WEBVTT - Nvidia Selloff Latest; Wikileaks’ Assange Plead Deal

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan

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<v Speaker 1>Hager and I'm Karen Moscow. Here are the stories we're

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<v Speaker 1>following today.

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<v Speaker 2>Aaron, we begin with the stock at the heart of

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<v Speaker 2>the artificial intelligence revolution. We're watching shares of Nvidia. They

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<v Speaker 2>are up nearly two percent in early trading, but that

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<v Speaker 2>follows a three day thirteen percent route that has wiped

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<v Speaker 2>out four hundred and thirty billion dollars in Vidia's market value.

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<v Speaker 2>That's the biggest three day value slide for any company

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<v Speaker 2>in history. Emily Rowland is co chief investment strategist at

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<v Speaker 2>John Hancock Investment Management.

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<v Speaker 3>I can't remember a time when one stock ever meant

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<v Speaker 3>this much to the market.

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<v Speaker 4>It's so remarkable, I.

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<v Speaker 1>Mean it was.

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<v Speaker 4>It's up one hundred and fifty percent here today, two

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<v Speaker 4>hundred percent over the one year period, So I think

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<v Speaker 4>it certainly makes sense to expect some type of pullback

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<v Speaker 4>in this name.

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<v Speaker 2>Despite the sell off, John Hancock's Emily Roland notes, in

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<v Speaker 2>Vidia is still up almost one hundred and forty percent

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<v Speaker 2>this year.

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<v Speaker 1>Well, Nathan, tech is not the only thing on investors' minds.

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<v Speaker 1>We get a key inflation report on Friday, to close

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<v Speaker 1>out the week, and that is preceded by Thursday CNN

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<v Speaker 1>presidential debate. Lurie Calvasinas, head of UI Secuity Strategy at

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<v Speaker 1>URBC Capital Markets, and says both events could be equally

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<v Speaker 1>important for markets.

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<v Speaker 4>It's not just about inflation this week. Political risk is

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<v Speaker 4>starting to heat up. I increasingly think that's going to

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<v Speaker 4>be a bigger issue, both at home and abroad for

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<v Speaker 4>investors to deal with in the second half of the year.

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<v Speaker 4>And even on politics, we always tell people, you know

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<v Speaker 4>it always sort of the headlines capture us that jerk

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<v Speaker 4>things around. Remember that stocks tend to do well in

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<v Speaker 4>any political environment, regardless of who's controlling the White House

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<v Speaker 4>or Congress.

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<v Speaker 1>And OURBC Capital Markets Lorie Calvacino warns there is a

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<v Speaker 1>lot of good news already baked into markets and if

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<v Speaker 1>that optimism proves unjustified, there could be downside risks and Karen.

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<v Speaker 2>As we gear up for Thursday's debate, voters are headed

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<v Speaker 2>to the polls today for primaries in New York's, South Carolina, Colorado,

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<v Speaker 2>and Utah. Bloomberg Zamy Morris as a preview.

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<v Speaker 3>In New York, Representative Jamal Bowman, a member of a

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<v Speaker 3>block of hard left Democrats, known as the Squad, is

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<v Speaker 3>this cycle's first Democrat in danger of being rejected by

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<v Speaker 3>his party's voters after his criticism of Israel sparked an

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<v Speaker 3>effort to remove him from Congress. Bowman faces a challenge

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<v Speaker 3>from Westchester County Executive George Latimer. In South Carolina, Mark Burns,

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<v Speaker 3>a Donald Trump endorsed pastor, faces Sherry Biggs, an Air

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<v Speaker 3>National Guard lieutenant colonel, and a Trump friendly district in

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<v Speaker 3>Utah for Republicans, including one backed by the cryptocurrency industry,

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<v Speaker 3>are on the ballot for the Senate seat of Mitt Romney,

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<v Speaker 3>who has decided to not seek a second term. In Colorado,

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<v Speaker 3>Representative Lauren Bobert is seeking re election in a new

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<v Speaker 3>district and is expected to win her primary over splintered opposition.

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<v Speaker 3>In Washington, Amy Morris Bloomberg Radio.

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<v Speaker 1>All right, Amy, thank you, And this final primary day

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<v Speaker 1>of twenty twenty four is another day of debate prep

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<v Speaker 1>for President Biden. He's been at Camp David since the weekend,

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<v Speaker 1>huddling with aids to prepare for the showdown in Atlanta

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<v Speaker 1>with former President Trump and beat back concerns about his

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<v Speaker 1>age and fitness for another four years. Tina Fordham is

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<v Speaker 1>a geopolitical strategist at Fordham A Global Foresight.

