about US-China, Europe-China, and the trade for tit-for-tat that really moves out into the world of shipping.

彭博社：我们担忧美中、欧中关系，以及真正蔓延到航运领域的贸易“以牙还牙”政策。

Bloomberg: We're down 9/10 of a percent on the index of the NASDAQ 100 (NASDAQ 100: 纳斯达克100指数，主要由在纳斯达克上市的100家最大非金融公司组成)。

彭博社：纳斯达克100指数下跌了0.9%。

Bloomberg: But Bitcoin (Bitcoin: 一种去中心化的加密数字货币), crypto (Cryptocurrency: 加密货币，一种使用加密技术来确保交易安全和验证资产所有权，并控制新单位创建的数字或虚拟货币) in the eye of the storm, and $150 billion wiped out in terms of market cap across the industry.

彭博社：但比特币和加密货币处于风暴中心，整个行业市值蒸发了1500亿美元。

Bloomberg: We see margin calls (Margin Call: 保证金追加通知，当投资者账户中的资金低于维持保证金要求时，经纪人发出的追加资金的通知) and leverage (Leverage: 杠杆，指使用借入资金进行投资，以期放大投资回报的做法) flush out.

彭博社：我们看到保证金追加通知和杠杆被强制平仓。

Bloomberg: It really is a dialup of worries when it comes to geopolitical risk here.

彭博社：这确实加剧了人们对地缘政治风险的担忧。

美中贸易紧张局势升级：中国加码反制措施

Ed Lelo: Okay, let's get to our top story.

埃德·莱洛：好的，我们来关注头条新闻。

Ed Lelo: Treasury Secretary Scott Besson said he still expects Presidents Trump and Xi Jinping to meet, though China's latest escalation in that trade conflict between the world's two largest economies raises questions about all issues can be resolved before that meeting.

埃德·莱洛： 财政部长（Treasury Secretary: 负责国家财政政策和国库管理的政府高级官员）斯科特·贝森表示，他仍然预计特朗普总统和习近平主席将举行会晤，尽管中国在全球两大经济体之间的贸易冲突中最新升级的举动，引发了人们对所有问题能否在会晤前解决的疑问。

Ed Lelo: Bloomberg senior technology editor Mike Shepard joins us. Mike, what do we need to know?

埃德·莱洛：彭博社高级科技编辑迈克·谢泼德加入了我们。迈克，我们需要知道什么？

Ed Lelo: What's the latest on those US-China trade talks?

埃德·莱洛：美中贸易谈判的最新进展是什么？

Mike Shepard: Well, the latest really, Ed, is that China is hitting the gas rather than hitting the brake now as the two sides prepare to meet to discuss these ahead of a possible summit between presidents Donald Trump and Xi Jinping.

迈克·谢泼德：埃德，最新情况是，在中国和美国双方准备会晤讨论这些问题，并可能在唐纳德·特朗普总统和习近平主席之间举行峰会之前，中国现在正在“踩油门”而不是“踩刹车”。

Mike Shepard: China earlier today unveiled new measures aimed at US shipping, sanctioning a South Korean company with strong US ties and the US operations of that venture, Hanwa, and then also unveiling other possible port fees.

迈克·谢泼德：今天早些时候，中国公布了针对美国航运的新措施，制裁了一家与美国关系密切的韩国公司及其在美国的合资企业韩华，并公布了其他可能的港口费用。

Mike Shepard: This is the latest escalation in an area where Beijing feels like it has an advantage over the supply chain (Supply Chain: 供应链，商品或服务从原材料到最终消费者的整个生产和分销过程)。

迈克·谢泼德：这是北京认为自己在供应链上具有优势的领域中的最新升级。

Mike Shepard: China has been the world's largest shipbuilder since 2017, and it follows last week's move where China imposed new export controls on sales of rare earth's minerals (Rare Earth Elements: 稀土矿物，一组具有独特电子、磁性、催化和光学性质的17种化学元素，广泛应用于高科技产品中) to the US and to other countries around the world.

迈克·谢泼德：自2017年以来，中国一直是全球最大的造船国，此举紧随上周中国对美国和世界其他国家稀土矿物销售实施新出口管制之后。

Mike Shepard: Again, another area where they have a hold on the supply chain.

迈克·谢泼德：这再次是中国在供应链上占据主导地位的另一个领域。

Mike Shepard: And even as Scott Bessant is saying that he sees the prospects for a meeting between Donald Trump and Xi Jinping, he has also indicated that he sees China's moves against rare earths.

迈克·谢泼德：尽管斯科特·贝森特表示他看到了唐纳德·特朗普和习近平之间会晤的前景，但他也指出，他认为中国对稀土采取的行动。

Mike Shepard: And he hasn't commented yet on the shipping decision by China.

迈克·谢泼德：他尚未就中国在航运方面的决定发表评论。

Mike Shepard: But he sees those steps as aiming a bazooka at the global supply chain, and it is not the tone you would expect the two sides to be striking as they try to reach some sort of an agreement.

迈克·谢泼德：但他认为这些举措是在向全球供应链“发射火箭筒”，这并非双方在努力达成某种协议时应有的态度。

欧洲的回应：技术共享、关税与Nexperia事件

Caroline Hyde: The global supply chain is key here, Mike.

卡罗琳·海德：迈克，全球供应链是这里的关键。

Caroline Hyde: Europe really considering what its own options are, where leverage can be applied to protect its own manufacturers because the rare earth's implications are large for them too.

卡罗琳·海德：欧洲正在认真考虑自己的选择，以及可以在哪里施加影响力来保护自己的制造商，因为稀土对他们也有很大的影响。

Mike Shepard: The rare earth's implications are huge and they're looking at it at a number of fronts.

迈克·谢泼德：稀土的影响是巨大的，他们正在从多个方面审视这个问题。

Mike Shepard: One area of particular concern, of course, has been the vehicle industry and electric vehicles (EVs: Electric Vehicles: 电动汽车，使用电动机驱动，而不是传统的内燃机) more specifically.

迈克·谢泼德：当然，一个特别令人担忧的领域是汽车行业，特别是电动汽车。

Mike Shepard: And what the EU is considering now is whether to require Chinese firms that want to operate within the block to share technology.

迈克·谢泼德：欧盟现在正在考虑是否要求希望在欧盟内部运营的中国公司分享技术。

Mike Shepard: And this is sort of taking a page from Beijing's own playbook.

迈克·谢泼德：这有点像是借鉴了北京自己的策略。

Mike Shepard: Any foreign company that wanted to do business with a Chinese partner in mainland China had to share technology with that partner as really the price of admission.

迈克·谢泼德：任何希望在中国大陆与中国合作伙伴开展业务的外国公司都必须与该合作伙伴分享技术，这实际上是进入市场的代价。

Mike Shepard: And the EU is now considering the same, and it is worried because it is seeing BYD (BYD: 比亚迪，一家中国汽车制造商，同时也是电池、电动自行车、叉车、巴士和卡车生产商) make such inroads into the European market and putting some of the European makers and their own EV ambitions in jeopardy.

迈克·谢泼德：欧盟现在正在考虑同样的事情，并且感到担忧，因为它看到比亚迪在欧洲市场取得了如此大的进展，这使得一些欧洲制造商及其自身的电动汽车雄心岌岌可危。

Mike Shepard: You know, it would require not only the sharing of technology, but this also joins other steps that are aimed at trying to rein in China on the continent.

迈克·谢泼德：这不仅需要技术共享，还与其他旨在遏制中国在欧洲大陆影响力的措施一道推行。

Mike Shepard: And that includes a doubling last week of tariffs (Tariffs: 关税，政府对进口或出口商品征收的税费) on steel imports.

迈克·谢泼德：这包括上周对钢铁进口关税的加倍。

Mike Shepard: Clearly, a move aimed at China.

迈克·谢泼德：显然，此举是针对中国的。

Mike Shepard: And this also follows something that we were covering very closely over the past two days, the Dutch decision to seize Nexperia (Nexperia: 闻泰科技旗下的一家半导体公司，专注于分立器件、逻辑器件和MOSFET器件的生产) from its Chinese owner Wingtech (Wingtech: 闻泰科技，一家中国半导体和通信产品公司), a venture that was subject to possible US sanctions.

迈克·谢泼德：这还紧随我们过去两天密切关注的一件事，即荷兰决定从其中国所有者 闻泰科技（Wingtech: 闻泰科技，一家中国半导体和通信产品公司）手中扣押 安世半导体（Nexperia: 闻泰科技旗下的一家半导体公司，专注于分立器件、逻辑器件和MOSFET器件的生产）。闻泰科技是一家可能受到美国制裁的合资企业。

Mike Shepard: We learned today if it did not replace its Chinese CEO, and that prompted the government, the Dutch government, to move and to seize control of the local venture next from its Chinese parent.

迈克·谢泼德：我们今天得知，如果它不更换其中国首席执行官，这将促使荷兰政府采取行动，从其中国母公司手中夺取对当地合资企业的控制权。

Ed Lelo: Bloomberg's Mike Shepard, thank you very much.

埃德·莱洛：彭博社的迈克·谢泼德，非常感谢。

Ed Lelo: Let's get more details on the story Mike mentioned.

埃德·莱洛：让我们了解更多迈克提到的故事细节。

Ed Lelo: China retaliates after the Dutch government invoked a Cold War-era law to take control of chipmaker (Chipmaker: 芯片制造商，设计和生产半导体芯片的公司) Nexperia.

埃德·莱洛：在中国政府援引冷战时期法律接管芯片制造商安世半导体后，中国进行了报复。

Ed Lelo: With Beijing now blocking Nexperia and its subcontractors from exporting products from the Asian nation, the company is a subsidiary of China's Wingtech Technology and a key supplier of mature chips (Mature Chips: 成熟制程芯片，指采用较旧、较成熟的半导体制造工艺生产的芯片，通常用于汽车、家电等对性能要求不那么极致的领域) used by the automotive and consumer electronic industries.

埃德·莱洛：北京现在阻止安世半导体及其分包商从亚洲国家出口产品，该公司是中国闻泰科技的子公司，也是汽车和消费电子行业使用的成熟芯片的关键供应商。

AI泡沫担忧与加密货币波动：市场风险加剧

Caroline Hyde: Now, look, these US-China trade tensions and European-China trade tensions clearly weighing across risk assets (Risk Assets: 风险资产，指价格波动较大、投资风险较高的资产，如股票、高收益债券和加密货币).

卡罗琳·海德：现在，美中贸易紧张和欧中贸易紧张显然正在给风险资产带来压力。

Caroline Hyde: Most notably though, crypto, it continued to lose ground after a historic round of liquidations (Liquidations: 强制平仓，指经纪商或交易所强制关闭交易者的头寸，通常是因为保证金账户余额不足以维持未平仓头寸) that triggered a sharp sell-off over the weekend.

卡罗琳·海德：最值得注意的是加密货币，在周末引发急剧抛售的一轮历史性强制平仓之后，它继续下跌。

Caroline Hyde: Remember, look, Bitcoin is in a technical correction (Technical Correction: 技术性调整，指资产价格在经历大幅上涨后，出现短期下跌以修正过热的市场情绪，而非基本面恶化).

卡罗琳·海德：请记住，比特币正处于技术性调整中。

Caroline Hyde: The market value of all cryptocurrencies fell by more than 150 billion over the last 24-hour period, according to Coin Gecko (Coin Gecko: 一家加密货币数据聚合网站，提供加密货币价格、市值、交易量等信息) data.

卡罗琳·海德：根据Coin Gecko的数据，过去24小时内，所有加密货币的总市值下跌了超过1500亿美元。

Caroline Hyde: Person we turn to is Bloomberg's Bailey Lipils, who covers tech assets for us.

卡罗琳·海德：我们请到了彭博社的贝利·利普尔斯，他为我们报道科技资产。

Caroline Hyde: And this is washing out the leverage from the system.

卡罗琳·海德：这正在清洗系统中的杠杆。

Bailey Lipils: Yeah, washing out the leverage.

贝利·利普尔斯：是的，清洗杠杆。

Bailey Lipils: You have people getting margin called.

贝利·利普尔斯：人们收到了保证金追加通知。

Bailey Lipils: The thing that's interesting with crypto when you talk to your kind of regular Joe crypto trader, they sometimes use 50 times leverage, which means that if they're that levered and you see any type of pullback, they don't get to say, "Oh, actually, let me try to get some assets together."

贝利·利普尔斯：与普通的加密货币交易者交谈时，加密货币的有趣之处在于，他们有时会使用50倍的杠杆，这意味着如果他们杠杆如此之高，一旦出现任何类型的回调，他们就无法说“哦，实际上，让我尝试筹集一些资产”。

Bailey Lipils: They immediately get margin called.

贝利·利普尔斯：他们会立即收到保证金追加通知。

Bailey Lipils: That's when you see some of this leverage be flushed out so quickly.

贝利·利普尔斯：这就是为什么你会看到一些杠杆如此迅速地被清除。

Bailey Lipils: And this comes back to the debate 24/7 trading.

贝利·利普尔斯：这又回到了24/7交易的争论。

Bailey Lipils: If you're asleep or taking a weekend off to watch some college football and all of a sudden Bitcoin pulls back, well, guess what?

贝利·利普尔斯：如果你睡着了，或者周末休息去看大学橄榄球赛，突然比特币回调了，那么，你猜怎么着？

Bailey Lipils: Your portfolio just got blown up.

贝利·利普尔斯：你的投资组合就爆仓了。

Bailey Lipils: And that is something that we saw really happen and play out over the weekend.

贝利·利普尔斯：这正是我们在周末看到的真实发生和演变。

Bailey Lipils: And when you see the back and forth with the US and China, we're going to continue to see this volatility.

贝利·利普尔斯：当你看到中美之间的反复拉锯，我们将继续看到这种波动性。

Caroline Hyde: Bailey, one of the best-read stories on the Bloomberg terminal and on the website is the latest Bank of America fund manager (Fund Manager: 基金经理，负责管理投资基金的投资组合，做出买卖资产决策的专业人士) survey, and in particular the focus on how the market feels about AI valuations in equity markets.

