Tom Giles sets the scene for the Bloomberg Tech event, noting the Nasdaq 100's worst day since mid-May driven by Broadcom's earnings miss (forecast $16B vs expected $17.2B). He discusses the AI infrastructure build-out, the upcoming Hock Tan interview, and the Anthropic/OpenAI/SpaceX IPO landscape.

Ali Ghodsi, CEO of Databricks, argues AGI has already arrived—models are smarter than most coworkers. The real bottleneck is lack of context/data integration, not model capability. Databricks focuses on infusing data context into AI agents. He predicts more software will be written in the next 1-2 years than in all human history, validating Jensen Huang's thesis.

Poorvi Agrawal of Altimeter Capital (investor in OpenAI, Anthropic, SpaceX) argues AI has become the largest capital formation cycle. Key distinction: companies receiving CapEx (compute, energy, memory, networking) vs spending CapEx (the labs). She sees strong demand for IPOs and believes more participation is better. Her mental model: avoid businesses hurt by scaling laws (where more compute = more intelligence).

Okta CEO Todd McKinnon says the shift to AI agents is bigger than anything since the internet. Okta benefits because identity becomes more critical. Their new product 'Okta for AI agents' provides secure connectivity between agents and data sources. He disagrees with the SaaS apocalypse narrative—many SaaS companies will thrive by embedding AI capabilities. Okta will have more software engineers in 5 years, not fewer.

Fed's Mary Daly says AI adoption is widespread but economy-wide productivity gains haven't materialized yet—next year is the litmus test. Inflation remains the top risk, driven by oil/food prices from geopolitical events. Data center CapEx creates timing issues (could be inflationary during build-out, disinflationary later). Labor market has stabilized but firms are cautious on hiring as they evaluate AI's impact. Policy is in a good place, prepared to respond either way.