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<v Speaker 5>Arguably the bar is higher for Joe Biden because there

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<v Speaker 5>has been this relentless kind of narrative about him being

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<v Speaker 5>a daughter in you old fool, and Trump comes out

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<v Speaker 5>guns blazing with you know what is really also a

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<v Speaker 5>meandering way of expressing himself.

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<v Speaker 1>Fordham Global Foresight founder Tina Fordham says Trump feeds off

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<v Speaker 1>the energy of a crowd. But Thursday Night's debate on

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<v Speaker 1>CNN will not include a studio audience. Our coverage of

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<v Speaker 1>the CNN presidential debate begins this Thursday night at a pm.

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<v Speaker 1>Wall Street Time, with a special addition of Balance of

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<v Speaker 1>Power with Joe Matthew and Kaylee Lines in Washington and

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<v Speaker 1>David Gura in Atlanta. Listen in for the debate on

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<v Speaker 1>Bloomberg Radio or watch it on Bloomberg tell Vision.

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<v Speaker 2>Well Now to a major development in geopolitics, Karen Wikileague

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<v Speaker 2>sender Julian Assange has agreed to plead guilty in a

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<v Speaker 2>deal with the US Justice Department. We get the story

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<v Speaker 2>from Bloomberg.

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<v Speaker 6>Send Baxter fellon account of espionage will resolve a long

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<v Speaker 6>running legal saga that spend multiple continents centered on publication

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<v Speaker 6>of a trove of classified documents dating back to twenty ten.

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<v Speaker 7>And twenty eleven.

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<v Speaker 6>Wikileague statement saying this is a result of a global

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<v Speaker 6>campaign that spend grassroots organizers, press freedom campaigners, legislators, leaders

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<v Speaker 6>from across the political spectrum all the way to the

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<v Speaker 6>United Nations. He will be in court on the Mariana

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<v Speaker 6>Islands and then go back to his native Australia, not

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<v Speaker 6>wanting to head back to the US where he could

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<v Speaker 6>face a lengthy sentence Head Baxter, Bloomberg Radio, All.

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<v Speaker 8>Right and thanks.

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<v Speaker 1>Turning back to the markets now, Bloomberg News has learned

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<v Speaker 1>Boeing has offered to acquire Spirit Aerosystems with a mostly

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<v Speaker 1>stock offer. The deal values a key supplier at about

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<v Speaker 1>thirty five dollars per share. The price marks of twenty

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<v Speaker 1>two percent, ups to Spirit Aerospace's closing price on February

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<v Speaker 1>twenty ninth, the day before Boeing's takeover talks became public.

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<v Speaker 2>And Karen Bowing's main competitor is also making news. This morning,

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<v Speaker 2>shares of air Bus are down about ten and a

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<v Speaker 2>half percent in European trading. The Planemaker's warning it's experiencing

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<v Speaker 2>a shortage on engines, aerostructures, and cabinet interiors that in

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<v Speaker 2>turn is sabotaging air buses, delivery plans, and.

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<v Speaker 1>Shares of Germany's Murk Nathan. They're down about ten percent.

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<v Speaker 1>The company said it will discontinue development of the drug

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<v Speaker 1>for the treatment of head and neck cancer. Analysts and

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<v Speaker 1>estimated that drug could reach peak sales of a billion

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<v Speaker 1>and a half dollars. This is the second high profile

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<v Speaker 1>drug failure since December for merk.

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<v Speaker 2>Well back here in the US, Karen earnings will be

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<v Speaker 2>in focus once again. FedEx reports after the close of trading.

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<v Speaker 2>We get a preview from Bloomberg's Charlie Pellett.

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<v Speaker 7>Cost cutting programs are likely to show incremental signs of

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<v Speaker 7>paying off for FedEx when it reports fourth quarter earnings.

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<v Speaker 7>Analysts say easing year over year comparisons will also lift results,

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<v Speaker 7>though the company continues to face weakened demand. Investors will

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<v Speaker 7>be focused on guidance for the new fiscal year. That

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<v Speaker 7>guidance will also reflect the company's shifting structure as it

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<v Speaker 7>consolidates its express, ground and services units. Analysts are looking

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<v Speaker 7>for a just at EPs of five dollars thirty four

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<v Speaker 7>cents on revenue of twenty two point one billion dollars

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<v Speaker 7>in New York Charlie Pellett's Bloomberg Radio.

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<v Speaker 1>All right, Charlie, thanks, and Apple's artificial intelligence offerings have

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<v Speaker 1>gotten more attention after The Wall Street Journal reported the

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<v Speaker 1>iPhone makers and talks with Meta Platforms about an AI partnership.