卡罗琳·海德：贝利，彭博终端和网站上阅读量最高的报道之一是美国银行最新的基金经理调查，特别是市场对股票市场中AI估值的看法。

Caroline Hyde: What do we need to know?

卡罗琳·海德：我们需要知道什么？

Bailey Lipils: You look at it and say that are there fears of a bubble (Bubble: 泡沫，指资产价格在短期内迅速上涨，远超其内在价值，最终可能突然下跌的现象)?

贝利·利普尔斯：你看着它会说，是否存在泡沫的担忧？

Bailey Lipils: Looking at that, 54% of participants in that October poll pointing to tech stocks being too expensive.

贝利·利普尔斯：从数据来看，10月份民意调查中54%的参与者认为科技股过高。

Bailey Lipils: You look at the NASDAQ 100 forward PE (Forward Price-to-Earnings: 远期市盈率，指根据未来一年预测收益计算的市盈率，用于评估公司股票的未来盈利能力和估值) nearly 28 versus an average over the last decade of 23.

贝利·利普尔斯：纳斯达克100指数的远期市盈率接近28，而过去十年的平均水平是23。

Bailey Lipils: So all signs do point to overvaluation.

贝利·利普尔斯：所以所有迹象都指向估值过高。

Bailey Lipils: When I talk to portfolio managers, the question is where are you allocating capital?

贝利·利普尔斯：当我与投资组合经理交谈时，问题是你们如何分配资本？

Bailey Lipils: Is it that Mag 7 (Magnificent Seven: 华丽七雄，指美国股市中七家大型科技公司：苹果、亚马逊、Alphabet、Meta、微软、英伟达和特斯拉) plus Broadcom (Broadcom: 博通，一家全球领先的半导体和基础设施软件解决方案供应商)?

贝利·利普尔斯：是投资于“华丽七雄”加上 博通（Broadcom: 博通，一家全球领先的半导体和基础设施软件解决方案供应商）吗？

Bailey Lipils: And also if we're going to say that, hey, this is a market that could be overvalued.

贝利·利普尔斯：而且，如果我们说，嘿，这个市场可能被高估了。

Bailey Lipils: These are investors who get paid to at least outperform their peers.

贝利·利普尔斯：这些投资者至少要跑赢同行才能获得报酬。

Bailey Lipils: So when you see where stocks have been trading for the last six months or even if you go back to that April bottom if you missed out on the immediate snapback, you kind of continue to buy even if you think the stock market is overvalued.

贝利·利普尔斯：所以当你看到过去六个月股票的交易情况，甚至如果你回到四月份的底部，如果你错过了立即的反弹，即使你认为股市被高估了，你也会继续买入。

Bailey Lipils: We see investors kind of bending over backwards doing some mental gymnastics saying, "Okay, well maybe it's overvalued on the forward price to earnings, but if we really look out to 2028, well, what does Nvidia look like then?"

贝利·利普尔斯：我们看到投资者们有点自圆其说，做着一些“脑力体操”，说：“好吧，也许按远期市盈率来看它被高估了，但如果我们真正展望2028年，那么英伟达会是什么样子呢？”

Bailey Lipils: Then they're justifying buying now, but there's so much talk about froth (Froth: 泡沫，此处指市场过度活跃和投机，导致资产价格虚高).

贝利·利普尔斯：然后他们就为现在的购买辩护，但关于市场泡沫的讨论太多了。

Bailey Lipils: And we've seen it with large cap tech with some of these smaller companies.

贝利·利普尔斯：我们已经在大盘科技股和一些小公司身上看到了这一点。

Bailey Lipils: I often keep an eye on the Goldman Sachs unprofitable basket (Goldman Sachs Unprofitable Basket: 高盛无盈利公司股票篮子，由高盛编制的一个股票指数，包含那些尚未盈利但增长潜力大的科技公司，用于衡量市场对高风险高增长股票的偏好).

贝利·利普尔斯：我经常关注高盛的无盈利公司股票篮子。

Bailey Lipils: That's returned about 48% year-to-date.

贝利·利普尔斯：今年迄今为止，它的回报率约为48%。

Bailey Lipils: So, quickly outstripping the Magnificent 7, quickly outstripping the NASDAQ 100.

贝利·利普尔斯：因此，它迅速超越了“华丽七雄”，也迅速超越了纳斯达克100指数。

Bailey Lipils: Is that a short squeeze (Short Squeeze: 空头挤压，指当大量做空股票的投资者被迫回购股票以平仓时，导致股价迅速上涨的现象) or is that people taking on risk?

贝利·利普尔斯：这是一种空头挤压，还是人们正在承担风险？

Bailey Lipils: It's really been a topic of conversation depending on who you talk to, whether that's in the private or the public markets.

贝利·利普尔斯：这确实是一个热门话题，取决于你和谁交谈，无论是在私人市场还是公开市场。

Ed Lelo: Topic of conversation on the earnings calls.

埃德·莱洛：在财报电话会议上也是一个热门话题。

Ed Lelo: Look, we just had the CFO (Chief Financial Officer: 首席财务官，公司负责财务管理的高级管理人员) of Citygroup being asked about frothy valuations in AI.

埃德·莱洛：看，我们刚刚有花旗集团的首席财务官被问及AI领域的泡沫估值问题。

Ed Lelo: This is focus for institutional investors as well as retail investors.

埃德·莱洛：这既是机构投资者关注的焦点，也是散户投资者关注的焦点。

Bailey Lipils: And it's undeniable.

贝利·利普尔斯：这是不可否认的。

Bailey Lipils: And the question is, are you going to hit on one of those 10 investments?

贝利·利普尔斯：问题是，你会选中这10项投资中的一项吗？

Bailey Lipils: I look at a company like Oaklow in the nuclear space, up 470% this year.

贝利·利普尔斯：我看看核能领域的公司，比如Oaklow，今年上涨了470%。

Bailey Lipils: Quantum stocks (Quantum Stocks: 量子计算概念股，指与量子计算技术开发、应用相关的公司股票) are up hundreds of percents.

贝利·利普尔斯：量子计算概念股上涨了数百个百分点。

Bailey Lipils: Is that a bet on these being kind of the next wave of companies or is this investor saying, "You know what, if I hit one out of the 12 companies and Quantum ends up being kind of the next paradigm (Paradigm: 范式，指一套共同的信念、价值观和技术，构成特定科学领域或知识体系的基础), well, at least I got in on Nvidia, the next Nvidia, if you will, on the ground floor"?

贝利·利普尔斯：这是否押注这些公司将成为下一波浪潮，还是投资者在说：“你知道吗，如果我在12家公司中选中一家，而量子计算最终成为下一个范式，那么至少我可以在英伟达（或者说下一个英伟达）的初期就入场了”？

Ed Lelo: Which is the biggest story today?

埃德·莱洛：今天最大的新闻是什么？

Ed Lelo: The CFO of a bank saying something quite measured or a Bank of America survey of all the fund managers that they track.

埃德·莱洛：是一家银行的首席财务官发表了相当审慎的言论，还是美国银行对他们追踪的所有基金经理进行的调查？

Bailey Lipils: CFO. I think when you see management teams start to kind of grapple publicly with the idea of froth and publicly discussing whether they're going to outright say, "Are we in an AI bubble or not?"

贝利·利普尔斯：首席财务官。我认为，当你看到管理团队开始公开讨论市场泡沫的概念，并公开讨论他们是否会直接说“我们是否处于AI泡沫中”时。

Bailey Lipils: Whether you want to ascribe a lot of value to what we've seen and heard from the likes of Sam Alman talking about kind of it is an AI bubble or Jeff Bezos, every leader at these biggest companies in the world, whether it's tech giants or whether it's the suite of banks are grappling with this debate, and it's going to be something that is a theme in this earning season, whether you want to talk about tariffs, but it's going to inevitably come back to AI bubble valuations and expectations because there is so much debate around the cycling of money and what this actually means.

贝利·利普尔斯：无论你是否愿意将很多价值归因于我们从萨姆·奥特曼（Sam Altman）等人那里看到和听到的关于AI泡沫的言论，或者杰夫·贝佐斯（Jeff Bezos）的言论，世界上这些最大公司的每一位领导者，无论是科技巨头还是银行高管，都在努力应对这场争论。这将成为本财报季的一个主题，无论你是否想谈论关税，但它最终都会回到AI泡沫的估值和预期问题上，因为围绕资金流转和这实际意味着什么存在太多争议。

Bailey Lipils: With data centers, buying these chips, OpenAI partnering with seemingly everyone.

贝利·利普尔斯：数据中心购买这些芯片，OpenAI似乎与所有人都在合作。

Bailey Lipils: What that does mean a year from now, two years from now, was this kind of the buildout of the next generation in terms of AI or was this something that we all kind of should have seen the signs that there was a potential top?

贝利·利普尔斯：这在一年后、两年后意味着什么？这到底是AI下一代的基础设施建设，还是我们本应看到潜在顶峰迹象的事情？

Ed Lelo: Bloomberg's Bailey Lip Schultz. We're big Bailey Lip Schultz fans here on Bloomberg Tech.

埃德·莱洛：彭博社的贝利·利普·舒尔茨。我们彭博科技节目非常喜欢贝利·利普·舒尔茨。

Ed Lelo: Try saying that in the morning without a coffee. Thank you very much.

埃德·莱洛：早上没喝咖啡试试说这个。非常感谢。

AMD与Oracle的AI芯片合作：挑战英伟达地位

Ed Lelo: So, coming up, AMD announces a new agreement with Oracle supplying even more AI chips. We have the details on that next.

埃德·莱洛：接下来，AMD宣布与甲骨文达成新协议，将提供更多AI芯片。我们稍后将详细介绍。

Ed Lelo: This is Bloomberg Tech.

埃德·莱洛：这里是彭博科技。

Ed Lelo: AMD says Oracle is set to deploy 50,000 of their MI450 chips into data center computers starting next year.

埃德·莱洛：AMD表示，甲骨文将从明年开始在其数据中心计算机中部署5万个MI450芯片。

Ed Lelo: It's the latest commitment in the AI infrastructure frenzy.

埃德·莱洛：这是AI基础设施热潮中的最新承诺。

Ed Lelo: Here with the details, Bloomberg's Ian King, who leads our coverage of semiconductors.

埃德·莱洛：彭博社负责半导体报道的伊恩·金将为我们带来详细信息。

Ed Lelo: This is an important deal for AMD.

埃德·莱洛：这对AMD来说是一笔重要的交易。

Ed Lelo: It's one of the only stocks on the Socks (SOX: 费城半导体指数，一个追踪在半导体行业中从事设计、制造和销售的公司股票表现的指数) that's in the green right now.

埃德·莱洛：它是目前少数几个上涨的费城半导体指数成分股之一。

Ed Lelo: What do we need to know about it?

埃德·莱洛：我们对此需要了解什么？

Ed Lelo: The specificity of where these chips are going.

埃德·莱洛：这些芯片的具体去向。

Ian King: So the first thing to note is that these chips don't actually exist yet.

伊恩·金：首先要注意的是，这些芯片实际上还不存在。

Ian King: These are new products promised for next year.

伊恩·金：这些是承诺明年推出的新产品。

Ian King: So what this is, is another affirmation that AMD has a role in the future of this massive buildout.

伊恩·金：所以，这再次证实了AMD在这个大规模建设的未来中扮演着重要角色。

Ian King: That it is perhaps more than just an alternative to Nvidia.

伊恩·金：这可能不仅仅是英伟达的替代品。

Ian King: That people are actually looking at its technology and saying, "Hey, we'll have some of that. We like that. We're going to commit at least part of our data center build to that."

伊恩·金：人们实际上正在审视其技术并说：“嘿，我们要一些那样的。我们喜欢。我们至少会将我们数据中心建设的一部分投入到其中。”

Ian King: And what's interesting is, and it comes hot on the heels, of course, of OpenAI, AMD teaming up.

伊恩·金：有趣的是，这当然紧随OpenAI和AMD合作之后。

Caroline Hyde: Oracle's down significantly today. They got AI world upon us.

卡罗琳·海德：甲骨文今天股价大幅下跌。我们迎来了AI世界。

Caroline Hyde: But how much are we seeing AMD reap the rewards?

卡罗琳·海德：但是我们看到AMD从中获得了多少回报呢？

Caroline Hyde: How much will some of these be built out in data centers and the margins be impacted for Oracle here?

卡罗琳·海德：其中有多少将用于数据中心建设，甲骨文的利润率将受到多大影响？

Ian King: Yeah, I mean, we've obviously saw the massive OpenAI announcement with AMD.

伊恩·金：是的，我的意思是，我们显然看到了OpenAI与AMD的大规模合作公告。

Ian King: Another affirmation, a separate affirmation from this, that hey, they've got a role.

伊恩·金：这又是一个独立的肯定，表明他们扮演着一个角色。

Ian King: Oracle has been a customer of AMD for a while.

伊恩·金：甲骨文一直是AMD的客户。

Ian King: This gives Oracle more options.

伊恩·金：这给了甲骨文更多选择。

Ian King: Obviously, everybody else, including Oracle, is paying most of their money to Nvidia right now.

伊恩·金：显然，包括甲骨文在内的所有其他公司目前大部分资金都支付给了英伟达。

Ian King: The margins are massive. The prices are massive.

伊恩·金：利润率非常高。价格也非常高。

Ian King: So, this creates an alternative.

伊恩·金：所以，这创造了一个替代方案。

Ed Lelo: Let's go back to what you said about these chips don't yet exist.

埃德·莱洛：让我们回到你说的这些芯片尚未存在这一点。

Ed Lelo: AMD, much like Nvidia, has future generations of their GPU (Graphics Processing Unit: 图形处理器，一种专门设计用于快速操纵和改变内存以加速图像创建的电子电路，广泛应用于图形渲染和AI计算) that they've designed and announced, but they're not yet in production.

