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Speaker 1: News when you want it with Bloomberg News Now, Dan Schwartzman,

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Speaker 1: President Trump signing an executive order that sets higher tear

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Speaker 1: frates on imports from several trading partners that have yet

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Speaker 1: to finalize trade frameworks. Trump also is keeping the minimum

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Speaker 1: reciprocal rate at ten percent. Most of the tariffs will

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Speaker 1: take effect after midnight on August seventh, to allow time

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Speaker 1: for US Customs and Border Protection to make necessary changes

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Speaker 1: to collect the levies. Here's George Schultz, managing member at

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Speaker 1: Schultz Asset Management.

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Speaker 2: Well, it's really a country by a country impact that

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Speaker 2: you're seeing here, with some countries getting ten percent or

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Speaker 2: fifteen percent, and then it seems to me that those

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Speaker 2: countries that don't or haven't come to the table, they're

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Speaker 2: the ones that are getting these higher rates. And so

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Speaker 2: you know, for companies that import are export from those countries,

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Speaker 2: it'll be, you know, kind of a mixed bag. And

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Speaker 2: how to deal with the new tariffs.

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Speaker 1: That was George Schultz, managing member at Schultz Asset Management. Meanwhile,

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Speaker 1: it appears that the US and Canada have not reached

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Speaker 1: a trade agreement, the White House saying the Tariffreida in

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Speaker 1: Canada has now been increased from twenty five to thirty

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Speaker 1: five percent. Amazon's big bet on AI infrastructure is raising

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Speaker 1: investor concerns. The company's third quarter profit forecast came in

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Speaker 1: below expectations, despite revenue projections that exceeded estimates. Operating income

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Speaker 1: is expected to hit about twenty and a half billion dollars,

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Speaker 1: while analysts had hoped for more reaction from Punam Goyel

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Speaker 1: of Bloomberg Intelligence.

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Speaker 3: AI is a big deal in e commerce, and Amazon's

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Speaker 3: been investing a lot to improve the customer experience. It

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Speaker 3: starts with search, right when you go to Amazon and

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Speaker 3: you're searching something, They've just improved it. And they've also

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Speaker 3: launched Rufest, which is their AI or your personal assistant,

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Speaker 3: So that's really been helping shoppers and just figure out

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Speaker 3: what they want to buy.

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Speaker 1: That's Punam Goyel there of Bloomberg Intelligence. Amazon CEO Andy

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Speaker 1: Jase is navigating high AI infrastructure costs, a competitive cloud market,

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Speaker 1: and internal restructuring, Shares of Amazon falling as much as

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Speaker 1: seven percent in late trading. Apple topping walls expectations in

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Speaker 1: the third quarter, posting ninety four billion dollars in revenue

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Speaker 1: that's up nearly ten percent from a year earlier. Strong

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Speaker 1: iPhone sales and a rebound in China helping beat the

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Speaker 1: eighty nine point three billion dollar estimate despite a projected

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Speaker 1: tariff hit. We get reaction from Daniel Flax, managing director

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Speaker 1: at Newburger Berman.

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Speaker 4: Clearly, the iPhone remains critical to the business and that franchise,

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Speaker 4: in my view, remains durable. I think the service's business

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Speaker 4: remains healthy. And so when you pull all of this together,

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Speaker 4: you have a company that's been successfully empowering others to

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Speaker 4: innovate on top.

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Speaker 1: Of its platform.

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Speaker 4: I think you'll see more and more of that with

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Speaker 4: Apple Intelligence over the next several months and into next year.

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Speaker 1: That's Daniel Flax of Newburger Berman shares rising more than

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Speaker 1: three percent and after ours trading, helping these concerns about

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Speaker 1: Apple's recent struggles with AI and global demands. After a

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Speaker 1: tough year at the stockdown seventeen percent, Today's results market

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Speaker 1: a potential turning point for Apple heading into the next quarter.

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Speaker 1: The nation's two biggest energy giants reporting second quarter earnings

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Speaker 1: ahead of the opening bell on Friday. Bloomberg's Tom Busby

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Speaker 1: has a preview. Investors at ex On Mobile eager to

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Speaker 1: hear about the company's progress and developing a massive oil

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Speaker 1: field in Guyana, also the latest shale production plans in

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Speaker 1: the Permian Basin. Bloomberg Consensus calls for revenue of eighty

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Speaker 1: point three nine billion dollars and adjusted earnings per share

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Speaker 1: of a dollar fifty six. Chevron investors want to hear

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Speaker 1: about the company's long delayed but now completed acquisition of

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Speaker 1: Hess and how that'll impact its share buyback plans. Bloomberg

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Speaker 1: Consensus calls for revenue of forty six point seventy five

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Speaker 1: billion on adjusted earnings per share of a dollar seventy one.

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Speaker 1: Tom buzzby Bloomberg Radio. Figma share surging more than two

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Speaker 1: hundred and fifty percent after the design software maker and

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Speaker 1: some of its shareholders raised one point two billion dollars

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Speaker 1: in an IPO. The company's trading value is now far

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Speaker 1: above the twenty billion dollar mark it would have reached

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Speaker 1: in a now scrap merger with Adobe. We heard earlier

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Speaker 1: from Figma CEO Dylan Field.

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Speaker 2: What we really wanted to do is involve the design

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Speaker 2: community in this experience today that we're having, because I

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Speaker 2: think it's not just that Figma's going public today.

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Speaker 1: Design is going public today. That's Figma CEO Dylan Field. Shares,

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Speaker 1: the San Francisco based firm trading at more than three

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Speaker 1: times their IPO price, with thirty three dollars apiece before

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Speaker 1: they were halted for volatility. The shares are marketed for

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Speaker 1: thirty to thirty two dollars per share after the company

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Speaker 1: increased the range earlier in the week. Meantime, sources tell

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Speaker 1: Bloomberg that buy now, pay later platform Klarna is considering

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Speaker 1: its own IPO as soon as September. President Trump's Middle

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Speaker 1: East ENVOYE. Steve Wickcoff and Ambassador at Digital Mike Huckabee

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Speaker 1: will enter Gaza on Friday to inspect aid distribution and

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Speaker 1: meet with residents of the war racked territory. Here's Press

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Speaker 1: Secretary Caroline Levitt.

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Speaker 5: Special Envoy Witcoff and Ambassador Huckabee had a very productive

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Speaker 5: meeting with Prime Minister net and Yahoo and other officials

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Speaker 5: today in Israel on the topic of delivering much needed

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Speaker 5: food and aid to Gaza.

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Speaker 1: That was White House Press Secretary Caroline Levitt. And that's

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Speaker 1: news when you want it with Bloomberg News Now, Dan Schwartz,

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Speaker 1: and in this is Bloomberg