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<v Speaker 1>Now Bloomberg News has learned those talks might not have

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<v Speaker 1>gotten very far. Sources tell us Meta approached Apple months

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<v Speaker 1>ago about integrating its AI chatbot into the iPhone, but

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<v Speaker 1>got turned down. We're told Apple doesn't think Meta's privacy

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<v Speaker 1>practices are tight enough. And it's time now for look

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<v Speaker 1>at some of the other stories making news in New

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<v Speaker 1>York and around the world. And for that we're joined

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<v Speaker 1>by Bloomberg's John Tucker. Good morning and happy birthday, John.

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<v Speaker 9>Oh Well, thank you very much. Karen trying to keep

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<v Speaker 9>that a secret. New York City is the world's most

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<v Speaker 9>congested urban the area for the second year in a row.

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<v Speaker 9>Let's get more in this report this morning from Bloomberg

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<v Speaker 9>Jeff Bellinger.

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<v Speaker 8>The global traffic scorecard from Enrich shows a typical motorist

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<v Speaker 8>driving through the most populated city in the US, lost

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<v Speaker 8>one hundred one hours last year because of traffic during

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<v Speaker 8>peak commuting times. That's the most among nearly one thousand

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<v Speaker 8>cities around the globe. It costs the city an estimated

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<v Speaker 8>nine point one billion dollars in lost time. New York

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<v Speaker 8>City tops the list again after Governor Kathy Hochel earlier

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<v Speaker 8>this month indefinitely paused a tolling plan that aimed to

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<v Speaker 8>reduce traffic and raise money to update the city's aging

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<v Speaker 8>transit network. Vehicles in downtown Manhattan drove and an average

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<v Speaker 8>speed of eleven miles per hour during peak morning periods

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<v Speaker 8>in New York. Jeff Bellinger Bloomberg.

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<v Speaker 9>Radio Overseas, France's president says far right and far left

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<v Speaker 9>policies in the upcoming elections could spark what he calls

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<v Speaker 9>a civil war. Here's the French leader deventing his decision

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<v Speaker 9>to call a snap election. This choice was imposed. Did

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<v Speaker 9>it make me happy? The answer is no. On June ninth,

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<v Speaker 9>if there was anyone it heard, it was me. If

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<v Speaker 9>we follow your reasoning to the end, the country explodes

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<v Speaker 9>or there is civil war, yeah, did we do everything right?

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<v Speaker 9>It is no. Mccrawn tilling the Generation Do It Yourself podcast.

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<v Speaker 9>The national rally parties plan to tackle crime focusing on

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<v Speaker 9>people's religion or origins is divisive and could lead to unrest.

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<v Speaker 9>A federal judges in Kansas in Missouri together blocking much

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<v Speaker 9>of a Biden administration's student loan repayment plan that provides

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<v Speaker 9>a faster path to cancelation a lower monthly payments for

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<v Speaker 9>millions of borrowers. The judges rulings prevent the Department of

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<v Speaker 9>Education from helping many of the intended borrowers ease their

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<v Speaker 9>loan repayment burdens. And two NASA astauts Butch Wilmore and

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<v Speaker 9>Sunny Williams, are stock orbiting Earth on the International Space Station,

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<v Speaker 9>now two weeks past their plan return to Earth. The

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<v Speaker 9>remain aboard the ISS is Boeing and NASA engineer's work

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<v Speaker 9>to fix a series of helium leaks on the Boeing

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<v Speaker 9>Starliner spacecraft. Global News, Worst Day and Whenever you want

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<v Speaker 9>it with Bloomberg News Now. I'm John Tucker, and this

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<v Speaker 9>is Bloomberg Karen all.

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<v Speaker 1>Right, John Tucker, thank you, and it's time now for

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<v Speaker 1>the Bloomberg Sports Update with John stash Hour.

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<v Speaker 8>John, Good morning, good morning.

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<v Speaker 10>Carry the eighteenth ever Game seven of a Stanley Cup

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<v Speaker 10>final odd way to get there with Florida went in

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<v Speaker 10>the first three games at Edmonton the next three. Never

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<v Speaker 10>trailed in those games, but never led. Last night, Panthers

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<v Speaker 10>got a carter over hegy tip in four and a

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<v Speaker 10>half minutes, and the Oilers answered about two minutes later.

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<v Speaker 10>Matteaz the n Mark breakaway. Only one goal was scored

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<v Speaker 10>over the next fifty three minutes.

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<v Speaker 9>Helped the right point for Cci held along the port's

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<v Speaker 9>names Rice Sidle full Gold cuts out Ron tay to

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<v Speaker 9>say Barroski that it's pushed away out of harm's way

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<v Speaker 9>by Kulikoff hit the Panthers breaking up quickly.