埃德·莱洛：AMD，就像英伟达一样，已经设计并宣布了其未来几代的图形处理器（GPU），但尚未投入生产。

Ed Lelo: How do we best understand where AMD stands in this market for this lead edge accelerator (Lead Edge Accelerator: 领先的边缘加速器，指在技术前沿领域，用于加速计算任务的硬件设备，例如AI芯片) versus Nvidia in the next year or so?

埃德·莱洛：我们如何最好地理解AMD在未来一年左右的时间里，在这个领先的边缘加速器市场中相对于英伟达的地位？

Ian King: Yeah, I mean, I think the best way to look at it is up until the OpenAI announcement, it seemed like everybody was kind of AMD curious that they were getting, you know, orders which were substantial and bringing in a good amount of money for the company, but compared to what was on offer, compared to what was happening at Nvidia, really nothing.

伊恩·金：是的，我的意思是，我认为最好的方式是，直到OpenAI宣布之前，似乎所有人都对AMD有点好奇，他们确实获得了可观的订单，为公司带来了不错的收入，但与英伟达提供的产品和正在发生的事情相比，这真的算不上什么。

Ian King: I mean, they were the best of follow a group that's following Nvidia.

伊恩·金：我的意思是，他们是追随英伟达的团队中最好的。

Ian King: What we're seeing now is at least the beginnings of these kind of volume orders and these future commitments which would imply that they are a serious technology provider.

伊恩·金：我们现在看到的是至少这些批量订单和未来承诺的开端，这意味着他们是一个重要的技术提供商。

Ed Lelo: Ian King with always the latest. Thank you so much.

埃德·莱洛：伊恩·金总是带来最新消息。非常感谢。

三星记忆芯片业务：需求强劲但股价承压

Ed Lelo: Sticking with chips, shares of Samsung actually sliding over in Asia trading hours despite the company reporting its biggest quarterly profit or expectations of in more than three years.

埃德·莱洛：继续关注芯片，尽管三星报告了三年多来最大的季度利润或预期，但其股价在亚洲交易时段却下跌。

Ed Lelo: Here to discuss its Peter Lstrom.

埃德·莱洛：彼得·莱斯特罗姆将讨论此事。

Ed Lelo: And it's all about memory and demand for it.

埃德·莱洛：这都与内存及其需求有关。

Ed Lelo: But why is the stock under pressure?

埃德·莱洛：但为什么股价会承压呢？

Peter Lstrom: Well, Samsung stock has really been on a run this year.

彼得·莱斯特罗姆：嗯，三星股价今年确实一直在上涨。

Peter Lstrom: It's up about 75, it was up about 75% before these earnings came out.

彼得·莱斯特罗姆：在这些财报发布之前，它上涨了大约75%，曾一度上涨了约75%。

Peter Lstrom: So, investors are taking a bit of profit here on the actual news.

彼得·莱斯特罗姆：所以，投资者正在利用实际消息进行一些获利了结。

Peter Lstrom: Samsung's numbers were pretty good.

彼得·莱斯特罗姆：三星的业绩相当不错。

Peter Lstrom: This is just preliminary earnings for them.

彼得·莱斯特罗姆：这只是他们的初步财报。

Peter Lstrom: They just put out revenue numbers and then operating profit.

彼得·莱斯特罗姆：他们只公布了营收数据和营业利润。

Peter Lstrom: Just two numbers so far.

彼得·莱斯特罗姆：到目前为止只有两个数字。

Peter Lstrom: And their operating profit was the biggest in at least three years.

彼得·莱斯特罗姆：他们的营业利润至少是三年来的最高水平。

Peter Lstrom: It was about $8.5 billion.

彼得·莱斯特罗姆：大约是85亿美元。

Peter Lstrom: So, they are making more money.

彼得·莱斯特罗姆：所以，他们正在赚更多的钱。

Peter Lstrom: They're gaining some traction on the HBM (High Bandwidth Memory: 高带宽内存，一种高性能RAM接口，用于与图形处理器（GPU）和AI加速器等集成电路配合使用，提供极高的数据传输速率) side.

彼得·莱斯特罗姆：他们在高带宽内存（HBM）方面取得了一些进展。

Peter Lstrom: These are the memory chips that are paired with the accelerators.

彼得·莱斯特罗姆：这些是与加速器配对的记忆芯片。

Peter Lstrom: But you were talking earlier with Bailey about some of these tech stocks getting ahead of themselves.

彼得·莱斯特罗姆：但你之前和贝利谈到了一些科技股涨势过猛。

Peter Lstrom: Samsung is one of those examples.

彼得·莱斯特罗姆：三星就是其中一个例子。

Peter Lstrom: It run up quite a bit.

彼得·莱斯特罗姆：它涨了很多。

Peter Lstrom: Now, the investors are taking a bit of profits, but the numbers look pretty strong.

彼得·莱斯特罗姆：现在，投资者正在获利了结，但数据看起来相当强劲。

Peter Lstrom: We're going to get final earnings from them later on in the month.

彼得·莱斯特罗姆：我们将在本月晚些时候获得他们的最终财报。

Peter Lstrom: We'll get more detail about exactly how much of this is coming from memory chips, the HBM chips in particular, how much from smartphones and other kinds of components.

彼得·莱斯特罗姆：我们将获得更多关于其中有多少来自记忆芯片，特别是HBM芯片，以及有多少来自智能手机和其他组件的详细信息。

Peter Lstrom: Samsung in this AI memory chip race has been behind SK Hynix (SK Hynix: SK海力士，一家韩国半导体公司，主要生产动态随机存取存储器（DRAM）和NAND闪存等存储芯片), its local competitor.

彼得·莱斯特罗姆：在这场AI记忆芯片竞赛中，三星一直落后于其本土竞争对手 SK海力士（SK Hynix: SK海力士，一家韩国半导体公司，主要生产动态随机存取存储器（DRAM）和NAND闪存等存储芯片）。

Peter Lstrom: SK Hynix has been very good at working with Nvidia in particular, but now Samsung appears to be making some progress.

彼得·莱斯特罗姆：SK海力士尤其擅长与英伟达合作，但现在三星似乎正在取得一些进展。

Peter Lstrom: We'll get more detail on that later, but it does look like they're making some progress.

彼得·莱斯特罗姆：稍后我们将获得更多细节，但看起来他们确实正在取得一些进展。

Ed Lelo: Peter, you're the editor that leads our coverage of Asian technology, right?

埃德·莱洛：彼得，你是我们亚洲科技报道的负责人，对吗？

Ed Lelo: How do we cover Samsung that's a company that has all of these different arms and in the calendar, is Samsung the most important Asian technology company right now?

埃德·莱洛：我们如何报道三星这家拥有众多不同业务部门的公司？目前，三星是亚洲最重要的科技公司吗？

Peter Lstrom: Well, we got a big week for tech companies in Asia and particularly chip companies in Asia.

彼得·莱斯特罗姆：嗯，对亚洲科技公司，特别是亚洲芯片公司来说，这是重要的一周。

Peter Lstrom: TSMC (Taiwan Semiconductor Manufacturing Company: 台湾积体电路制造公司，全球最大的专业集成电路制造服务公司) comes later on in the week.

彼得·莱斯特罗姆： 台积电（TSMC: 台湾积体电路制造公司，全球最大的专业集成电路制造服务公司）将在本周晚些时候公布业绩。

Peter Lstrom: TSMC, of course, makes chips for everybody, but particularly they're the ones who actually manufacture those chips for Nvidia when they go ahead and sell them to OpenAI and the rest of their customers.

彼得·莱斯特罗姆：台积电当然为所有公司制造芯片，但特别是，他们是实际为英伟达制造芯片的公司，英伟达随后将这些芯片出售给OpenAI和其其他客户。

Peter Lstrom: So that's going to be a biggie. In between, we have ASML (ASML Holding N.V.: 阿斯麦，一家荷兰公司，是全球最大的半导体设备制造商之一，专门生产用于集成电路制造的光刻机) in Europe, which is another very important company in the chip ecosystem (Chip Ecosystem: 芯片生态系统，指围绕半导体芯片设计、制造、封装、测试和应用等环节，涉及众多公司、技术、标准和政策的复杂网络) because they make the highest end chip equipment for manufacturing these high-end chips.

彼得·莱斯特罗姆：所以这将是一个大事件。在此期间，我们还有欧洲的 阿斯麦（ASML: 阿斯麦，一家荷兰公司，是全球最大的半导体设备制造商之一，专门生产用于集成电路制造的光刻机），它在芯片生态系统中是另一家非常重要的公司，因为他们制造用于生产这些高端芯片的最高端设备。

Peter Lstrom: So both of those are going to be important indicators.

彼得·莱斯特罗姆：所以这两者都将是重要的指标。

Peter Lstrom: Samsung is very much in there.

彼得·莱斯特罗姆：三星也身在其中。

Peter Lstrom: Recently, they've had some struggles as they fell behind SK Hynix in the memory chip business in particular.

彼得·莱斯特罗姆：最近，他们遇到了一些困难，特别是在记忆芯片业务方面落后于SK海力士。

Peter Lstrom: It looked like he was going to run away with this market.

彼得·莱斯特罗姆：看起来他要独占这个市场了。

Peter Lstrom: Now Samsung, of course, big, big company within South Korea, the biggest company historically, they've made a lot of progress in terms of catching up.

彼得·莱斯特罗姆：现在三星，当然是韩国国内一家非常大的公司，历史上最大的公司，他们在追赶方面取得了很大进展。

Peter Lstrom: So they're important, and together Samsung and SK Hynix give you an indication of how the AI market is doing.

彼得·莱斯特罗姆：所以他们很重要，三星和SK海力士一起可以让你了解AI市场的表现。

Peter Lstrom: So both of those companies are partnering with OpenAI too.

彼得·莱斯特罗姆：所以这两家公司也都在与OpenAI合作。

Peter Lstrom: As you mentioned earlier, OpenAI seems to be partnering with everybody.

彼得·莱斯特罗姆：正如你之前提到的，OpenAI似乎正在与所有人合作。

Peter Lstrom: They both have contracts to be able to supplies those memory chips as OpenAI embarks on this enormous construction project to build more data centers across the US and beyond the US.

彼得·莱斯特罗姆：他们都签订了合同，能够提供这些记忆芯片，因为OpenAI正在美国及其他地区开展这项巨大的数据中心建设工程。

Caroline Hyde: Samsung under pressure, and you articulate how far the stock has run up recently, but is there any implication from the dialing up of geopolitical anxieties at the moment?

卡罗琳·海德：三星面临压力，你阐述了最近股价上涨的幅度，但目前地缘政治焦虑的加剧是否有任何影响？

Caroline Hyde: We know that China, South Korea are getting embroiled from a shipping perspective.

卡罗琳·海德：我们知道中国和韩国正从航运角度卷入其中。

Caroline Hyde: Peter, is there anything weighing more broadly on worries that Samsung will be engulfed in yet further tensions between South Korea, China, and more broadly?

卡罗琳·海德：彼得，是否有更广泛的担忧，即三星会卷入韩国、中国以及更广泛地区之间进一步的紧张局势中？

Peter Lstrom: There are certainly tensions.

彼得·莱斯特罗姆：肯定存在紧张局势。

Peter Lstrom: I think everybody is watching the negotiations between the US and China.

彼得·莱斯特罗姆：我认为所有人都在关注中美之间的谈判。

Peter Lstrom: We of course had that flare up over the weekend where China threatened to use their control over the rare earth elements.

彼得·莱斯特罗姆：我们当然在周末看到了那次爆发，中国威胁要利用他们对稀土元素的控制权。

Peter Lstrom: In the trade negotiations, President Trump responded by saying perhaps tariffs would go to 100%.

彼得·莱斯特罗姆：在贸易谈判中，特朗普总统回应称关税可能会提高到100%。

Peter Lstrom: I think that concerns everybody when it comes to South Korea in particular and Samsung.

彼得·莱斯特罗姆：我认为这让所有人都感到担忧，特别是韩国和三星。

Peter Lstrom: Samsung is one of the companies that is building facilities within the US.

彼得·莱斯特罗姆：三星是正在美国境内建设工厂的公司之一。

Peter Lstrom: They're one of the Chips Act beneficiaries (Chips Act Beneficiaries: 芯片法案受益者，指根据美国《芯片与科学法案》获得政府补贴和支持，以在美国境内建设和扩大半导体制造设施的公司).

彼得·莱斯特罗姆：他们是 《芯片法案》受益者（Chips Act Beneficiaries: 芯片法案受益者，指根据美国《芯片与科学法案》获得政府补贴和支持，以在美国境内建设和扩大半导体制造设施的公司）之一。

Peter Lstrom: So they're doing construction in the US.

彼得·莱斯特罗姆：所以他们正在美国进行建设。

Peter Lstrom: They plan on adding a lot of capacity here.

彼得·莱斯特罗姆：他们计划在这里增加大量产能。

Peter Lstrom: So as the Trump administration pushes for more domestic manufacturing, they seem to be one of the beneficiaries at this point at least.

彼得·莱斯特罗姆：因此，随着特朗普政府推动更多国内制造业，他们目前至少似乎是受益者之一。

Peter Lstrom: They of course make these memory chips which is really where they make all of their money.

彼得·莱斯特罗姆：他们当然生产这些记忆芯片，这才是他们赚钱的真正来源。

Peter Lstrom: The mobile phone business may be a little bit higher profile, but the chips business is really where they make the profit.

彼得·莱斯特罗姆：手机业务可能更引人注目，但芯片业务才是他们真正盈利的地方。

Peter Lstrom: As they push ahead with that and they work more with TSMC and Nvidia on those memory chips, that should help their profits.

彼得·莱斯特罗姆：随着他们在这方面取得进展，并与台积电和英伟达在记忆芯片方面进行更多合作，这应该有助于他们的利润。

Peter Lstrom: But in terms of these trade wars, it's very important that they continue to build out in the US and build up those fabs (Fabs: 晶圆厂，指用于制造半导体集成电路的工厂) that they have in the US.

彼得·莱斯特罗姆：但就这些贸易战而言，他们继续在美国进行建设并扩建在美国的晶圆厂非常重要。

Ed Lelo: Bloomberg's Peterstrom on all things Samsung. Thank you very much.

埃德·莱洛：彭博社的彼得·莱斯特罗姆带来了所有关于三星的报道。非常感谢。

Tonal的零售扩张与AI健身融合

Ed Lelo: Now, coming up, we're going to speak with Tonal CEO Darren McDonald about the company's retail expansion and its push to infuse AI into all of its products.

埃德·莱洛：接下来，我们将与Tonal首席执行官达伦·麦克唐纳德对话，讨论该公司的零售扩张以及其将AI融入所有产品的努力。

Ed Lelo: That's next. This is Bloomberg Tech.

埃德·莱洛：稍后播出。这里是彭博科技。

Ed Lelo: Tonal Systems (Tonal Systems: 一家智能健身设备制造商，以其壁挂式、数字阻力力量训练系统闻名), the maker of at-home fitness equipment, says it's seen a return to revenue growth, fueled by sales of its tech-infused Tonal 2.

埃德·莱洛：家庭健身设备制造商 Tonal Systems（Tonal Systems: 一家智能健身设备制造商，以其壁挂式、数字阻力力量训练系统闻名）表示，受其融入科技的Tonal 2销售的推动，公司营收恢复增长。

Ed Lelo: The company has experienced a turbulent few years after pandemic-era lockdowns lifted and people went back to in-person gyms and fitness classes.

埃德·莱洛：在疫情时期的封锁解除，人们重返实体健身房和健身课程后，该公司经历了几年动荡。

Ed Lelo: Let's talk more about the company's turnaround efforts with Tonal CEO Darren McDonald.

埃德·莱洛：让我们与Tonal首席执行官达伦·麦克唐纳德进一步讨论公司的转型努力。

Caroline Hyde: So, there is a strategy now, right?

卡罗琳·海德：所以现在有策略了，对吗？

Caroline Hyde: A different environment to say 2020 through 2022.

卡罗琳·海德：与2020年至2022年相比，环境有所不同。

Caroline Hyde: And I'm trying to make sense of what links it all.

卡罗琳·海德：我正试图弄清这一切的联系。

Caroline Hyde: You seem to want to look at the high street a little bit and retail.

卡罗琳·海德：你似乎想更多地关注实体店和零售。

Caroline Hyde: What is your big strategy?

卡罗琳·海德：你的大战略是什么？

Darren McDonald: Well, yeah, just in the past year, we've actually rolled out from 19 locations to over 100 locations for distribution.

达伦·麦克唐纳德：嗯，是的，就在过去一年里，我们的分销点实际上从19个扩展到了100多个。

Darren McDonald: So, we now have more places for people to see and touch and feel a Tonal product, which is incredible because we have 75% NPS (Net Promoter Score: 净推荐值，衡量客户忠诚度和推荐意愿的指标) in some of the lowest churn (Churn: 客户流失率，指在特定时期内，客户停止使用某产品或服务的比率) in the category.

达伦·麦克唐纳德：所以，我们现在有更多地方供人们看到、触摸和感受Tonal产品，这令人难以置信，因为我们在同类产品中拥有75%的 净推荐值（NPS: Net Promoter Score: 净推荐值，衡量客户忠诚度和推荐意愿的指标），并且是 客户流失率（Churn: 客户流失率，指在特定时期内，客户停止使用某产品或服务的比率）最低的之一。

Darren McDonald: So, giving people an opportunity to actually experience the system means that people end up buying.

达伦·麦克唐纳德：所以，给人们一个实际体验系统的机会意味着他们最终会购买。

Darren McDonald: And so, just we want to really focus on that.

达伦·麦克唐纳德：因此，我们只想真正专注于此。

Caroline Hyde: Tonal systems are still higher-end.

卡罗琳·海德：Tonal系统仍然是高端产品。

Caroline Hyde: And if we learned anything from the couple of weeks ago when Peloton (Peloton: 一家互动健身平台和设备公司，以其联网动感单车和跑步机闻名) had its latest change in strategy.

卡罗琳·海德：如果我们在几周前从Peloton最新的战略调整中学到了什么的话。

Darren McDonald: People are still very sensitive to pricing.

达伦·麦克唐纳德：人们对价格仍然非常敏感。

Darren McDonald: They want more for less.

达伦·麦克唐纳德：他们想要物美价廉。

Darren McDonald: What's your strategy for pricing?

达伦·麦克唐纳德：你的定价策略是什么？

Darren McDonald: Yeah, you know, we feel like we've got the world's leading strength training system.

达伦·麦克唐纳德：是的，你知道，我们觉得我们拥有世界领先的力量训练系统。

Darren McDonald: It's a personal trainer on your wall.

达伦·麦克唐纳德：它就是你墙上的私人教练。

Darren McDonald: It's a full gym.

达伦·麦克唐纳德：它是一个完整的健身房。

Darren McDonald: You don't have to think about it in the sense that we personalize all the weights for you.

达伦·麦克唐纳德：你不需要考虑它，因为我们会为你个性化所有重量。

Darren McDonald: So, there isn't anything out there in the market like what we do.

达伦·麦克唐纳德：所以，市场上没有像我们这样的产品。

Darren McDonald: So, the fact that we can personalize the workout, we can adjust weights in real time.

达伦·麦克唐纳德：因此，我们能够个性化锻炼，实时调整重量。

Darren McDonald: We'll move weights up by one pound or decrease it by one pound if you're not doing well, and you don't have to think about it at all.

达伦·麦克唐纳德：如果你表现不佳，我们会将重量增加一磅或减少一磅，你根本不需要考虑。

Darren McDonald: And from our perspective, because of our platform and the way it's built, which is sits on top of AI, it's not just entertaining you.

达伦·麦克唐纳德：从我们的角度来看，由于我们的平台及其构建方式是基于AI的，它不仅仅是为了娱乐你。

Darren McDonald: It's really a strength training system that works with you.

达伦·麦克唐纳德：它确实是一个与你共同工作的力量训练系统。

Caroline Hyde: And you are offering more to those that already have one with reformer Pilates (Reformer Pilates: 普拉提器械训练，使用一种名为“普拉提改革器”的特殊器械进行的普拉提运动，通过弹簧阻力提供全身锻炼) options being built in Darren and unfolded.

卡罗琳·海德：达伦，你正在为已经拥有Tonal的用户提供更多选择，包括内置的 普拉提器械训练（Reformer Pilates: 普拉提器械训练，使用一种名为“普拉提改革器”的特殊器械进行的普拉提运动，通过弹簧阻力提供全身锻炼）选项。

Caroline Hyde: I'm interested in the artificial intelligence part of it that has been being baked into everyday workouts on the Tonal.

卡罗琳·海德：我对Tonal日常锻炼中融入的人工智能部分很感兴趣。

Caroline Hyde: How are you embracing it?

卡罗琳·海德：你们是如何拥抱它的？

Darren McDonald: Yeah. Well, as you said, Caroline, we're super excited today to announce the fact that we're working with Kristen McGee and we're announcing our Pilates system.

达伦·麦克唐纳德：是的。卡罗琳，正如你所说，我们今天非常兴奋地宣布，我们正在与克里斯汀·麦吉合作，并发布我们的普拉提系统。

Darren McDonald: You know, what's really great about it is that what we see on our platform is that almost two-thirds of our members are interested in Pilates, but only 17% of them are actually doing it.

达伦·麦克唐纳德：你知道，它真正棒的地方在于，我们在平台上看到，几乎三分之二的会员对普拉提感兴趣，但只有17%的人实际在练习。

Darren McDonald: And the reason for that is pretty clear.

达伦·麦克唐纳德：原因很清楚。

Darren McDonald: You know, we've got people who have difficulty getting into classes.

达伦·麦克唐纳德：你知道，有些人很难参加课程。

Darren McDonald: They're inaccessible. You have to drive to them.

达伦·麦克唐纳德：它们不易获得。你必须开车去上课。

Darren McDonald: The classes are often difficult to find.

达伦·麦克唐纳德：而且课程通常很难找到。

Darren McDonald: And so, we rolled that out on our Tonal system.

达伦·麦克唐纳德：所以，我们在Tonal系统上推出了这项功能。

Darren McDonald: We have force curves (Force Curves: 力曲线，在物理和工程学中，表示力随时间、位移或其他参数变化的图示，在健身器械中可模拟不同运动阶段的阻力变化) that are very similar to what a reformer looks like.

达伦·麦克唐纳德：我们有非常类似于普拉提器械的 力曲线（Force Curves: 力曲线，在物理和工程学中，表示力随时间、位移或其他参数变化的图示，在健身器械中可模拟不同运动阶段的阻力变化）。

Darren McDonald: So, as you move further away from the machine, it actually increases in resistance as well.

达伦·麦克唐纳德：所以，当你离机器越远，它的阻力也会增加。

Darren McDonald: It's really unlike anything that's ever been offered out there.

达伦·麦克唐纳德：这确实是前所未有的产品。

Darren McDonald: So now a greater part of our community is able to actually interact with something like Pilates.

达伦·麦克唐纳德：所以现在我们社区的更多成员能够实际参与普拉提这样的运动。

Darren McDonald: And so you add that to strength, you add that to yoga, you add that to the cardio work that we do.

达伦·麦克唐纳德：所以你把它加入到力量训练、瑜伽以及我们做的有氧运动中。

Darren McDonald: And so to answer your question around the AI component of it, we think we have the world's largest strength database.

达伦·麦克唐纳德：所以回答你关于AI部分的问题，我们认为我们拥有世界上最大的力量训练数据库。

Darren McDonald: So we have nearly 300,000 members lifting over nearly 300 billion pounds.

达伦·麦克唐纳德：我们有近30万会员，举重总量超过3000亿磅。

Darren McDonald: It's a tremendous dataset.

达伦·麦克唐纳德：这是一个巨大的数据集。

Darren McDonald: So as we learn about you and who you are, we can look at our cables and say, you know, somebody's lifting certain amount of weight, a certain amount of reps, force, velocity, range of motion, all of those things, which helps us to define what outcomes could look like for somebody.

达伦·麦克唐纳德：所以当我们了解你和你的情况时，我们可以查看我们的训练数据，并说，你知道，某人正在举起一定重量，一定的次数、力量、速度、运动范围，所有这些都有助于我们定义某人可能取得的成果。

Darren McDonald: So people get stronger on Tonal than any other system.

达伦·麦克唐纳德：因此，人们在Tonal上比在任何其他系统上都能变得更强壮。

Caroline Hyde: It is a premium offering.

卡罗琳·海德：这是一款高端产品。

Caroline Hyde: Would you ever think about having cheaper offerings or just the application as we've seen with Pelaton, for example?

卡罗琳·海德：你们会考虑推出更便宜的产品，或者像Peloton那样只提供应用程序吗？

Darren McDonald: Yeah, we don't have anything to announce today, but we're certainly looking at alternative opportunities for our hardware.

达伦·麦克唐纳德：是的，我们今天没有什么要宣布的，但我们当然正在寻找我们硬件的其他机会。

Darren McDonald: I mean, we could move upstream, we could move downstream, but again, I would just refer back to the fact that nobody has anything quite like what we have.

达伦·麦克唐纳德：我的意思是，我们可以向上游发展，也可以向下游发展，但我想再次强调的是，没有人拥有像我们这样的产品。

Caroline Hyde: Just very quick before we let you go, you know, you've raised money in the past.

卡罗琳·海德：在我们放你走之前，很快问一下，你知道，你过去筹集过资金。

Caroline Hyde: Would you raise money just to keep growth going, or what would the rationale be?

卡罗琳·海德：你会仅仅为了维持增长而筹集资金吗，或者理由是什么？

Darren McDonald: Sure. I mean, we're always looking to fuel growth.

达伦·麦克唐纳德：当然。我的意思是，我们总是在寻求推动增长。

Darren McDonald: So, you know, in terms of developing new hardware, in terms of acquiring new customers, expanding any new modalities as we're announcing today, we think there's an opportunity for us to keep that going.

达伦·麦克唐纳德：所以，你知道，在开发新硬件、获取新客户、扩展今天我们宣布的任何新模式方面，我们认为我们有机会继续这样做。

Ed Lelo: Keep that going. We really appreciate it.

埃德·莱洛：继续努力。我们非常感谢。

Ed Lelo: Darren McDonald, CEO of Tonal, on the latest announcement when it comes to reformer Pilates and the growth story.

埃德·莱洛：Tonal首席执行官达伦·麦克唐纳德，谈论了关于普拉提器械训练的最新公告和增长故事。

Ed Lelo: But coming up and we got so much more to discuss when it comes to Salesforce's Dreamforce conference.

埃德·莱洛：但接下来，我们将讨论Salesforce的Dreamforce大会，还有更多内容。

Ed Lelo: Kicks off today.

埃德·莱洛：今天开幕。

Ed Lelo: We're going to be speaking with Mayhabib of writer and Mattis Stanuzki of 11 Labs.

埃德·莱洛：我们将与Writer公司的梅哈比布和11 Labs公司的马蒂斯·斯坦努斯基对话。

Ed Lelo: This is all about the integration of AI and the future of enterprise software.

埃德·莱洛：这都关乎AI的整合以及企业软件的未来。

Ed Lelo: Basically, Ed, today the key question is what are we in an AI bubble?

埃德·莱洛：基本上，埃德，今天关键问题是我们是否处于AI泡沫中？

Ed Lelo: How much therefore are we seeing a return on AI investment in the enterprise?

埃德·莱洛：那么，我们在企业AI投资中看到了多少回报？

Ed Lelo: Look at what the impact though is of China and the US as well.

埃德·莱洛：同时也要看看中国和美国的影响。

Caroline Hyde: Funny day in the markets.

卡罗琳·海德：市场有趣的一天。

Caroline Hyde: So, we're down about a percentage point on the NASDAQ 100.