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<v Speaker 8>Here's Whinehart at the right wing. Shy Kwiheart to the

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<v Speaker 8>right circle, putch.

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<v Speaker 10>Up Safehart gives the Panthers but two only u qam

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<v Speaker 10>both teams with scoring chances after that, but the Panthers

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<v Speaker 10>hung on won two to one their first ever Stanley Cup.

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<v Speaker 10>But it was a surprised that Connor McDavid won the

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<v Speaker 10>con Smite this playoff MVP not only on the losing team,

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<v Speaker 10>but he was quiet in Game seven, did have forty

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<v Speaker 10>two points in the playoffs. The drought continues north of

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<v Speaker 10>the border since Montreal thirty one years ago. Canadian teams

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<v Speaker 10>in the final are Owen seven, Mets and the Yankee to

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<v Speaker 10>night first of two from City Field, with Garrett Cole

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<v Speaker 10>making his second start of the season, goes opposite David

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<v Speaker 10>Peterson Mets without Edwin Diaz. That ejection Sunday for sticky

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<v Speaker 10>stuff on his hand comes with an automatic ten games

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<v Speaker 10>suspension of though DZ could appeal. Red Sox stay hot

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<v Speaker 10>down six to two in the eighth inning, they beat

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<v Speaker 10>Toronto seven six. They've won eight of the last nine

0:10:56.920 --> 0:11:00.760
<v Speaker 10>Nationals lost in tenings. In San Diego, Giants stop the Cubs.

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<v Speaker 10>It was their first home game since the passing that

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<v Speaker 10>Willie Mays. All Giant players wore uniform number twenty four.

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<v Speaker 10>The NBA draft against tomorrow, and then comes free agency.

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<v Speaker 10>The Knicks could lose two key players Isaiah Herdenstein and

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<v Speaker 10>Ogian Andobi, who has expected tocline his player option of

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<v Speaker 10>twenty million. He can make much more as a free agent.

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<v Speaker 10>Knicks want to keep him. With on Anobi in the lineup.

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<v Speaker 10>They went twenty six and six. John Stashedward Bloomberg Sports

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<v Speaker 10>Karon Nabor.

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<v Speaker 6>Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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<v Speaker 6>and around the world on Bloomberg dot Com and the

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<v Speaker 6>Bloomberg Business app.

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<v Speaker 8>This is Bloomberg Daybreak.

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<v Speaker 2>Good morning, I'm Nathan Hager. A nearly fifteen year legal

0:11:41.920 --> 0:11:46.720
<v Speaker 2>battle is nearly over for Julian Assage, the wikileak's co founder,

0:11:46.880 --> 0:11:49.760
<v Speaker 2>is on his way back to his native Australia after

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<v Speaker 2>reaching a plea deal with the Justice Department over one

0:11:52.520 --> 0:11:55.959
<v Speaker 2>of the biggest breaches of state secrets in US history.

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<v Speaker 2>This as preparations continue for the first debate in the

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<v Speaker 2>rematch between President Biden and former President Trump. For more

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<v Speaker 2>on the latest geo politics, we were joined by Bloomberg

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<v Speaker 2>News Senior editor Bill Ferries. Bill. Good morning. Obviously, this

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<v Speaker 2>outcome for Julian Asange has been a very long time coming.

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<v Speaker 2>How did this plea deal come about?

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<v Speaker 11>Yeah, it seems like news from a time capsule at

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<v Speaker 11>this point. You know, for those of us who remember

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<v Speaker 11>how this all started with the with the leaks that

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<v Speaker 11>you know that Assange put out there on Wiki leaks

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<v Speaker 11>that he got from with documents he got from Chelsea Manning,

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<v Speaker 11>it's you know, it's been a saga. If you remember,

0:12:36.960 --> 0:12:40.800
<v Speaker 11>Assane spent I think almost seven years hold up in

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<v Speaker 11>Ecuador's embassy in the UK before leaving and being arrested

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<v Speaker 11>by British authorities as he tried to escape US justice.

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<v Speaker 11>So you know, we're coming up on almost fifteen years

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<v Speaker 11>of this going on. The Australian government has long been

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<v Speaker 11>pushing for his relief. They seem to have worked some

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<v Speaker 11>kind of an agreement with the Justice Department for Assange

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<v Speaker 11>to plead guilty when he lands, probably later on Tuesday,

0:13:11.120 --> 0:13:15.679
<v Speaker 11>US time in the Northern Mariana Islands, US Commonwealth, and

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<v Speaker 11>he will plead guilty to charges of leaking US national

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<v Speaker 11>security secrets. He will be immediately sentenced to about five

0:13:24.360 --> 0:13:26.840
<v Speaker 11>years of time served and he'll get back on his

0:13:26.920 --> 0:13:29.920
<v Speaker 11>plane and he'll head to Australia. That should bring this

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<v Speaker 11>all to a close, but it has It has been

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<v Speaker 11>a long time.