卡罗琳·海德：所以，纳斯达克100指数下跌了大约一个百分点。

Caroline Hyde: I'm still recovering from Friday where the president broke that news at the top of our show and then markets went into freefall, but the blanket theme is the same.

卡罗琳·海德：我还在从周五的行情中恢复过来，当时总统在节目开始时公布了那一消息，然后市场自由落体，但总的主题是一样的。

Caroline Hyde: Anxiety about trade and unknowns about the relationship between the United States and China, particularly in the context of technology.

卡罗琳·海德：对贸易的焦虑以及中美关系的不确定性，特别是在科技领域。

Caroline Hyde: The outlier AMD doing deals all over the place.

卡罗琳·海德：AMD作为异类，到处都在做交易。

Caroline Hyde: This is Bloomberg Tech.

卡罗琳·海德：这里是彭博科技。

Salesforce Dreamforce大会：企业AI的整合与前景

Ed Lelo: Welcome back to Bloomberg Tech. I'm looking at the markets and here are some technology stories we haven't got to yet.

埃德·莱洛：欢迎回到彭博科技。我正在关注市场，这里有一些我们尚未报道的科技新闻。

Ed Lelo: The first is Walmart up almost 3%.

埃德·莱洛：首先是沃尔玛股价上涨近3%。

Ed Lelo: What do you think it is?

埃德·莱洛：你觉得是什么原因？

Ed Lelo: It's a relationship with OpenAI, an API (Application Programming Interface: 应用程序编程接口，一组定义、协议和工具，用于构建软件应用程序) integration into Chat GPT (ChatGPT: 一种由OpenAI开发的大型语言模型，能够理解和生成人类语言), sending the stock high just like we saw with a number of names at OpenAI dev day (OpenAI Dev Day: OpenAI开发者大会，OpenAI举办的年度活动，发布最新AI技术、工具和产品更新).

埃德·莱洛：这是与OpenAI的关系，将 应用程序编程接口（API: Application Programming Interface: 应用程序编程接口，一组定义、协议和工具，用于构建软件应用程序）集成到 ChatGPT（ChatGPT: 一种由OpenAI开发的大型语言模型，能够理解和生成人类语言）中，推动股价上涨，就像我们在 OpenAI开发者大会（OpenAI Dev Day: OpenAI开发者大会，OpenAI举办的年度活动，发布最新AI技术、工具和产品更新）上看到许多公司那样。

Ed Lelo: Walmart is the latest to do a deal in the e-commerce context through integration in chat GPT.

埃德·莱洛：沃尔玛是最新一家通过集成ChatGPT在电商领域达成交易的公司。

Ed Lelo: Also, the chip sector.

埃德·莱洛：还有芯片行业。

Ed Lelo: So, we talked about AMD.

埃德·莱洛：所以，我们谈到了AMD。

Ed Lelo: AMD's paired some of its gain relating to the Oracle deal which Ian King explained to us is separate from that OpenAI arrangement.

埃德·莱洛：AMD在甲骨文交易中获得的部分收益，伊恩·金向我们解释说，这与OpenAI的合作是分开的。

Ed Lelo: On the downside is Nvidia down 3.6%.

埃德·莱洛：另一方面，英伟达下跌3.6%。

Ed Lelo: It fell in recent days because of the tensions with China.

埃德·莱洛：它最近几天因与中国的紧张关系而下跌。

Ed Lelo: I don't really see a specific piece of news or a catalyst that's driving this down lower.

埃德·莱洛：我并没有真正看到任何特定的新闻或催化剂导致其进一步下跌。

Ed Lelo: There was of course the Broadcom and OpenAI AI6 (AI6: 指专门用于人工智能任务的集成电路或芯片，通常为ASIC，Application-Specific Integrated Circuit) news of yesterday.

埃德·莱洛：当然，昨天有博通和OpenAI的 AI6（AI6: 指专门用于人工智能任务的集成电路或芯片，通常为ASIC，Application-Specific Integrated Circuit）新闻。

Ed Lelo: They're all names we track because they're moving the markets.

埃德·莱洛：这些都是我们追踪的公司，因为它们正在推动市场。

Caroline Hyde: Let's talk about the moves in the market just of late in the valuations that they're at, Ed, because global fund managers, they are sounding the alarm bells on AI stocks with a record share, more than half saying they're in a bubble.

卡罗琳·海德：埃德，让我们谈谈近期市场走势及其估值，因为全球基金经理正在对AI股票敲响警钟，创纪录的比例（超过一半）表示它们处于泡沫之中。

Caroline Hyde: It's all according to the survey by Bank of America.

卡罗琳·海德：这一切都来自美国银行的调查。

Caroline Hyde: Meanwhile, over at Croup CFO Mark Mason also out with a warning when questioned by analysts saying that there is signs of frothiness in AI valuations.

卡罗琳·海德：与此同时，花旗集团首席财务官马克·梅森在接受分析师提问时也发出了警告，称AI估值存在泡沫迹象。

Caroline Hyde: Let's get to Bloomberg's equities reporter Ron Vastelica.

卡罗琳·海德：让我们请彭博社股票记者罗恩·瓦斯特利卡。

Caroline Hyde: I mean the noise is becoming deafening.

卡罗琳·海德：我的意思是，噪音越来越刺耳了。

Ron Vastelica: Absolutely.

罗恩·瓦斯特利卡：确实如此。

Ron Vastelica: We have heard almost daily warnings from people about overvaluation in AI stocks, some kind of bubble brewing, concerns about sort of the circular nature of some of these financing deals, a lack of detail that people want.

罗恩·瓦斯特利卡：我们几乎每天都听到人们警告AI股票估值过高，某种泡沫正在酝酿，担忧一些融资交易的循环性质，以及人们希望获得的细节不足。

Ron Vastelica: Yeah, certainly there's a growing, growing concern.

罗恩·瓦斯特利卡：是的，担忧确实在不断加剧。

Ron Vastelica: Although I also would say there continues to be a lot of optimism about the long-term path of AI, the long-term productivity enhancements it is expected to deliver.

罗恩·瓦斯特利卡：尽管我也要说，人们对AI的长期发展路径及其预期带来的长期生产力提升仍然充满乐观。

Ron Vastelica: There's still a lot of optimism that these companies will eventually see some pretty amazing returns from all the investments they're making.

罗恩·瓦斯特利卡：人们仍然非常乐观地认为，这些公司最终将从他们所有的投资中获得一些非常惊人的回报。

Ron Vastelica: So certainly a lot of bulls, but also a lot of bears.

罗恩·瓦斯特利卡：所以当然有很多看涨者，但也有很多看跌者。

Ed Lelo: Ryan, there's a lot of headlines around Salesforce on the terminal today.

埃德·莱洛：瑞安，今天终端上有很多关于Salesforce的头条新闻。

Ed Lelo: Many positive, but the stock's down almost 2%.

埃德·莱洛：很多是积极的，但股价下跌了近2%。

Ed Lelo: One I see that you filled with the team is that Salesforce has been cut at Northland.

埃德·莱洛：我看到你和团队一起报道的一条是，Salesforce在Northland被降级了。

Ed Lelo: What's that analyst saying?

埃德·莱洛：那位分析师怎么说？

Ron Vastelica: I believe he was discussing a lack of real growth acceleration from his agent force AI product.

罗恩·瓦斯特利卡：我相信他当时正在讨论其Agent Force AI产品缺乏真正的增长加速。

Ron Vastelica: He's not seeing it showing up and CRPO (Current Remaining Performance Obligations: 当前剩余履约义务，指客户已承诺支付但尚未履行的合同义务总额，常用于衡量公司未来收入的指标), that's current remaining performance obligations (Current Remaining Performance Obligations: 当前剩余履约义务，指客户已承诺支付但尚未履行的合同义务总额).

罗恩·瓦斯特利卡：他没有看到它出现在 当前剩余履约义务（CRPO: Current Remaining Performance Obligations: 当前剩余履约义务，指客户已承诺支付但尚未履行的合同义务总额，常用于衡量公司未来收入的指标）中。

Ron Vastelica: He's not seeing it show up and average revenue per user (Average Revenue Per User: 每用户平均收入，衡量公司从每个活跃用户那里获得的平均收入).

罗恩·瓦斯特利卡：他没有看到它出现在 每用户平均收入（Average Revenue Per User: 每用户平均收入，衡量公司从每个活跃用户那里获得的平均收入）中。

Ron Vastelica: Now Salesforce does have its agent force event today.

罗恩·瓦斯特利卡：现在Salesforce今天确实有Agent Force活动。

Ron Vastelica: I haven't been able to monitor it.

罗恩·瓦斯特利卡：我还没能监测到它。

Ron Vastelica: So we are hoping to see, you know, some new details maybe about adoption if they give any kind of insight into how much revenue growth they're seeing from this overall adoption rates.

罗恩·瓦斯特利卡：所以我们希望看到一些新的细节，也许是关于采用情况的，如果他们能提供任何关于这种整体采用率带来了多少收入增长的见解。

Ron Vastelica: I mean that's all going to be very critical for the stock.

罗恩·瓦斯特利卡：我的意思是，这对股票来说都将非常关键。

Ron Vastelica: This is one of those software companies that has really been struggling this year even amid all the AI optimism.

罗恩·瓦斯特利卡：这是今年在所有AI乐观情绪中，真正一直在挣扎的软件公司之一。

Ron Vastelica: There are a lot of software companies that have really been sort of struggling against the perception that maybe AI native companies (AI Native Companies: AI原生公司，指从创立之初就以人工智能技术为核心，将其深度融入产品、服务和运营模式的公司), notably OpenAI, are these companies going to really represent some kind of competition to them that's very difficult to shake.

罗恩·瓦斯特利卡：有很多软件公司一直在努力对抗这样一种观念，即也许像OpenAI这样的 AI原生公司（AI Native Companies: AI原生公司，指从创立之初就以人工智能技术为核心，将其深度融入产品、服务和运营模式的公司）将对它们构成某种难以撼动的竞争。

Ron Vastelica: So people looking to this event today really as an opportunity to help counter that narrative.

罗恩·瓦斯特利卡：所以人们将今天的这个活动视为一个机会，以帮助对抗这种说法。

Ed Lelo: Blue Most Ryan Felica, thank you very much.

埃德·莱洛：彭博社的瑞安·费利卡，非常感谢。

Ed Lelo: Now, as Wall Street debates whether AI stocks are heading into bubble territory, Salesforce is doubling down on the technology, Dreamforce 2025 kicks off today, bringing together celebrities and tech leaders to explore the future of AI in the world of enterprise.

埃德·莱洛：现在，正当华尔街争论AI股票是否正走向泡沫区域时，Salesforce正在加大对这项技术的投入，Dreamforce 2025今天拉开帷幕，汇集了名人和科技领袖，共同探索AI在企业世界中的未来。

Ed Lelo: Among the featured speakers, 11 Lab CEO Matty Stanniski and writer CEO Mayh Khabib, who will appear together on a panel titled Rewriting the Enterprise Playbook with AI.

埃德·莱洛：特邀演讲嘉宾包括11 Lab首席执行官马蒂·斯坦尼斯基和Writer公司首席执行官梅·哈比布，他们将共同出席一场题为“用AI重写企业策略手册”的专题讨论。

Ed Lelo: Pleased to say they both joined us now here in San Francisco.

埃德·莱洛：很高兴他们现在都在旧金山加入了我们。

Ed Lelo: May, I'll start with you.

埃德·莱洛：梅，我先从你开始。

Ed Lelo: You heard what Ryan just said.

埃德·莱洛：你听到了瑞安刚才所说的话。

Ed Lelo: I know writer to be an LLM (Large Language Model: 大型语言模型，一种基于深度学习的计算机程序，能够理解、生成和处理人类语言) focused company, agentic AI (Agentic AI: 代理式AI，指能够自主行动、规划和执行任务以达成特定目标的人工智能系统) focused company for the enterprise.

埃德·莱洛：我知道Writer公司是一家专注于 大型语言模型（LLM: Large Language Model: 大型语言模型，一种基于深度学习的计算机程序，能够理解、生成和处理人类语言）的 代理式AI（Agentic AI: 代理式AI，指能够自主行动、规划和执行任务以达成特定目标的人工智能系统）企业。

Ed Lelo: Either you beat Salesforce at that or you work with them at that.

埃德·莱洛：要么你在这方面超越Salesforce，要么你与他们合作。

Ed Lelo: Which is it?

埃德·莱洛：是哪一种？

May Habib: Yeah. What we do is help companies rewire operations to be AI native.

梅·哈比布：是的。我们所做的是帮助公司重塑运营，使其成为AI原生。

May Habib: And so partnerships with companies like Salesforce are really important part of that.

梅·哈比布：因此，与Salesforce这样的公司建立伙伴关系是其中非常重要的一部分。

May Habib: So, it's definitely the partnership angle, but there is something to be said around doing things AI native and being able to start with a blank sheet of paper versus, you know, layering on Agentic into, you know, a system of record (System of Record: 记录系统，指存储和管理特定数据的权威性、最准确且最新的信息来源的系统) that has existed for a while.

梅·哈比布：所以，这肯定是合作的角度，但关于以AI原生方式做事，能够从一张白纸开始，而不是将代理式AI叠加到一个已经存在了一段时间的 记录系统（System of Record: 记录系统，指存储和管理特定数据的权威性、最准确且最新的信息来源的系统）中，还是有一些话要说的。

Ed Lelo: Yeah, you've kind of wanted to build it from the ground up, May, but I turn therefore to Matty.

埃德·莱洛：是的，梅，你一直想从头开始构建它，但现在我转向马蒂。

Ed Lelo: And when you're thinking about the audio applications of artificial intelligence, we've had you on the show to think about how now music can be created by just writing in a few key prompts.

埃德·莱洛：当你思考人工智能的音频应用时，我们曾邀请你来节目中讨论如何通过输入几个关键提示就能创作音乐。

Ed Lelo: How are companies adopting 11 Labs appropriately with a return on that investment?