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<v Speaker 2>Coming, and we had known that President Biden had at

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<v Speaker 2>least indicated that he was in favor of some kind

0:13:40.720 --> 0:13:43.240
<v Speaker 2>of plea deal to try to get this resolved. After

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<v Speaker 2>all this time, is there any indication of any political

0:13:46.679 --> 0:13:49.400
<v Speaker 2>pressure to bring this outcome to light?

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<v Speaker 11>You know, officially the White House has directed all questions

0:13:54.400 --> 0:13:56.680
<v Speaker 11>to the Department of Justice. They've said that there was

0:13:56.720 --> 0:14:00.800
<v Speaker 11>no political involvement. The Australian government has only said that,

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<v Speaker 11>you know, the legal proceedings are continuing because Assange has

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<v Speaker 11>not made it to Saipan and the Marianna Islands to

0:14:08.800 --> 0:14:11.600
<v Speaker 11>this Federal Court hearing that will take place there, so

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<v Speaker 11>we may learn more after he lands on Australian soil.

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<v Speaker 11>You know, we know that the Australian government has been

0:14:18.440 --> 0:14:21.040
<v Speaker 11>pushing for this, not just through legal channels, but through

0:14:21.080 --> 0:14:24.160
<v Speaker 11>political channels. So I don't think anyone will be surprised

0:14:24.200 --> 0:14:26.920
<v Speaker 11>if we find out later on that there was a

0:14:27.000 --> 0:14:28.240
<v Speaker 11>political component to all this.

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<v Speaker 2>We're going to find out later on, specifically, two nights

0:14:32.600 --> 0:14:36.200
<v Speaker 2>from now. How President Biden former President Trump doing their

0:14:36.600 --> 0:14:40.480
<v Speaker 2>first rematch debate this Thursday evening. President Biden's been putting

0:14:40.480 --> 0:14:43.160
<v Speaker 2>a lot of time and effort into debate prep. How

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<v Speaker 2>make or break is Thursday night?

0:14:44.760 --> 0:14:45.760
<v Speaker 4>For him?

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<v Speaker 11>Well, I think it's you know, at some level, it's

0:14:48.840 --> 0:14:50.960
<v Speaker 11>make or break for both men. They both there's a

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<v Speaker 11>lot of pitfalls they're both facing, but certainly for President Biden,

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<v Speaker 11>who seems to still be behind in a lot of

0:14:56.840 --> 0:15:01.880
<v Speaker 11>the battleground state polls. He cannot really afford a slip

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<v Speaker 11>up or or a moment where he either appears confused

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<v Speaker 11>or or forgets something. So he is I think the

0:15:10.560 --> 0:15:14.000
<v Speaker 11>pressure is in some ways more on him. He is

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<v Speaker 11>holed up at Camp David with about a dozen aides,

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<v Speaker 11>including you know, people like Ron Klain and Mike Donoalan.

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<v Speaker 11>His lawyer, Bob Bauer, is going to be playing Donald

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<v Speaker 11>Trump in the mock debates. But yeah, he still has

0:15:28.200 --> 0:15:31.080
<v Speaker 11>a couple days of prep ahead of him and he

0:15:31.120 --> 0:15:35.440
<v Speaker 11>can certainly, you know, it's it's it's like walking a

0:15:35.520 --> 0:15:40.120
<v Speaker 11>razor's edge for both men. I think President well, President

0:15:40.200 --> 0:15:44.400
<v Speaker 11>Trump back in twenty twenty had some notable stumbles or

0:15:44.520 --> 0:15:47.880
<v Speaker 11>gaffes in his debate against Joe Biden at the time

0:15:48.000 --> 0:15:50.960
<v Speaker 11>that may have hurt his standing. But yeah, this is

0:15:51.000 --> 0:15:53.480
<v Speaker 11>something that you know, a lot of people have been

0:15:53.520 --> 0:15:56.960
<v Speaker 11>waiting to see happen for several years now, and it's

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<v Speaker 11>the earliest debate I think we've had in modern presidential history,

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<v Speaker 11>and it could be a dividing moment.

0:16:01.920 --> 0:16:04.960
<v Speaker 2>This is Bloomberg Daybreak Today, your morning brief on the

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