埃德·莱洛：公司如何恰当地采用11 Labs，并获得投资回报？

Ed Lelo: Is it with a Salesforce or is it from the ground up?

埃德·莱洛：是与Salesforce合作，还是从零开始？

Matty Staniszewski: Caroline, thanks for having me here.

马蒂·斯坦尼斯基：卡罗琳，谢谢你邀请我来这里。

Matty Staniszewski: The we we've seen an incredible shift over the last year where the combination of voice and conversational agents (Conversational Agents: 会话代理，指能够通过语音或文本与用户进行自然语言交互的AI系统，如聊天机器人或语音助手) can elevate a customer experience for customers across Fortune 500 (Fortune 500: 财富500强，指由《财富》杂志每年评选的美国最大的500家公司) all the way to to some of the highest scaling startups.

马蒂·斯坦尼斯基：卡罗琳，谢谢你邀请我来这里。过去一年，我们看到了一个惊人的转变，语音和 会话代理（Conversational Agents: 会话代理，指能够通过语音或文本与用户进行自然语言交互的AI系统，如聊天机器人或语音助手）的结合可以提升从 财富500强（Fortune 500: 财富500强，指由《财富》杂志每年评选的美国最大的500家公司）企业到一些增长最快的初创公司的客户体验。

Matty Staniszewski: We've seen both.

马蒂·斯坦尼斯基：我们两种情况都看到了。

Matty Staniszewski: We've seen companies built using some of the best and breed technologies (Best-of-Breed Technologies: 同类最佳技术，指在特定领域或功能上表现最优秀的独立软件或硬件解决方案), including voice, like you said, all relying on the entirety of the of the platform.

马蒂·斯坦尼斯基：我们看到了公司使用包括语音在内的一些 同类最佳技术（Best-of-Breed Technologies: 同类最佳技术，指在特定领域或功能上表现最优秀的独立软件或硬件解决方案）进行构建，正如你所说，所有这些都依赖于整个平台。

Matty Staniszewski: We are thrilled to be here at Dreamforce and as part of the work we do, be part of the voice for Agent Force powering that that work across across their platform.

马蒂·斯坦尼斯基：我们很高兴来到Dreamforce，作为我们工作的一部分，我们将为Agent Force提供语音支持，推动其在整个平台上的工作。

Matty Staniszewski: So we've seen both and across the enterprise segment quick adoption in that sector.

马蒂·斯坦尼斯基：所以我们看到了企业领域这两种情况的快速采用。

Caroline Hyde: May, we have loved how outspoken and clear you've been in pushing back on perhaps these narratives of 95% of all AI pilots (AI Pilots: AI试点项目，指企业或组织为测试和评估人工智能技术在特定应用场景中的可行性和效益而进行的初步部署或实验) aren't working when we think about the MIT report (MIT Report: 麻省理工学院报告，指由麻省理工学院发布的研究报告，通常涉及前沿科技、经济社会影响等领域) that really rocked the market.

卡罗琳·海德：梅，我们很喜欢你直言不讳地反驳关于95%的 AI试点项目（AI Pilots: AI试点项目，指企业或组织为测试和评估人工智能技术在特定应用场景中的可行性和效益而进行的初步部署或实验）都失败的说法，尤其考虑到那份震惊市场的 麻省理工学院报告（MIT Report: 麻省理工学院报告，指由麻省理工学院发布的研究报告，通常涉及前沿科技、经济社会影响等领域）。

Caroline Hyde: But it's about nuance in this conversation, May, so bring us that nuance of when is it working when they're adopting writer either from the ground up or indeed within Salesforce offerings.

卡罗琳·海德：但是梅，这场对话的重点在于细微之处，所以请你告诉我们，当企业从零开始或在Salesforce产品中采用Writer时，AI何时能真正发挥作用。

May Habib: Yeah, AI is not another software upgrade.

梅·哈比布：是的，AI不是另一个软件升级。

May Habib: You can't outsource it to the CIO (Chief Information Officer: 首席信息官，负责公司信息技术和系统的高级管理人员) and expect results.

梅·哈比布：你不能把它外包给 首席信息官（CIO: Chief Information Officer: 首席信息官，负责公司信息技术和系统的高级管理人员）然后期望结果。

May Habib: You know, a lot of what we do is go to executives and CEOs and say, "Look, this is about you."

梅·哈比布：你知道，我们做的很多事情就是去找高管和首席执行官，说：“听着，这关乎你们。”

May Habib: Sometimes you kind of want to shake them like this has got to be a top-down very heavy mandate to rewire processes end to end.

梅·哈比布：有时你甚至想摇醒他们，告诉他们这必须是一个自上而下、非常强硬的指令，来彻底重塑端到端的流程。

May Habib: If you leave it up to people, a lot of what they're going to be doing is personal productivity stuff with AI versus the high lever things that executives certainly want.

梅·哈比布：如果你把这留给员工去做，他们很多人会用AI来做个人生产力的事情，而不是高管们肯定想要的高杠杆的事情。

May Habib: And as you've seen in terms of what the market wants and this continued investment in AI, what people are expecting from this enterprise investment.

梅·哈比布：正如你所看到的，就市场需求和对AI的持续投资而言，人们对这项企业投资抱有怎样的期望。

Ed Lelo: Matty, what you and May have in common is your private companies, you're free from the scrutiny that public companies are.

埃德·莱洛：马蒂，你和梅的共同点是你们都是私营公司，你们不受上市公司那种严格审查的约束。

Ed Lelo: But in the last segment, we talked about how some of the analysts that cover Salesforce are skeptical about agent force in particular.

埃德·莱洛：但在上一节中，我们谈到了有些覆盖Salesforce的分析师对Agent Force尤其持怀疑态度。

Ed Lelo: You've just said to us, both of you, we actually do see adoption in the enterprise.

埃德·莱洛：你们两位刚刚告诉我们，我们确实看到了企业中的采用情况。

Ed Lelo: So what does that tell you if the data for their product specifically isn't as strong?

埃德·莱洛：那么，如果他们产品的具体数据不够强劲，这说明了什么？

Matty Staniszewski: Look, the our focus is predominantly on working across our work at 11 Labs, and we've seen use cases across e-commerce elevate where you suddenly can not only have customer support, you have customer experience where users going into the product, going into the site will be able to interact with agents to help you shop through the product all the way from the start.

马蒂·斯坦尼斯基：你看，我们的重点主要在于我们11 Labs的各项工作，我们看到电子商务领域的用例不断提升，用户现在不仅可以获得客户支持，还能享受客户体验，从一开始就可以与代理互动，帮助你购物。

Matty Staniszewski: It's a good company in Mobilaria, one of the biggest in Italy working on use cases like this.

马蒂·斯坦尼斯基：Mobilaria是一家意大利最大的公司之一，正在研究像这样的用例，这是一家不错的公司。

Matty Staniszewski: And we've seen this scale across wider degree of of segments in financial services and technology and healthcare.

马蒂·斯坦尼斯基：我们已经看到这在金融服务、科技和医疗保健等更广泛的领域得到了扩展。

Matty Staniszewski: What I think is true and key as you think about Salesforce, their distribution across clients of course stretches all types of industries and including regulated industries.

马蒂·斯坦尼斯基：我认为，当你考虑Salesforce时，其在客户中的分销当然涵盖了所有类型的行业，包括受监管的行业，这一点是真实且关键的。

Matty Staniszewski: So it will take a slightly longer time to that bring a lot of the technology into those industries where additional deployment, additional integrations to existing stack are slightly more complex to some of the companies in in the space.

马蒂·斯坦尼斯基：因此，将大量技术引入那些需要额外部署、额外集成到现有技术栈中的行业，对该领域的一些公司来说，会稍微复杂一些，需要更长的时间。

Ed Lelo: May, when you're both on stage with each other later today, what's kind of the one key thing you want to get across about what is happening among your enterprise customers at the moment?

埃德·莱洛：梅，今天晚些时候你们两位同台时，你最想向观众传达关于目前企业客户正在发生什么的关键信息是什么？

Ed Lelo: What you're fighting with each day or what you're most focused on?

埃德·莱洛：你每天都在与什么作斗争，或者你最关注的是什么？

May Habib: Yeah, this is we're hosts of Salesforce, right?

梅·哈比布：是的，我们是Salesforce的主办方，对吗？

May Habib: They are wonderful partners.

梅·哈比布：他们是出色的合作伙伴。

May Habib: And I think a big part of what we want to impart to that audience is how do you make the most out of your data investment with Agentic AI.

梅·哈比布：我认为我们想向观众传达的一个重要信息是，如何利用代理式AI最大化你的数据投资。

May Habib: And I think both of us have got companies where enterprises are getting real ROI (Return on Investment: 投资回报率，衡量投资效率的指标) right from our products and really helping bring that to the data they've got in the Salesforce ecosystems is going to be one of the things we talk about.

梅·哈比布：我认为我们两家公司都有这样的情况，即企业正在从我们的产品中获得真正的 投资回报率（ROI: Return on Investment: 投资回报率，衡量投资效率的指标），并且真正帮助将这些数据带入他们在Salesforce生态系统中拥有的数据，这将是我们讨论的重点之一。

Ed Lelo: And what's so interesting really, Matty, has been the ongoing anxiety among that enterprise workforce about whether they're being augmented or whether indeed they're being replaced.

埃德·莱洛：马蒂，真正有趣的是，企业员工中持续存在的焦虑，他们担心自己是被增强了，还是真的被取代了。

Ed Lelo: How have you continued to try and tell that story, particularly when you're in the world of music, of IP (Intellectual Property: 知识产权，指通过智力创造而产生的无形财产，包括专利、版权、商标等), of real individuality and creativity.

埃德·莱洛：你如何持续讲述这个故事，尤其是在音乐、 知识产权（IP: Intellectual Property: 知识产权，指通过智力创造而产生的无形财产，包括专利、版权、商标等）以及真正的个性和创造力世界中？

Matty Staniszewski: For us, it's extremely important to work with the industry together.

马蒂·斯坦尼斯基：对我们来说，与行业共同合作极其重要。

Matty Staniszewski: So our music is the the first fully licensed AI music model at incredible quality working with our research team and that's the approach we've taken across voice, across music, across as we build conversational agents.

马蒂·斯坦尼斯基：所以我们的音乐是第一个完全获得许可的AI音乐模型，质量令人难以置信，是与我们的研究团队合作完成的，这也是我们在构建会话代理时，在语音和音乐领域所采取的方法。

Matty Staniszewski: But like you say, AI is bringing change, and the way that we've seen this across enterprise, across the companies we work with, is people using AI will be the people that will unfortunately replace people not using AI.

马蒂·斯坦尼斯基：但正如你所说，AI正在带来变革，我们在企业和我们合作的公司中看到的情况是，使用AI的人将不幸取代不使用AI的人。

Matty Staniszewski: So that adoption both in the enterprise setting and across the wider global setting, it's all about being the user, trying it out and bringing that to your work.

马蒂·斯坦尼斯基：所以，无论是在企业环境还是更广泛的全球环境中，这种采用都关乎成为用户，尝试并将其应用到你的工作中。

Caroline Hyde: And May, when you come on, we've always been very keen to ask you about your growth trajectory, but also the haves and the have-nots in the space.

卡罗琳·海德：梅，你来节目时，我们一直很想问你关于你的增长轨迹，以及这个领域的“富人”和“穷人”。

Caroline Hyde: How much you still having companies, smaller companies call you up saying, "Hey, we'd like to team with you. We'd like to offer you. We'd like to have some sort of buyout."

卡罗琳·海德：现在还有多少公司，小公司打电话给你说：“嘿，我们想和你合作。我们想给你提供帮助。我们想进行某种收购。”

Caroline Hyde: Are you seeing that coming from VCs (Venture Capitalists: 风险投资家，向初创企业和高增长公司提供资金，以换取股权的投资者) just being more discerning, putting money for the winners, but taking away from those that aren't hitting scale?

卡罗琳·海德：你是否看到 风险投资家（VCs: Venture Capitalists: 风险投资家，向初创企业和高增长公司提供资金，以换取股权的投资者）变得更加挑剔，将资金投向赢家，但撤出那些未能达到规模的公司？

May Habib: The the bar for sharp differentiation has never been harder.

梅·哈比布：实现显著差异化的门槛从未如此之高。

May Habib: I think with the hyperscalers (Hyperscalers: 超大规模云服务提供商，指拥有庞大数据中心和基础设施，提供大规模云计算服务的公司，如亚马逊AWS、微软Azure、谷歌云) just flooding the zone, it has been such a challenge to make sure the enterprise understands what's real, what's what.

梅·哈比布：我认为随着 超大规模云服务提供商（Hyperscalers: 超大规模云服务提供商，指拥有庞大数据中心和基础设施，提供大规模云计算服务的公司，如亚马逊AWS、微软Azure、谷歌云）的涌入，确保企业理解什么是真实的、什么是重要的，已经成为一个巨大的挑战。

May Habib: And I think that just getting harder for smaller startups to enter the enterprise as a result.

梅·哈比布：因此，小型初创公司进入企业市场变得越来越困难。

May Habib: You know, we were lucky in that we started building LLMs for the enterprise 5 years ago.

梅·哈比布：你知道，我们很幸运，五年前就开始为企业构建大型语言模型。

May Habib: And so, a lot of our long-standing relationships, you know, have been a result of why we land new customers in these spaces.

梅·哈比布：因此，我们许多长期合作关系，你知道，是我们在这个领域获得新客户的原因。

May Habib: And I think that is just getting harder because of the hyperscaler investment.

梅·哈比布：我认为这正变得越来越困难，因为超大规模云服务提供商的投资。

May Habib: But there's just so many categories.

梅·哈比布：但是类别实在太多了。

May Habib: The enterprise needs so much help and people are not focused on it the way that startups can.

梅·哈比布：企业需要很多帮助，而人们并没有像初创公司那样专注于此。

May Habib: So, still a ton of opportunity, but yeah, absolutely getting harder.

梅·哈比布：所以，机会仍然很多，但确实越来越难了。

Ed Lelo: And we love having both of you on to talk about that opportunity.

埃德·莱洛：我们很高兴能邀请你们两位来谈论这个机会。

Ed Lelo: We're excited to hear from you at Elsforce Dreamforce as well.

埃德·莱洛：我们也期待在Salesforce Dreamforce大会上听到你们的分享。

Ed Lelo: A little bit later, Mayab as well.

埃德·莱洛：稍后，还有Mayab。

Ed Lelo: Matty Stenuzi, we appreciate you a writer and 11 Labs.

埃德·莱洛：马蒂·斯坦努斯基，我们感谢Writer和11 Labs。

Instagram青少年内容限制：PG-13评级与AI审核

Ed Lelo: Coming up, Tara Hopkins, global director of policy at Instagram, joins us to talk about the company's new PG-13 content restrictions (PG-13 Content Restrictions: PG-13内容限制，指参照电影分级制度，对青少年用户可见内容施加的限制，通常表示内容可能不适合13岁以下儿童，但家长可自行决定) for teen users.

埃德·莱洛：接下来，Instagram全球政策总监塔拉·霍普金斯将加入我们，讨论公司针对青少年用户推出的新 PG-13内容限制（PG-13 Content Restrictions: PG-13内容限制，指参照电影分级制度，对青少年用户可见内容施加的限制，通常表示内容可能不适合13岁以下儿童，但家长可自行决定）。

Ed Lelo: That's next. This is blue bag tech.

埃德·莱洛：稍后播出。这里是彭博科技。

Ed Lelo: Instagram will prevent teens from seeing content deemed inappropriate for PG-13 audiences.

埃德·莱洛：Instagram将阻止青少年看到被认为不适合PG-13观众的内容。

Ed Lelo: It's a new move following Instagram's launch of teen accounts last fall.

埃德·莱洛：这是Instagram去年秋季推出青少年账户后的新举措。

Ed Lelo: And that already offers stricter settings and comes as its parent company Meta and indeed the wider social media industry really battle the narrative that they expose young people to dangerous content.

埃德·莱洛：这已经提供了更严格的设置，并且正值其母公司Meta以及更广泛的社交媒体行业，正在努力反击他们将年轻人暴露在危险内容中的说法。

Ed Lelo: So let's get the details.

埃德·莱洛：所以让我们了解详情。

Ed Lelo: Instagram's global director of policy Tara Hopkins, I'm pleased to say, is here.

埃德·莱洛：Instagram全球政策总监塔拉·霍普金斯，我很高兴地说，她来了。

Ed Lelo: And I think it's worth in a nutshell explaining what teen accounts now provide.

埃德·莱洛：我认为简要解释一下青少年账户现在提供什么很有必要。

Ed Lelo: You've added on new updates today.

埃德·莱洛：你们今天又增加了新的更新。

Ed Lelo: How are we restricting content?

埃德·莱洛：我们是如何限制内容的？

Tara Hopkins: So Caroline, as you said, just to take a step back, we launched Teen Accounts in the US and now globally.

塔拉·霍普金斯：卡罗琳，正如你所说，回顾一下，我们去年在美国和现在全球推出了青少年账户。

Tara Hopkins: Last year, Teen Accounts was to address the three things that parents were most concerned about about their young people using Instagram.

塔拉·霍普金斯：去年，青少年账户旨在解决家长们最关心的青少年使用Instagram的三个问题。

Tara Hopkins: It was about unwanted contact.

塔拉·霍普金斯：关于不必要的联系。

Tara Hopkins: It was about the time they're spending on our app, and it was about inappropriate content and minimizing the amount of inappropriate content a teen would see on Instagram.

塔拉·霍普金斯：关于他们在我们应用上花费的时间，以及不当内容和最小化青少年在Instagram上看到的不当内容量。

Tara Hopkins: What the update is today is specifically about that inappropriate content piece of this because we're continually learning from parents.

塔拉·霍普金斯：今天的更新特别针对不当内容这一部分，因为我们不断从家长那里学习。

Tara Hopkins: And what they told us was they were a little bit confused about the different settings and the different controls.

塔拉·霍普金斯：他们告诉我们，他们对不同的设置和控制有点困惑。

Tara Hopkins: They were a little bit confused about when we talk about what is age appropriate or what, you know, how we age gate and that kind of, you know, tech speak that a lot of parents just don't really understand.

塔拉·霍普金斯：他们对我们谈论什么是适合年龄的，或者我们如何进行年龄限制，以及许多家长不真正理解的那种技术术语感到有些困惑。

Tara Hopkins: So what we've done is we've revamped teen accounts to be guided by PG-13 movie ratings (PG-13 Movie Ratings: PG-13电影分级，美国电影协会（MPAA）的电影分级制度之一，表示影片可能不适合13岁以下儿童观看，但家长可自行决定).

塔拉·霍普金斯：所以我们所做的是，我们已经改造了青少年账户，使其遵循 PG-13电影分级（PG-13 Movie Ratings: PG-13电影分级，美国电影协会（MPAA）的电影分级制度之一，表示影片可能不适合13岁以下儿童观看，但家长可自行决定）标准。

Tara Hopkins: Really trying to speak the language of parents who are much more familiar with the movie rating movie rating standards.

塔拉·霍普金斯：真正尝试使用家长们更熟悉的电影分级标准语言。

Tara Hopkins: And we're as of today, it's going to be rolling out to all teenagers under the age of 18 who are defaulted into this.

塔拉·霍普金斯：从今天开始，它将向所有18岁以下默认使用此设置的青少年推出。

Tara Hopkins: So they can't opt in or opt out, we're going to be moving them into the teen account experience over the course of the next few months.

塔拉·霍普金斯：所以他们不能选择加入或退出，我们将在未来几个月内将他们转入青少年账户体验。

Ed Lelo: And when you're deciding whether content or a content creator is generally PG-13 or not, using artificial intelligence for that, how?

埃德·莱洛：当你们决定内容或内容创作者是否普遍符合PG-13标准时，是如何使用人工智能的？

Tara Hopkins: We do, we use artificial intelligence.

塔拉·霍普金斯：我们确实使用了人工智能。

Tara Hopkins: So the first thing we did was we reviewed our policies, all the guidelines we had around what is inappropriate content for a team.

塔拉·霍普金斯：所以我们做的第一件事是审查了我们的政策，所有关于什么是不适合团队的不当内容的指导方针。

Tara Hopkins: So what's what's appropriate for a team?

塔拉·霍普金斯：那么，什么才是适合团队的呢？

Tara Hopkins: So, we did that review on Instagram, and then what we've done is we've built the classifiers (Classifiers: 分类器，在机器学习和人工智能中，指一种算法或模型，用于将数据点分配到预定义的类别或组中), our technology, the AI that we use, and we've retrained it on some of these new roles and rules and tweaks and adaptations we've made to the policies that then goes out across the system and then we we find content that we don't believe to be in that PG-13 movie rating kind of space, we will either hide it from teams or we'll remove it entirely.

塔拉·霍普金斯：所以，我们在Instagram上进行了审查，然后我们所做的是构建了 分类器（Classifiers: 分类器，在机器学习和人工智能中，指一种算法或模型，用于将数据点分配到预定义的类别或组中），也就是我们的技术，我们使用的人工智能，并根据我们对政策做出的新角色、规则、调整和适应重新训练了它，然后将其推广到整个系统中。如果我们发现不属于PG-13电影分级范围的内容，我们将选择对团队隐藏或完全删除。

Ed Lelo: Tara, there's still questions about from a how the technology and from a policy perspective you define what is or what is not PG-13.

埃德·莱洛：塔拉，关于你们如何从技术和政策角度定义什么是或什么不是PG-13，仍然存在疑问。

Ed Lelo: So, could you answer that more specifically for on a post-by-post basis?

埃德·莱洛：那么，你能否更具体地回答，对于每一篇帖子来说，是如何做出决定的？

Ed Lelo: How is a decision made this is or this is not PG-13?

埃德·莱洛：如何决定这是否是PG-13内容？

Tara Hopkins: Yes. So, the first thing is we don't rate if you're on Instagram and how how this is going to look and feel if you're a teenager on Instagram.

塔拉·霍普金斯：是的。所以，首先，如果你是Instagram上的青少年用户，我们不会对内容进行评级，而是关注它看起来和感觉如何。

Tara Hopkins: Now, first of all, we're going to be sending a notification at the top of your feed for teenagers to let them know what we're doing here, to let them know that we're going to be aligning and guided by PG-13 ratings.

塔拉·霍普金斯：首先，我们将向青少年的信息流顶部发送通知，让他们知道我们正在做什么，让他们知道我们将遵循PG-13评级标准。

Tara Hopkins: What it will look and feel like if you're if you're a parent is hopefully that they will understand, again, we're going to be sending notifications to parents.

塔拉·霍普金斯：如果你是一位家长，它看起来和感觉起来会是怎样的呢？希望他们能理解，我们也会向家长发送通知。

Tara Hopkins: Again, really trying to speak the language of parents.

塔拉·霍普金斯：再次强调，我们真的在努力用家长们能理解的语言沟通。

Tara Hopkins: What we've done is we've made some changes to the policies so that if you're thinking about a PG-13 movie, that's the kind of experience your team's going to have.

塔拉·霍普金斯：我们对政策进行了一些修改，这样如果你想到一部PG-13电影，你的团队就会有那种体验。

Tara Hopkins: So, what a good example of that would be around cursing. So, profanity (Profanity: 亵渎言辞，指粗俗、不敬或冒犯性的语言).

塔拉·霍普金斯：所以，一个很好的例子就是关于咒骂。也就是 亵渎言辞（Profanity: 亵渎言辞，指粗俗、不敬或冒犯性的语言）。

Tara Hopkins: We've always had rules around profanity on Instagram.

塔拉·霍普金斯：我们一直在Instagram上制定关于亵渎言辞的规定。

Tara Hopkins: And there's certain things you can and can't say.

塔拉·霍普金斯：有些话你可以说，有些话你不能说。

Tara Hopkins: But on a PG-13 movie, they have very, very specific standards around this.

塔拉·霍普金斯：但在PG-13电影中，他们对此有非常非常具体的标准。

Tara Hopkins: You can use one or two quite strong curse words and then other, you know, less less more minor curse words.

塔拉·霍普金斯：你可以使用一两个相当强烈的脏话，然后其他一些，你知道，不那么严重的脏话。

Tara Hopkins: So, what we did is we looked at this.

塔拉·霍普金斯：所以，我们研究了这一点。

Tara Hopkins: We're not apples for apples, of course, you know, we're a social media company as opposed to making movies, but we thought, what would be the equivalent on Instagram?

塔拉·霍普金斯：我们当然不能完全照搬，毕竟我们是社交媒体公司，不是电影制作公司，但我们想，在Instagram上 equivalent 会是什么？

Tara Hopkins: The equivalent on Instagram is we're not going to be recommending content to teens that has severe what we would describe as severe curse words.

塔拉·霍普金斯：在Instagram上的等效做法是，我们不会向青少年推荐含有我们认为“严重咒骂词”的内容。

Tara Hopkins: So, we train the AI to find those types of curse words and we will remove them so that we're not going to be recommending that kind of content to teens.

塔拉·霍普金斯：所以，我们训练AI来识别那些类型的脏话，我们会将其移除，这样我们就不会向青少年推荐这类内容。

Ed Lelo: Tara, what other protections are you thinking about doing additionally going forward?

埃德·莱洛：塔拉，未来你们还在考虑采取哪些额外的保护措施？

Tara Hopkins: So, we're also announcing today two further things.

塔拉·霍普金斯：所以，我们今天还宣布了另外两件事。

Tara Hopkins: One is that we're going to be giving parents more control if they wish to.

塔拉·霍普金斯：一是，如果家长愿意，我们将给予他们更多控制权。

Tara Hopkins: So again, these this update is for all teens under the age of 18.

塔拉·霍普金斯：所以再次强调，这次更新适用于所有18岁以下的青少年。

Tara Hopkins: When we know you're under the age of 18, you're going to be moved by default into the PG-13 or the plus 13 setting on Instagram.

塔拉·霍普金斯：当我们知道你未满18岁时，你将被默认移至Instagram的PG-13或13+设置。

Tara Hopkins: That's the first thing.

塔拉·霍普金斯：这是第一点。

Tara Hopkins: But if a parent wants to go that step further, we're really going to help parents to do that.

塔拉·霍普金斯：但如果家长想更进一步，我们真的会帮助他们做到。

Tara Hopkins: So one of the additional one of the other things we're doing announcing today is that we will have even more limited content control.

塔拉·霍普金斯：所以我们今天宣布的另一项额外措施是，我们将有更严格的内容控制。

Tara Hopkins: Parents can go in and they can have a look at that.

塔拉·霍普金斯：家长可以进入查看。

Tara Hopkins: They can talk to their teen, have a conversation with them.

塔拉·霍普金斯：他们可以和他们的青少年交谈。

Tara Hopkins: Particularly if your teenager is in that younger category, you might want to limit the content even further.

塔拉·霍普金斯：特别是如果你的青少年属于较年轻的年龄段，你可能希望进一步限制内容。

Ed Lelo: Briefly, you got tens of millions of teen accounts.

埃德·莱洛：简单来说，你们有数千万的青少年账户。

Ed Lelo: How many are trying to opt out, navigate those age rules (Age Rules: 年龄规则，指平台或服务为不同年龄段用户设定的内容访问、功能使用等规定)?

埃德·莱洛：有多少人试图退出，绕过那些 年龄规则（Age Rules: 年龄规则，指平台或服务为不同年龄段用户设定的内容访问、功能使用等规定）？

Ed Lelo: How are you ensuring that they do remain within those age catchments (Age Catchments: 年龄范围，指特定年龄段的用户群体)?

埃德·莱洛：你们如何确保他们确实留在那些 年龄范围（Age Catchments: 年龄范围，指特定年龄段的用户群体）内？

Tara Hopkins: So, we now have hundreds of millions of teens in the teen account experience, which which has been which we launched last year, which is really good news.

塔拉·霍普金斯：所以，我们现在有数亿青少年在使用我们去年推出的青少年账户体验，这真的是个好消息。

Tara Hopkins: We've been able to do that technically, which is a pretty big challenge to be able to do that.

塔拉·霍普金斯：我们已经能够在技术上做到这一点，这本身就是一个相当大的挑战。

Tara Hopkins: We know that 97% of teens that we've moved into the teen account experience have not tried to change those more protective settings when they're in the younger age category.

塔拉·霍普金斯：我们知道，在我们将其转入青少年账户体验的青少年中，有97%在较年轻的年龄段时没有尝试更改那些更具保护性的设置。

Tara Hopkins: So teens below the age of 16 cannot change the settings we set in teen accounts without getting a parent's permission.

塔拉·霍普金斯：因此，16岁以下的青少年未经父母许可不能更改我们在青少年账户中设置的选项。

Tara Hopkins: We're going a step further with these content setting changes which is it's for every teen under the age of 18, but they can't change them unless they get a parent to approve it as well.

塔拉·霍普金斯：我们正在进一步推进这些内容设置的更改，这些更改适用于所有18岁以下的青少年，但他们除非得到父母的批准，否则无法更改这些设置。

Ed Lelo: Tara Hopkins, global director for policy for Instagram.

埃德·莱洛：塔拉·霍普金斯，Instagram全球政策总监。

Ed Lelo: Thank you very much for joining us here on Bloomberg Tech.

埃德·莱洛：非常感谢您加入我们的彭博科技节目。

全球科技速览：SpaceX、苹果、谷歌与欧洲AI雄心

Ed Lelo: Okay, coming up, Europe races to prove Jensen One wrong about their AI capabilities.

埃德·莱洛：好的，接下来，欧洲正努力证明黄仁勋对其AI能力的看法是错误的。

Ed Lelo: That Bloomberg deep dive next. This is Bloomberg Tech.

埃德·莱洛：彭博社的深度报道将在稍后播出。这里是彭博科技。

Ed Lelo: Time now for talking tech and first up, SpaceX.

埃德·莱洛：现在是科技话题时间，首先是SpaceX。

Ed Lelo: Well, it's pulled off another successful launch and return of its Starship rocket (Starship Rocket: 星舰火箭，由SpaceX公司开发的一种完全可重复使用的超重型运载火箭，旨在进行深空探索和载人火星任务), which deployed test satellite (Test Satellite: 测试卫星，用于验证新技术、新设计或新功能的实验性卫星) into orbit.

埃德·莱洛：SpaceX再次成功发射并回收了其 星舰火箭（Starship Rocket: 星舰火箭，由SpaceX公司开发的一种完全可重复使用的超重型运载火箭，旨在进行深空探索和载人火星任务），该火箭将 测试卫星（Test Satellite: 测试卫星，用于验证新技术、新设计或新功能的实验性卫星）部署到轨道。

Ed Lelo: Elon Musk's space company still has to demonstrate and master several novel technologies to meet Inc's goal of a lunar landing (Lunar Landing: 月球着陆，指航天器在月球表面成功着陆) in the next two years.

埃德·莱洛：埃隆·马斯克的这家太空公司仍需展示并掌握多项新颖技术，才能实现未来两年内 月球着陆（Lunar Landing: 月球着陆，指航天器在月球表面成功着陆）的目标。

Ed Lelo: Plus, Apple, well, it set a release date for the launch of its super thin iPhone Air in China.

埃德·莱洛：此外，苹果公司为其超薄款iPhone Air在中国上市设定了发布日期。

Ed Lelo: The phone will be available in stores later this month after a pause that allow local carriers to prepare for the device, which is eim (eSIM: 嵌入式SIM卡，一种直接嵌入设备中的数字SIM卡，无需物理插拔即可切换运营商) only.

埃德·莱洛：这款手机将于本月晚些时候在商店上市，此前曾暂停一段时间，以便当地运营商为这款仅支持 eSIM（eSIM: 嵌入式SIM卡，一种直接嵌入设备中的数字SIM卡，无需物理插拔即可切换运营商）的设备做准备。

Ed Lelo: The news coincided with a visit to the country by Apple CEO Tim Cook.

埃德·莱洛：这一消息恰逢苹果首席执行官蒂姆·库克访问中国。

Ed Lelo: And Google is planning its biggest investment in India yet, about $15 billion to build an AI infrastructure hub (AI Infrastructure Hub: AI基础设施中心，指集成了大量计算资源、数据存储和网络连接，专门用于支持人工智能开发和部署的设施) in the south over the next five years.

埃德·莱洛：谷歌正计划在印度进行迄今为止最大的一笔投资，未来五年内将在印度南部投入约150亿美元，建设一个 AI基础设施中心（AI Infrastructure Hub: AI基础设施中心，指集成了大量计算资源、数据存储和网络连接，专门用于支持人工智能开发和部署的设施）。

Ed Lelo: India has been one of the biggest winners of the global AI boom, and the project will help accelerate local government efforts to expand the AI industry.

埃德·莱洛：印度一直是全球AI热潮的最大赢家之一，该项目将有助于加速地方政府扩大AI产业的努力。

Ed Lelo: Nvidia's Jensen Wong issued an AI warning to Europe and France over the summer.

埃德·莱洛：英伟达的黄仁勋在夏天向欧洲和法国发出了AI警告。

Ed Lelo: You are too slow.

埃德·莱洛：你们太慢了。

Ed Lelo: Now, European leaders are working to prove him wrong with many committing billions to homegrown AI startups and services.

埃德·莱洛：现在，欧洲领导人正努力证明他错了，许多国家承诺向本土AI初创企业和服务投入数十亿美元。

Ed Lelo: Bloomberg's European tech reporter Mark Bergen has been writing about Europe's attempts at catching up and joins us now.

埃德·莱洛：彭博社欧洲科技记者马克·伯根一直在报道欧洲追赶的尝试，他现在加入了我们。

Ed Lelo: Jensen Wong says, "You are too slow at sort of an EU-wide level or country-by-country level.

埃德·莱洛：黄仁勋说：“你们在欧盟层面或国家层面都太慢了。”

Ed Lelo: What is it that they're actually doing to prove him wrong or at least catch up?"

埃德·莱洛：他们究竟在做些什么来证明他错了，或者至少赶上来？

Mark Bergen: Yeah, that anecdote from our story was like the lead of it was a dinner hosted by Emanuel Mcronone and in a way before his government collapsed.

马克·伯根：是的，我们故事中的那个轶事，就像开头一样，是埃马纽埃尔·马克龙（Emmanuel Macron）在他政府垮台前举办的一次晚宴。

Mark Bergen: They France was seen as the vanguard here.

马克·伯根：法国在这里被视为先锋。

Mark Bergen: They had that this early this year they announced the largest data center project in the EU.

马克·伯根：他们今年早些时候宣布了欧盟最大的数据中心项目。

Mark Bergen: They have Mestral, which is the closest thing that Europe has to sort of an OpenAI rival.

马克·伯根：他们有Mestral，这是欧洲最接近OpenAI竞争对手的产品。

Mark Bergen: And a lot of money and public support from the government.

马克·伯根：以及政府的大量资金和公共支持。

Mark Bergen: The European Commission and European Union has put money behind chips, behind what they call these AI gigafactories (AI Gigafactories: AI超级工厂，指大规模、高度自动化的数据中心和计算设施，专门用于支持AI模型的训练和部署).

马克·伯根：欧盟委员会和欧盟已经投入资金支持芯片，支持他们所谓的 AI超级工厂（AI Gigafactories: AI超级工厂，指大规模、高度自动化的数据中心和计算设施，专门用于支持AI模型的训练和部署），基本上就是大型数据中心项目。

Mark Bergen: Basically large data center projects.

马克·伯根：基本上就是大型数据中心项目。

Mark Bergen: If you compare the funding though to the US and China, though obviously Europe is still a lagging third place.

马克·伯根：然而，如果你将资金与美国和中国进行比较，显然欧洲仍然是落后的第三名。

Ed Lelo: When we think about the key players of Europe, they do have some standouts.

埃德·莱洛：当我们想到欧洲的主要参与者时，他们确实有一些杰出者。

Ed Lelo: ASML when you think chip equipment making, you've got SAP bringing it to the enterprise.

埃德·莱洛：当你想到芯片设备制造时，有ASML；当你想到企业软件时，有SAP。

Ed Lelo: But where else are they trying to grow their own talent and indeed risk pushing back though the US influx of money that seemed to come with Jensen's last visit?

埃德·莱洛：但是，他们还在哪些方面努力培养自己的本土人才，并且确实冒着风险去抵制似乎随黄仁勋上次访问而来的美国资金涌入呢？

Mark Bergen: Yeah, I think there's a couple things happening and we cried to capture this in the debate.

马克·伯根：是的，我认为有几件事情正在发生，我们试图在辩论中抓住这一点。

Mark Bergen: There are, you know, Jensen has been kind of teased Europe for moving too slowly.

马克·伯根：你知道，黄仁勋一直在嘲讽欧洲行动太慢。

Mark Bergen: Clearly, he wants them to be buying more Nvidia chips.

马克·伯根：显然，他希望他们购买更多的英伟达芯片。

Mark Bergen: And there are others that are argue that maybe this this this sovereignty, this idea of independence from the US and China means not relying on Nvidia, not relying on OpenAI, not relying on Microsoft and the cloud providers.

马克·伯根：也有人认为，这种主权，这种独立于美国和中国的想法，意味着不依赖英伟达，不依赖OpenAI，不依赖微软和云提供商。

Mark Bergen: That's a lot more difficult.

马克·伯根：这要困难得多。

Mark Bergen: I think the cloud is where we're starting to see some really interesting of Neoclouds (Neoclouds: 新兴云服务提供商，指提供云计算服务，但规模通常小于超大规模云提供商，且可能专注于特定市场或技术的新兴公司).

马克·伯根：我认为在云领域，我们开始看到一些非常有趣的 新兴云服务提供商（Neoclouds: 新兴云服务提供商，指提供云计算服务，但规模通常小于超大规模云提供商，且可能专注于特定市场或技术的新兴公司）。

Mark Bergen: Nebus (Nebius: 曾是Yandex云的一部分，后分拆出来专注于在欧洲提供云服务) is a Dutch company here that spun out from Russia's Yandex (Yandex: 俄罗斯最大的互联网公司，提供搜索引擎、在线广告、云计算等服务) that's had a really fascinating growth trajectory.

马克·伯根： Nebius（Nebius: 曾是Yandex云的一部分，后分拆出来专注于在欧洲提供云服务）是一家荷兰公司，从俄罗斯的 Yandex（Yandex: 俄罗斯最大的互联网公司，提供搜索引擎、在线广告、云计算等服务）分拆出来，其增长轨迹非常引人注目。

Mark Bergen: We've seen a lot of these Neocloud companies come up in Europe.

马克·伯根：我们看到许多这样的新兴云公司在欧洲崛起。

Mark Bergen: Some of them are really positioning themselves as alternatives to the US providers.

马克·伯根：其中一些确实将自己定位为美国供应商的替代品。

Ed Lelo: Endscale (Endscale: 一家专注于AI基础设施和云原生技术的欧洲公司) being another key name we keep hearing about.

埃德·莱洛： Endscale（Endscale: 一家专注于AI基础设施和云原生技术的欧洲公司）是我们不断听到的另一个关键名字。

Ed Lelo: Mark Bergen. Great story.

埃德·莱洛：马克·伯根。很棒的报道。

Ed Lelo: And what you don't want to forget is we're going to dive into all of these topics, so much more next week during Bloomberg Tech Summit (Bloomberg Technology Summit: 彭博科技峰会，彭博社举办的科技行业年度盛会，汇集行业领袖、创新者和投资者).

埃德·莱洛：你不想忘记的是，下周在 彭博科技峰会（Bloomberg Technology Summit: 彭博科技峰会，彭博社举办的科技行业年度盛会，汇集行业领袖、创新者和投资者）期间，我们将深入探讨所有这些话题，以及更多内容。

Ed Lelo: It's being hosted in London. It's on October the 21st.

埃德·莱洛：它将在伦敦举行。日期是10月21日。

Ed Lelo: But meanwhile, that does it for this edition of Bloomberg Tech.

埃德·莱洛：但与此同时，本期彭博科技节目到此结束。

Ed Lelo: Ed, a lot to digest in terms of geopolitics (Geopolitics: 地缘政治，指地理因素，特别是国家之间的地理位置和资源分配，对国际政治和国家间关系的影响) and in terms of valuations.

埃德·莱洛：埃德，从 地缘政治（Geopolitics: 地缘政治，指地理因素，特别是国家之间的地理位置和资源分配，对国际政治和国家间关系的影响）和估值来看，有很多值得深思的内容。

Caroline Hyde: Yeah, there's still a little bit of anxiety in technology markets.

卡罗琳·海德：是的，科技市场仍然存在一些焦虑。

Caroline Hyde: It's largely focused to trade.

卡罗琳·海德：主要集中在贸易方面。

Caroline Hyde: Salesforce is down 2% on the day that Dreamforce kicks off.

卡罗琳·海德：在Dreamforce大会开幕当天，Salesforce股价下跌了2%。

Caroline Hyde: How's that going to go down?

卡罗琳·海德：这会如何收场？

Caroline Hyde: You can recap that on the podcast.

卡罗琳·海德：你可以在播客上回顾一下。

Caroline Hyde: You know where to find it.

卡罗琳·海德：你知道在哪里可以找到它。

Caroline Hyde: It's online on all those platforms.

卡罗琳·海德：它在所有这些平台上都有在线版本。

Caroline Hyde: It's on the Bloomberg platforms.

卡罗琳·海德：它在彭博平台。

Caroline Hyde: Big week ahead.

卡罗琳·海德：未来一周会很精彩。

Caroline Hyde: This is Bloomberg Tech.

卡罗琳·海德：这里是彭博科技。